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Use of copper is more or less universal for speaker wire; it has low resistance and less cost compared to other suitable materials. Copper and aluminum both oxidize, but oxides of copper are conductive, while those of aluminum are capacitative and insulating.
Silver has a slightly lower resistivity than copper, which allows a thinner wire to have the same resistance. Silver is expensive, so a copper wire with the same resistance costs considerably less. Like copper, silver is also subject to oxidation.
Gold has a higher resistivity than either copper or silver, but it does not oxidize, so it can be used for wire-end terminations. Suitably specified gold flashing has its uses for appropriate tasks, but in domestic use such flashing is not normally functional, for several reasons.
