(1) Magnetite Explanation: Iron (Fe) is a metallic element and composes about 5% of the Earth's crust. When pure it is a dark, silvery-gray metal. It is a very reactive element and oxidizes (rusts) very easily. The reds, oranges and yellows seen in some soils and on rocks are probably iron oxides. The inner core of the Earth is believed to be a solid ironnickel alloy. Iron-nickel meteorites are believed to represent the earliest material formed at the beginning of the universe.