History of Gold in Timeline
Gold, represented by the symbol Au and atomic number 79, is a dense, soft, malleable, and ductile metal with a slightly orange-yellow hue in its pure form. Classified as a transition metal, a group 11 element, and a noble metal, gold is notable for its low reactivity, ranking second-lowest in the reactivity series. It remains solid under standard conditions, making it a stable and widely used element.
1900: First Written Reference to Gold
Around 1900 BC, the first written reference to gold was recorded during the 12th Dynasty of Ancient Egypt.
1901: End of the Second Boer War
The Second Boer War of 1899-1901 between the British Empire and the Afrikaner Boers, concluded in 1901, was at least partly over the rights of miners and possession of the gold wealth in South Africa.
1905: South Africa as Largest Gold Producer
In 1905, South Africa was the largest gold producer.
1910: Gold Extraction Milestone
Since 1910, 75% of the presently accounted for gold has been extracted.
September 1919: Gold Fixing in London
In September 1919, the Gold Fixing in London was established to provide a daily benchmark price for 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 Devaluation
In 1934, the US dollar was devalued to $35.00 per troy ounce ($0.889/g).
1941: American Synthesis of Gold
In 1941, an American team replicated Nagaoka's experiment, synthesizing gold from mercury and confirming that the produced isotopes were radioactive.
1950: Gold Extraction Milestone
Since 1950, two-thirds of the presently accounted for gold has been extracted.
1961: Market Manipulation
By 1961, maintaining the price of gold at $35.00 per troy ounce was becoming difficult, leading US and European banks to manipulate the market.
1967: Release of the Krugerrand
In 1967, the South African Krugerrand, a bullion coin, was first released.
1968: Afternoon Fixing Introduced
In 1968, the afternoon fixing was introduced to provide a 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, approximately 1,480 tonnes.
1971: US Ends Dollar-Gold Convertibility
In 1971, led by the United States' refusal to redeem its dollars in gold, gold standards and direct convertibility of currencies to gold were abandoned by world governments.
1971: Nixon Shock and Fiat Currency
In 1971, the world gold standard was abandoned for a fiat currency system following the Nixon shock measures. This marked a significant shift away from gold-backed currencies.
January 1980: Gold Reaches High of $850 per Troy Ounce
In January 1980, the price of gold hit 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.
1986: Australian Gold Kangaroos
In 1986, the Australian Gold Kangaroos were first coined as the Australian Gold Nugget.
1988: Ocean Gold Concentration
In 1988, measurements revealed that the gold concentrations in the Atlantic and Northeast Pacific Oceans are 50-150 femtomol/L or 10-30 parts per quadrillion.
1989: Reverse Design change
In 1989, The Australian Gold Kangaroos changed the reverse design.
1990: Gold Artifacts in West Bank
As of 1990, the earliest gold artifacts from the Levant were found at the Wadi Qana cave cemetery of the 4th millennium BC in West Bank.
1997: Recycled Gold Supply
In 1997, recycled gold accounted for approximately 20% of the 2700 tons of gold supplied to the market.
June 1999: Gold Reaches Low of $252.90 per Troy Ounce
In June 1999, the price of gold reached a low of $252.90 per troy ounce ($8.13/g).
1999: Switzerland Ends Gold-Backed Currency
In 1999, Switzerland became the last country to end the practice of tying its currency to gold, through a referendum.
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: Microbes in Gold Deposits
A 2004 research paper suggests that microbes can play a role in forming gold deposits by transporting and precipitating gold to form grains and nuggets.
2005: Global Gold Supply and Demand
In 2005, the World Gold Council estimated the total global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, resulting in a surplus of 105 tonnes.
2006: 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 in Gold Production
In 2007, China overtook South Africa as the world's largest gold producer for the first time since 1905.
2007: Average Gold Mining Costs
In 2007, the average gold mining and extraction costs were about $317 per troy ounce, 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 its 1980 high, setting a new maximum of $865.35 per troy ounce.
March 2008: Gold Sets Record Price of $1023.50 per Troy Ounce
On March 17, 2008, gold set another record price at $1023.50 per troy ounce ($32.91/g).
December 2009: Gold Reaches New High Closing at $1,217.23
In December 2009, gold reached a new high, closing at $1,217.23.
May 2010: Gold Rallies Hitting New Highs Amid European Debt Crisis
In May 2010, gold further rallied, hitting new highs after the European Union debt crisis prompted further purchase of gold as a safe asset.
March 2011: Gold Hits All-Time High of $1432.57
On March 1, 2011, gold hit a new all-time high of $1432.57, based on investor concerns regarding ongoing unrest in North Africa as well as in the Middle East.
August 2011: Gold Reaches All-Time High of $1,913.50
In August 2011, spot gold prices hit a new all-time high of $1,913.50, leading to speculation about the end of a bear market and the return of a bull market.
2013: Earthquake Vaporization Deposits Gold
A 2013 study claimed that during an earthquake, water in faults vaporizes, depositing gold. The sudden opening of fault jogs causes water carrying gold to vaporize, leaving behind quartz and gold deposits.
2014: Gold Jewelry Industry Escalates Despite Dip in Gold Prices
In 2014, the gold jewelry industry was escalating despite a dip in gold prices; the demand in the first quarter of 2014 pushed turnover to $23.7 billion according to a World Gold Council report.
2016: Accounted Gold
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, with 85% remaining in active use.
August 2017: Detection of Gold in Neutron Star Merger
In August 2017, spectroscopic signatures of heavy elements, including gold, were observed in the GW170817 neutron star merger event, confirming that neutron star collisions produce gold.
August 2020: Gold Price Reaches $2060 per Ounce
In August 2020, the gold price picked up to 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 back to the late 9th century.
2020: CO2 Emissions from Gold Mining vs Recycling
As of 2020, mining a kilogram of gold produces 16 tonnes of carbon dioxide, while recycling a kilogram of gold produces 53 kilograms of CO2 equivalent. Approximately 30% of the global gold supply is recycled.
2020: Gold above Ground
As of 2020, the total amount of gold existing above ground was approximately 201,296 tonnes, which is equal to a cube measuring roughly 21.7 meters per side.
November 2022: Gold Value in Cell Phones
Prices updated to November 2022 show the gold value of US$2.82 in each phone adds to US$2.82 billion in gold from just this application.
September 2023: Novel Metal-Halide Perovskite
In September 2023, a novel type of metal-halide perovskite material consisting of Au+ and Au3+ cations in its crystal structure was discovered. This material exhibited unexpected stability under normal conditions.
February 2025: Gold Value
As of February 2025, gold was valued at around $92 per gram ($2,850 per troy ounce).
