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Ballarat (/ ˌ b æ l ə ˈ r æ t / BAL-ə-RAT) [3] (Wathawurrung: balla arat) [4] is a city in the Central Highlands of Victoria, Australia.At the 2021 census, Ballarat had a population of 111,973, making it the third-largest urban inland city in Australia and the third-largest city in Victoria.
During the Australian gold rushes, starting in 1851, significant numbers of workers moved from elsewhere in Australia and overseas to where gold had been discovered. Gold had been found several times before, but the colonial government of New South Wales (Victoria did not become a separate colony until 1 July 1851) had suppressed the news out of the fear that it would reduce the workforce and ...
This effectively established a bimetallic standard at the rate which had been used for French coinage since 1785, i.e. a relative valuation of gold to silver of 15.5 to 1. In 1803 this ratio was close to the market rate, but for most of the next half century the market rate was above 15.5 to 1. [17]
By 2024, Russia's FX reserves were estimated to be around $570 billion to $600 billion, with a substantial portion in gold, yuan, and other non-traditional reserve assets. The total value fluctuates due to changes in the exchange rates of the reserve currencies and adjustments to gold holdings.
The Welcome Nugget weighed 69 kg,(2,200 ounces) and comprised 99.2% pure gold, valued at about 10,596 pounds when found, and worth over US$3 million in gold now, or far more as a specimen. The idea of Sovereign Hill was floated in Ballarat in the 1960s, as a way to preserve historic buildings and to recreate the gold diggings that made the city.
The gold rush is reflected in the architecture of Victorian gold-boom cities like Melbourne, Castlemaine, Ballarat, Bendigo and Ararat. Ballarat today has Sovereign Hill—a 60-acre (24 ha) recreation of a gold rush town—as well as the Gold Museum. Bendigo has a large operating gold mine system which also functions as a tourist attraction.