Part 4/11:
The California Gold Rush, initiated in 1848, transformed these mining towns into temporary hubs of economic activity. However, this surge in population led to inflation; the price of food skyrocketed as supply struggled to meet demand. Basic breakfast costs soared from 15 cents to $6 in just a couple of years, while flour prices became exorbitantly high. Thus, while miners searched for gold, many could not afford to keep it as they spent their earnings on basic necessities.