Pyrites Panic

The discovery of gold on the Witwatersrand in 1886 started a gold rush that surpassed the Californian (1849), Victorian (1851) and Barberton (1885) rushes and the initial boom created the city of Johannesburg, which was literally and figuratively built on gold. The initial boom lasted for three years as the mining companies followed the sloping reef into the earth’s crust and then in 1889 the bust happened, as the gold appeared to suddenly run out which in turn caused a pall of pessimism to hang over the diggings.

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