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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]
In the exchanges rates between gold-standard countries, these limits were known as the gold points, for the reason that, if the price of foreign bills rose above the upper limits determined by the exchange rate, countries would find it cheaper to export gold than to export bills for the purpose of settling international accounts.
Gold attracts various forms of fraudulent activity. Some of the most common are: Cash for gold – With the rise in the value of gold due to the financial crisis of 2007–2010, there has been a surge in companies that will buy personal gold in exchange for cash, or sell investments in gold bullion and coins.
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.
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 price of gold, as denominated in US dollars, was stable until the collapse of the Bretton Woods system in the mid-1970s. The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia [1] after the 1944 Bretton Woods Agreement.
During the first years of the Victorian gold rush, Canadian Gully [a] became one of the most prominent diggings on the Ballarat goldfields. January 1853 marked the discoveries of three gold nuggets each weighing over 1,000 ounces (28 kg) — including the Canadian, then the largest recorded nugget ever — and brought a gold rush to Ballarat greater than the original rush at Golden Point in 1851.