36. What is the history of gold?
Despite its unparalleled properties, gold is an inert material. It doesn't do anything until man discovers it, mines it, refines it, and bends it to his will. So the history of gold is also the history of our civilization. Here are some points in the time in which that history was made.
c. 3600 BC
The first smelting of gold.
Egyptian goldsmiths who were the first to melt down to separate the metals. They used blowpipes made of fire-resistant clay to heat it in the melting furnace.
2600 BC
Goldsmiths of ancient Mesopotamia (present-day Iraq) made one of the first pieces of gold jewelry. A headdress of lapis and carnelian beads with willows and leaf-shaped gold pendants.
1200-1500 BC
Due to the advances in jewelry, Artisans went through the development of the jewelry casting technique. The method allows for a better hardness and color variation which in turn broadened the market for gold products.
1223 BC
Tutankhamun's burial (mask)
Known all over the world. Tutankhamun's death mask is a triumph of the gold craftsmanship of the ancient world.
950 BC
The Queen of Sheba of Yemen presents King Solomon of Israel with the Golden Temple with 2,500 kilograms of gold, increasing the contents of his treasury to 5,700 kilograms. Solomon makes use of some of his holdings to build his famous temple, which is said to be covered in gold.
600 BC
First Practiced Gold in Dentistry
The first use of gold in dentistry is when the Etruscans start replacing teeth with gold thread. Bio-compatibility, ductility and corrosion resistance makes gold valuable for these applications.
564 BC
The first international gold coin was created by King Croesus through improved gold refining techniques. He began by minting the world's first standardized gold coin. Due to their uniform gold content, the 'Croesids' can be traded universally.
300
First golden nanoparticles
The Romans add gold to the color of the Lycurgus Cup. They melted gold powder into glass and the gold nanoparticles then refract the light, causing a luminous red glow to appear on the glass.
1300
Goldsmith's Hall in London was the first to explore a guarantee system to ensure the quality of precious metals, they are based in Goldsmith's Hall in London – where London's Assay Office is still located.
1370
The Great Famine began in the years 1370-1420, when several large mines in Europe were completely exhausted. Gold mining and production declines sharply across the region during a period known as "The Great Famine Bullion."
1422
Record year in Venice
The Venice Mint mints a record 1.2 million gold ducats with 4.26 tons of gold from Africa and Central Asia. These small coins are popular because they are easy to take and have a lot of value.
1511
King Ferdinand of Spain proclaims: make sure you have or get gold. Spain launched unprecedented expeditions to the Americas. Within a few years, the Inca and Aztec civilizations would be almost completely destroyed by the Spanish conquistadors.
1717
Goudstandaard of Great Britain begins.
Britain introduces the gold standard and pegs the currency to gold for a fixed fee.
1803
Gold is electroplated for the first time
The first recorded experiment in electroplating is being carried out by Professor Luigi Brugnatelli at the University of Pavia. Gold electroplating allows for better conductivity, now essential for numerous 21st century technologies.
1848
California Gold Rush Begins
John Marshall discovers gold flakes during the construction of a sawmill near Sacramento, California. The biggest gold rush of all time, resulting in 40,000 diggers from all over the world flocking to California.
1885
The South African Gold Rush begins while digging up stones to build a house. Australian miner George Harrison finds gold at a farm near Johannesburg. South Africa will become the source of 40% of the world's gold.
1885
Made the first Faberge Easter egg
Carl Faberge makes his first golden Imperial Easter Egg for the Tsar Alexander III. The "Hen Egg", was made as a gift from the Tsar to his wife, the Empress Maria Fedorovna. The beginning of a tradition that lasted until 1917.
1870-1900
Adoption of the gold standard
All major countries except China are switching to the gold standard, by pegging their currencies to gold. The practice of bimetallism is abandoned.
1925
Gold standard returns
The United Kingdom returns to the gold standard at the pre-war parity of $4.86 dollars = 1 pound. This follows after the country left the gold standard following the outbreak of World War I six years earlier.
1933
President Roosevelt suspends the dollar's convertibility into gold. The first and also the last for the time being The export and holding of gold by private individuals is prohibited. Presidential proclamation made the dollar convertible again in January 1934 at a new price of $35 per troy ounce.
1939
The Second World War closes the gold mark
The London gold market is closed at the outbreak of World War II. The world will later go back to a fixed system of exchange rates, this time with currencies fixed to the dollar and the dollar convertible into gold.
1944
The Bretton Woods conference establishes the basis of the post-war monetary system. The U.S. dollar is set at a $35 = 1 oz gold rate. Other currencies are set in terms of dollars, thus the formation of a Gold Exchange Standard is born.
1961
First gold-bound microchips
Gold bonding wire is used in microchips and designed at Bell Labs in the U.S. Today, literally billions of chips are bonded in this way to control all kinds of indispensable electrical devices.
1961
First gold in space
The first manned spaceflight uses gold to protect sensitive instruments from radiation. In 1980, 41kgs of gold was used in space shuttle for solder alloys, fuel cell fabrication and electrical contacts.
1967
First South African Krugerrand
The Krugerrand was introduced in 1967, as a stepping stone to private ownership of gold. This iconic coin was actually intended for circulation as a means of payment.
1971
Gold Window Closed
The Bretton Woods system of fixed exchange rates comes to an end when President Nixon " closes the gold window ", and suspends the convertibility of dollars into gold. The world is moving to its current system of floating exchange rates.
1985
First gold-based arthritis treatment
Pharmaceutical giant, SmithKline & French, is developing auranofin, a gold-based drug for the treatment of rheumatoid arthritis. The drug receives regulatory approval.
1999
First Central Bank Gold Agreement
The First Central Bank Gold Agreement (CBGA) has been agreed. 15 European central banks declare that gold will remain an important element of their reserves, to top it all off, they are selling 400 tonnes a year for the next five years.
2001
First Gold Used in Heart Surgery
Boston Scientific sells the first gold-plated stent (Niroyal) for heart surgery. Inserted into large arteries and veins, stents act like scaffolding, they prop up and open the blood vessels to allow adequate flow.
2003
K-gold launched in China
The World Gold Council is creating a whole new market segment with the launch of the K-gold, the first 18k jewellery in China. The jewellery, in predominantly white and yellow gold, takes its inspiration from Italian design.
2004
Launch of SPDR ® Gold Shares
The market is being transformed by an innovative, safe and simple way to enter the gold market. Six years later, SPDR ® has more than $55 billion in assets under management.
2009
Central banks return to buying gold In the second quarter of this year, central banks collectively bought gold for the first time in two decades. This reflects a combination of slowing sales by European banks and growing purchases by emerging markets.
2010
Gold price supports record highs
Fiat currencies are being undermined by inflation fears and successive financial crises. The London hour fix achieves 35 separate consecutive year-to-date highs.
2011
Gold in catalytic converters
Gold is used in catalytic converters by a leading European diesel car manufacturer. The first use of gold in car emission control.
Source: gold.org
