USA HISTORY

Detailed explanation-1: -Sam Brannan was the great beneficiary of this new found wealth. Prices increased rapidly and during this period his store had a turnover of $150, 000 a month (almost $4 million in today’s money). Josiah Belden was another man who made his fortune from the gold rush. He owned a store in San Jose.

Detailed explanation-2: -Samuel Brannan (1819-1889). Courtesy of the Utah Historical Society. On February 4, 1846, 27-year-old Samuel Brannan sailed from New York City aboard the Brooklyn.

Detailed explanation-3: -Millions in Gold An astounding amount of gold was pulled from the ground: $10 million in 1849, $41 million ($971 million in 2005 dollars) in 1850, $75 million in 1851, and $81 million in 1852. After that, the take gradually declined until 1857, when it leveled off to about $45 million per year.

Detailed explanation-4: -“During a gold rush, sell shovels.” This saying arose following the California gold rush of the mid-19th century when it became clear that few prospectors made money panning for gold while the suppliers who sold them shovels and picks profited nicely.