1902 Gold Inflation Crisis

" A large reserve of gold has been found in the Canadian Northwest, naturally, the value of gold is plummeting due to inflation Have fun with more expensive shits " - Event Message

The 1902 Gold Inflation Crisis is an ongoing major gold inflation crisis that started in 1902 after the Canadian Northwest Gold Rush

Background
In 1902, a large reserve of gold was found in the Northwest territories of the Dominion of Canada. This resulted in the Canadian Northwest Gold Rush, which involved thousands of Americans and Entrepreneurs moving into Canada in order to acquire wealth from gold mining.

Later that year, in order to finance a war against the insurgents and to relieve the populations of their occupied territories, the Russian Empire sold large sums of gold they seized from the Qing. This exacerbated the decline of the value of gold from the ongoing Northwest Gold Rush, and resulted in serious inflation.

The Crisis
In mid-1902, following worldwide crashes in the value of gold from the Northwest Gold Rush and the Qing Gold Sale. Spain left the gold standard in order to preserve the value of it's currency. This action drastically exacerbated the crisis as wealthy Spanish citizens sold off their gold to foreigners to preserve their wealth.

The Russian Empire and Nejd Sultanate switched to a silver standard

A month later, President Theodore Roosevelt put the US out of the gold standard, making the US dollar the second free floating currency in the world