The price of gold rose above $1130 an ounce for the first time ever today. A decline in the value of the dollar is thought to be the trigger for higher prices for gold and other precious metals.
High gold prices have fueled the gold rush underway in Alaska. The Fort Knox and Delta Junction mines currently supply the majority of gold from the state, and new, larger mines are being researched.
On Friday, the price of gold rose to $1,101.90, an all-time record high. Some investors speculate that foreign banks may be purchasing gold to reduce their risk of holding US dollars.
While neither of these commodities are at all time record high prices, they have both risen significantly since October, 2008. They are also both higher in price than almost any other time in their history. Gold is now at about $1040 per ounce and oil approaches $80 per barrel.
“Gold mining permits, or claims, on file with the U.S. Bureau of Land Management for California have shot from 15,606 in 2005 to 23,974 this year.” Quoted from the SFGate article.
The South African International Year of Planet Earth Website has an informative .pdf document that explains the geologic hazards in that country. Earthquakes, sinkholes, unstable soils, coastal erosion, landslides, floods and tsunamis are covered in the report. A quote that I found surprising….
“The rates of seismic activity in South Africa’s gold mining districts are higher than elsewhere in the world (even than California and Japan, which are renowned for earthquakes). A typical deep-level mine records about 1 000 seismic events each day.”
What is the best way to dispose of waste from mines? The Supreme Court is allowing a gold mine in Alaska to deposit their waste rock into Lower Slate Lake. Environmentalists do not agree with this decision.
The Eland mine shaft in South Africa has been closed for years, but illegal miners are still trying to find gold there. 76 bodies have recently been discovered in the mine.
Jobs are hard to get in Ghana, so large numbers of young workers turn to employment in small gold mines where unions and regulatory inspections are not performed.
Oil prices fell below $35 per barrel on Tuesday (down from nearly $150 per barrel in July) while gold moved up to $967 (up from a little over $700 in November).
A research team at the University of Toronto was intrigued at the results of an experiment. They found that when gold was heated very intensely, it became harder instead of malleable.
The Arizona Geological Survey has placed twelve of their gold publications online for free downloading. Some are out of print and hard to find. They have plans to scan more.
People in California are still panning for gold, although the selling price has declined after seeing a record high last summer. New panners are not very likely to strike it rich – which makes this activity better suited as a hobby rather than a profession.
Lee Allison describes a situation about gold mines in Mexico that are eagerly hiring Mexican citizens who are returning from the United States with mining skills.
Here is a photo slideshow of some of the treasures of the Museo del Oro (Gold Museum) in Bogota, Colombia. The museum has many gold artifacts and jewelry from pre-Hispanic times on display.
Recent increases in gold mining activity in Mongolia are making a heavy impact on the environment. Many are urging the government there to increase the level of regulation and enforcement to prevent even greater damage.
theGeoZone has a collection of about thirty stories on lost mines and treasures of Colorado. These are stories about lost gold and silver deposits and mines. Although some of these might be nothing more than stories, others could be true. Included are: The Lost Mine of Dead Man’s Gulch, The Lost La Ventana Mine, The Lost Golden Ledge of the Gore Range, The Lost Mine of Parrott Mountain, The Lost Crazy Swede Mine and others. These might appeal to people who are interested in mining or Colorado history.
The GeoZone has a collection of eighteen stories on lost mines and treasures of Arizona. These are stories about lost gold, silver and tungsten. Although some of these might be nothing more than stories, some of them could be true. Included are: The Lost Black Canyon Placer, The Lost Duppa Mine, The Lost Flannigan Mine, The Lost Four Peaks Gold Mine, The Lost Gold Ledge of the Camino del Diablo and others. These might appeal to people who are interested in mining or Arizona history.
The GeoZone has a collection of twenty stories on lost treasures of California. These are stories about lost mines and lost deposits of gold, silver and gemstones. Although some of these might be nothing more than stories, some of them could be true. Included are: The Lost Arch Mine, The Lost Chinaman Mine, The Lost Santa Rosa Emerald Mine, The Lost Turquoise Mine of Slocum Mountain.
If you enjoy short stories about mining history, prospecting, geology and lost treasure, here is one about the Lost Stewart Placer, a gold deposit located in the San Juan Region of southwestern Colorado. It was first found by Captain R. E. Stewart in the summer of 1852.
Yes, they have more than oil… mines in Saudi Arabia have been producing gold for over 3000 years. This article discusses valuable minerals in Saudi Arabia.
Nano gold, tiny plates of gold less than 20 nanometers thick, was thought to be a manmade creation. It has now been found to occur naturally in Western Australia’s ground water.
The current high gold prices have increased the amount of illegal mining that is being done in Africa and other parts of the world. The activity ranges from artisan mining of placer deposits to highly mechanized operations.
India is the world’s largest consumer of gold with most of that gold being used to make jewelry and ornamental items. Compared to jewelry consumed in the US, Indian jewelry is much heavier and contains more gold per piece. Gold imported into India has fallen by over 50% compared to similar periods last year.
Russia has enormous production and reserves of a number of key commodities. They are the second largest oil exporter, supply a quarter of Europe’s gas, fifth largest producer of nickel, second largest gold reserves, and more iron ore than any other country.
A job recruitment website was offering guaranteed jobs at a gold mine in Queensland, Australia. Applicants were to send $50 along with their credentials. A few applicants didn’t get their jobs within the 30 days advertised and reported the website to the Attorney General, who took swift action.
With the price of gold shooting up there are a lot more amateur prospectors testing their skill and luck and knowledge than there was just a few years ago. There are also an increasing number of claims being made on public lands. This GEOTIMES article explores the new gold fever.
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