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This strange imp-like being possessed of great magical powers, who spoke with the voice of a child, visited greedy King Midas in ancient times, introducing himself as “Goldy” (though this may not be his real name) and demonstrated the Golden Touch to him. Midas managed to convince Goldy to give him the ability as well, though warning him that it would prove to be a curse to a mortal such as him. Shortly after, when Midas discovered that the Golden Touch prevented him from eating, he begged Goldy to take it back, which the laughing elf did in exchange of all Midas's earthly possessions. Nonetheless, after Midas's death, and even though the King had not heeded Goldie's advice for long, Goldie appears to have more or less befriended his ghost, and the two attended a polo match together in the 1930's.
Behind the scenes
The cartoon never explains quite what Goldy is, the most popular theory being an elf.