This tale belongs to the Southamerican Mythology, concretely, to the Chibcha people of Colombia.
The chibcha were a people of Colombia who lived between 900 and 1450. Their lifestyle and economy revolved around metallurgy, standing out the gold, which they said it had mystical qualities, something well reflected in the history of the Golden Man, which we know as El Dorado.
The story of El Dorado is based on a chibcha ritual taking place when a new chief is appointed. Before the opening ceremony, the future chief spent several days of fasting and contemplation. Once purified, he went to the lake Guatavita. In the sacred lake, took off all his clothes and his entourage will smeared his body with an adhesive resin, and then gold dust was sprinkled on him.
This man then went in a raft loaded with treasures of gold and other precious materials. Arriving at the center, all were silent, and the chief and his assistants threw to water the carrying objects as an offering to the gods. He could even jump into the sea to take the gold dust and increase the offering. Apart from this ritual, usually the chibcha people also threw valuables to the Iguaque lake to worship the goddess Bachue, the mother goddess of fertility.
When the Spaniards heard these stories, they believed to have come to the land of infinite richness and the lust for gold grew. The name El Dorado stands for a utopian fantasy of richness and power.