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> Modern estimates by the U.S. Geological Survey are that some 12 million ounces (370 t) of gold were removed in the first five years of the Gold Rush (worth ov

• mikepavone 10y ago
  From that same article: > Recent scholarship confirms that merchants made far more money than miners during the Gold Rush. The wealthiest man in California during the early years of the rush was Samuel Brannan, a tireless self-promoter, shopkeeper and newspaper publisher. Brannan opened the first supply stores in Sacramento, Coloma, and other spots in the goldfields. Just as the rush began he purchased all the prospecting supplies available in San Francisco and re-sold them at a substantial profit. > Some gold-seekers made a significant amount of money. On average, half the gold-seekers made a modest profit, after taking all expenses into account; economic historians have suggested that white miners were more successful than black, Indian, or Chinese miners. Most late arrivals made little or wound up losing money.