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What is the Golden Chest?

A pop-up says I have a golden key. Do they only work with the chest near the fast-travel station in Sanctuary?

What kinds of weapons/items does it spawn? Are they of a specific rarity set? What are the contents influenced by (e.g., level, game progress, other attributes)?

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marked as duplicate by Sterno, kotekzot, MBraedley, LessPop_MoreFizz, z - Sep 21 '12 at 2:22

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The chest can spawn any kind of loot, it will be of purple (very rare) quality, and it will be scaled to the level of your character at the moment you open the chest, so if you want good end-game gear, save those keys!

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Is it always purple, or does it have the chance of being orange quality too? –  Danny Oct 4 '12 at 16:16
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