Prospectors head for California in modern-day gold rush

The headline-grabbing rise in the price of gold has led to a modern-day version of the Californian gold rush.

Having exceeded the psychological barrier of $1,000 oz earlier this month and remained above $900 oz since, gold is once again drawing prospectors to California in search of the precious metal.

According to a report in The Financial Times, one gold prospecting eqiupment supplier has reported a four-fold increase in sales in the past three months, with some customers giving up permanent jobs to take up full-time prospecting.

Mining companies are also responding, with California’s Bureau of Land Management reporting a sharp rise in commercial claims for gold mining in the first three months of the year.

Furthermore, the Gold Prospectors Association of America, which organises events for gold mining hobbyists, has reported a flood of new members.

The original California Gold Rush began in 1848, when gold was discovered at Sutter’s Mill in Coloma. News of the discovery soon spread, resulting in some 300,000 people seeking their fortune in California.