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1.
It is the act of applying goldbond (as well as adding water) to one's nutsack, which provides the sensation of a thousand winter elves blowing snow all over your testicles.

It has also been compared to spearmint for the genitalia
After a hearty dinner, me and my posse went goldbonding. Though it kind of stung at first, it really got my dance on.
von PrincessBowzer 26. April 2009
 
2.
When 2 homosexual men pour powder on their junks and rub them together.
Lance said to Stephan, "I want to certify our love with some Gold Bonding."
von jsexy76 14. Dezember 2011
 
3.
When 2 gay men pour powder on their junk and rub them together.
Lance and Stephan were not ashamed when caught gold bonding.
von jsexy76 14. Dezember 2011