We concluded the previous segment on gold in 1898, when two prospectors discovered gold while fishing in Klondike, Alaska, marking the beginning of the last gold rush of the 19th century.
Two years later, in 1900, the United States adopts The Gold Standard Act whereby it commits to a fixed exchange rate on gold in relation to other countries. The gold standard would later be suspended by several countries, including the United States and Great Britain, during World War I, between 1914 and 1919.
In 1903 the Engelhard Corporation, of Iselin, New Jersey, introduces an organic medium that makes it possible to print gold on surfaces. This will be used first in the decoration industry, but it marks the foundation for micro-circuit printing technology. Advancements in the use of gold occur in the medical field as well. In 1927, a French study proves the value of gold in the treatment of rheumatoid arthritis. It has since been used by homeopathic practitioners to treat depression and bi-polar disorder.
1935, AT&T telecommunications uses a Western Electric Alloy (known as Alloy #1) in all switching contacts. It is composed of 69% gold, 25% silver and 6% platinum. AT&T Bell Laboratories assemble the first transistor in 1947. It uses gold contacts.
In 1942, an edict issued by President Franklin D. Roosevelt officially closes all U.S. gold mines. Three years later, in 1945, the U.S. Congress ratifies the Bretton Woods agreement, thereby establishing a new gold exchange standard as well as two new international organizations: the World Bank and the International Monetary Fund.
To be continued…
Also Read: Gold – 1700 & 1800′s