Gold Rush

A gold rush is a period of feverish migration of workers into the area of a dramatic discovery of commercial quantities of gold. Eight gold rushes took place throughout the 19th century in Argentina, Australia, Brazil, Canada, Chile, New Zealand, South Africa, and the United States.

Gold rushes were typically marked by a general buoyant feeling of a "free for all" in income mobility, in which any single individual might become abundantly wealthy almost instantly. The significance of gold rushes in history has given a longer life to the term, and it is now applied generally to denote any capitalist economic activity in which the participants aspire to race each other in common pursuit of a new and apparently highly lucrative market, often precipitated by an advance in technology.

Gold rushes helped spur permanent non-indigenous settlement of new regions and define a significant part of the culture of the North American and Australian frontiers. As well, at a time when money was based on gold, the newly-mined gold provided economic stimulus far beyond the gold fields. Gold rushes presumably extend back as far as gold mining, to the Roman Empire, whose gold mining was described by Diodorus Siculus and Pliny the Elder, and probably further back to Ancient Egypt and Saudi Arabia.

With gold prices soaring and poverty increasing, the world is currently experiencing an unprecedented gold rush. There are about 13 million to 20 million small-scale miners around the world, according to Communities and Small-Scale Mining (CASM). Approximately 100 million people are directly or indirectly dependent on small-scale mining. There are 800,000 to 1.5 million artisanal miners in Democratic Republic of Congo, 350,000 to 650,000 in Sierra Leone, and 150,000 to 250,000 in Ghana, with millions more across Africa.

Source: Wikipedia