Based on available statistics and history, the gold boom of the 1800s had a significant economic impact on the US and, of course, brought a magnificent human migration to the United States.
This yellow substance (gold) was discovered by John Sutter in Northern California around 1848 and 90% of the gold mined was mined from the ground based on human history.
However, with technological advancement in all areas, gold exploration has become an important and booming business with an indelible mark on the growth of the US economy and migration to America.
In view of the above, it becomes relevant to mention the following realities about gold and how it brings about a change in the US economy;
1. Gold statistics from 1852. About 92% of the main key players in the flourishing gold business of that time were men, while the insignificant woman was assigned to ancillary services such as servants and brothel employees.
2. John Sutter’s mill. This was originally known as the initial gold mill base located in California. Despite John Sutter’s significant, unbeatable and unforgettable discovery (gold), prevailing records show that he was not rich from this ancient historical discovery. In fact, the information revealed that his workers left the mill in search of gold and this mill was later invaded by prospectors.
3. Boomtown merchants. These were in full control of the flourishing business of that time and even generated more income than the actual business of gold mining. Due to the success of these merchants and the captive markets available, they gave rise to today’s major companies, to name but a few, Wells Fargo, Studebakers, and Armor Foods.
4. Mass migration to the US This great discovery and adventure resulted in the largest human migration in US history, with an initial 100,000 people in the California Territory compared to 7,000 non-natives in January 1848.
5. The North Carolina experience. History tells us that a 17 pound gold nugget was discovered in Cabarrus County in 1798 with some 30,000 people involved. Actually, this was not a revelation until John Sutter’s discovery in 1848.
To this end, the gold boom shaped the American economy in notable ways;
6. Flourishing merchants and commercial businesses were established. Sutter’s discovery was a real turnaround in economic activities in the United States. It was during this period that some of the major businesses and household names we know today were established.
7. Massive population increase. Before Sutter’s gold discovery, records showed that about 150 people lived in Old Sacramento and the California Territory with a population of a few thousand. The search for and trade in gold in 1848 caused exponential growth and geometric progression in the population of America.
8. Financial Union of 1850. That year, California was listed in the financial boom union, and the increase in population made it a center of attraction for American politicians.
9. Massive growth in the agricultural and transportation sectors. During this period, more roads, bridges, and railroads were built, and agricultural businesses and ranching grew tremendously, making California self-sufficient in food and agricultural production.
Now intrinsically when we write about gold, we are not talking about fables but about precious metals/bullion dating back to human history. Plus, how you used this compelling information for your 401k and tax planning will definitely have a significant impact on his retirement, wealth, and old age. See you at the top.
