History of Gold in Timeline

Gold, represented by the symbol Au and atomic number 79, is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in its pure form. It's a transition metal, belonging to group 11 elements and classified as a noble metal due to its low reactivity, being second-lowest in the reactivity series. Gold remains in a solid state under standard conditions.

1900: First Written Reference to Gold

Around 1900 BC, the first written reference to gold was recorded in the 12th Dynasty of Ancient Egypt. Egyptian hieroglyphs from 2600 BC also describe gold, indicating its significance in the region.

1901: End of the Second Boer War

The Second Boer War of 1899–1901 between the British Empire and the Afrikaner Boers ended in 1901. The war was partly over the rights of miners and possession of the gold wealth in South Africa.

1905: South Africa: Largest Gold Producer

Until 1905, South Africa had been the largest gold producer.

1910: Gold Extraction Milestone

By 1910, 75% of the presently accounted for gold had been extracted, marking a significant milestone in gold mining history and highlighting the acceleration of gold extraction efforts in the 20th century.

September 1919: Gold Fixing in London Originated

In September 1919, the Gold Fixing in London originated, providing 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 by bombarding mercury with neutrons, marking a breakthrough in nuclear physics and the transmutation of elements.

1934: US Dollar Devalued

In 1934, the US dollar was devalued from $20.67 to $35.00 per troy ounce of gold ($0.889/g).

1941: American Team Synthesizes Gold

In 1941, an American team replicated Nagaoka's experiment, independently synthesizing gold from mercury and confirming that the produced isotopes were radioactive. This confirmed the earlier findings about gold transmutation.

1950: Gold Extraction Milestone

By 1950, two-thirds of the presently accounted for gold had been extracted, underscoring the rapid increase in gold mining activities during the mid-20th century and their impact on global gold reserves.

1961: Efforts to Maintain Gold Price

By 1961, maintaining the $35.00 per troy ounce price of gold was challenging. A pool of US and European banks agreed to manipulate the market to prevent further currency devaluation due to increased gold demand.

1967: South African Krugerrand Released

In 1967, the South African Krugerrand was first released. The South African Krugerrand coin is also 22k (0.92).

1968: Afternoon Fixing Introduced

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

1968: Gold price ranged widely

The price of gold ranged widely between 1968 and 2000, from a high of $850 per troy ounce ($27.33/g) on 21 January 1980, to a low of $252.90 per troy ounce ($8.13/g) on 21 June 1999 (London Gold Fixing).

1970: South Africa's Gold Production Peak

In 1970, South Africa's gold production accounted for 79% of the world supply, totaling approximately 1,480 tonnes. This year marked the peak of South Africa's dominance in global gold production.

August 1971: Nixon Shock Impact on Gold Prices

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

1971: United States Ends Gold Redemption

In 1971, led by the United States' refusal to redeem its dollars in gold, gold standards and the direct convertibility of currencies to gold were abandoned by world governments after World War II. Fiat currency then filled most monetary roles.

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 in monetary policy, moving away from the direct convertibility of currencies to gold.

January 1980: Gold Price Peak in January 1980

On January 21, 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, further demonstrating the possibility of creating gold through nuclear reactions, although impractical for production purposes.

1986: Australian Gold Nugget (Kangaroo) Coinage

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

1988: Ocean Gold Concentrations Measured

In 1988, measured concentrations of gold in the Atlantic and Northeast Pacific oceans were found to be 50–150 femtomol/L. However, prior data was found to be contaminated.

1989: Design Change for Australian Gold Kangaroos

In 1989, the Australian Gold Nugget coin changed the reverse design and became known as the Australian Gold Kangaroos.

1990: Earliest Gold Artifacts in Levant

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

1997: Recycled Gold on the Market

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 engaged in recycling activities.

June 1999: Gold Price Low in June 1999

On June 21, 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. The decision to end this tie was made via a referendum.

2000: Gold price ranged widely

April 2001: Spot Gold Prices Increase

From April 2001 to August 2011, spot gold prices more than quintupled in value against the US dollar.

2001: Gold Metal 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 affecting mostly women. However, gold is a relatively non-potent contact allergen compared to metals like nickel.

2001: Gold Price Increase Begins in 2001

The price of gold began to increase rapidly from 2001.

2004: Microbes Form Gold Deposits

In 2004, research indicated that microbes can play a crucial role in forming gold deposits. These microorganisms aid in transporting and precipitating gold, leading to the formation of grains and nuggets found in alluvial deposits.

2005: Global Gold Supply and Demand

In 2005, the World Gold Council estimated the total global gold supply to be 3,859 tonnes and the demand to be 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 2007, China surpassed South Africa as the world's largest gold producer, with 276 tonnes. This marked the first time since 1905 that South Africa was not the leading gold-producing nation.

2007: Average Gold Mining Costs in 2007

In 2007, the average gold mining and extraction costs were approximately $317 per troy ounce. Global mine production amounted to 2,471.1 tonnes, although costs could vary widely depending on the mining type and ore quality.

January 2008: Gold Price Exceeds 1980 High in January 2008

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

March 2008: Record Gold Price in March 2008

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

December 2009: Gold Closes at New High in December 2009

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

May 2010: Gold Rallies Amidst EU Debt Crisis in May 2010

In May 2010, gold 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 in March 2011

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

August 2011: Gold Price Reaches New High in August 2011

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

2013: China: Largest Consumer of Gold

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

2013: Earthquakes Deposit Gold

In 2013, a study proposed that water in faults vaporizes during earthquakes, leading to gold deposition. The rapid vaporization forces silica and gold onto nearby surfaces, contributing to the formation of gold deposits within fault zones.

2014: Gold Jewelry Industry Escalates in 2014

In 2014, the gold jewelry industry was escalating despite a dip in gold prices, with demand in the first quarter pushing turnover to $23.7 billion, according to a World Gold Council report.

2014: Gold Price Decline

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 a slow decline towards $1200 per troy ounce.

2016: Gold Accounted For

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

August 2017: Gold Created in Neutron Star Merger

In August 2017, the GW170817 neutron star merger event showed spectroscopic signatures of heavy elements, including gold, observed by electromagnetic observatories, after gravitational wave detectors confirmed the event. Models estimate the merger generated 3 to 13 Earth masses of gold.

2017: Gold Originates from Earth's Mantle

In 2017, an international group of scientists determined that gold originated from the deepest regions of Earth, specifically the mantle, evidenced by findings at Deseado Massif in Argentinian Patagonia. This suggests gold was incorporated into the planet from its early formation.

August 2018: Gold Price Growth

From August 2018 to October 2020, the price of gold experienced a total growth of 59%.

August 2020: Islamic Gold Coin Trove Discovered

In August 2020, Israeli archaeologists discovered a trove of 425 early Islamic gold coins near Yavne. The coins, dating back to the 9th century from the Abbasid Caliphate, represented an extremely rare and historically significant find.

August 2020: Gold Price Increase in August 2020

In August 2020, the price of gold increased to US$2060 per ounce.

October 2020: Gold Price Growth Compared to Nasdaq

From August 2018 to October 2020, gold's growth of 59% outpaced the Nasdaq total return of 54%.

2020: Environmental Impact of Gold Mining and Recycling

As of 2020, mining a kilogram of gold produced 16 tonnes of carbon dioxide, while recycling a kilogram produced 53 kilograms of CO2 equivalent. Approximately 30 percent of the global gold supply was recycled and not mined.

2020: Global Gold Reserves

As of 2020, the total amount of gold existing above ground was approximately 201,296 tonnes, equivalent to a cube with sides measuring about 21.7 meters. The world's consumption of newly produced gold is primarily for jewelry (50%) and investments (40%).

November 2022: Gold Usage in Cell Phones

As of November 2022, according to the World Gold Council, a typical cell phone may contain 50 mg of gold, worth about three dollars. With nearly one billion cell phones produced each year, a 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 Material Found

In September 2023, a novel type of metal-halide perovskite material containing Au+ and Au3+ cations in its crystal structure was discovered. It was found to be unexpectedly stable under normal conditions, representing a significant advancement in material science related to gold.

2023: China: Largest Gold Producer

In 2023, China emerged as the world's largest gold producer, followed by Russia and Australia, reflecting the evolving landscape of global gold mining.