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RE: 1850 California Gold Rush Letter #whatintheworldsgoldmoney
The urban legend about people making more money selling shovels than mining gold, is it true, then?
The urban legend about people making more money selling shovels than mining gold, is it true, then?
Yes, I think that was the case with many miners. The reason each of the letters home gave the "price report of provisions" was that he was incredulous! To us, flour, pork, sugar etc sound rediculously cheap. To him it was extreme price gouging. I read somewhere that the people that made the huge profits floated lumber there by ship, rather than overland. Lots of need for building supplies and gold for payment. Thanks for reading! Please Resteem this post to others, if you can.
Thanks. I think Jeff Bezos, founder & CEO of Amazon gave a TED talk about the Gold Rush a few years ago: