By following this guide from the start you will be able to gain a Gold Chocobo. With a Gold Chocobo you can get the Ultimate Summon 'Knights of the Round' as well as win prizes at the Chocobo Square in the Gold Saucer.
Getting Started
To start you will need to buy the 6 stable from Choco Bill at the Chocobo Farm as well as the Chocobo Lure materia from Chocobo Billy. After you have done this go to the Chocobo tracks outside Mideel. Here catch 4 yellow chocobos. Then go back to the Farm and talk to Chocobo Billy. Choose 'Moving Chocobos' and choose two chocobos which are assessed by Chocobo Billy as Great. They can't be both males or both females. If you don't get any that are Great then catch some more. Once you have a Great Male Chocobo and a Great Female Chocobo feed them some Tantal greens from Chocobo Billy (this will increase there stats). Now go to the Gold Saucer.
Racing Chocobos
Now it is time to race them. Go to the Chocobo Square section of the Gold Saucer. Talk to Estar and choose to race one of the chocobo on the short track in Class C. When you race them hold R1 and R2 to refill there Stamina meter. After you have won three races with each chocobo they will move into Class B. If you keep racing them you may be able to get into Class A. For the two yellow chocobos you should get them to at least Class B.
Green/Blue Chocobos
With a Great Male Chocobo in Class B and a Great Female Chocobo in Class B you will be able to get a Green or Blue Chocobo by breeding them. First of all you will need a Carob Nut which you can steal from a red dragon near Bone Village. Head back to the Chocobo Farm and save the game outside. Talk to Chocobo Billy and choose 'breeding chocobos'. Talk to the two yellow chocobos and feed them a Carob Nut. You should get a Green or Blue Chocobo. If not reset the game and breed them again. Which ever you get feed it like before and race it to Class A. After a while you can breed the two yellows again. This time get the opposite colour and gender of what you got before. Eg. If you got a Blue Male last time get a Green Female this time. Feed and race the new chocobo like before.
Black Chocobo
With a Green Chocobo in Class A and a Blue Chocobo in Class A you can get a Black Chocobo by breeding them. First get a Carob Nut like before. Save the game outside the Farm and breed them. If the Chocobo is not Black reset the game and try again. With the new Black Chocobo race it until you get it to Class A.
Gold Chocobo
Before you can get a Gold Chocobo you will need to catch a wonderful Chocobo from the Icicle Inn area. It must be the opposite gender to the Black Chocobo. Now race it to at least Class A. Now get a Zeio Nut by stealing from the goblins on Goblin Island (north from Chocobo Farm). Save the game outside the Chocobo Farm. With the Black Chocobo in Class A and a Wonderful Yellow Chocobo in Class A you can get a Gold Chocobo. Breed them with the Zeio Nut. If you don't get a Gold Chocobo reset the game. With this Gold chocobo you can go anywhere. You can collect:
1. Mime from the Materia cave near Wutai
2. HP<-->MP from the Materia cave near Corel
3. Quadra Magic from the Materia cave north east of Mideel
4. Knight of the Round from the Materia cave in the north east corner of the world map
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