Hematite is a dense iron oxide and an important iron ore due to its high iron content (70%) and its abundance. Derived from the Greek haimatitis, meaning “blood red,” hematite streaks dark red. Specularite, or specular hematite, is a metallic, micaceous form of hematite found in Michigan. Ancient cultures used hematite for blood disorders and wounds. Major deposits are found in Michigan, Brazil, Australia, and China. Metaphysically, hematite is said to help with grounding and protection.