Gold was discovered in California in 1848.Currier, by the famous engraver Currier %26 Ives, produced this fantastic 1849 print of a large ship loaded with enormous quantities of gold and passengers returning from the California gold rush to New York to collect their loot. The price of an ounce of gold remained completely stable and in line with the gold standard at all times. The following chart shows the price of gold since 1968, with some notable events in the gold market. To determine the true value of gold in US dollars, simply take the total world money supply of the United States and divide it by the number of ounces of gold available for purchase.