The price of gold has dropped over $200 in the past week. An article on the New York Times website reviews gold price trends for the past two years and explores factors that might be causing the current price changes.
A guy with a metal detector found a 5.5 kilogram gold nugget near the city of Ballarat, Victoria, Australia. The nugget has an estimated value of about $282,000 based upon its gold content but a collector might be willing to pay more because it is such a unique specimen.
“The decade-long rise in the price of gold from less than $400 per troy ounce to over $1,600 has resulted in the renewal of gold mining and increased exploration activity in Arizona.” Quoted from “Arizona Gold Activity 2012″.
Cabinet ministers in Afghanistan are debating potential mineral resource legislation. They want the economic benefits of allowing foreign companies to explore and develop their resources but they are concerned about being taken advantage of.
“The prospectors — motivated by dwindling resources on land as well as record prices for gold and other metals — are busy hauling up samples and assessing deposits valued at trillions of dollars.” Quoted from the New York Times article.
Marine treasure hunters claim to have located the SS Port Nicholson, a Britsh ship that was torpedoed by a German submarine in 1942. It was carrying over $2 billion in precious metals and industrial diamonds.