Australian gold rushes The specimens have been subjected to the most rigid test by Mr Patterson, in the presence of other competent parties, and he pronounced them to be beyond any possibility of doubt pure gold...The particulars of the precise location, with Esmond's consent, was published in the "Geelong Advertiser" on 22 July 1851. Publication of Esmond's find started the first official gold rush in Victoria in that same month. By 1 August between 300 and 400 diggers were encamped on the Clunes Goldfield, but soon moved to other fields as news of other gold discoveries spread. Esmond was in 1854 to receive
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