Australian gold rushes of a unique national identity. Although not all diggers found riches on the goldfields, many decided to stay and integrate into these communities. In July 1851, Victoria's first gold rush began on the Clunes goldfield. In August, the gold rush had spread to include the goldfield at Buninyong (today a suburb of Ballarat) 45 km (28 m) away and, by early September 1851, to the nearby goldfield at Ballarat (then also known as Yuille's Diggings), followed in early September to the goldfield at Castlemaine (then known as Forest Creek and the Mount Alexander Goldfield) and the goldfield at Bendigo (then
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