History of Gold in Timeline

Gold, represented by the symbol Au and atomic number 79, is a bright yellow, dense, soft, malleable, and ductile metal in its pure form. Classified as a transition metal, a group 11 element, and a noble metal, gold is known for its low reactivity. It ranks as one of the least reactive elements, surpassed only by platinum. Gold exists as a solid under standard conditions.

1901: End of the Second Boer War

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

1905: South Africa's Dominance in Gold Production

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

September 1919: Origin of Gold Fixing in London

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

1924: First Synthesis of Gold

In 1924, Japanese physicist Hantaro Nagaoka achieved the first synthesis of gold from mercury through neutron bombardment, marking a significant milestone in nuclear physics.

1934: Devaluation of the US Dollar

In 1934, the US dollar was devalued to $35.00 per troy ounce ($0.889/g), equivalent to $21 in 2025.

1941: Replication of Gold Synthesis Experiment

In 1941, an American team replicated Hantaro Nagaoka's gold synthesis experiment, confirming the production of radioactive gold isotopes.

1961: Market Manipulation to Prevent Currency Devaluation

By 1961, a pool of US and European banks agreed to manipulate the market to prevent further currency devaluation against increased gold demand.

1967: Release of the South African Krugerrand

In 1967, the South African Krugerrand was first released. It is a gold coin that has 22k (0.92) purity.

1968: Introduction of Afternoon Gold Fixing

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

1970: South Africa's Peak Gold Production

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

August 1971: Nixon Shock Impact

After August 1971 and the Nixon shock, the price of gold began to greatly increase.

1971: US Refusal to Redeem Dollars in Gold

In 1971, the United States led world governments in abandoning gold standards and the direct convertibility of currencies to gold by refusing to redeem its dollars in gold.

1971: Nixon Shock and Fiat Currency System

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

January 1980: Gold Reaches High of $850 per Troy Ounce

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

1980: Transmutation of Bismuth into Gold

In 1980, Glenn Seaborg transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory, further demonstrating the possibility of creating gold from other elements.

1986: First Coining of Australian Gold Kangaroos

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

1988: Oceanic Gold Concentrations

In 1988, measured concentrations of gold in the Atlantic and Northeast Pacific were determined to be 50–150 femtomol/L, equivalent to 10–30 parts per quadrillion.

1989: Reverse Design Change of Australian Gold Kangaroos

In 1989, the Australian Gold Kangaroos changed the reverse design.

1990: Discovery of Early Gold Artifacts in the Levant

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

1997: Recycled Gold in the Market

In 1997, approximately 20% of the 2700 tons of gold supplied to the market was from recycled sources.

June 1999: Gold Price Low of $252.90 per Troy Ounce

In 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 end its currency's tie to gold through a referendum, marking the end of gold-backed currencies.

April 2001: Gold Prices Increase

From April 2001, spot gold prices more than quintupled in value against the US dollar.

2001: Gold Prices Increase Rapidly

From 2001, gold prices increased rapidly.

2001: Gold Voted Allergen of the Year

In 2001, gold metal was voted Allergen of the Year by the American Contact Dermatitis Society; gold contact allergies affect mostly women.

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.

2004: Microbial Role in Gold Deposit Formation

In 2004, a research paper suggested that microbes can play an important role in forming gold deposits by transporting and precipitating gold into grains and nuggets.

2004: Relativistic Quantum Chemistry and Gold Color

In 2004, the reddish-yellow color of gold was attributed to relativistic quantum chemistry, where the inclusion of relativity in theoretical calculations greatly reduces the 5d-6s band gap.

2005: Global Gold Supply and Demand

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

2006: Production of American Buffalo Gold Bullion Coin

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 as Top Gold Producer

In 2007, China overtook South Africa as the world's largest gold producer for the first time since 1905, producing 276 tonnes.

2007: Average Gold Mining and Extraction Costs

In 2007, the average gold mining and extraction costs were about $317 per troy ounce (equivalent to $492 in 2025), with global mine production amounting to 2,471.1 tonnes.

January 2008: Gold Exceeds 1980 High

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

March 2008: Record Gold Price of $1023.50 per Troy Ounce

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

December 2009: Gold Reaches New High

On December 2, 2009, gold reached a new high, closing at $1,217.23.

May 2010: Gold Rallies After EU Debt Crisis

In May 2010, gold rallied, hitting new highs after the European Union debt crisis, prompting further purchase of gold as a safe asset.

March 2011: Gold Hits All-Time High

On March 1, 2011, gold hit a new all-time high of $1432.57, based on investor concerns regarding ongoing unrest in North Africa and the Middle East.

August 2011: Gold Hits New All-Time High

In August 2011, on 23rd, spot gold prices hit another new all-time high of $1,913.50 against the US dollar.

2013: Earthquake-Induced Gold Deposition

A 2013 study claimed that water in faults vaporizes during an earthquake, leading to the deposition of gold.

2016: Gold Accounted for by the USGS

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: Detection of Gold and Platinum from Neutron Star Merger

In August 2017, the spectroscopic signatures of heavy elements, including gold and platinum, were directly observed during the GW170817 neutron star merger event, confirming neutron star mergers as a source for these elements.

2017: Origin of Gold from Earth's Mantle

In 2017, 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

From August 2018 to October 2020, gold price picked up and started its growth

August 2020: Gold Price Increase

In August 2020, the gold price increased to US$2,060 per ounce.

October 2020: Gold Outpaces Nasdaq Total Return

Between August 2018 and October 2020, gold prices grew by 59%, outplacing the Nasdaq total return of 54%.

2020: Global Gold Reserves and Consumption

As of 2020, approximately 201,296 tonnes of gold exist above ground, and the world's consumption of newly produced gold is distributed as 50% in jewelry, 40% in investments, and 10% in industry.

2020: Carbon Emissions in Gold Mining and Recycling

As of 2020, the amount of carbon dioxide produced in mining a kilogram of gold is 16 tonnes, while recycling a kilogram of gold produces 53 kilograms of CO2 equivalent; approximately 30 percent of the global gold supply is recycled and not mined.

September 2023: Novel Metal-Halide Perovskite Material Discovery

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

2023: China Leads in Gold Production

In 2023, China emerged as the world's largest gold producer, followed by Russia and Australia, indicating a shift in the global gold mining landscape.

2023: China Leads Global Gold Mining

In 2023, China was the world's leading gold-mining country, followed in order by Russia, Australia, Canada, the United States and Ghana.

2025: Equivalent Value of Gold in US Dollars

In 2025, $16 and $21 are the equivalent values of $20.67 and $35.00 in 1934.

2025: Confirmation of Magnetars as a Source of Gold and Platinum

In 2025, researchers confirmed that giant flares from magnetars (highly magnetic neutron stars) are a significant source of gold and platinum formation, explaining the presence of these elements in older stars.