You are right, some cd makers use a thin layer of gold in the CD as a reflective layer. Some use a silver alloy of silver instead of the gold.
The main plastic in the disc is made of polycarbonate, which is pretty durable. There is also the dye layer which is what the laser uses to burn the data into.
Different manufacturers would have a slightly different materials and processes for making them though.
As far as recycling them goes... well I guess someones probably doing it. Polycarbonate is not the most readily recyclable plastic, but it could be done.
While extracting the precious metals out of the cd's would probably be doable to, but expensive I'm guessing, and maybe not too environmentally friendly.