Today it’s the Gold ETF and Silver ETF that are stealing the hearts of U.S. investors but in 1848 it was the gold rush that started with a small find at Sutter’s Mill. Action was first confined to Northern and central California but by 1860 the action had spread south. Between 1861 and 1912 the population of the Big Bear Valley grew significantly. Prior to 1860 the population of the area was primarily made up of native Indians and grizzly bears.
Some gold was found in the Southern California mountains but it was of little economic value and attracted less attention than the earlier discoveries. Nonetheless, it provided the initial settlers who would eventually grow in numbers and populate the area known as Big Bear Lake today.
It’s funny to think that 160 years later people are still obsessed with finding gold, but today it’s done using sophisticated imaging equipment that makes things much easier. It is estimated that 30% of the original Miner 49ers died from disease, violence and accidents. Most never found enough gold to make even a meager living but many settled and began other small businesses supporting the population boom.
California would have taken much longer to become a vibrant economy had it not been for the lure of gold!