Aug 16, 2011

Klondike Gold Rush

(Wikipedia) The Klondike Gold Rush, sometimes referred to as the Yukon gold rush, was a frenzied gold rush that drew thousands of would-be prospectors from all over the world to the Klondike River near Dawson City, Yukon, Canada after gold was discovered there in 1896. The gold rush lasted only a few years, essentially ending in 1899. Of the many, who set out for Klondike, only a fraction got rich. As a paradox, it is estimated that the money spent getting there exceeded the value of gold found during the rush.
... News reached the United States in July 1897 at the height of a significant series of financial recessions and bank failures in the 1890s. The American economy had been hard hit by the Panics of 1893 and 1896, which caused widespread unemployment. The first successful prospectors sailed from the Klondike, arriving in San Francisco, California on July 15 and Seattle, Washington on July 17, bringing with them large amounts of gold and setting off the Klondike stampede. Many who were hurt by the financial crises were motivated to try their luck. Continued