CANVASES, CARATS AND CURIOSITIES

So what is gold exactly, and why does it seem to hold all of humanity in its powerful grasp? Its elemental symbol Au derives from "aurum," the Latin word for gold, connecting to "aurora," the golden goddess of dawn. As one of the few noble metals that resist corrosion, gold's scientific properties contribute significantly to its historical value and modern utility. The saying "a little goes a long way" certainly applies to pure 24K gold. In fact, one ounce of gold can be beaten into a translucent sheet 0.000018 cm thick and covering 9 square meters, or pulled into a wire 80 km (approximately 50 miles) long. Many objects that appear golden are actually silver-gilt or minimally adorned with gold leaf to create the illusion of solid gold. This economical use of the precious metal raises an intriguing question: where is this valuable resource found in nature, and who has it?

The Ancient World: First Gold Discoveries

Archaeological evidence reveals sophisticated metalsmithing techniques dating back to at least 4000 BCE in ancient Mesopotamia. Bulgarian artifacts, including bangles, beads, plaques and ceremonial implements, demonstrate early mastery of goldsmithing. These earliest gold adornments showcase remarkable technical ability. Artisans sawed sheets of gold into precise shapes, hammered them into dimensional forms and developed techniques still employed today at the most exclusive jewelry firms—chasing, repoussé and casting.

The discovery of Queen Puabi's tomb, the Sumerian ruler during the First Dynasty of Ur, which dates to the third millennium BC, stunned archaeologists with its lavish gold ornamentation. Woolley's telegram on January 4, 1928, conveyed his astonishment: "I found the intact tomb, stone built and vaulted over with bricks of Queen Shubad [Puabi] adorned with a dress in which gems, flowers, crowns and animal figures are woven. Tomb magnificent with jewels and golden cups." This discovery, alongside King Tutankhamun's golden burial mask and numerous Greek and Roman artifacts, underscores gold's profound cultural and material value throughout antiquity.

Ancient Egyptian civilization elevated gold to divine status, associating its incorruptible nature and sun-like brilliance with the sun god Ra. Gold became intimately connected with pharaonic power, most famously exemplified by Tutankhamun's funerary mask and elaborate burial goods.

The Evolution of Gold as Currency

Gold as currency also has a fascinating history. The first standardized gold coins appeared in Lydia (modern-day Turkey) around 600 BC, establishing a monetary precedent that would influence economic systems for millennia to come. These early coins, made from electrum—a naturally occurring gold-silver alloy—revolutionized trade by providing a portable, universally valued medium of exchange.

The development of standardized gold coinage systems created monetary stability across diverse regions. The classical gold standard, established in the 1870s and continuing until 1914, linked major currencies to specific gold weights, facilitating international trade and economic integration.

After the Industrial Revolution, gold extraction became significantly easier, which meant governing bodies got involved to regulate both supply and demand. Following World War I, the gold-exchange standard emerged, allowing countries to hold either gold or currencies convertible to gold. This system ultimately gave way to the Bretton Woods agreement of 1944, which established fixed exchange rates with the U.S. dollar serving as the global reserve currency, backed by gold at $35 per ounce.

President Nixon's termination of dollar-gold convertibility in 1971 marked a definitive break from gold-backed currency systems. This decision fundamentally altered global monetary policy and unleashed new dynamics in gold pricing that continue to influence markets today.

How is Gold Found? How Much is There?

While modern imagination often conjures images of prospectors panning in streams or the celebrated ‘49ers of California, the history of gold discovery is more sophisticated and far-reaching. When European explorers arrived in the Americas, indigenous populations had already developed advanced goldsmithing techniques. Spanish conquistadors transported approximately 100 metric tons of gold to Europe from just 1492 to 1560—a quantity that actually exceeded Europe's entire gold reserves at that time. Not only did this dramatically change the Spanish economy, but it also catalyzed monumental social and political change across all of Europe.

On a much lesser scale and centuries later, the California Gold Rush of 1849 drew approximately 300,000 prospectors to the region, accelerating California's admission to statehood and contributing significantly to American westward expansion. Similar gold rushes in Australia transformed that continent's demographic and economic landscape, while the Klondike Gold Rush of the 1890s opened the Yukon Territory to development, establishing enduring historical narratives about frontier opportunity.

Prior to the turn of the 20th century, human gold extraction remained relatively limited. Modern mining technologies have dramatically increased extraction efficiency. According to the World Gold Council, approximately 190,000 metric tons of gold have been mined throughout human history—remarkably, about 80% has been extracted since 1910.

Today, gold mining operations exist on every continent except Antarctica. The deepest mines extend nearly 4 kilometers (approximately 2.5 miles) beneath Earth's surface, primarily in South Africa's Witwatersrand Basin. China, Australia, Russia and the United States currently rank as the world's leading gold producers.

So, how much is 190,000 metric tons? The total above-ground gold stock would form a cube measuring approximately 21 meters on each side. Of this limited supply, central banks hold approximately 35,000 metric tons as reserves, with the United States possessing the largest national gold reserve at over 8,000 metric tons. The Federal Reserve Bank of New York alone houses approximately 6,700 metric tons in its underground vault. Interestingly, approximately 49% of all gold mined today is made into jewelry, which we will get to in a minute.

Price of Gold: History

The history of gold prices since 1971 reveals significant volatility compared to the preceding gold standard era. After Nixon's decision, gold prices rose dramatically from $35 to over $800 per ounce by 1980, before experiencing a prolonged bear market through the 1990s. The 2008 financial crisis triggered renewed interest in gold as a safe-haven asset, driving prices to record highs exceeding $1,900 by 2011.

As of April 2025, gold trades at approximately $2,580 per ounce, reflecting recent geopolitical uncertainties, inflationary concerns and evolving central bank policies. Factors that consistently influence gold prices include:

• Central bank gold reserves and purchasing activity
• Global inflation rates
• Geopolitical instability
• Currency valuations, particularly the U.S. dollar
• Interest rates and bond yields
• Industrial and technological demand
• Jewelry consumption, especially in India and China
• Mining production and supply constraints

Now let’s talk jewelry:

Throughout the Renaissance and Baroque periods, gold remained synonymous with power and wealth, adorning monarchs from Louis XIV to George II and appearing in the finest luxury goods of their courts. It is important to keep in mind just how little gold there actually was available to the aristocracy and artisans at this time. Its historic value, exponentially higher than its current value now, is almost incomprehensibly grand.

In the 16th century, Benvenuto Cellini exemplified Renaissance goldsmithing at its zenith. His masterpiece, the gold saltcellar created for Francis I of France, demonstrated the period's technical virtuosity and artistic ambition. Over in France, Jean-Baptiste Tavernier supplied Louis XIV with exceptional gold specimens from his Eastern travels, contributing to the Sun King's dazzling royal image.

During the Georgian era, jewelry designers incorporated gold settings to capture naturalistic motifs while complementing the period's fashionable colored gemstones. The era's most famous goldsmiths, including Rundell, Bridge & Rundell, jewelers to the British Crown, created elaborate parures featuring intricate gold cannetille work—delicate wirework resembling fine lace or embroidery.

The Victorian period witnessed Carlo Giuliano's revival of Renaissance enameling techniques applied to gold jewelry, creating pieces that combined historical inspiration with contemporary craftsmanship. Simultaneously, Castellani in Rome perfected archaeological revival styles, reintroducing ancient Etruscan granulation techniques for gold manipulation that had been lost for centuries.

Fabergé’s 19th-century workshops, employing master goldsmiths like Henrik Wigström and Michael Perchin, produced works in red, yellow, green and white gold that demonstrated unprecedented technical versatility. Their guilloche enamel over gold established a signature aesthetic for the Imperial Russian court.

The tradition of gold craftsmanship continues into the contemporary era, with prestigious jewelry houses maintaining classical techniques while innovators like American jeweler Henry Dunay introduce distinctive approaches to working with the material. Dunay's signature "Sabi" textured 18K yellow gold exemplifies how modern artisans continue to find new expressions for this historic medium.

Jean Schlumberger at Tiffany & Co. revolutionized mid-20th-century gold work, creating sculptural pieces that combined yellow gold with vibrant enamel and gemstones. More recently, Italian master Buccellati developed its distinctive "rigato" technique—engraving parallel lines on gold surfaces to create a lustrous, fabric-like texture unmatched in contemporary goldsmithing.

From ancient Egyptian tombs to contemporary ateliers, gold's journey through human history reveals not just a precious metal, but often a reflection of our highest aspirations. In a world of fleeting trends, gold remains what it has always been—the standard against which all other luxuries are measured. When it comes to gold, all that glitters is truly gold.

Sources:

The Bullock Texas State History Museum. "Spanish Silver and Gold." The Story of Texas. Accessed May 20, 2025

Melise (Host). "The History of GOLD!" Ancient History Jewelry Stories. Moon Honey Studios, June 12, 2025. Podcast, 33 min

Pearce, Susan M. Museums, Objects, and Collections: A Cultural Study (1993). Smithsonian Books. p. 53

World Gold Council, accessed May 20, 2025, https://www.gold.org.