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Tuesday, 24th June 2008 (916 views)

A new wave of prospectors are heading to California to search for gold in what has been hailed the 'new US gold rush', it has been reported.

The value of gold has been pushed up under the global credit crunch, and a growing number of people are trying their luck looking for the precious metal in California's mountains, according to the Independent.

Gold was being traded at $1,000 (£500) an ounce earlier this year and although it is now between $800 and $900, some analysts predict that it could hit $1,500 by the end of 2008, the newspaper has revealed.

One of the explorers, Mike Dunn, who recently found nearly an ounce of gold near the Feather River, told the paper: "We've just hit a halo of gold, and this lot alone must be worth between $500 and $1,500. I've just about paid for my trip already."

The original California Gold Rush began in 1848 with about 300,000 people gathering in the state in search of gold.

 

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