The story I heard is very similar except that instead of gold, the Techsters wore yellow jackets and hence received the moniker "Yellow Jackets."
So, is it supposed to be "gold" as in "white and gold," or "yellow" as in "Yellow Jacket"?
That's where the nickname came from, but I don't believe I've seen too many wearing sport coats to the games lately. Just raggin' on you of course. I haven't been a Tech fan as long as many on this board so I can only open a book to learn about traditions. Most here can tell it from their own lives - and I will leave that up for them. Here is the write-up on the Yellow Jacket from RW.com:
The Yellow Jacket
The Yellow Jacket nickname and mascot are two of the most beloved trademarks of Georgia Tech athletic teams, but many conflicting accounts exist as to the origins and beginnings of the Yellow Jacket. One thing that is clear, however, is that the nickname did not grow out of the familiar six-legged insect, but instead that the insect mascot, known as "Buzz," grew out of the nickname.
As far as can be determined, the first reference to Tech students as "Yellowjackets" appeared in the Atlanta Constitution in 1905 and came into common usage at that time.
Historians say the name, spelled as one word, was first used to describe supporters who attended Tech athletic events, dressed in yellow coats and jackets. The actual mascot was conceived at a later date, still undetermined.
Other common nicknames which have applied to Georgia Tech teams include Engineers, which is still used by some writers; the Techs, the first known nickname which was phased out sometime around 1910; and the Blacksmiths, which was common between 1902 and 1904 and is thought to be an invention of sportswriters at the time.
The Golden Tornado is another former nickname thought to be created by sportswriters when John Heisman led Tech to its first national championship in football in 1917. Tech was the first team from the South to earn the honor bestowed by the
International News Service, and any team thereafter which approached the same level of excellence was referred to as the Golden Tornado. The nickname was used as late as 1929, when Tech defeated California in the Rose Bowl.