Gold Mining to Increase as Price Soars

The Diario de Cuyo publication announced that Barrick Gold Corporation, one of the largest gold miners in the country, looks like it might be moving forward on a $3 billion gold and silver project between Chile and Argentina.

Pascua Lama, the intended mining site, is located in the Andes mountains between Argentina and Chile. It is known as one of the world’s largest gold and silver deposits, holding over seventeen million ounces of gold.

There is a scheduled meeting in October in Santiago, Chile between country officials and Barrick, to decide whether an agreement can be reached. Mining has been delayed due to the unsettling of tax matters between the two countries. Barrick has already conceded in environmental areas, agreeing to leave nearby glaciers untouched and unharmed.

It is imperative that mining begin for two purposes. The first, is that if mining does not begin quickly, the summer season will be over in South America. The mining must occur from September to April, due to weather constraints. The second reason that mining is expected to start quickly is the current price of gold.

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GOLD INVESTMENT NOTES

No one knows exactly how gold will be priced in the future, but this blog made some interesting points.  In 1800, the price of gold was just below $20 per troy ounce.  By 2008, gold has reached almost $1,000 per ounce, just not quite yet.

In total, this is less than a 2% annualized average rate of return.  The all time peak for gold was in 1980 – the price equivalent, when adjusted for inflation – is $2,000 per ounce in today’s dollars.  $2,000 an ounce is a far cry from the $800 an ounce where gold is priced right now.

Take note that gold hovered around $20 an ounce for about 130 years, with the past 78 years showing safe, but not the highest rates that are paid out with other investments.

Historically, gold is always suggested as a hedge against inflation, due to the fact that it does well when people lose confidence in hard currency.

With decline of dollar and the possible decline of the euro, gold again may be that hedge against inflation.  To learn more about the prices we pay for gold, visit www.cash4gold.com and consider selling your gold today.

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Sino Gold offers China earthquake relief

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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