USA HISTORY

Detailed explanation-1: -Only a handful of them were actually able to do so, and Samuel Brannan was one of them. He became the first millionaire of the Gold Rush-not by mining the gold, but by capitalising on the needs of miners, and selling them picks, shovels, and pans.

Detailed explanation-2: -“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.

Detailed explanation-3: -So the saying “during a gold rush, sell shovels” is a metaphor that suggests that when you recognize a gold rush is happening, don’t try to be the 1, 000, 001st person to mine for gold, because you will probably fail.

Detailed explanation-4: -The fellow who made the real money in the California gold rush was the guy selling the shovels and picks. “It’s like Mark Twain said, ” Morris states, “When everybody is digging for gold, it’s good to be in the pick and shovel business.”

Detailed explanation-5: -He constructed flour mills, bought land, and printed the California Star, San Francisco’s first newspaper. All the while, Brannan awaited Brigham Young, who was leading 15, 000 Mormons west on the overland trail.