Forum Replies Created
- AuthorPosts
- in reply to: Miscellaneous #2110
Hi Studbkr
Gympie Gold is a small part of a coal mining company that went into bankruptcy after a fire impacted its operation in Australia. At times the company interrupted its gold production to blast or cut with saws a quartz and gold concentration. Gypmie entered the jewelry market long after OAU re-ignited the century old use of quartz and gold in special manufacturing applications. The Australian quartz is less appealing to the jewelers because of diminished hardness and its ability to take a polish. We welcomed its participation into a market that was monopolized by the quartz from the Alleghany mines. Its closure has put additional stress on the world’s limited supply. Demand exceeds supply, and we want to keep all jewelry manufacturers going. The gemstone is one of the rarest in the world. We do not want to lose its growing market due to its disappearance from production.
The ten people producing quartz and gold from the Sixteen to One mine create twenty full time manufacturing jobs which have created sixty five retail jobs in Alaska as well as an unknown number of jobs elsewhere. We feel the pressure to keep all of them alive. I appreciate your interest in participating in our FORUM.
Selling gold is not a current problem or concern. Finding it is. When we mine gold, it is examined to determine whether it can be cut into slabs. The value added by doing this is significant. Without the jewelry business, well, life would have been more difficult to survive the questionable interferences the company went through. Those days are over and the crew, while small in number, has high hopes of hitting a real good pocket where it is mining (the ballroom block of ground). There is a large section of the vein to mine. A crew of six could easily stay there a year before exhausting its potential.
in reply to: Stock exchange listing #2109Greenhorn: Click on “The Company” link at the left. 12 million shares outstanding, which allow you to calculate Market Cap. In terms of forecasting revenue, all of the Annual Reports I read say that the geology of this mine, with rich pockets, makes it impossible to predict revenue. It’s not like a giant heap-leaching mine in the Nevada desert! (Disclaimer: I’m a small shareholder only. My advice may be worth no more than what you paid for it!)
in reply to: Miscellaneous #2106Before you read this entry, read the entry by Mystic Master…
The following story is from The Oregonian Newspaper about the MAX light rail tunnel in Portland OR. (Maybe a ceremony in Alleghany would be a good idea).September 19, 1998
PRAYING FOR MAX IN RAIL TUNNEL, MONKS FEEL SPIRITS PAIN.
Four Lao Buddhists seek forgiveness and safety for light-rail riders following construction of the westside tunnel near a cemetery
The spirits had made their anger known, so on this cold, blustery day, four emissaries ventured 260 feet underground to make peace.As MAX passengers whisked by Friday on their way to Beaverton and points west, Lao Buddhist monks braced against the draft deep inside the Washington Park station to light incense and chant.
They were there to ask forgiveness — not for anything they had done, but, they said, to protect all Portland-area residents from the fury of spirits disturbed when crews dug the light-rail tunnel below a nearby cemetery.If they didnt ask forgiveness, they said, more Oregonians might suffer the kind of misfortune that befell a Beaverton motorist Tuesday when his car plummeted onto the tracks at the Sunset Transit Center.
Fridays ceremony might well be the first of several by those Asian Americans and others worried that the tunnel project has offended the spirits of those buried in Finleys Sunset Hills cemetery, said Ronault L. S. Catalani, an attorney who also works among the Southeast Asian American communities.
He and others think that Tuesdays transit-center mishap and earlier construction deaths point to the need for spiritual harmony.
“We must make peace with what is so that theyre not angry, Catalani said, so that theyre not disturbed about this train roaring through them.
Catalani had worked with Tri-Met officials to arrange the Friday ceremony.
“We were made aware of some concerns among the Asian community related to spiritual aspects of the tunnel, said spokesman Steve Johnson, and we wanted to provide an opportunity to address those concerns.”
Vanhlang Khamsouk, secretary general of the Lao Buddharam Temple on Northeast 133rd Avenue and Sandy Boulevard, explained that the service was designed to ask forgiveness of and seek harmony with the spirits.
It is an important gesture, he said, even though most, if not all, of the spirits were not from ancestors of his temple’s more than 3,000 members.
“We do believe that even though we are not Christian, the Buddha can be in touch with the spirits,” he said. “Even though the general community does not believe in this, we still feel we want to do our part.”
Senior monk Khamsene Kapbouakham and Nuna Bounsak, SiPhong Khoumngeune and Phom Phanthavong braved the windy tunnel to make things right.
Dressed in saffron robes and brown sandals, the monks lit incense and a gold candle, placed an offering of white flowers on a table and chanted as they faced the tunnel and in the direction of the cemetery. Phanthavong then stepped down onto the tracks to chase away angry spirits with holy water as an approaching train rumbled in the distance.
Afterward, Kapbouakham said he had detected many angry spirits, but he thought they had accepted the apology and would live in peace.
Chanhuong Sikhamsouk, who translated for the senior monk, said that now some in the Laotian American community will feel better about the MAX tunnel.
“But,” she added, “others will still be afraid because this wasn’t done at the beginning.”
Shoua Lee Cha, a leader of a Portland-area Hmong American clan, had planned to travel from his Aurora home to the station platform Friday to lead a separate Hmong spiritual service. But he fell ill Friday morning, his nephew Cheur Cha said, and will wait for another appropriate day to intercede with the spirits.
Cheur Cha thinks that other groups will need to make their own pilgrimages to put things right.
“It’s not just a Hmong matter,” he said. “We dug under a cemetery that’s been there for so long. The participation of every religion is the best way to approach this.”
For more info on the MAX light rail and it’s history, go to: http://www.trimet.org/inside/history/bluepage.htm
in reply to: Miscellaneous #2105I was wondering if 16-1 has ever considered publicity thru web sites like 321gold.com or kitco.com? The banner ads and other publicity help improve stock prices, as well as help big-time investors consider private placements.
I exchanged e-mails with the owner of 321gold.com on a few occasions. He was interested in publicizing gold sales and I tried to get goldsales@origsix.com to get in touch with him with no success.
He also loves the current picture of the week. I think he wants a little cash to do anything for us, however.
Bob, the owner of 321gold.com is very bullish on the price of gold. I told him the current picture of the week (wired explosives in a face cut) could be “gold about to explode”, which is a pun on the price skyrocketing, too.
I know our company is strapped for cash, but this idea may payoff.
Sincerely,
“Small shareholder”in reply to: Clips from Alleghany #2103The week ended with gold production from the Ballroom heading yesterday and today. It was the heavy sulfide gold. All the miners will be working several headings in this location for several months. Mike bought new slusher cable in Oroville for the crew. Moving the shot rock requires two slushes. About half a mile of phone wire was laid from the office in Alleghany to connect with the internal mine communication system. This will allow direct contact, which makes us all feel safer. Tomorrow is a volunteer day at the museum. The drive from highway 49 to Alleghany is spectacular with all the evidences of spring. Join us if you need a reason to have an adventure.
in reply to: Gold Enters Major Bull Market #2101Lynwood
Barrick has threatening financial problems as a direct result of their lessened but continuing in place old gold derivatives program.
For complete details visit the http://www.jsmineset.com website and locate the story, Newmont To Make Takeover Bid For Barrick?
in reply to: Gold Enters Major Bull Market #2098A surprising report! Could it be a paper shuffle for reorganizing to trim overhead? Would this be just a continuing of the growth and consolidation phase of our global economy? What will be the US federal government response (Sherman anti trust action as it did in Microsoft)? In what ways could you and me be affected? Could this impact the small gold producers like 16 to 1? Barrick stole Homestake and left its shareholders with reduced value. Is this a win-win or will one side of shareholders gain at the expense of the other? Will anyone other than the few of us who understand the historical lessons of sound currency and the freedom it provides the common man have any reaction (pro or con)? Is this another step in the fraud and manipulation slowly being revealed about big gold (Blanchard suit)? Thanks for the tip, Bluejay. Could the continuation of past events within the gold mining/ banking or money creation/ social and political industries be like putting a happy frog into a pot of refreshing water on top of a stove with a flame underneath the pot?
in reply to: Gold Enters Major Bull Market #2099Russia’s Norilsk Nickel was reported in the Financial Times today, March 30, 2004, to have purchased a 20 percent stake in Gold Fields of South Africa. Norilsk Nickel is the world’s tenth biggest gold producer itself.
Norilsk also holds the number one position for production of nickel and palladium in the world. Last year Norilsk purchased a controlling interest in the U.S. palladium and platinum producer, Stllwater Mining. Since that investment, palladium prices have shot up over 25%.
People should be aware of the inside market knowledge that the Russians are shrewd metals traders.
Norilsk made Gold Fields purchase along with current talks in South Africa of an impending 3% government royalty charge to the gold producers. No question about it, Norilsk is looking for a much higher gold price in the time period ahead that will undoubtedly dwarf the 3% proposed royalty expense.
in reply to: Gold Enters Major Bull Market #2100Russia’s Norilsk Nickel was reported in the Financial Times today, March 30, 2004, to have purchased a 20 percent stake in Gold Fields of South Africa. Norilsk Nickel is the world’s tenth biggest gold producer itself.
Norilsk also holds the number one position for production of nickel and palladium in the world. Last year Norilsk purchased a controlling interest in the U.S. palladium and platinum producer, Stllwater Mining. Since that investment, palladium prices have shot up over 25%.
People should be aware of the inside market knowledge that the Russians are shrewd metals traders.
Norilsk made Gold Fields purchase along with current talks in South Africa of an impending 3% government royalty charge to the gold producers. No question about it, Norilsk is looking for a much higher gold price in the time period ahead that will undoubtedly dwarf the 3% proposed royalty expense.
in reply to: Gold Enters Major Bull Market #2097The Sunday Telegraph reported March 28th that Barrick Gold, the world’s third biggest gold producer, may receive a takeover offer from larger rival Newmont Mining Corp.
in reply to: Clips from Alleghany #2096CORRECTION from Last Entry.
The lawyer representing the CDAA group of rascals is Calvin Clement or Clements from the firm of Knox, Lemmon and Anapolski in Sacramento.
in reply to: Clips from Alleghany #2095Last week of mining was mostly one of maintenance. Timber support was replaced on the 800 level, the 1300 level and the 1500 level going south towards the pump sump. This work required four miners all week and two miners for two shifts. A small amount of gold was found in the ballroom area. The crew slushed for two days and drilled and shot three rounds. The vein has some good-looking characteristics: evidence of an old watercourse, mineralized footwall, multiple quartz lenses, mariposite and crystal pockets. For those reasons and the recent production of gold above, below and to the south side of the heading, the crew will continue to break rock there next week.
Proof of service was returned in the offensive suit the Company has launched against four lawyers and their employer (California District Attorney Association). Their lawyer, Mister Kirk Clements in Sacramento asked for a week extra time to respond, which was graciously given. Damages to the shareholders are estimated at $24 million or $2.00 per share or 60,000 ounces of gold.
David in gold sales is considering filleting the golden trout carving, turning it into jewelry slab. The trout is valued at $75,000 but will not yield that much money in slab. No one is particularly happy about sawing into the fish. Mike has considered a compromise, sawing the base and keeping as much of the sculpture as possible. He said the golden eagle and bear are not to be cut up no matter what. Time will tell as short cash flows threaten the operation. Anyone want to buy a one-of-a-kind fish?
in reply to: Clips from Alleghany #2094The company has set aside the funds to install a passive water filtration system to eliminate or reduce the low levels of arsenic in surface water. The new requirement is proposed to become effective in year 2005. The company has monitored stream and other water flows almost twenty years. The ranges of temperature, conductivity, acidity, flow and mineral content are well documented. Arsenic, a naturally occurring element in the regional waterways is now measured in parts per billion.
“While there is no evidence of biological harm, in Kanaka Creek above or below the mine property, the company elected to install the plant,” reported Michael M. Miler, president. “Our crew works well with the physical sciences and natural laws of the environment,” he said. “For several years the social sciences have preempted the bureaucratic thought process. It has become necessary to abandon sound reasoning to effectively function in the current Californian regulatory climate. We have asked the bureaucrats to work with us to develop solutions to real or perceived issues. Their cooperation has been slow in coming.”
Miller said now that gold is an attractive investment; savvy investors are looking for ways to participate. “Even though we are unsure whether the proposed standards will be finalized in 2005, by installing the filtration system now, it should eliminate any concerns serious investors in our new shaft sinking plans may have about water issues and compliance.”in reply to: Clips from Alleghany #2093The weather has been unseasonably warm in Alleghany. The plum tree in front of the office is in full bloom. We all know more snow will fall before spring really sets in. In the meantime we are enjoying the break from snow.
Locally the big news is the threatened closure of Pliocene Ridge School our local k-12 school located in Pike. It serves the communities of Alleghany and Pike primarily, with kids from other outlying communities attending as well. In 1983 when the school was relocated from Alleghany to Pike nobody in their wildest dreams thought the population would shrink. When the school was in Alleghany there were about 60 kids in grades K-12 now there are 48 including the kids from out of the area. Because the school district needs to cut expenses they are seriously considering closing our school. It would only take about 15 more students to make the school viable.
Casey’s Place is having a Mexican Dinner on Saturday March 20th with music from Spain. (a Flamenco guitarist)Happy Hour starts at 5pm dinner at 6pm. Call to make reservations 530-287-9809.in reply to: Miscellaneous #2092To answer “minerwannabe’s” questions. The stench canister was in place as recently as the week prior to the inspection. Nobody is sure how or why it was removed, but the speculation is that somebody working on the compressor temporarily removed it and forgot to replace it.
The fire suppression system in the portal is an ongoing problem because it freezes in the winter. We are required to keep it charged with water and invetibaly it freezes causing leaks and making it inoperable.in reply to: Miscellaneous #2090Why weren’t these violations turned up in earlier inspections? A lack of a fire suppression system would seem to be a pretty obvious “catch”. Hope all goes well and the hoisting of high grade continues.
in reply to: Miscellaneous #2091It is nice to have mining issues that on their surface may seem to be of great concern or consequence but in fact are minor and inconsequential. No operator likes to get an allegation of a violation in any standard or regulation. Citations are written in almost every inspection. Our crew has had six to ten citation free inspections in the past. Everyone walks tall on those happy days. It is a tribute to the miners and the inspectors.
An MSHA inspector arrives unannounced, which is fine. In doing so he or she must review whatever is going on that day. It is very disruptive because, for example, my plans for the day immediately change to accommodate the inspector. Then I pass them off to someone who will take them into the mine, look at the surface operation and check the paperwork. Since the miners only make money when gold is mined, they usually resent the interruption in their activities. No one has anything to hide. Time is lost and time is something these miners cannot afford to lose. The MSHA inspector arrived at 1pm on Tuesday and left Friday afternoon.
“Imminent Danger” is a judgment call that MSHA inspectors have abused in recent (last seven years) inspections. It is almost as if impending danger allegations are used to exert control over the operation. This inspector invoked the concept of “about to happen” danger and ordered the crew of six miners to withdraw from the mine until the imminent danger was abated. A stench canister was not attached to the compressed air line. This was the violation. The stench is one available warning device to alert the underground miners to exit the mine. In 22 years it has NEVER been needed to warn the miners. With six miners working close together, it is highly unlikely necessary no matter what type of emergency one could potentially create. The inspector over reacted. The canister was relocated early the next morning. The inspector arrived hours later and abated the citation. Two guys walked away from the mine because they could not afford to stand around and not break or move rock. No break, no gold, no payday. Miners must be in danger for something this drastic to be implemented by our government. After all, Americans do have a right to work. It will not be the end of the world; however each little bite out of a man’s workday adds up. Common sense and reasonableness have disappeared from most governmental regulators. Let’s empower the inspectors to use their heads. Also let’s educate them and train them the art and science of mining. Let’s quit promoting them based on how many citations they write.
in reply to: Miscellaneous #2089A verbal closure order was issued on Wednesday afternoon due to the lack of a stench canister on the compressor system and a lack of fire supression sprinklers in the portal. (A closure order means no other work can proceed until the citations are abated). The miners had both problems fixed by 7:30 a.m. the next morning. We are into our third day of inspections today. Will give a more detailed report of the inspection once it is complete.
in reply to: Miscellaneous #2088Heard the mine was shut down for a Citation violation.
Have the violations been addressed in the Best Interest of the miners?Lay-a-way plan: Would it be possible for The 16:1 to put aside gold specimens that could be purchased by the Museum? Perhaps if those interested in California history, its gold and mining, knew in advance how their donations to the Museum would be used, it might create an incentive to give.
Perhaps such a lay-a-way plan could be published in the shareholders’ newsletter and announced at the annual meeting in June.
The Museum might even attach the names of the donors to the golden gifts.
in reply to: Clips from Alleghany #2085An OSHA inspector visited the mine today. He will be back to finish his inspection next week.
Two crew members undertook the task of “drill doctor” and repaired five drills. Still have some legs to repair in anticipation of more activity in the ballroom headings.
Several metal detectors were shipped to both White’s Electronics and Fisher Research Laboratory for repairs. They take quite a beating underground.
Nice weather in Alleghany. The snow is melting fast.in reply to: From the Sixteen to One Archives #2084The following reminiscences of Noble were written in 1925. These stories are some of my favorites, which I never tire of rereading. The company owns the Hanley, Graves and Noble claim, which comer Lafayette Ridge and Chips Flat. We know where the upper tunnels are located and have prospected the open areas.
Compiled by M. Miller.Reminiscences of H.H. Noble
From 1877 to 1883 the stock brokerage business declined so that for many months it was difficult to make even the expense of the office.
I was interested in a number of mines and among them the Rainbow mine, near Alleghany, Sierra County, and as its history is rather remarkable, I will relate it.
It was some time in the ‘50’s that a company of miners was running a bedrock tunnel to drain the gravel deposit in an old channel at Chipps Flat, which lies just across Kanaka Creek from Alleghany. When the tunnel was in, immediately under the channel, they struck a very rich quartz vein from which they took out about $300,000.00 in free gold and a large amount of arsenical sulphurets that were then supposed to be of little value, in fact there was a large piece of over 30 lbs. that lay at the door of an old cabin for twenty years, until one day a metallurgist came along and in burning a piece on a blacksmith’s forge, he showed the owner that it contained more than $2.00 per lb. in gold.
This had the effect of reviving interest in the old mine.
After working out the ore above the tunnel level, they got to quarreling over the division of the money and future working of the mine and finally, after many years of litigation and the death of the original owners, Mr. W.E. Hanley and his son-in-law, J.O. Groves, acquired title to it and incorporated under the name of the Rainbow Gold Mining Company, which I believe was in 1878.
A number of us took stock in the Company and assessed ourselves to equip and sink a shaft and drift for the ledge, about 90 ft. below the old workings. This we did in 1879 and got to the point where we believed we would find the ledge.
It was late in the fall and there came a heavy storm that prevented us from getting in our winter’s supplies and wood to run the hoist and pump. Therefore, we took out pump and allowed the drift and shaft to fill with water.
We had spent over $35,000 and most of the stockholders got cold feet and abandoned it for good, but I had great confidence in the truth of what had been told me of the history of the mine, so I bought out one or two of the weak-kneed stockholders.
The next spring, (1880) the rest of us assessed ourselves to pump out the shaft and drift and continue the search for the ledge and on the very next day, after commencing work in the face of the drift, we struck the ledge and took out nearly $40,000 in free gold.
In this lot was one piece about 2 ½ ft. long by 1 ft. in diameter and at a little distance it resembled a sleeping child and was named “the baby”, and I believe produced about $9,000.
We bought the Twenty-one Mine and the water rights for $5,000 and later sold it for $25,000.
We then erected a 10 stamp mill on Kanaka Creek and then connected the hoisting works with the mill with an aerial tramway and I believe it was either the first or second one that was ever erected. It was erected by A.S. Hallidee, the inventor of the cable street railroads in San Francisco,
In passing through Nevada City on one of my trips to the mine during the construction of the mill, an old man by the name of Pelton called on me and asked me to go with him to the foundry and see a new water wheel he had invented. I immediately saw its advantage over the old style and gave him an order for a wheel for our mill. It was the first Pelton water wheel that was ever used and today they are used all over the world.
We continued to take out ore above the drift and some of it was very rich and Mr. Groves was convinced that much of it was being stolen and many years after, we found tons of tailings in an old cellar at Chipps Flat that had been pounded up in a hand mortar.
After the mill was completed and running smoothly we concluded to run through the rich ore we had saved and ran the mill for four hours and thirty-three minutes. We cleaned up the mill retort and melted the gold, which weighed 149 lbs., -exactly my weight at the time.
We worked the pay shoot up to the old workings and were troubled with a great deal of water and when we commenced to work below the drift, the flow was so great that our pump could not handle it. We then concluded to run a tunnel from the side hill to connect with the bottom of the shaft. This is now known as the Groves Tunnel, – some 700 ft. from the shaft out.
This had to be done by hand and was very slow and expensive, but when completed of course drained that drift and the upper workings and enabled us to work below that level and when we were down 14 ft. we struck some exceedingly rich ore and between 6’clock one night and 6 o’clock the next night we took out $98,000. Pretty good for twenty-four hours.
We continued working to a depth of 70 ft, when we struck an underground flow of water that drove us out of the winze. I had gone down just after the blast and flooding of the bottom of the drift. I was anxious to know what the blast had thrown out and reached down to get a piece of the ore, which I could only do by going under water all but my head. I got the sample that you have all seen and can testify to its richness. (That piece of ore was loaned to the State Mining Bureau).
Just before this time we had shipped two lots of ore to Thomas Price & Son. See his certificate stating that 1962 lbs. of ore produced $116,662.28.
During this time I had increased my holdings to a little over two-thirds of the stock; Messrs. Hanley and Groves had the balance.
And now comes the other side of the picture. We found we could not drain the mine without installing powerful machinery and pump that would be very expensive. Therefore concluded to run a tunnel from our mill on Kanaka Creek to the ledge, about 2500 ft., which was quite an undertaking in those days, as we had to install a compressor, pipe line, power drills, etc. We were nearly two years at this work and when we got to the ledge we found it barren and then the only thing for us to do was to upraise the old workings.
In the meantime my business had dwindled to almost nothing, owing to the exhausting of the Comstock Mines and I decided to close my office and go to the mine and make the upraise, where it seemed almost sure we would find pay ore and I could soon recover my fortune. I think it was early in July 1884 that I left for the mine. Messrs. Hanley and Groves joined me and we hired men enough to work two 9 hour shifts, – I agreeing to work on each shift, which I did for over a year; in the up raise in the dayshift and running the compressor on the night shift, which was rather an easy job as I could sit with my hand on the lever and doze comfortably but with the slightest change of speed or rhythm of smooth running, I was as wide awake as I am at this moment.
The men used to joke me by saying that I turned on the water, set my alarm clock and went to bed. At breakfast the last day of the year, one of them said, – “Just to prove that you don’t go to bed, wake us up at midnight and wish us a Happy New Year.” The bunkhouse was just across the road from the compressor room and had bunks two high on the three sides of the room, with more upstairs, with a large stove in the center. There was a large steam whistle in our storeroom that had formerly been used in our hoisting works and when blown, was heard for miles distant. None of the others knew of our still having this. So after they had all retired I got the whistle out, connected it to the compressor with a long length of hose and placed it on the top of the stove; then got up 110 lbs. pressure and at 12 o’clock turned her loose. There was about 3 ft. of snow on the ground at that time and out they came, – the most frightened lot of men you can imagine.
I shut off the air and went out and wished them all a Happy New Year. One old fellow said, “Well Noble, I really believe you are awake.”
When I left home I took with me one of our dogs, Juno. She was a large and beautiful St. Bernard. We went by train to Nevada City, then by stage to Moores Flat, about 20 miles, and from there we walked to the mine, –8 miles. After a few days I missed her and the following day she returned, hungry, footsore, and just able to crawl. Later I learned that she had returned to Nevada City and boarded the outbound train and as she did not have her ticket she was put off the train and returned to us. She evidently got homesick and went back as far as she knew the way.
On the 15th of August I said to the men, – “Tomorrow will be my birthday and of course I will expect a present from you all.” When I came out of the tunnel the next day Juno met me and almost forced me to go with her to a secluded place in the mill, where I found ten beautiful puppies. Quite a birthday present!
Late one night in January I received a telegram that Mother was sick and for me to come home at once. It was storming at the time and during the night over 2 ft. of snow fell. Notwithstanding, I started at daylight for Moores Flat, with a good pair of skis and plenty of lunch. It was impossible to follow the trail so I followed the line of least resistance to our old hoisting works and then to the summit of the ledge and then down to the Middle Yuba and there found that the bridge had been carried away by the high water.
I selected the least turbulent place, undressed in the snow, wrapped my clothes in my rubber coat, tied them to the curved end of the ski then plunged in, pushing the ski ahead of me and swimming to a point about 200 yards down stream. This proved a wise thing to do as the current was so strong that I could not have made it had I attempted to swim anywhere near straight across and below the point there was no place to land on account of the boulders and precipitous banks. No one can fully appreciate the difficulties I had who has never seen mountain streams after a storm.
After landing I was soon dressed and on my way up the mountain, but not at a very rapid gait as it seemed I was like the frog that jumped out of the well, -going ahead one yard and falling back two, or was it the other way? Anyway the effort was so great that I was soon warm and arrived at Moores Flat just before dark. That was a long day’s journey.
The upraise was a two compartment; one for a man way, the other for an ore chute. As the ledge was perfectly barren and when we were near the old workings, we commenced to get a little discouraged, especially as we had to climb nearly 470 ft. from the tunnel, (the height of the upraise when completed) and pack the drills, timbers, etc.
Meanwhile the tunnel and upraise had drained the upper workings so we could get to the place where we had been driven out by water and found the rich ore we expected and took out about $5,000 and then discovered that was the bottom of the pay shoot and had we been able to sink 5 ft. deeper we would have abandoned the mine and never run the tunnel, as there was a distinct fault in the vein.
You can imagine our disappointment and after running a number of drifts and not finding even a color of gold, we shut the mine down and as there was a revival in the stock brokerage business, I came back to the City and opened up my office again. This was in 1885 and I did a fairly good business until 1890.
I had kept some men at work in the Rainbow prospecting. In January 1891, I went up again myself and worked there for about six months and at all times I had at least one man working for over 16 years and finally I found the ledge and took out about $20,000. At least that was what I received down here. Messrs. Hanley and Groves had died many years before, also a trusted superintendent and as I was informed that the one I had in charge was buying valuable really estate back in Canada and my time was so occupied, I concluded to close the mine down and soon after sold it for $65,000.
The End
There is more to the story. The first Pelton wheel is still located where it was originally installed. Its significance qualifies it as a candidate for National Historic recognition. Parts of Hallidee’s aerial tramway still exist above the Rainbow portal. His design was the precursor to the construction of the aerial ski lifts found throughout the World.in reply to: Clips from Alleghany #2083Heavy snow throughout the day in Alleghany. Miners are processing February’s high-grade ore. Total weight was about 400 pounds of sacked gold bearing quartz not suited for jewelry application. Bars will be poured and shipped to the refinery for separation into pure gold and pure silver.
Crew slushed two rounds in Ballroom heading. The 1500 level is still active because of visible gold showing in each round. Maybe gold won’t wire up. Then again, maybe it will.
Ordered three rebuilt gold detectors from the manufacturer today. Mike talked to them about improvements and a possible joint promotion campaign. Hundreds of detectors were sold in 1992, when the first campaign took place.
Company received its second serious inquiry about the Private Placement investment offer in Houston. Scoop can’t figure out why seekers of wealth and security are so bashfull when it comes to gold and real hard assets like the Sixteen to One. Mel Gibson hit a good pocket last week, so did the Lord of the Rings participants. Gold is the foundation of it all.in reply to: From the Sixteen to One Archives #2082From the Sixteen to One Archives
Our company files contain letters and reports that many of you will enjoy. They should add to your sense of mining and living in the gold country. The following compilation from “Men and Miners of Nevada County and Adjacent Territory” may tickle your fancy. The awesome historical values of the Sierra Nevada gold belt are as rich and deep as our valuable veins.
The author, Arthur B. Foote with George Starr collaborating, wrote the report in 1936. Foote was born in New Almaden, California in 1877. He was awarded a B. S. degree in civil engineering at M.I.T. in 1899. He died in Grass Valley in 1964.
At my first directors’ meeting in 1977, we completed merging the Tightner Corporation into Original Sixteen to One Mine. During my proxy fight, which began in 1976, I met all of the Tightner shareholders. They never agreed to the exchange of shares with the Sixteen to One. What a lesson in tenacity they were! They believed the Red Star, which the Tightner owned, held the greatest concentrations of gold in Alleghany. Each one gave me his proxy to vote against Original Sixteen to One Mine’s management. They all believed they were cheated out of their mine through the Compromise Raise, which Foote calls “the boundary raise.” Enjoy a rare moment of history, as I have.
Michael MillerWhen Mines Are Flooded
For a mine to be flooded so that its pumps are under water is a major disaster, and may cause a shut down lasting many months. New pumps must be obtained, and, in those days you could not get a pump that would go in a 5-foot by 5-foot shaft capable of lifting a large volume of water 1500 feet on short notice. The winter of 1907 had been wet, so that there was already a large flow of water when it started to rain on March 6 and continued steadily and sometimes very hard to March 26, ending up with snow. Toward the last, the electric power kept going off and on the 22nd was off for 13 hours. The pumps at the upper end of the North Star shaft could not begin to take care of the water, and it was running down to the bottom of the mine. The air pumps at the bottom of Central Shaft were started again and what other air pumps that were available.
All drilling was stopped and men put to work building dams across the drifts to hold back the water. Steam was got up and used for hoisting water to save compressed air for the pumps. Then things began to happen. First, the water falling down the 1600-foot vertical shaft, from the baling tanks, reversed the draft so that the fumes from the heaters filled the pump station. Then the S.P. Bridge went out, and we could not get fuel oil. We burned mining timbers under the boilers, but could not do that in the heaters for the pumps, so put a pipe down the shaft and turned steam into the heaters; the pipe was put in, in a hurry without expansion joints, and the heat of the steam buckled it out into the shaft so the cage would not go through. Finally, when we did get fuel oil, it could not see a lighted candle two feet away. The pump men went around with a hose blowing air in their faces. But the water was held below the pump station, and there has never been such a flood as that since.
Profits in Tightner Shares
The latter part of 1911, J.M. O’Brien of San Francisco got A. D. Foote interested in the purchase of the Tightner mine, in Alleghany, from H. L. Johnson. A company was formed with 100 shares of stock, with A.D. Foote as president, and 35 stockholders, most of them were Nevada County men. The list of stockholders contains quite a number of the names already mentioned in this narrative. Each share of stock was to be assessed $50.00 a month to pay the expense developing the mine. Abe Hall was superintendent. I find that I did not keep my personal accounts very carefully in those days, but I think the final result of that enterprise is about as follows: Assessments were paid for five months, making $250.00 per share as the total investment. Then the mine began making a profit and dividends were declared soon after. The 25 percent royalty paid to Johnson took care of all payments for the mine and mill. Dividends amounting to $2,270.00 per share were declared, and then the mine was sold to a company headed by Fred Searles for $300,000, amounting to $3,000 a share more.
A new ten stamp mill, designed by Foote with solid cast iron battery posts, was erected. Taylor’s Foundry built the mill. In 1912, 10,000 tons were crushed, of which one half averaged about $2.00 a ton. This was quartz taken out searching for the high grade. The month of February 1913, there were 990 tons crushed that averaged $86.68 a ton, and the 15,000 tons crushed that year averaged $37.48. In three years, the mine produced about $1,000,000, and not much more than that before it was sold.
16 To 1 Bonanza
The common boundary between the Tightner and 16-to-1 was rather indefinite, and it was necessary to define it before the property could be sold. The line passed through a part of the vein that was considered to be barren, and therefore not very important. After and agreement made by the two companies, a raise (called the boundary raise) was put up on the line agreed upon and produced little ore of value. Later on, the 16-to-1 discovered within 60 feet of that line, probably one of the richest small bodies of ore ever found. William Simkins, who was making a geological survey of the mine, was responsible for the finding of that bonanza. If that boundary line had been 120 feet further south, two million dollars would have been taken out by the Tightner instead of by the 16-to-1.
When Fred Searles had charge of the Tightner, with A. F. Duggleby as superintendent, it produced a good profit, but nothing spectacular, and it was then sold to the 16-to-1.
Foote Road
When Foote was president of the Tightner, he built the Foote road, to make it more accessible. There have been accounts written about that, so I will not go into it any further, except to give what credit belongs to George Scarfe, Jr. He was on the job all the time supervising practically all of that job, re-located the road as far as possible to make it less expensive, and devised the means of doing the best job for the least money.
I will relate in aftermath of the Tightener episode that happened in 1931. I received a registered letter with return address of A. Man, Sacramento. When I opened the letter there were $2700.00 in bills and the following note: “The enclosed is money borrowed from the Tightener mine in the years 1914 to 1915 now entrusted to you as a stockholder at that time, to divide among you and the rest of the stockholders of those years and it is the hope that none of this will bring the misery it has brought to me. A. Mistake.”
Praise For Early Prospectors
This gives me an opportunity for paying my respects to the early prospectors of this region. In all the years that I have been here I have never seen or heard of a vein that outcropped being discovered that was not already known, or showed signs of having been investigated by one of the early prospectors. Did any of you hunters or fishermen ever go anywhere that you did not see some indication that a prospector had been there before you? There are thousands of quartz veins, but it is a safe bet that every one has been prospected, and when you see a nice looking outcrop, it is a waste of time and money to sample it, because some one has done it before. Think of all the work and hardship it took to do the job! There is a lot of talk nowadays about the government being the rightful owner of the natural resources, but does anyone believe that these early prospectors would have worked the way they did if they had not known that the gold mine would belong to them, and not to the government, when they found it?
Crash of 1929 And Its Effects
When the crash came in “1929,” prices dropped, and there were almost no market for anything except gold, a new interest was aroused in both placer and hydraulic mining. Most of the Placer mining was done by snipers with a very small reward. The principle hydraulic mines that I can think of that started up were those at You Bet, the Remington Hill, the Relief Hill, the Omega, and the one at Smartsville. New interest was also shown in quartz mining and many old mines were re-opened and new prospects investigated. Then when the price of gold was advanced to $35.00 per ounce, it encouraged still more capital to come into the district until now there are something over 3,000 miners at work. I think there were almost as many men at work back in 1912 or 1914 as there are now, but the payroll now is over 70 percent greater for the same number of men. This, of course, has stimulated business in the district much more than the smaller payroll would have done and that accounts partly for the great increase in population.
I have mentioned a good many names of men who started in this district and went on to other parts. I think some mention should be made of those who stayed at home. Thomas Marshall, I believe started working at the North Star some time in the ‘80’s as assayer and accountant and he did all the melting and shipping of the bullion at that time. He continued in that position, as the company grew larger and more prosperous until 1929. Toward the latter part of this time, he had too much to do to attend to the assaying and meting, but I cannot even remember the time when he failed to take the cleanup into town for shipment, altogether, he must have taken over thirty million dollars to town. I drove him in myself all the time that I was connected with the company. For many years, the company paid out one half million or more a year, and there was not ten cents of that amount that Mr. Marshall did not account for.
Better Class of Miners Here
I would like to mention a lot of the old miners, mill men and mechanics that have worked faithfully and steadily in the mines for thirty years or more, but there are too many of them to mention in so short an article. If I began I would not know when to stop. It is admitted by every one who is in a position to know that there is a better class of miners in this district than in any other mining camp in the world.
Before closing, I cannot refrain from pointing to a moral. In the early days, I think my readers will agree, men worked harder, worked longer hours and for less money, and many luxuries and pleasures that we now enjoy could not have been bought for money. As a result of inventive genius and the improvement of machines, the production per man increased enormously and the miners got the largest share of that extra production. It is being argued now that machines are putting people out of employment. It is certain if machinery had not been improved, the mines of this district would have been forced to close years ago. It is claimed that the rich are getting richer and the poor, poorer. Since 1884 the North Star Company has produced $30,900,740. All but $6,000,000 of that was paid back to the employees and, except for what was paid for machinery, etc., in other places it was all spent in California.
Capital Always Needed
The prospectors know when they have found a mine that they cannot develop it themselves—they have to have capital from outside. That capital must come from people who have saved up money and wish to invest it and make a profit. It seems to me that $25,000,000 paid out is worth the $6,000,000 profit that the people who supplied the capital received.in reply to: Another U.S. precious metals miner goes foreign #2081SIXTEEN TO ONE management has clearly stated its plans to remain a domestic gold mining company. It seems smart to me. Headlines written by Scott Wilson in the WASHINGTON POST: “Gold mine’s riches do little for Peru’s many poor”. The story basically slams Newmont Mining Corp that holds controlling interest inYanacocha, one of Peru’s most impoverished areas. Last year, mining companies paid $290 million in income taxes to the Peruvian government, 10 percent of the total income tax collected.
Tax proceeds have contributed to many social programs outside the mining regions. “But the mining companies took more than 10 times what they paid in taxes out of the country as revenue. In the face of broad public opposition, the government withdrew permission in December from a Canadian company to excavate a major gold seam beneath the town of Tambogrande, which would have required one-third of the town to be leveled and relocated.”
Last year, the mine yielded 2.8 million ounces of gold, more than $1.1 billion. The company expects to pay $140 million in Peurivan taxes this year based on that record revenue, half of which will come back to Cajamarca’s government. On its own, the mine has built 75 miles of road and dozens of irrigation systems, and funded small-loan programs and art exhibits. Local amateur soccer teams are funded by the mine, as are many of the fields they play on.
“But the new money has lifted only a few of Cajamarca’s 100,000 people, especially those who work directly for the mine. Yanacocha employs 2,000 people, 60 percent of them Cajamarca natives.” Lucida Torres is photographed in the article. She says, “the river that irrigates her farm has become a trickle since mining began in the area. There are millionaires up there, and we’re as poor as ever.”
What can we learn from this article? Foreign corporations go to third world countries, pay a lot of taxes, rip the environment and United States newspaper reporters can bi-line a story in a major newspaper. Associated press offered the Post story to its subscribers, so who knows how many people read the story. Does Mr. Wilson have an agenda? If so, it could be the following: “The riches have brought resentment, particularly among those who have not won a coveted place on the mine’s relatively small payroll. Many of those who do not work for the mine say it has brought minimal development, a higher cost of living and pollution to the rivers that for generations have provided irrigation for a patchwork of potato and corn crops. The debate over mining here mirrors a broader one taking place across Peru. There are mounting questions about an economic policy that has produced impressive growth figures but few jobs, especially for the majority of Peruvians who live in poverty. Rising populist sentiment from Venezuela to Bolivia has stirred deep social unrest over how to harness the Andes’ natural wealth, much of it in foreign hands, on behalf of the poor.”
in reply to: Clips from Alleghany #2078A large order of explosives, blasting caps and det-cord was delivered to the mine this week. The miners were happy, as they inventoried the supplies, which should last for four months. Years ago explosives were an insignificant cost of mining compared with labor and other supplies. This is not true today. People involved with the manufacturing, storage and delivering of explosives credit paper work as a significant factor in the cost increases.
The 1500-foot level in the most southern part of the mine yielded about three hundred pounds of high- grade ore (using industry standards for high-grade). Gold sales, however was unable to cut any of the material into jewelry products.
Check the NEWS for the story about calling out the evil CDAA lawyers’ behavior. The Company has stated in the past that shareholders suffered $24,000,000 in damages. Scoop will get a copy of the complaint for your reading. Four CDAA employees (lawyers) were personally named along with the non-profit corporation.in reply to: Miscellaneous #2077NAPE, the 2004 North American Prospector Expo, brought over 9,100 people into Houston for two days. There must have been 1000 exhibitors in a convention center bigger than a football field. Oil, gas, technological services and banks offered their wares. There was one gold company, Original Sixteen to One Mine, Inc.
Successful individuals or representatives of successful companies walked through the isles looking for deals. The potential for making money was everyone’s common denominator. We were there to offer an opportunity albeit very different than the others. Unfortunately, no one recognized what was before him or her. Maybe 500 people found our two cubicles. Even though we were in the last row in the most remote corner of the building, news that a giant hunk of gold was on display spread through the crowd. The local CBS television station sent a crew to film the Whopper. It was shown on the 5pm and late news programs on Thursday night. The Whopper did what it always does. It brought smiles even to the hard faces of the men and women of America’s oil and gas fields.
Was the trip a success or failure? Time will tell. Everyone had packed up and left the center by 4pm on Friday. We were there until 5:30pm, still discussing the use of proceeds from our private placement offering with some truly interested people. The oil and gas guys look at risk differently from gold. It reminded me of the differences I noticed years ago between the gold miners and loggers. While we all work with natural resources, the gold miners have a longer commitment before profitable extraction or bust occurs.
The offer on the table was ten percent ownership of America’s oldest gold company for $1, 500,000. This opportunity could not drill a dry hole. It could not just disappear. Its upside is unpredictable but not its downside. The company has withstood the ravages of time. It is a survivor because of its assets. Try as many of them did to understand the proposal before them, I could see the confusion in their eyes. Unable to explain 100 years of high-grade gold mining at the Sixteen to One in an hour or less, I came away without a check. How sad for everyone!
Yes, years ago gold and black gold were quite a pair. Currency has always been around. Gold, oil, diamonds and paper have liquidity in common as currency. Their reliability to float, hold value or succumb to external manipulation varies with significant consequences. Leslie Snyder wrote a book, early seventies, titled Gold and Black Gold, the story of gold and oil. Successful stories are few, especially for the mega corporations. Individuals or small companies, however, have successfully played in transforming their oil assets into gold assets. Gold was coming out of hibernation in 1975, and a new process was developing to make “no see ‘em” gold microns into gold bars. Oil was trading in high dollars. Gold needed start-up and working capital. Oil saw an opportunity to diversify. Oil was accumulating many surplus dollars. The “hard asset” producers questioned their exchange of oil and gas for paper and what it represents. Nothing is new yet everything is different. Oil and gold are meeting again. Technological advancements in each field flow and ebb over time affecting the supply and demand of each commodity.
Governor Arnold Schwarzenegger fired a shot heard all around the world in his state of the State address. Did anyone else recognize its significance? He called for a hydrogen highway in California. Nobody commented about it later. Workers comp and blasting the boxes of State government stole the show.Reforms in these areas are the preeminent ways to stop or avoid California’s closest threatening bullet of decline or despair. If the closest bullet hits you, the next ones down the line don’t really count. The new governor fired a concept of eliminating oil as a method of powering transportation in California. No time lines were suggested, but I see significant changes within two decades.
Technology never dies. Advancement continues in both gold and oil. People and societies will always need these hard assets.. Oil and gold benefited from each other twenty-five years ago by creating supply and demand. They will do so again against other currencies of trade and consumption.
in reply to: Clips from Alleghany #2076There has been a lot of activity at the company office lately. Cars and trucks are coming and going, but Scoop is in the dark regarding the activity. It’s something other than gold. Miners were seen each day this week depositing high- grade sacks, but that’s not the source of the activity. It is something else. Not a big gold strike. Maybe the newspaper will dig up the story next week. I failed to find it from my sources.
in reply to: Gold Enters Major Bull Market #2075Once in awhile we come across that special individual in our lives that speaks the truth and religiously follows his or hers convictions with uncompromised passion that commands our respect. In past comments under this subject topic, Gold Enters Major Bull Market, reference has been drawn to Jim Sinclair’s free website at http://www.jsmineset.com. Jim Sinclair tells it like it is and is an outstanding writer. He is a man of a comfortable life style that runs the website to educate people along with spending part of his time trading gold and being the chairman of a Toronto Stock Exchange listed company.
The following are Jim’s comments made today under the general editorial “Big Al Talks the Talk” from his website:
“Big Al was speaking on Capitol Hill today, soothing interest rate fears which ebb and flow much like the changing tides these days.”
“Let’s face it, we live in an era of micro-indicators where the impact of this day-to-day minutiae in the marketplace displaces the big story which is self evident to anyone that has a pulse and their eyes open.” That story is the dollar and the global threat of currency debasement which is going to lead to an increasing volatile marketplace and higher gold prices.”
Somebody should start keeping track of the contradictory statements coming from so-called people “in the know” about where their currencies should trade relative to the U.S. dollar. But of course, the real challenge would be getting any two of them to agree on anything including what vintage wine to have with lunch.”
With this theme in mind, sometime ago I received this Q&A from a skeptic whose had considerable success in the marketplace going against the economic wisdom of the day. Q: What’s the difference between an economist and a befuddled old man with Alzheimer’s? A: The economist is the one with the calculator.”
“All of this banter in the marketplace is of course self-serving, bringing to mind the old gem that you can always tell when a politician is lying because “his lips are moving.”
The US Federal Reserve, the current administration and the European Central Bank have taken this game of deceit to a level that even the Soviets never managed to achieve during the Cold War.”
“The gold market doesn’t seem to be buying this nonsense anymore and is building a solide base for the next move up that may see some increased volatility and a break of previous highs that might be as innocuous as gold’s breach of the $400 level. Stick around. The next few months are going to be interesting, one way or another.”
in reply to: Clips from Alleghany #2074Miners sacked one bag of high-grade ore from the 1500-foot level in the most southern part of the mine. Strong signals remain in three places in the raise. The water supply for the drills quit. Installing a new pump to provide water in this remote location solved the problem. Two miners are working the heading and should get a round in each day the rest of this week.
The company received a new head for its most proven metal detector, thanks to the generosity of a shareholder and active supporter of the mine. C. Johnson, who runs the detector each day, found three signals in areas that were examined previously with the device. The new head has a greater depth penetration than any of the other heads. An even small advance in technology means an increase in gold and money. This is the main reason the company has not back filled waste rock into the old workings. With about 29 miles of tunnels and millions of cubic feet of quartz exposure, a gold mine of prospects awaits each improvement in the gold detection technology.
A 58-horse power pump failed last week, which completely stopped the removal of water from the mine. Rae got on the phone and ordered a replacement. It arrived yesterday and was installed today. No damage was done to the electrical transformers and the system is back on line. It was a $10,000 loss.
Mike returned safely from the North American Prospector Expo in Houston, along with the Whopper. He promises to share his experiences on the Forum as soon as possible.in reply to: Clips from Alleghany #2071Our server is having trouble with the “my doom” virus and as a result we are having trouble recieving e-mails. Hopefully this will be resolved soon. If you send an e-mail and don’t hear back you may want to try later.
Nasty weather in Alleghany. It has been alternating between rain and snow for two days now. The school bus had to chain up this morning to make it into town.
To answer “wild wests” question about links. Yes it is ok to post links on the forum. Thing is they don’t work. That is something our site administrator will have to look at.
Good point about GFX, his site will be added to our “links” page!
A small amount of gold continues to trickle in from the mine.
The Alleghany Volunteer Fire Department is working with the Sierra County Fire Safe council to get funding for a defensible fuel break around the town. We all know that could mean the difference between saving or losing the town in the event of a Forest Fire.
in reply to: Miscellaneous #2073Thanks, Wildwes21, you just have to ask nice. I guess that piece of quartz with the note tied around it never made it to the 16 to 1 “Webmaster”.
Operating? Well, that’s kind of a generous word for what goes on at the mine.in reply to: Gold Enters Major Bull Market #2072Rick
There is an eye opening article concerning technical thoughts relating to gold, the Dollar and some of the other component currencies of the Dollar Index that was recently published on the http://www.jsmineset.com website. The article is dated Monday, February 02, 2004, 11:07:00 PM EST.
in reply to: Gold Enters Major Bull Market #2070Rick
Today, the constant for tracking gold’s price movements is related to the U.S. Dollar. Everyone is most familiar with the posted Dollar activity of the day which is actually the price on the U.S. Dollar Index.
The Dollar Index is traded on the New York Board of Trade in NYC and is composed of six currencies:
Euro 57.6%
Yen 13.6%
UK POUND 11.9%
Canadian Dollar 9.1%
Swedish Krona 4.2%
Swiss Franc 3.6%The main reason for the Dollar’s weakness and Gold’s strength in U.S. funds is attributed to the current administration’s expanding red ink. The administration’s current account debt and government debt is more than twice the amount of the Clinton years and continues to grow.
Our Current Account deficit with our trading partners is approximately $140 billion. During the administrations of Kennedy, Johnson, Nixon, and Ford the U.S. showed a slight credit balance over those years.
The problem with the Dollar is that U.S. economic recoveries are becoming more and more dependent upon a higher and higher amount of debt coupled with lower and lower interest rates. Until this trend is reversed, if possible, gold’s performance will be tied in U.S. currency to the trading action of the Dollar.
The Japanese Yen is on the verge of moving up against the Dollar. When this happens, expect the Euro to reassert itself with new highs. Directly following the price of gold will advance again as the Dollar Index sells off to record lower lows.
in reply to: Miscellaneous #2067GFXgold, You are GF who has a operating Mine right? If so how come your website is not linked here?
Mitchellin reply to: Miscellaneous #2066I just got off a website,that a kind gentleman posted on Tomashworths forum for us to look at,that had very good RIM information and other systems too.Neat site.Is it ok to post links on this forum?
Mitchellin reply to: Gold Enters Major Bull Market #2069Bluejay,
Ususally I write from a perspective of politics, but this time, please help give me some perspective:
What parameter is the price of gold (here in the current political and/or global and/or US national climate) tied to the most, and therefore having the most immediate influence on volatility, be it both long-term and short-term:
1) Fluxuations from the recent ebb and flow of the US dollar;
2) Global economic instability, measured by the prospective survival and viability of EU;
3) Politics in the US today (presidential race pontifications);
or 4) Something I haven’t thought about.
I value your insight, and enjoy your contributions. I know to even answer this is a tall order, and certainly not meant as a challenge. Basically, “Whaddaya think?”
in reply to: Miscellaneous #2065Thank You for your reply.The GPR does seem to leave a lot to interpatattion.Have your percentages of positive readings increaced steadly over time with the usage of GPR?
I’m not familar with RIM.Is RIM a Electrical Charging System or a Electronic Sound Wave System?
Thank You for your responce and Time.Good Skill and Continued Success to You All.
Mitchellin reply to: Gold Enters Major Bull Market #2068Currently gold is trading in an inversed locked step with the U.S. Dollar. Gold weakened last week as a result of a slight upwards move in the Dollar that was orchestrated by the Federal Reserve Open Market Committee.
The Committee indicated in its January 28th press release that its time table for keeping interest rates low was changed in their mind from “a considerable period” to “be patient.” As Paul van Eeden said, “the market, on the other hand, has no patience.” “The Dollar immediately strengthened against the Euro and, as a result, the U.S. Dollar gold price declined.” The thought of higher interest rates sooner, rather than later, would in theory encourage some investment in the U.S. Dollar. Ay least, that’s the theory.
Usually when these kinds of semi-positive short term statements concerning the Dollar are made by officials, the Exchange Stabilization Fund is in the market making these people look good for political reasons by selling the foreign currencies that have strengthened the most against the Dollar.
In the Financial Times today it was reported that the Bank of Japan spent $67 billion this January to keep the Dollar higher against the Yen. A total of $187 billion was spent by them for all of last year for this purpose. Japan can not continue spending at this monthly rate. Somewhere in time, sooner rather than later, the Yen will move higher against the Dollar and gold will make new yearly highs.
- AuthorPosts
