> >If in that case (i.e., the gold pun), then "karat" is the more correct
> >term. However, "caret" is used so often that it is often mistaken as being
> >correct.
> 
> In British English, it is usually spelled as carat. However the Oxtord
> English Dict. gives karat as a variation on carat. Must be a cross Atlantic
> mutation 8)

Okay, this is way off topic, but here's the way I learned it in school:

carrot - the vegetable.
caret  - an editor's mark that looks like this: ^
carat  - a measure of the weight of a gemstone.
karat  - a measure of the purity of gold.

- Rick