Tuesday, May 27, 2008
Monday, May 26, 2008
The 1848 discovery of gold put "The Golden State" on the map. The legacy of the gold rush however, is not so shiny and glamorous. More than 47,000 abandoned mines burrow into the Sierra foothills. Officials are concerner that the old mines have tunnels and shafts posing dangers ranging from bad air, contaminated water and rotting timbers to rats, rattlesnakes and bats. The job of closing off the most dangerous of these old gold mines could continue on for decades.
With gold prices soaring the danger increases as recreational prospectors attempt to find their fortune in the dangerous gold mines. "Every day, people come in and ask us: 'Where can I find the gold and get rich?'" said Gregg Wilkerson, senior mining geologist in the Bakersfield office of the federal Bureau of Land Management.
The renewed interest in gold can be attributed to the price, now approaching $900 an ounce which is almost double what it was just a few years ago.
In the past year sales of mining equipment has tripled hinging on the growing belief that the once recreational prospectors can make big money. Big money can usually only be made by professional gold mining. Involving experts and an array of safety regulations. They're most concerned about novices who may venture into long-dormant mines.
About two-thirds of California's abandoned mines exist on public property.
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Sunday, May 25, 2008
"Gold is not showing any particular propensity to move either way at the moment. There's some key economic data out this week which will have an influence on gold's direction," said Daniel Hynes, metals strategist at Merrill Lynch. "Until we get a better feel of the short term outlook, it's going to be rangebound. Gold has really struggled to push above the $925 mark and when it has, it's been sold off pretty well."
The euro's one-month high against the dollar has also slipped, a sign of consumer concerns that the euro zone economy is beginning to show cracks. Investors are also awaiting new data this week from the Federal Reserve expecting a clearer picture of the US economy. However, the rise in oil prices due to North Sea production issues and a Nigerian pipeline explosion are keeping fears of inflation high and have halted falling gold bullion prices.
"Volatility looks set to remain high in the coming days, with the dollar and oil to continue providing much of the metals intra-day direction," James Moore, analyst at TheBullionDesk.com said in a report.Do you wonder where your gold jewelry and gold scrap go when you send it to us? Our refinery
is one of the largest and most respected in the United States.
Saturday, May 24, 2008
Instead of the several pairs of gold earrings usually purchased for weddings, shoppers are buying just one set of gold these days. Gold purchases are down for many occasions where gold would be the customary gift. The soaring price of gold has been felt across most of the Arab world. A rich part of the culture in this part of the world, gold buying habits have had to change with the rapidly changing gold prices. Some Arabs are switching to silver, long disdained as a cheap alternative. Instead of purchasing, brides are renting gold jewelry for their wedding ceremony. Many shop owners have seen sales plummet by 50% and some are considering a new line of work.
"My neighbour who sells falafel makes more money than I make now," complained jeweller Amer Khoury, 49, in Damascus, Syria.
Gold prices are also changing customs in India, the world's largest gold consumer. At the gold hub in Mumbai many women are prefering to exchange their old gold sets for newer jewelry and pay the price difference rather than buy new gold jewelry. In India, gold is so deeply tied into the culture that people have been known to make provisions in wills to give gold to yet unborn grandchildren. In much the same way, babies are showered with gold from the moment they are born in the Arab world.
"Earlier our gold gift sales for Valentine's and Christmas or Hindu festivals was good. You would get a decent set of earrings for 1,000 rupees ($23)," Kanti said. "Now it will be so tiny it's better to give cash as the gift."
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Friday, May 23, 2008
Gold has recently been hovering at close to $1000 which is markedly up from the $300 an ounce gold sold for in 2002. While gold has always been seen as a hedge against inflation, it has little use beyond jewelry. Consumer sentiment is the main price mover when speaking of gold. With supply and demand steady so also remains gold's price. The weak dollar, rising inflation fears ans real estate collapse has driven the price of gold to record highs. Gold surrogate volumes continue to rise indicating investor agreement. Gold will not blow up but will continue to correct as the dollar regains it's strength.
Silver's value has nearly quadruples since 2004. Much faster tahn gold's increase but gold and silver don't generally mimic each other. Silver's use in industry causes silver to be a more accurate reflection of the overall health of the economy. Silver tracks stocks more closely than gold. Silver isn't in bubble-land; it's just not a great buy.
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Thursday, May 22, 2008
In Wichita alone there has been a huge increase in the theft of catalytic converters. Two suspects in Maryland were hiding a stash worth almost $6000.00 and in Michigan one business owner is now employing security cameras after being hit for the seventh time. Catalytic converters may not be made of gold but they do contain precious metals such as platinum, rhodium and palladium. these metals are at an all time pricing high with platinum selling for $2000.00 an ounce, Rhodium at $9000.00 an ounce and palladium topping $400.00 an ounce.
"As long as the price of these precious metals is up, it's going to be more incentive for the criminal element to continue doing this,” said John Eggener with the Montgomery County Police Department in Maryland.
We pay our clients more than anyone for their unused gold, unwanted gold jewelry and precious metal scrap. See how much we will pay you today.
Wednesday, May 21, 2008
Paige Rhodes has heaps of unwanted gold baubles cluttering up her jewelry boxes. Instead of waiting for gold to be a fashion staple again women are scrapping their unwanted gold jewelry for cash or checks at wine-and-cheese "gold parties."
Similar to Tupperware parties, minus plastic, the guests bring gold coins, watches, necklaces, teeth to be assessed for their carat content. Once the gold is weighed and the market value of gold that day is determined the party host pays them with a check or cash. Guests can walk away with hundreds or even thousands of dollars.
The host then ships the gold to a refinery, where it is melted down and recycled. The host is paid by the refinery - more than the guests were paid the host hopes.
Amateur and professional gold scrapping is booming right now. Gold parties can be a fun and prosperous way to spend an evening. People are looking for a quick way to liquidize and this is a great option. The gold parties are also more appealing to individuals who are uncomfortable going to pawn shops.
Did you know that you can make money when your friends and family sell us their unwanted or unused gold? Visit our referral page and see how helping your friends helps you too.
Tuesday, May 20, 2008
Rebounding oil prices and a softening dollar sent gold prices higher on Monday. Spot gold rose as high as $897.10 an ounce. Gold usually follows crude oil price moves. Gold is also often bought as a hedge against inflation. Ignoring a report from Standard & Poor's cutting ratings on many major US securities firms and sending stocks lower, gold and gold futures both saw a rise in their pricing. UBS Investment Bank told clients that gold seemed much more balanced now, waiting for direction from crude oil or from the currency market. Rising oil prices further boosted the price of gold. Despite the consistent climb in crude the gold market is still expected to basically remain rangebound.
"At the moment, physical demand is not very strong and in the summer, investment demand is not strong either," said Lehman Brothers analyst Michael Widmer.
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Monday, May 19, 2008
By Tom Leonard in Happy Camp, CaliforniaLast Updated: 3:19PM BST 19/05/2008
After almost 150 years, a new gold rush is seen in the US. With gold prices through the roof and and a recession looming a new breed of "49-ers" are on the move. With the discover of gold in California in 1848 over 300,000 people headed west to turn a tiny backwater destination into the new American Dream. Gone are the covered wagons and picks, the new 49-ers choose suction dredges and mobile homes but the spirit and the dream are the same.; http://link.brightcove.com/services/link/bcpid1488655367/bctid1561650066 http://www.brightcove.com/channel.jsp?channel=1139053637
"Too many people think there's gold just lying along the rivers waiting to be picked up," said "Klondike" Mike LaBox, a prospector for 50 years. "There's still vast amounts of gold out there but it's not as easy to get at as it was for the '49ers. Most of it's subterranean."
About 20 prospectors and their families were installed in their mobile homes at the Scott River mining camp this week, swapping gold stories and preparing for the onset of the sluicing season, which is timed to avoid disruption to fish spawning. There will probably be 50 prospectors there before the summer was out.
"What upsets me are the ones who are quitting their jobs to come out here with their families, spending thousands of dollars on equipment," said Mr LaBox. "Almost every day we have people stopping in looking for equipment and they have not a clue what they are buying. I just try to answer their questions. I don't try to discourage them – it's their lesson to be learned. Some will get very lucky and even make a few thousand dollars a day, but not for long. But the majority will have trouble even earning enough to pay for fuel for their equipment."
Gold has been found in all but two US states – Kentucky and Hawaii. But given that the first rule of prospecting is to look where large amounts have already been found, most of the interest has focused on California, Nevada and Arizona and Alaska.
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Tuesday, May 13, 2008
Sino Gold Mining Ltd. says neither it's operations or it's workforce have been directly impacted by the horrible earthquake in Sinchuan Province. The gold mining company is donating $100,000 in equipment to the effort of earthquake relief. Sino Gold said Monday that they will be sending portable gas generators, hand torches and megaphones to Chengdu by chartered plane. The generous gold mining company is also sending an emergency rescue team of ten Sino Gold employees. Sino Gold's chief executive has also asked for donations from the staff of the company.
"This disaster has deeply shocked Sino Gold's 1,600 employees and contractors in China and Australia," Mr Klein said. "We are fortunate to be in a position to contribute to the earthquake relief effort both financially and through our employees' expertise. While the magnitude of the damage is difficult to contemplate, we have sought to provide our assistance in the most meaningful and beneficial manner possible."
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Sunday, May 11, 2008
Gold has hit it's highest point in almost a month. Speculative buying as oil neard record highs caused a frenzy of gold buying against the rising inflation fears sending gold prices to over $900 an ounce on Monday. Platinum followed gold's lead and flew to it's highest price in many months partially driven by speculation that a bullish supply and demand report would be released for 2008 also drove the prices up and strengthened buying.
Past attempts to reclaim gold's record high have seen heavy profit taking, which saw gold fall to a four-month low at $845 an ounce in early May.
"Whether gold will hold above $900 is a difficult question. Around about $920 should be the psychological resistance for the metal," said Walter De Wet, analyst at Standard Bank. "If the dollar can appreciate again to around $1.54 (against the euro), we should see gold becoming down again. Platinum of course remains very well supported from the physical side."
Oil extended last week's climb that saw prices jump to a record high near $128 a barrel, as concerns over tight fuel supplies overshadowed gains in the U.S. dollar.
In theory, rising crude oil lifts gold's appeal as a hedge against inflation.Our gold refiners want you to know that this is a perfect time to sell all your unwanted gold jewelry and other types of gold scrap. Send for our Refiner's Pack today and learn more about how much you can sell your unwanted gold for.
Friday, May 9, 2008
Bullion River Gold C.E.O. Tim Callaway said, "We believe the recent private placement and warrant exercise by two significant shareholders is a strong sign of their confidence in, and commitment to, Bullion River's projects and management team." Callaway went on to say, "Our clear priority is to complete the necessary exploration and development of the French Gulch Mine with a goal of achieving positive cash flows as soon as possible."
About Bullion River Gold Corp.: Bullion River Gold Corp. is an American based mining company with six gold and silver properties located in the Western United States including Wenban Springs located in the prolific Cortez Trend in Nevada.Do you ever wonder about the types of gold and precious metals we will purchase from you? We explain it all to you on our website. We will explain what types of gold, gold coins and other precious metals our refiners are looking for and what we will pay you for yours.
Wednesday, May 7, 2008
The start of production this fall will instate Buckhorn Mountain Project as the only operating gold mine in Washington State. It will also be a gold mine for the surrounding community as the gold mine and gold processing mill will open up 160 permanent jobs in addition to the 30 contract jobs the construction with bring. Miners will make from $18 to $25 an hour, plus an $8 to $12 an hour production bonus. Mill workers earn from $16 to $26 an hour.
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Monday, May 5, 2008
Southwestern Resources Corp. will be selling it's Boka Gold project to Hong Kong. On Friday after reporting that there could possibly be considerably less gold than was reported the scandal-ridden Boka Project will be transferred to Hong Kong East China Non-Ferrous International Mineral Development Co for $9.4 million. Last July Southwestern withdrew assay results that had previously been reported siting errors in the complies gold data. It was all very reminiscent of the Bre-X gold mining fraud so nototrious in the late 1990s. Although the gold samples did not seem to have been tampered with nonetheless Southwestern stated that the gold sample data had indeed been changed. The sale of Boka to Hong Kong East China Non-Ferrous International Mineral Development Co is a most important step in Southwestern's rebuilding efforts.
Southwestern chief executive Timo Jauristo said in a statement. "As a result of these challenges, pending litigation and its current capital resources, the company did not believe that it could adequately explore and develop both Boka and its Peruvian properties."
Southwestern shares have seen a drastic decrease in value. Worth more than C$20 in early 2004 as excitement over Boka peaked, were trading at 55 Canadian cents as the Toronto Stock Exchange opened on Friday. Under the sale of Southwestern's 90-percent stake in Boka, it will also receive a 2.7 percent net smelter return royalty on gold production in excess of 6.5 tonnes. Southwestern has several projects in Peru, including the Liam gold-silver joint venture with Newmont Mining Corp.
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Saturday, May 3, 2008
Gold prices hardened in India on Friday. This steadying of gold prices is attributed to healthy gains made by overseas markets who were capitalizing on the weaker dollar. With India's busy season of weddings and festivals coming to an end the demand for gold just isn't there. Gold prices are at a discount in the local markets. The rupee's reported weakening spiked gold prices a bit but the few inquiries generated by this have not converted over into orders. India is still the largest market in the world for buying gold so small gold buying will continue to take place. There are still wedding gold purchase being made in North India for wedding coming up next season. People are buying ahead to avoid paying higher gold prices next season.We always PAY YOU higher prices for gold! Send for your free Refiner's Kit to see how much your gold scrap, gold coins and unwanted gold is worth!
Thursday, May 1, 2008
Although the dollar showed some stabilizing, gold and precious metals all ignored this and continued its price climb. Gold is a very popular alternative to the dollar as far as assets go. Although the firming of the dollar was short lived, experts expect a mixed bag of economic news from the US which could give the currency new life. An increase in construction and housing could be bad news for gold. Other precious metals' prices are on the rise. Fueled by ongoing fears of a platinum supply issue, platinum rose to $2136 per ounce while silver was noted to be at $16.91 per ounce.
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