History of Gold in Timeline

Gold is a chemical element with the symbol Au and atomic number 79. It's a bright yellow, dense, soft, malleable, and ductile metal in its pure form. Classified as a transition metal, group 11 element, and noble metal, gold is one of the least reactive elements, second only to platinum. It remains solid 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 as early as 2600 BC also describe gold.

1901: Second Boer War

The Second Boer War of 1899–1901 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 as Largest Gold Producer

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

1910: Increased Gold Extraction

As of 1910, 75% of the gold currently accounted for has been extracted, indicating a significant increase in gold mining and extraction.

September 1919: Origin of the Gold Fixing in London

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 from mercury through neutron bombardment, marking a significant scientific milestone.

1934: US Dollar Devaluation

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

1941: American Team Synthesizes Radioactive Gold

In 1941, an American team replicated Nagaoka's experiment, synthesizing gold from mercury via neutron bombardment and confirming the radioactive nature of the resulting gold isotopes, validating previous research.

1950: Continued Increase in Gold Extraction

As of 1950, two-thirds of the gold currently accounted for has been extracted, reflecting a continued increase in gold mining and extraction activities.

1961: Market Manipulation Agreement

In 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

The South African Krugerrand, a bullion coin made of 22k gold, was first released in 1967.

1968: Introduction of Afternoon Gold Fixing

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

1968: Gold Price Range Begins

In 1968, the price of gold began to range widely.

1970: South Africa's Peak Gold Production

In 1970, South Africa's gold production accounted for 79% of the world's supply, totaling about 1,480 tonnes, marking its peak contribution to global gold production.

August 1971: Nixon Shock

After August 15, 1971, the Nixon Shock occurred, leading to a significant increase in the price of gold.

1971: End of Gold Convertibility in the US

In 1971, the United States refused to redeem its dollars in gold, leading to the abandonment of gold standards and the direct convertibility of currencies to gold by world governments. Fiat currency now fulfills most monetary roles.

1971: Nixon Shock and the End of the Gold Standard

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

January 1980: Gold Price Peak

On January 21, 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 successfully transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory, although manufacturing gold in this way remains highly impractical and costly.

1986: First Coining of Australian Gold Kangaroos

The Australian Gold Kangaroos were first coined in 1986 as the Australian Gold Nugget.

1988: Ocean Gold Concentrations

Measurements taken in 1988 revealed that gold concentrations in the Atlantic and Northeast Pacific oceans are 50–150 femtomol/L, but prior reports overstated these figures due to contamination issues.

1989: Reverse Design Change for Australian Gold Kangaroos

In 1989, the Australian Gold Kangaroos, initially coined as the Australian Gold Nugget in 1986, underwent a change in their 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 the West Bank were determined to be the earliest examples 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.

June 1999: Gold Price Low

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

1999: Switzerland Ends Currency Tie to Gold

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

2000: Gold Price Range Ends

In 2000, the price of gold stopped ranging widely.

April 2001: Start of Gold Price Increase

From April 2001, spot gold prices began to increase in value.

2001: Gold Price Increase Begins

From 2001, gold prices began to increase rapidly.

2001: Gold Metal Allergen of the Year

In 2001, gold metal was voted Allergen of the Year by the American Contact Dermatitis Society, affecting mostly women.

2004: Microbes in Gold Deposit Formation

A 2004 research paper suggests that microbes play a role in forming gold deposits by transporting and precipitating gold into grains and nuggets found in alluvial deposits.

2004: Analysis of a Magnetar Flare

Analysis of a 2004 magnetar flare showed that these events produce heavy elements through the same r-process as neutron star mergers, helping to explain gold's presence in older stars.

2005: World 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 Production

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

2007: China Overtakes South Africa in Gold Production

In 2007, China surpassed South Africa as the world's largest gold producer for the first time since 1905, with a production of 276 tonnes.

2007: Global Gold Mine Production Costs

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

January 2008: Gold Price Exceeds 1980 High

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

March 2008: Record Gold Price

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

December 2009: Gold Closes at 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 prompted 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 Reaches All-Time High

On August 23, 2011, spot gold prices hit a new all-time high of $1,913.50, prompting speculation that the long secular bear market had ended and a bull market had returned.

2013: Gold Deposition During Earthquakes

According to a 2013 study, water in faults vaporizes during an earthquake, leading to the deposition of gold. This process occurs approximately 10 kilometers below the surface, where water carries high concentrations of carbon dioxide, silica, and gold, and the sudden opening of a fault jog during an earthquake causes the water to vaporize and deposit gold.

2013: China 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 towards $1200 per troy ounce.

2015: Decline in Gold Price

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

2016: Global Gold Accounting

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

August 2017: Direct Observation of Gold from Neutron Star Merger

In August 2017, the GW170817 neutron star merger event led to the direct spectroscopic observation of heavy elements, including gold, confirming neutron star mergers as a significant source of gold. This single event generated between 3 and 13 Earth masses of gold.

2017: Gold Originates from Earth's Mantle

In 2017, an international group of scientists established that gold comes to the Earth's surface from the mantle, evidenced by findings at Deseado Massif in Argentinian Patagonia, suggesting gold was incorporated since the planet's formation.

August 2018: Start of Gold Growth Period

From August 2018, the gold price began a growth period.

August 2020: Discovery of Islamic Gold Coins in Yavne

In August 2020, Israeli archaeologists discovered a trove of 425 early Islamic gold coins near Yavne. These coins, dating to the late 9th century from the Abbasid Caliphate, are considered an extremely rare collection.

August 2020: Gold Price Increase

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.

October 2020: End of Gold Growth Period

The gold price had a total growth of 59% from August 2018 to October 2020.

2020: Global Gold Reserves

As of 2020, approximately 201,296 tonnes of gold existed above ground, forming a cube with 21.7-meter sides. Its consumption is primarily for jewelry, investments, and industrial uses.

2020: Carbon Dioxide Emissions in Gold Mining and Recycling

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

November 2022: Gold in Electrical Connectors

As of November 2022, 10% of the world consumption of new gold produced goes to industry for fabrication of corrosion-free electrical connectors. A typical cell phone may contain 50 mg of gold, worth about three dollars.

September 2023: Discovery of 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, showing unexpected stability under normal conditions.

2023: China Leads Gold Production

In 2023, China was the world's largest gold producer, followed by Russia and Australia.

2023: Leading Gold-Mining Countries

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

October 2025: Gold Valuation

As of October 2025, gold was valued at approximately $127 per gram ($3,950 per troy ounce).

2025: Magnetar Flares as Gold Source

In 2025, researchers confirmed that giant flares from magnetars are a significant source of gold formation, resolving a paradox. Analysis of a 2004 magnetar flare showed these events produce heavy elements.