It was in 1852 the gold production value in California reached its peak, when some $81 million was pulled from the ground. If you are not familiar with the question about the peak gold production value in California, you must have heard the noun at least once, the Gold Rush. It is a rapid movement of people go to a newly discovered goldfield. The first major gold rush is California Gold Rush in 1848, followed by others in the US, Australia, South Africa, and Canada. Now let’s have more information about California Gold Rush and its peak gold production.
Introduction about California Gold Rush
California Gold Rush, rapidly gained its influence in California after gold was found at Sutter’s Mill in early 1848 and reached its peak in 1852. It is estimated that more than 300,000 people came to the territory during the California Gold Rush. We can easily see from the below chart that it was in 1852, the gold production value reached its peak, and after 1852, the gold production value declined gradually in a sharp way.
The whole California Gold Rush was initially sparked by the discovery of gold nuggets in the Sacramento Valley in 1848. It was irrefutable one of the most significant events to shape American history during the 19th century. As news spread of the initial discovery, thousands of gold miners traveled by sea or over land to San Francisco and the surrounding area with their dreams.
Throughout 1849, people around the United States borrowed money, mortgaged their property or spent their whole life savings to make their arduous journey to California so as to start their adventures. In order to pursue the kind of wealth they had never dreamed of or possessed, they left their families and hometowns. Thousands of would-be gold miners, as known as ’49ers, traveled overland across the mountains or by sea to California.
However, any resource is limited. After 1850, the surface gold in California largely disappeared, while miners still continued to arrive. Mining is more and more difficult.
What Country Has the Most Gold
California is one of the gold places found by gold miners. Though it was the largest place gold mining taking place in 1850 or so. However, it has changed. Most gold production today in the US is made by mines in the state of Nevada. And that is in the USA. Now let’s see which country has the most gold production value.
NO.1 is the USA without any suspension. Right after it, Germany, the second largest hoarder of gold in the world. The third place goes to Italy, which holds just slightly more gold than France. Unlike most countries whose gold reserves are owned by the state and managed by their central banks, Italy’s gold is actually owned by the Banca d’Italia and held in vaults in Rome and at the Swiss National Bank, the Federal Reserve Bank in New York, along with the Bank of England.
How’s Mining Now?
While domestic gold mining declined in California, this is not to say that mining has met its end. There have been a number of mining-adjacent activities based in California that have kept the spirit of the earliest miners intact, though it is not the actual extraction of gold. Despite these practices disapproving mining, it remains one of the most lucrative businesses in the world, especially in California. Fueled by the strong performance of gold in general crisis, such as inflation and deflation. It is really a safe heaven asset, which really contributes a lot to the gold mining.