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BUSINESS INSIDER
The truth about gold
Image: AP Photo/Mark Lennihan
 
table of contents
•
a brief intro (3)
•
what drives gold prices (7)
•
but wait, that‘s not all (20)
 
•
what about real interest rates (24)
•
so where are prices going (29)
•
everyone has an opinion (37)
•
the actual production of gold (45)
•
the Fed responds (52)
•
appendix (58)
 
For thousands of years, gold has been used as acurrency, investment, and commodity
 — 
cementingits importance as an asset
4600 B.C.
Earliest evidence of gold used as jewelry
1091 B.C.
China legalizes the use of gold as money
560 B.C. to400 A.D.
Gold coins are minted by King Croesus (present day Turkey); Julius Caesar introduces a goldcoin as common currency
1284 to1300
Venice and Great Britain issue the gold ducat and florin, respectively
1511 to1700
Spain launches its hunt for gold and finds massive reserves in Brazil in 1700. By 1720 the
country is producing more than 60% of the world‘s supply
 
1799
Gold production begins in the U.S.
1848
Gold rush gets underway in the U.S., with more than 300,000 people moving to California
1900
The U.S. passes the Gold Standard Act
1933 to1937
The Gold Reserve Act of 1934 ends the minting of gold coins and raises the price of gold to$35 per ounce to trade in to the treasury (formerly set at $20.67)
1971
President Nixon ends the ability to trade U.S. dollars in for gold
1980
Gold sets a then-record high of $870 per ounce
2001 to2007
China becomes the world‘s largest producer of gold after deregulating its market
 
2004
The first gold ETF begins trading
2008 to2010
The ―Great Recession‖ in the U.S., and a larger global slowdown, push gold prices over 
$1,000 for the first time ever 
Source: U.S. Global Investors
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