The Homestake Mining price went up because of its production, the price of gold stayed the same. It was nothing to do with the Great Depression.
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The mining company enjoyed the lucrative years of gold mining's heyday during the first half of the 20th century. The company prospered during this period, sending its miners deeper and deeper into the Homestake mine, where they located sizable deposits of gold enveloped in tons of ore. In 1935, the company recovered enough gold to register $11.39 million in net income, a record that would stand for nearly 40 years. One year before Homestake mine established its net income benchmark, the price of gold, set by the U.S. Treasury Department at a fixed amount per ounce, was raised from $20.67 an ounce to $35 an ounce, welcome news for gold producers like Homestake Mining. The price of gold, however, would remain at that price for roughly the next 40 years, fixed and unchanged as gold production costs rose.
