Not THAT golden ring, silly! That will only cause you harm! Let me 'splain.

In Medeival Times, the knights used to train for accuracy with their lances by trying to put their lance tip through a suspended gold ring. It has since been transfered to a suspended gold ring alongside the outter edge of a merry go round. You're supposed to catch the gold ring as you go by. And THAT is where the phrase "You caught the golden ring!" came from.