After the key gold mining discoveries in the United States and Australia around 1850, those two countries remained significant gold producers.
However, South Africa has larger reserves, and by 1930 was producing 53% of the world’s new gold. That was the start of the Great Depression, which slowed down economic activity around the world, beginning with the 1929 Wall Street stock market crash, the failure of the Credit Anstalt Bank of Austria in 1931 and Great Britain’s suspension of the gold standard in 1931.
President Franklin Roosevelt raised the official price of gold (in effect, inflating the value of the US dollar, which had been suffering from the deflationary effects of the Depression) from $20.67 to $35.
However, South Africa has larger reserves, and by 1930 was producing 53% of the world’s new gold. That was the start of the Great Depression, which slowed down economic activity around the world, beginning with the 1929 Wall Street stock market crash, the failure of the Credit Anstalt Bank of Austria in 1931 and Great Britain’s suspension of the gold standard in 1931.
President Franklin Roosevelt raised the official price of gold (in effect, inflating the value of the US dollar, which had been suffering from the deflationary effects of the Depression) from $20.67 to $35.