Gold nanostructures have attracted widespread attention due to their novel optical, electronic, and biocompatible properties. These make gold nanostructures (and in particular nanoparticles) very attractive for a variety of applications, including catalysis, therapeutics, diagnostics, sensing, and nanoelectronics. In this topical review, the newly discovered magnetic properties of gold nanostructures are highlighted. This unexpected magnetism in gold nanoparticles is a result of (1) the predominant effect of surfaces at the nanoscale, (2) the electronic modification to gold from strongly capping molecules, and (3) the strong spin-orbit coupling of gold. This review discusses the salient experimental results, a theoretical model, and closes by highlighting possible industrial applications of magnetic gold nanostructures.