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Gold History

Content courtesy of West Timmins Mining Inc.

Archaeological digs suggest its use began in the Middle East, the cradle of civilization. The oldest pieces of gold Egyptian jewelry were found in the tombs of Sumerian queens in the third millennium BC. Modern archaeologists discovered the tomb of King Tutankhamen undisturbed, boasting the largest collection of gold and jewelry in the world.

It is believed the first use of gold as money in approximately 560 B.C. was in the Kingdom of Lydia (western Turkey).

In the Middle Ages, alchemists tried to use their magic to try to fashion gold from other metals, inspired by the belief that gold held the secret to immortality.

Indian goldsmiths in the Americas had mastered most of the techniques of their European contemporaries before the Spanish arrived. The conquerors melted down most of the gold they took from the indigenous peoples of this region and most of the remaining examples have come from modern excavations of grave sites.

In 1792, the U.S. Congress adopted a bimetallic standard (gold and silver) for the new nation's currency - with gold valued at $19.30 per troy ounce. This remained unchanged until 1834, when the price of gold was raised to the $20.67 level that held for the next 100 years. Then in 1934, President Franklin Delano Roosevelt devalued the dollar by raising the price of gold to $35 per ounce to boost commodity prices (especially farm products) and create more employment for the millions suffering the devastation of the Great Depression.
The rise of a gold standard, meant to stabilize the global economy, required countries to limit their issued currency to the amount of gold they held in reserve. Great Britain was the first to adopt the gold standard in 1821, followed, in the 1870s, by the rest of Europe. The system remained in effect until the end of World War 1. After that, the U.S. was the only country to honour the gold standard. After the war, other countries were allowed to keep reserves of major currencies instead of gold. The Depression marked the end of the U.S. export of gold in the 1930s. By mid 20th century, the U.S. dollar had replaced gold in international trade.

During the U.S. frontier days, news of gold discoveries spurred on thousands of new settlers, many risking their lives to find the yellow metal. Gold rushes occurred in many of the Western States, the most famous in California at Sutter’s Mill in 1848. There were also gold rushes in Australia in 1851, South Africa in 1884 and in Canada in 1897. A worldwide feeding frenzy for gold propelled its price to an all-time high of $850 per ounce on January 21, 1980.
For more in the history of gold, visit:

http://www.nwtmintbullion.com/gold_history.php

http://www.responsiblegold.org/

http://www.gold.org/value/reserve_asset/history/T_chron.html

Important Notice

This general information on gold and other minerals is compiled from publicly available information. The views expressed in this website are solely those of the author and should be viewed as informational commentary only. In no way should these views, opinions or commentary be considered investment advice.

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