You are mostly correct.

The idea is that it has not a clearly definite position, but it has a distribution of probability to find it that looks like a "cloud" https://en.wikipedia.org/wiki/Atomic_orbital

In a more abstract sense, has not a clearly definite speed, but it has a distribution of probability to find it in a speed graphic.

The distribution of position and speed are defined by an equation and you must add a relativistic correction to the classic version. For lighter atoms you can just ignore the correction. For heavy atom (like Bismuth in this case) the correction is important.

Informally, the correction is important only when the "average" speed is fast enough to be somewhat close to the speed of light, like 50%c.

The correction changes the energy of the expected distribution of position and speed, and the energy. When an electron jumps from an orbital to another orbital, the difference of energies is related to the color.

> Are all atoms on a piece of gold being “observed” in the quantum sense??

[Ignoring that "observer" is a very misleading word and causes a lot of confusion, but it's the standard one and we are stick with it...]

The observation is only of the energy level of the orbital electron. We know the energy, but we don't know the position or the speed. When you observe some quantum object you don't get magically all the properties, only one of them, in this case the energy. In other experiments you can get only the position, in others only the speed. [And there are a lot of weird cases and technical details.]