A noun for “gold” based on the root √MALAT. The Etymologies of the 1930s specified that N. malt was “gold (as metal)” derived from the root ᴹ√SMAL “yellow” (Ety/SMAL). This is consistent with Tolkien’s later notes in which Q. malta was “gold (metal)”, as opposed to Q. laurë/S. glaur which was “gold (colour or light)” (PE17/51, 159). Note that in The Etymologies the form was revised to (h)malt indicating an archaic voiceless hm that was the result of ancient sm (EtyAC/SMAL), but this would no longer be the case after the root became √MALAT.
Primitive elvish
malat
root. gold
mal
root. gold, yellow, gold
This was the root for Elvish words meaning “yellow” for much of Tolkien’s life, though with some minor variations. It appeared as ᴱ√MALA “yellow” (usually mali-) in the Qenya Lexicon of the 1910s with derivatives like ᴱQ. malina “yellow” and ᴱQ. malikon “amber” (QL/58). It also appeared in a list of M-roots at the end of that section (QL/63). It had derivatives in the contemporaneous Gnomish Lexicon such as G. malon “yellow” and G. malthos “butter cup” (GL/56).
In The Etymologies of the 1930s it seems Tolkien first gave this root as ᴹ√MAL (EtyAC/MAL) but rejected this and replaced it with ᴹ√SMAL “yellow” (Ety/SMAL). It had derivatives like ᴹQ. malina/N. malen “yellow”, ᴹQ. malta/N. malt “gold (as metal)” and ᴹQ. malo/N. hmâl “pollen, yellow powder” (< ᴹ✶smalu), with some revisions in Noldorin forms as Tolkien vacillated on whether or not primitive sm- resulted in voiceless nasal hm- or a voiced nasal m-.
This √SMAL vs. √MAL variation seems to have continued into Tolkien’s later writings, as seen in Common Eldarin: Noun Structure from the early 1950s where ✶malu >> ✶smalu “dust, grit” (PE21/80), probably a later iteration of ᴹ✶smalu “pollen, yellow powder” from The Etymologies. But it seems Tolkien settled on √MAL as evidenced by the extended root √MALAT “gold” from The Shibboleth of Fëanor from 1968 (PM/366).