Short History Of Man And Gold

Some 146 kt (4.69 billion oz) of gold have been mined throughout history. Of this, 70% has been mined in this century alone, with 17% produced from 1985 through 1996 (Fig. 1 and Table 1). Until the mid-19th century, placers were the chief source of gold. Advancements in mining, metallurgy and geological thinking have resulted in underground mining (first of veins plus stockworks and later of Rand-type deposits) becoming the principal source of gold. With the demise of the South African deposits and the move towards lower grade ores, the primary source of gold will be from disseminated deposits exploited through large, open-pit mines. For the past 200 years, there has been a fairly constant ratio of about 31 g (1 oz) of gold to each person alive. If this ratio is to be maintained, annual gold production will have to rise from about 2.3 kt/a (73.9 million oz/year) to more than 3.1 kt/a (99.7 million oz/year) by the year 2000. To effect this increase, an unforeseen breakthrough in exploration or metallurgy is needed. Barring this, there will be pressure for an increase in the price of gold. This article traces the historical production of gold from 4000 B.C. - the earliest record of gold mining - to today and relates this 6,000-year record to advances in geological thinking, mining engineering and extractive metallurgy. It also proposes that man's thirst for gold, reflected in the price he will pay for gold, and his ability to find, mine and refine gold have combined to effect an equilibrium based loosely on the historical ratio of 31 g (1 oz) of cumulative gold production per each man or woman alive.