As for Latinum being unreplicable, it's never actually stated in the show. I like to think it is replicable, and that its worth comes from the energy it takes to make it. It's physicalized electricity.
It seems to me that replicators can replicate ANYTHING - as long as you have the energy to do so.
Replicators in the 24th century (or at least the Starfleet variety onboard ships) were described that they can convert energy into matter and that they are very energy taxing as a result (they can also recycle existing matter and store it as energy for later use, or convert that inputted matter into another form matter).
It also wouldn't surprise me if most other species used replicators which just recombine matter from one form into another... but not energy into matter (and its also possible that some UFP colonies would be using this version of a replicator as well - but who knows, Trek showed us that its technology is largely subspace based and that even if initial figures seem low, the application of subspace increases these values exponentially to really high levels - which also explains why photon torpedoes could carry 1.5kg of matter and 1.5kg of antimatter with normal valuations resulting in 64 megatons... but because torpedoes apply subspace technology, these values end up MUCH higher... well into hundreds of GIGATON and possibly TERATON ranges (which would be consistent with high yield effects we saw on screen) - same would apply to phasers.
On DS9 (which uses Cardassian replicators), a guy was able to replicate large versions of those balls which made unlikely probabilities to happen on a frequent basis - and all he did was tell the computer to scan it and make larger versions - even though such technology was never before seen.
No fuss, no muss.
When you have sensors capable of scanning to the subatomic... there's very little that can escape that kind of sensor resolution/quality.
Its probably common place technology that someone in the GQ figured out how to modify/rewire it to produce such effects.
I highly doubt gold pressed latinum cannot be replicated. Besides, the UFP never really used gold pressed latinum... instead, they engage in trade with other species (probably to establish good relations with them, because to be fair, an advanced FTL capable space faring organization with that kind of level of technology would be COMPLETELY self-sufficient (in fact, every member planet in UFP [including colonies] would have to be self-sufficient or brought up to that level).
Gold pressed latinum seems like a currency of choice for the Ferengi because they use a monetary based economy. The UFP has no monetary based economy... so for them, gold pressed latinum has no value (but they probably have resources which the Ferengi might want, so the Ferengi would tolerate trade with UFP but without using gold pressed latinum).
Trading is UFP's preferred modus operandi - a polite way to engage with other species and maintain relations because they know that species who use monetary based economies would have 'currencies' that are only used in their space... trade bypasses that obstacle and can establish some kind of dialogue.
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