History of Gold in Timeline

Gold is a chemical element with the symbol Au and atomic number 79. It's a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in its pure form. Gold is a transition metal, part of group 11 elements, and classified as a noble metal, making it one of the least reactive elements. It remains solid under standard conditions.

1900: First Written Reference to Gold

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

1901: End of the Second Boer War

The Second Boer War of 1899–1901 between the British Empire and the Afrikaner Boers 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 Since 1910

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

September 1919: Origin of the Gold Fixing in London

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

1924: First Synthesis of Gold

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

1934: Dollar Devaluation

In 1934, the US dollar was devalued, changing the gold standard from $20.67 to $35.00 per troy ounce.

1941: Gold Synthesis Confirmed

In 1941, an American team, unaware of Nagaoka's earlier work, replicated the synthesis of gold from mercury via neutron bombardment, confirming that the produced isotopes of gold were radioactive.

1950: Gold Extraction Since 1950

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

1961: Market Manipulation to Prevent Currency Devaluation

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

1967: Release of the South African Krugerrand

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

1968: Wide Range of Gold Price

From 1968, the price of gold ranged widely.

1968: Introduction of Afternoon Gold Fixing in London

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

1970: South Africa's Gold Production

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

August 1971: Nixon Shock

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

1971: US Refusal to Redeem Dollars in Gold

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 following the Nixon shock measures.

January 1980: High Gold Price

On January 21, 1980, the price of gold reached a high of $850 per troy ounce.

1980: Transmutation of Bismuth into Gold

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

1986: First Coining of Australian Gold Kangaroos

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

1988: Gold Concentrations in Oceans

Prior to 1988, reported concentrations of gold in the oceans were significantly higher than later measurements, indicating contamination problems with the earlier data.

1989: Change in Reverse Design of Australian Gold Kangaroos

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

1990: Earliest Gold Artifacts 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 Supply

In 1997, recycled gold accounted for approximately 20% of the 2700 tons of gold supplied to the market. Jewelry companies such as Generation Collection and computer companies including Dell conduct recycling.

June 1999: Low Gold Price

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

1999: Switzerland Ends Currency Tied to Gold

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

2000: Wide Range of Gold Price

Until 2000, the price of gold ranged widely.

April 2001: Increase in Spot Gold Prices

From April 2001, spot gold prices increased.

2001: Rapid Increase in Gold Prices

From 2001, gold prices increased rapidly.

2001: 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 a Magnetar Flare

Analysis of a 2004 magnetar flare showed these events produce heavy elements through the same r-process as neutron star mergers.

2005: Global Gold Supply and Demand

In 2005, the World Gold Council estimated a global gold supply of 3,859 tonnes and a demand of 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 overtook South Africa as the world's largest gold producer for the first time since 1905, with a production of 276 tonnes.

2007: Average Gold Mining Costs

In 2007, the average gold mining and extraction costs were about $317 per troy ounce, while global mine production amounted to 2,471.1 tonnes.

January 2008: New Maximum Gold Price

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

March 2008: Another Record Gold Price

On March 17, 2008, the price of gold set another record at $1023.50 per troy ounce.

December 2009: New High for Gold

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

May 2010: Gold Rally after EU Debt Crisis

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

March 2011: All-Time High for Gold

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

August 2011: New All-Time High for Gold

On August 23, 2011, spot gold prices reached a new all-time high of $1,913.50, leading to speculation about the end of a secular bear market.

2013: Earthquakes and Gold Deposition

A 2013 study claimed that water in faults vaporizes during an earthquake, depositing gold.

2013: China as Largest Gold Consumer

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

2014: Decline in Gold Price

In late 2014, the price of gold began a slow decline.

2015: Decline in Gold Price

In 2015, the price of gold declined towards $1200 per troy ounce.

2016: Amount of 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, of which 85% remains in active use.

August 2017: Observation of Gold from Neutron Star Merger

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

2017: Origin of Gold on Earth

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

August 2018: Growth of gold price

From August 2018 to October 2020, gold price grew by 59%.

August 2020: Rise in Gold Price

In August 2020, the gold price picked up to US$2060 per ounce after a total growth of 59% since August 2018.

August 2020: Discovery of Early 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 from the Abbasid Caliphate.

October 2020: Growth of gold price

From August 2018 to October 2020, gold price grew by 59%.

2020: Total Gold Above Ground

As of 2020, approximately 201,296 tonnes of gold exist above ground, forming a cube with 21.7-meter sides.

2020: CO2 Emissions from Gold Mining and Recycling

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

November 2022: Gold in Cell Phones

In November 2022, it was noted that a typical cell phone contains about 50 mg of gold, worth approximately three dollars. Given nearly one billion cell phones produced annually, this application alone accounts for US$2.82 billion in gold.

September 2023: Novel Metal-Halide Perovskite Material

In September 2023, a novel type of metal-halide perovskite material consisting of Au+ and Au3+ cations in its crystal structure was found. It has been shown to be unexpectedly stable at normal conditions.