Black vs. Colored Vinyl

I've picked up pieces of various threads about the different quality of vinyl used to make LPs.  What I've heard said is that the best vinyl to use is black, and that colored vinyl doesn't have the sonic quality of the traditional black vinyl.  Given that colored vinyl is all the rage these days and countless reissues of LPs we likely have multiple copies of anyway are hitting the market trying to encourage us to purchase yet another limited release, I thought I would reinvestigate the topic.  Anybody know of a quality resource that defines the different types of vinyl?  I heard about some vinyl back in the 70's used to make LPs that could be folded over like wonder bread being poor quality, and other LPs from the era that are solid and unbendable being good quality.  But today's market with all the groovy colors is a whole new world.  What y'all say?
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The early coloured vinyl discs were terrible. A decade on, the composition of the vinyl mix has improved markedly. Having said that, as long as the dye used is consistent over the whole disc, that sound should be as good as the current black. That is for all pressings equivalently of 180g or equivalently 200g. The photo pressings are made differently, and as such are not quality items yet.
I have noticed that the good coloured pressings are limited editions, a are
thus more expensive. 😀🇦🇺
back in the 60s, mono recordings on the fantasy label were pressed on red vinyl. I have a few, and they sound ok.
I would think the vinyl composition was different at that stage. From then the vinyl used in the mass stampings of the mid 60’s to the 80’s again was a different composition. Then the release of CDs slowed everything vinyl (like the virus). There were only a few vinyl (that is the actual plastic stuff) manufacturers left and the composition changed and improved again to now 😁
From what I was told, leaving the vinyl to "rest" a bit after pressing improves the quality of the product.  Mass-produced pop records in the day were thin and flimsy due to "fast" production requirements so that they could put that million copies out there as fast as possible before another artist scored a big hit, I guess.
The quality of vinyl mix plays a tremendous role in the quality of the music reproduction.  I think we all know that.  What really got me was just how poor the sound quality is on picture discus.  On recommendation, I tried a picture disc (Toole; Lateralis) and what a waste of money that was.  Absolutely terrible in sound quality and by far the noisiest piece of vinyl I have ever purchased.  I played it once and said "never again will I allow that garbage to see my very expensive stylus".   I sold it on eBay, took a 40% loss, and the guy who bought it posted a high satisfaction rating.  Maybe he framed it or maybe he has a low-end playback system.  All I can say is that picture discs will never be a part of my vinyl collection.  
Just bought the new Mobil Fidelity remaster of Dire Straits.  Now that is some fine vinyl!  And as others have stated, the mastering/plating/pressing process is extremely important to the sound quality.  The new Dire Straits release has it all.  If only all of the new LPs were of that quality.  Although, at $50 a copy it does put many LPs out of reach for regular/monthly purchases.  For those of you looking for the finest, and especially if you appreciate Dire Straits, get this newly remastered release before they are gone.  This is a limited production quantity and at present Elusive Disc still has some in inventory.  It is quite the sonic experience.  And the music is spectacular.