High Prices Spark New Gold Rush In California

04/06/2008 05:12 am ET | Updated May 25, 2011

It has been almost 160 years since the first California gold rush but, with prices hitting record highs, prospectors are once again flocking to the state's rivers and deserts in search of the precious metal.

Gold's ascent - prices crossed the $1,000 an ounce barrier this month and remain well above $900 - has sent sales of mining equipment soaring.

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