Victorian gold rush resuming in both of the major fields of Bendigo and Ballarat. Exploration also proceeds elsewhere, for example, in Glen Wills, an isolated mountain area near Mitta Mitta in north-eastern Victoria. Victorian gold rush The Victorian gold rush was a period in the history of Victoria, Australia approximately between 1851 and the late 1860s. It led to a period of extreme prosperity for the Australian colony, and an influx of population growth and financial capital for Melbourne, which was dubbed "Marvellous Melbourne" as a result of the procurement of wealth. The Victorian Gold Discovery Committee wrote in 1854: For a number
California Gold Rush even prefabricated houses arrived from China. The return of large amounts of California gold to pay for these goods raised prices and stimulated investment and the creation of jobs around the world. Australian prospector Edward Hargraves, noting similarities between the geography of California and his home country, returned to Australia to discover gold and spark the Australian gold rushes. Preceding the Gold Rush, the United States was on a bi-metallic standard, but the sudden increase in physical gold supply increased the relative value of physical silver and drove silver money from circulation. The increase in gold supply also created a