Monday, September 29, 2008

One-Man Gold Mine

The LA Times’ Peter King wrote a story this week about Perry Cottingham, a one-man gold mine operation that has operated for the past thirty years.

A former stock car racer, Cottingham owns his gold mining operation in the Sierra mountains, outside Sacramento and near Fresno. He headed to the hills after purchasing a metal detector in the 70s, and finding $22,000 with it. After that, he headed to the hills and bought a property with an old gold mine on it. Cottingham’s family had a history of gold mining, and he went to work immediately.

Cottingham has sold “a substantial amount” of his gold throughout the last year. He has sold most of the gold from $910-$1,000 an ounce over the last year’s rise. He continues to pay attention to the daily gold prices as they again hover at the $1,000 mark.

"…Gold is always worth something," he said. "You can never go wrong with it. You just have to be willing to wait for the price to go up before you sell it off. What they call this catastrophe actually has been good for gold and oil and commodities."
Perry Cottingham, L.A. Times article by Peter King

Mining has apparently turned up over $13 million in gold in California in the past year.

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