Gold Rush

In the year 1933 to 1974 the American citizens were not allowed by law to own certain forms of gold and gold was not used or accepted as a legal type of money exchange. These were some of the things that President D. Roosevelt established during the early days of his presidency because he was looking to bring the economy of the nation up from the despair of the Great Depression. During this time when it was prohibited to own bullion, the government established the price of gold at an artificially low price, during the year 1974 an ounce of gold was at $35.00.

Later on the ban on the ownership on gold was lifted and this made the price of gold go way up. In the disturbing times of inflation and high interest that came after it, the price of gold was close to $800.00 per ounce. This very differentiated increase in the price of gold and the fact that a good number of people were interested in owning gold, caused there to be a little bit of a gold rush again in the nineteenth century. Gold panning came into the picture as well and the manufacturers of metal detectors benefited enormously from it too.

Even though the price of gold has gone down quite a bit from what it used to be at the beginning of the 1980’s it is still worth a lot more than it did when the ban on owning gold was lifted in 1974. And as every one is noticing the demand for it has certainly not ceased, to the contrary it still continues to increase in the private sector. Gold is also used in the industrial sector and this continues to increase as well therefore the price can most certainly be expected to rise.

In the same way that the prospectors and miners in 1849 sought out for gold with determination and enthusiasm, the prospectors of today are doing the same thing and many have decided that it is time to take hold of their own wealth by discovering and finding what nature has given us.