History of Gold in Timeline

Gold is a chemical element with the symbol Au and atomic number 79. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Gold is a transition metal, a group 11 element, and a noble metal. It is one of the least reactive chemical elements, second only to platinum in its inertness. Gold is solid under standard conditions.

1900: Written Reference to Gold

Around 1900 BC, the first written reference to gold was recorded in the 12th Dynasty of Ancient Egypt.

1901: End of the Second Boer War

The Second Boer War, which ended in 1901, between the British Empire and the Afrikaner Boers, was at least partly fought over the rights of miners and possession of the gold wealth in South Africa.

1905: South Africa as World's Largest Gold Producer

In 1905, South Africa was the world's largest gold producer.

1910: Increased Gold Extraction

75% of the presently accounted for gold has been extracted since 1910.

September 1919: Gold Fixing in London Originates

In September 1919, the Gold Fixing procedure in London originated, providing a daily benchmark price to the gold industry.

1924: First Synthesis of Gold

In 1924, Japanese physicist Hantaro Nagaoka achieved the first synthesis of gold from mercury through neutron bombardment.

1934: US dollar devalued

In 1934, the U.S. government devalued the dollar, setting the price of gold at $35.00 per troy ounce ($0.889/g), a change from the previous value of $20.67 per troy ounce.

1941: American Team Synthesizes Radioactive Gold

In 1941, an American team independently replicated Nagaoka's experiment, synthesizing gold from mercury and confirming that the resulting isotopes were radioactive.

1950: Gold Extraction

Two-thirds of the presently accounted for gold has been extracted since 1950.

1961: Market manipulation to prevent currency devaluation

By 1961, maintaining the fixed gold price was difficult, leading US and European banks to form a pool to manipulate the market and prevent further currency devaluation against increased gold demand.

1967: South African Krugerrand Released

In 1967, the South African Krugerrand, a bullion coin, was first released, with a 22k (0.92) gold composition.

1968: Introduction of Afternoon Fixing

In 1968, the afternoon fixing was introduced in London to provide a gold price when US markets are open.

1970: South Africa's Gold Production Peak

In 1970, South Africa's gold production accounted for 79% of the world supply, totaling about 1,480 tonnes.

August 1971: Nixon Shock

After the Nixon Shock on 15 August 1971, the price of gold began to increase significantly.

1971: End of Gold Convertibility

In 1971, the United States refused to redeem its dollars in gold, leading world governments to abandon gold standards and direct convertibility of currencies to gold.

1971: Nixon Shock and Fiat Currency

In 1971, the world gold standard was abandoned for a fiat currency system after the Nixon shock measures were implemented, marking a significant shift in monetary policy.

January 1980: High gold price

On 21 January 1980, the price of gold reached a high of $850 per troy ounce ($27.33/g).

1980: Seaborg Transmutes Bismuth into Gold

In 1980, Glenn Seaborg successfully transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory.

1986: Australian Gold Kangaroos Coined

In 1986, the Australian Gold Kangaroos were first coined as the Australian Gold Nugget.

1988: Ocean Gold Concentrations Revised

In 1988, ocean gold concentrations were measured in the Atlantic and Northeast Pacific, with levels at 50–150 femtomol/L. These figures were three orders of magnitude less than reported in the literature prior to 1988, indicating contamination problems with the earlier data.

1989: Australian Gold Kangaroos Reverse Design Change

In 1989, the Australian Gold Kangaroos coin series changed its reverse design.

1990: Earliest Gold from the Levant

As of 1990, gold artifacts found at the Wadi Qana cave cemetery of the 4th millennium BC in West Bank were the earliest from the Levant.

1997: Recycled Gold Market Share

In 1997, recycled gold accounted for approximately 20% of the 2700 tons of gold supplied to the market. Companies like Generation Collection and Dell participate in recycling.

June 1999: Low gold price

On 21 June 1999, the price of gold hit a low of $252.90 per troy ounce ($8.13/g) according to the London Gold Fixing.

1999: Switzerland Ends Currency Tie to Gold

In 1999, Switzerland became the last country to tie its currency to gold; this was ended by a referendum.

April 2001: Gold price increase begins

From April 2001, spot gold prices began to increase significantly against the US dollar.

2001: Gold voted Allergen of the Year

In 2001, gold metal was voted Allergen of the Year by the American Contact Dermatitis Society, with gold contact allergies primarily affecting women.

2004: Microbes Role in Gold Deposits

A 2004 research paper suggests that microbes can sometimes play an important role in forming gold deposits, transporting and precipitating gold to form grains and nuggets that collect in alluvial deposits.

2004: Analysis of Magnetar Flare

Analysis of a 2004 magnetar flare showed these events produce heavy elements through the same r-process as neutron star mergers. The amount of heavy elements created in a single magnetar flare can exceed the mass of Mars.

2005: Global Gold Supply and Demand

In 2005, the World Gold Council estimated the total global gold supply at 3,859 tonnes and demand at 3,754 tonnes, resulting in a surplus of 105 tonnes.

2006: American Buffalo Gold Bullion Coin Production

In 2006, the United States Mint began producing the American Buffalo gold bullion coin with a purity of 99.99%.

2007: China Overtakes South Africa in Gold Production

In 2007, China (with 276 tonnes) surpassed South Africa as the world's largest gold producer, marking the first time since 1905 that South Africa was not the largest gold producer.

2007: Gold Mining Costs in 2007

In 2007, the average gold mining and extraction costs were approximately $317 per troy ounce, though this varied with mining type and ore quality, with global mine production totaling 2,471.1 tonnes.

January 2008: Gold price exceeds 1980 high

On 3 January 2008, the price of gold exceeded the 1980 high, reaching a new maximum of $865.35 per troy ounce.

March 2008: Record gold price set

On 17 March 2008, a record gold price of $1023.50 per troy ounce ($32.91/g) was set.

December 2009: Gold reaches new high

In December 2009, specifically on the 2nd, gold reached a new high, closing at $1,217.23.

May 2010: Gold rallies after EU debt crisis

In May 2010, gold rallied and hit new highs following the European Union debt crisis, which prompted increased gold purchases as a safe asset.

March 2011: Gold hits all-time high

On 1 March 2011, gold reached a new all-time high of $1432.57, driven by investor concerns about unrest in North Africa and the Middle East.

August 2011: Gold hits all-time high

On 23 August 2011, spot gold prices reached a new all-time high of $1,913.50 against the US dollar.

2013: Gold Deposited During Earthquakes

According to a 2013 study, water in faults vaporizes during an earthquake, depositing gold. The study found that as an earthquake strikes, it moves along a fault, and the water inside the void instantly vaporizes, flashing to steam and forcing silica, which forms the mineral quartz, and gold out of the fluids and onto nearby surfaces.

2013: China Largest Gold Consumer

According to the World Gold Council, China became the world's largest single consumer of gold in 2013, surpassing India.

2014: Gold price decline begins

In late 2014, the price of gold began a slow decline towards $1200 per troy ounce.

2015: Gold price decline

In 2015, the price of gold continued its decline towards $1200 per troy ounce.

2016: Gold Accounted for in 2016

According to the United States Geological Survey in 2016, about 5,726,000,000 troy ounces (178,100 t) of gold has been accounted for, of which 85% remains in active use.

August 2017: GW170817: Neutron Star Merger Confirmed as Gold Source

In August 2017, the spectroscopic signatures of heavy elements, including gold, were directly observed during the GW170817 neutron star merger event, confirming neutron star mergers as a significant source of gold, producing between 3 and 13 Earth masses of gold.

2017: Gold from Earth's Mantle

In 2017, an international group of scientists established that gold "came to the Earth's surface from the deepest regions of our planet", the mantle, as evidenced by their findings at Deseado Massif in the Argentinian Patagonia.

August 2018: Start of Gold Price Growth Period

In August 2018, the period of gold price growth began, leading to a 59% increase by October 2020.

August 2020: Gold price increase

In August 2020, the gold price reached US$2060 per ounce after a total growth of 59% from August 2018 to October 2020.

August 2020: Discovery of Islamic Gold Coins

On 24 August 2020, Israeli archaeologists discovered a trove of early Islamic gold coins near Yavne, dating to the late 9th century and the Abbasid Caliphate.

October 2020: Gold price growth

From August 2018 to October 2020, gold experienced a total growth of 59%, outpacing the Nasdaq total return of 54%.

2020: Total Gold Above Ground

As of 2020, approximately 201,296 tonnes of gold existed above ground. When consolidated into a cube, it would measure 21.7 meters (71 ft) on each side.

2020: CO2 Emissions from Gold Mining and Recycling

As of 2020, mining a kilogram of gold produces 16 tonnes of CO2, while recycling a kilogram produces 53 kilograms of CO2 equivalent. Approximately 30 percent of the global gold supply is recycled.

November 2022: Gold in Electronics (Cell Phones)

In November 2022, the value of gold in a typical cell phone was estimated at US$2.82, contributing to a total of US$2.82 billion in gold used in cell phones each year, considering the production of nearly one billion cell phones.

September 2023: Novel Metal-Halide Perovskite Material

In September 2023, a novel type of metal-halide perovskite material containing Au+ and Au3+ cations in its crystal structure was discovered, demonstrating unexpected stability under normal conditions.

2023: China: Largest Gold Producer

In 2023, China emerged as the world's largest gold producer, surpassing Russia and Australia in gold production.

2023: Top Gold-Mining Countries in 2023

In 2023, China led as the world's foremost gold-mining country, followed by Russia, Australia, Canada, the United States, and Ghana.

April 2025: Gold Value as of April 2025

As of April 2025, gold was valued at around $106 per gram ($3,300 per troy ounce).

2025: Magnetar Flares as a Source of Gold

In 2025, researchers confirmed that giant flares from magnetars (highly magnetic neutron stars) are also a significant source of gold formation. These events can produce heavy elements through the same r-process as neutron star mergers.