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1.
To indicate a woman's vagina is of very high quality in terms of tightness, moisture content and of course odour during sex.

The Holy Grail of every heterosexual man: the perfect pussy.

Not to be taken literally - cunts are very rarely golden in colour.
Damn bro, I bet that Milf has a golden cunt!

Shiiit, I need to get me a piece of a golden cunt.

"Quick bartholomew! To the Tower of Shinzegar with the sacred Golden Cunt!"
by Ash C December 02, 2005
 
2.
A chick who thinks there the shit but there not
Shut up you golden cunt or do you think you have a golgen cunt or something
by sly flyer November 29, 2005