Based on available statistics and history, the gold boom of the 19th century had a significant economic impact on the United States and, of course, brought 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 according to 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 American economy and migration to the United States.
In view of the above, it is relevant to mention the following realities about gold and how it brings a radical change in the US economy;
1. 1852 gold statistics. About 92% of the main key players in the burgeoning gold business of that era were men, while the insignificant woman was assigned to ancillary services such as servants and brothel clerks.
2. John Sutter’s Mill. This was originally known as the home base of a gold mill located in California. Despite John Sutter’s important, unbeatable and unforgettable discovery (gold), frequent records show that he was not rich because of this ancient historical discovery. In fact, the information revealed that its workers left the mill in search of gold and then this mill was invaded by prospectors.
3. Booming merchants. These were in full control of the booming business of that time and even generated more income than those in the actual gold mining business. Due to the success of these merchants and the captive markets available, today’s top companies were born, to name just a few, Wells Fargo, Studebakers, and Armor Foods.
4. Mass migration to the United States. This great discovery and adventure resulted in the largest human migration in American history, initially with approximately 100,000 people in the California Territory compared to 7,000 non-Indians in January 1848.
5. The North Carolina experience. History tells us that the 17-pound gold nugget was discovered in Cabarrus County in 1798 with approximately 30,000 people involved. This was not really a revelation until John Sutter’s discovery in 1848.
To this end, the gold boom shaped the American economy in prominent ways;
6. Booming merchants and business enterprises were established. Sutter’s discovery was a real change in the economic activities of the United States. It was during this period that some of the leading companies and household names that 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 gold search and business of 1848 caused exponential growth and geometric progression in the population of the United States.
8. Financial union of 1850. That year, California was included 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 railways were built and agribusiness and agriculture grew magnificently as California became self-sufficient in agricultural and food 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 plan will definitely have a significant impact on your retirement, wealth, and old age. See you at the top.