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This forum topic can achieve considerable depth, as FranSix seeks technological alternatives to conventional mining practice. As a new contributor with years working the conceptual side of how to eliminate environmental and labor risk concerns leveraging IT advances within narrow vein settings, it is possible to say there are solutions, many proprietary, that can be integrated now ‘off the shelf’ to achieve this end. Let’s tackle the basic question first.
The ancient Egyptians used fire and water to heat and shatter ores, and recently a Canadian junior, Rocmec Mines, has been championing a variant of this thermal fragmentation approach in conventional mine settings. Good information at their website regarding this, yet they use diesel as fuel…not something that will fly in CA near water tables. Such means would tend to destroy specimen occurrences as at the 16 to 1, yet as an upside, ores removed by thermal methods are ‘pre milled’ to an extent in being shattered already, easier to liberate values from. As far back as the 1960’s, Russian miners have employed microwaves to improve yields on certain refractory ores, and obviously lasers can make precise cuts in stone, too.
Heat is your answer, but where does the ‘sweet spot’ lie along the electromagnetic spectrum? What new safety concerns or regulatory exposures emerge from a given choice? One thing for certain…to install and manipulate remotely a gas torch or other lightweight heat emitter beats attempting to automate heavy equipment or drill assemblies, even as that approach has been demonstrated successfully in certain larger mining operations.
Remote ‘green’ mining is a holy grail to small, independent operators, yet anathema to those threatened by the notion of ‘skilled’ mining jobs being replaced by unskilled operators working a deposit from home or outside the portal. No where but in mining is the irony so readily apparent of advances in IT having failed to extend to production methods, as workers needlessly continue to die underground. New jobs need to be created now, and my business agenda is to offer up tangible solutions that circumnavigate regulatory concerns by design, TODAY.
My own demonstration project at mines in CA and CO with support from a major networking vendor and bank financing was derailed last summer as credit markets froze, still ready to go if any readers wish to pursue business discussions. Kudos to Mike and all at the 16-to-1 for the many arrows they have taken trying to keep alive our proud mining heritage; better to pioneer new methods elsewhere rather than attract additional regulatory scrutiny arrows within that production setting. Any effort to address and resolve safety/emissions concerns via innovation opens the door to investor attention a bit further, benefiting this moribund industry segment as it returns to visibility among financial players.
For further information, please contact mwolff@thegrid.net.
in reply to: Gold Enters Major Bull Market #3593Gold $927.10 up $18.80
Silver $12.67 up $ 0.32
Gold/XAU Index 7.48
Gold/Silver Index 73.17
Crude Oil 41.75 up $ 0.31
US Dollar 85.84 up 0.01Gold’s fourth up wave including its big push from below $650 in late July of 2007 has traded higher out of a massive nine month old declining flag formation. This prepares the metal to probe out the bear’s defensive line at the $1000 level again. Once the psychological area of $1000 is taken out for good the proponents of the fiat currency system will get a sobering warning, gold will adjust to its rightful price based on inflation, alone, at the $2500 level.
I expect gold to push higher in steps and consolidation phases for some weeks or possibly, months under the 1000 mark while it tunes up enough energy for the final push above.
All this is well enough said but marking the time until gold does escape the reigns of the magical number the big bankers will be fighting it tooth and nail every day with, maybe, another planned bear raid in the makes. It is common knowledge that the bankers smothered the price on two attempts already in the August to September period of 2008 from about $970 to $740 and again, from $930 to $700 in October. All this was done with the blessings of the Treasury and the CFTC.
Our banking system, basically, is bankrupt. The problem is capital. Over the years, as has been pointed out a few times before, the trend of lower interest rates has eaten away banking reserves to a great extent. Adding to this problem the OTC derivative failures and there is no wonder the banking industry is insolvent. If it weren’t for massive cash injections the big irresponsible ones would have declared bankruptcy some time ago for lack of capital.
So in the meantime, if the bankers can make money by forcing gold and silver lower while adding capital to the system then what is there to complain about from the Treasury? The bankers are serving the Treasury in two respects: manufacturing their own capital and putting the shine on the Treasury’s and Fed’s fiat money. Even the CFTC got the word to lay off the banks for manipulation as they just let them exceed limit positions. The question is, don’t you think it is questionable when two or three financial institutions are short 25% of the world’s gold productions like they were back in the July to August period of 2008?
The gold/silver ratio continues contracting at 73.17 while the ratio in its 10th day below a declining 50 day moving average line. In October of last year you could have traded an ounce of gold for 88 ounces of silver, now you just get 73 ounces. I have looked at the candlestick chart at stockscharts.com($GOLD:$SILVER)and it is clearly showing, in my interpretation, continued shorting of silver. In the long term this is positive but during the interim it could keep silver restrained some from doing what it wants to do.
Silver is being described as an industrial metal by the silver bears which it is during normal times. This is not true today with the world getting closer to a systemic meltdown. Today, silver is a monetary metal to many. As anyone in Mexico knows, it is their metal of choice for insurance during these trying times as well as for people in countries around the world.
Into the future the US dollar will not exist anymore. Considering all the debt against the dollar, what do you think happens to silver and gold when a new currency gets introduced? Silver and gold retain their value while the old dollar may have its value cut in half going into a new currency. If you hold dollars in banks or in hoards of cash you could lose 50% of your wealth over night on just one official announcement.
One closing thought and this is a big one: You need to brace yourselves for a possible collapse in stock market prices, including the precious metal shares. The XAU Index has major long term support just below 100 at the 98 level. The current last on the Index is 124.01.
The Plunge Protection Team has been furiously attempting to hold up the stock market over the last four months at the 8000 level of the Dow Jones Industrial Averages(DOW) and time maybe approaching when the level yields to a waterfall drop. Just below the 8000 area is the last remaining long term support for the DOW bull market at 7900. The 7900 level is where the 5000 day moving average resides. Remember, some years back when attention was drawn to the fact that gold broke the 5000 day average to the upside at around $350 an ounce? If this area gives way, WATCH OUT BELOW! My interpretation of a potential quick drop, over a few weeks or so, is into the 6200 area.
I suspect that the Philadelphia Gold and Silver Index(XAU) could drop about 25% in the process. If you are interested in buying into the suspected drop of gold and silver shares I continue to feel that Agnico-Eagle, GoldCorp and Royal Gold are the better senior gold to stay focused on.
When much higher gold prices finally arrive, you’ll know that you did the right thing if you purchased gold stocks on weakness. Jim Sinclair recently stated that with higher gold prices the gold stocks will be like some of the utility stocks of past years, stable dividend payers. If this will be the case, can you imagine what some of the best gold shares will go to in future prices?? I have said many times to friends and relatives that Royal Gold(RGLD-OTC) will in the future be in the 100’s of dollars or in some other other currency maybe, a little less.
We live in a world where the current depression continues to bring us miserable news on a daily basis. Although there is great hope for holders of gold and silver and their shares, always be prepared to stand firm if prices suddenly fall for it will only be temporary.
in reply to: How to Approach Thin Veins & Cost #3590The Seabee Mine 125 kilometers northeast of La Ronge has been successfully producing gold from its narrow veins since 1991. You may want to access clauderesources.com under mining for further information.
in reply to: How to Approach Thin Veins & Cost #3589Yes, they have been attempting to promote their mine plan for about two years with little response from the market. But the flip side of the coin is that no matter how good the drill results are, the market has not responded either. The technical reports available on the website are comprehensive, though there are few mining analysts making any statements about the company.
in reply to: How to Approach Thin Veins & Cost #3588FranSix, I had a gut feeling that you were going to say Canada or Alaska. So far, all I have seen is company hype that is just being repeated by other news sources. Maybe some of the other readers of the Forum would like to chime in on any of their research into this company and holdings. Company website is:
http://www.goldenbandresources.com/in reply to: How to Approach Thin Veins & Cost #3587I thank 16 to 1 associates for contributing to the discussion, its more than I could hope for. I wanted to sort out whether there was any credibility gap with the management of my gold mining company.
They recently took out a bulk sample on one of their deposits which grades far below their original very conservative estimate. Its a very legitimate effort, not a swindle, though it has had its problems. To my knowledge, the company does not engage in hedonic reporting.
The company does not exaggerate to my knowledge and used grade capping to reduce outliers from standard deviation.
There have been problems in the past with this area, and mines have gone out of business due to dilution of the ore. There was an addtional factor which I believe contributed, which was low recovery rates in the 90’s. I am guessing that nobody has any experience dealing with narrow veins and do not appreciate the differences between bulk extraction methods and narrow vein methodology.
The stock market crash led me to be very concerned at the outlook for the foreseeable future, but I believe a higher gold price will impose an optimisation of methods.
The company I am invested in is Golden Band Resources (GBN.V), a Saskatchewan-based company which has been accumulating and consolidating property in the La Ronge gold belt, slowly inching its way towards production. This is one of the few gold junior explorers where the wheels did not come off the cart during the crash.
The deposits in this belt are gold porphyry intrusives where the low grade alterations are small,(5m. tonnes to 250m depth.) but the veins are comparatively wide when measured against other deposits of similar geology. Theoretically, I presume you could mine the veins alone without leaving open pits, there are also higher grade deposits with no alteration halo, so you would use underground mining.
There are also quartz carbonate intrusives as well, but I presume that this is some kind of formation very similar to the establishment of porphyritic intrusives, because the rock chemistry is similar. (no copper, low in sulphides, no mercury in the rock)
The mining history of the area is long, and shows the higher grade deposits run ~13 – 14 g/t. No long term mining effort has ever been established in the area, due to its remoteness and the swampy terrain, that and the fact that the last twenty years of cyclical gold prices led to the abandonment of mines which produced as many as 300k oz. (they have ~ 1m. measured & indicated compliant oz.)
Any effort to use IP surveys were thwarted in the past due to the proximity of iron formations, so they have to do it the hard way and drill relentlessly.
in reply to: CDAA Conduct #3591ANOTHER FIGHTING WARRIOR WITH THE MINE IS GONE
He called me one day during the height of the criminal proceeding spawned by the notorious Gale Filter and his fellow California District Attorneys Association against the mine and its two top employees. I was cautious and curious from the start of our conversation. “My name is Tom Crary. I’m a lawyer and was an assistant district attorney in San Francisco. I also like gold mining and read about your case on your web site.” We talked, he invited me to his place in Colfax and I went.
Tom had built a small office in his park-like yard. He gave me a tour of his property and led me down a path, where we sat down to talk. I immediately liked him but stayed guarded (what I said was truthful but I didn’t reveal all the details of our situation). I wondered what he wanted.
Here was a prominent San Francisco lawyer, who twice tried and failed to beat Willie Brown for a state Assembly seat. He showed me his office. Newspaper articles, photos and lots of American paraphernalia added to the books, papers and stuff he treasured in that tiny room. I decided he could be trusted, and we dove into the case. He offered his help at a time when the Superior Court Judge pressed his request for the mine (a corporation that required representation by a lawyer) into a demand. Tom would become its spokesman.
Tom was 64 when he died on January 12. He was born in Palo Alto, schooled at Menlo School for Boys, Colgate University and graduated from Menlo College School of Business with a bachelor’s degree in Business. He served as an assistant district attorney in San Francisco for ten years. Tom went into private practice in 1981. He played rugby for the Olympic Club for 20 years and was a member of the Bohemian Club.
Tom knew the Company was strapped for money, so he offered his services without a fee. His sister said that he always liked to work on cases with a cause. Our case particularly rankled him because of the CDAA prosecutors. He had been one of them and was noticeable angered that the prosecutors who invaded Sierra County lacked all sense of ethics, morality and professional conduct. He also pointed out that they were the criminals in this case, not the defendants. He pointed out how a prosecutor can skirt the rules or laws almost at will and never are called for accountability. He was outraged at Gale Filter’s conduct and that of his assistant, Denise Mejlszenkier. “He should be disbarred and she should be censured,” he said.
Tom was in front of Judge Young with our petition to toss this abusive case out of the Superior Court of Sierra County was presented. We succeeded. Also in the courtroom was another attorney with even a greater sense of justice and injustice. That was George Gilmour, who could not contain his disgust at the machinations of Gale Filter, Denise Mejlszenkier and the other two CDAA lawyers in setting this case before a Sierra County Grand Jury.
Tom had a swagger that fits a competent man of law. It includes respect and humility. It was refreshing. He also had a brief case that could bring a contemptuous glace from his opposition, a hearty laugh from the spectators or relief from a defendant who was innocent of the prosecutors’ allegations. Tom got all three that day.
Scotch on the rocks, maybe a splash of water. Tom and George are together. Hey guys, I won’t abandon your cause, a cause of pride in California’s justice system and accountability for the bad guys. It is just on a necessary temporary hold.
in reply to: How to Approach Thin Veins & Cost #3586Over the years, I have run into a few “Promoters.” They talk about assays and tonnage while you have a drink in your hand and then they hit you with a cocktail napkin presentation. “If you employ 10 men, and you move 20 tons a day at one half ounce per ton (of course, their hand picked assays will show a much higher oz. per ton ratio) and you deduct for supplies, explosives and rail, you might make a couple of bucks and do it all again tomorrow.” “However, if you took those same ten men, gave them bigger, up-to-date equipment and could move 250 tons…” Then as he gives you the pencil. “You do the math.”
All you will see is the half million dollars a week (or more) in gold. The thing that they don’t tell you is that there is only so much drillable ore exposed at any one time. you’re moving more tonnage but, you’re moving more waste rock and that will slow down the recovery of the gold that you would have gotten anyway, using the correct mining methods. Going small to start with, saves money and allows a longer exploration time. FranSix, just out of curiosity, what mining area or mine are you invested in?in reply to: How to Approach Thin Veins & Cost #3584Yes, exactly. I assumed that mining a narrow vein would be more labour intensive than bulk methods used in base metals, and that the machinery by comparison would be almost comically small compared to the larger effort. I was very surprised at the size of the locomotive in the video for example. (the video of the 16 to 1 mine can be found on video.google.com)
I would suppose a company developing a mine with little experience mining a relatively narrow vein gold deposit will employ larger bulk methods to extract tonnage, where the focus should be directly on the vein in question, rather than taking out as large an alteration as possible.
I am grateful for the response, as I have made an investment in a gold mining company and feel at odds with the development plan. A higher gold price overall could reasonably be expected to gloss over the bulk tonnage vs. labour intensive method.
Would anyone have direct knowledge of CNC (computer numerical control) robotic mining methods or the use of close range gravitometer instrumentation? Could an advance of technology in use in the auto sector be implemented in a mining scenario in a thin vein structure?
in reply to: How to Approach Thin Veins & Cost #3585When geologists or mining people get underground at the Sixteen to One, most are struck with admiration and interest because of the never ending changes in the vein and associated wall rock. Your mining intuitions have merit, at least your observations about how to mine. Here are a couple of my recollections.
In 1976-77, successful construction companies and individuals took an interest in gold. Why not? Mining resembles earth moving and these were some of the best at their trade. We would stand at a portal, a caved tunnel or venture down some of the exposed drifts. A common expression was about how they would develop the underground with modern large equipment. Speed up production. Move a lot of ground, etc. Gold filled their thoughts. Those who eventually gave it a try failed. The deposit determines how it should be exploited, not the other way around.
Before I took over management of the Sixteen to One, I financed and operated several other small vein mines. One summer a fellow stopped by and asked if he could spend the summer in his camper, dredge a little and help with our project. Yes. As he became more familiar with mining and milling he said something that helped all of us. He said, “This is not much different than moving peas (something he had done in his past). It’s just a different material. Really all we want to do is move material and move it the fastest, cheapest and safest way.” He was right. When the intellectual challenge of where to set up your drill is over, the next step is moving material.
The Sixteen to One leased the mine to Lucky Chance Mining, a company that was reorganized in bankruptcy. Its management was comprised of experienced miners; however the company failed. My opinion for the primary reason of its failure was ignoring what I just wrote, “The deposit determines how it should be exploited, not the other way around.”
We have a bright future ahead of us in the small vein mining. Over the past thirty years we have made many changes, talked about many ways to become faster and cheaper operators. We have embraced the technology of detection and have moved the process of detecting gold targets beyond the theory stage. We have changed the process of milling.
Small vein mining is a challenge. One of the biggest challenge is overcoming the prejudices within the mining and investment industry against it as a means to mine gold at a sizable profit. It’s just like moving peas.
in reply to: How to Approach Thin Veins & Cost #3583For your question below:
“Small” is a relative term, so I must reply generally. Let’s start with the definition of ore and assume the mineral is gold. The ore must contain gold of economic value that can be extracted profitably. This is key and necessary language: extracted profitably. So gold’s price is a factor. In our case gold is an established gemstone that brings a price greater than spot.
A vein is surrounded with wall rock: footwall or hanging wall are terms we use in Alleghany. The wall rock has no economic value; therefore it is waste. While the Sixteen to One veins pinch almost to nothing, they swell to over thirty feet. The average range is three to six feet. Depending on the size, a small vein miner usually produces waste in a process called dilution. Dilution will bring the overall tenor of value down. Sometimes separation of waste and ore at the face is possible. This will raise the ore’s value and decrease dilution so the actual ore processed may have a higher assay or recovery.
Milling must be incorporated into the economic formula. The miner must consider all expenses of mining, milling, selling and reclamation into his formula to decide whether he has ore to mine from his small vein. It is a difficult task, especially in a high-grade gold deposit like ours.
Again generally speaking, small vein mining is more labor intensive than large vein or disseminated gold deposits. Labor is usually the largest expense. Other specific situations may significantly affect the economic value: access to the mine, distance from the portal, type of equipment (diesel, electric or muscle only), experience of crew. While the rewards are less predictable in small vein mining, if you are lucky enough to own a deposit like the Sixteen to One, your rewards justify the risk.
in reply to: 16 to 1 Mine #282in reply to: Gold Enters Major Bull Market #3580To Michael:
Why would a Miwok lie to me? The white man’s history is full of lies. For me, I prefer to trust the unwriten history of our native people.
in reply to: How to Approach Thin Veins & Cost #3579I would like to have some feedback from the forum on a specific mining topic. That would be how to approach mining relatively thin high grade gold veins as opposed to drawing out greater bulks of development muck or open pit methods. How bad an idea is open pit mining when you clearly have high grade thin veins? Is it a colossal error to do so? Do you need special tools and methods rather than stoping and using heavy equipment?
in reply to: Gold Enters Major Bull Market #3578Gold’s last is $897.60 and coming under renewed attack by the cabal at the $900 area.
No surprise in Reno yesterday as the our slime court system sides with the devil and against the Western Shoshone.
http://www.mineweb.co.za/mineweb/view/mineweb/en/page68?oid=77415&sn=Detail
in reply to: Clips from Alleghany #3582Thanks for letting us know. Sorry to hear it. Would love to see the obit. I’ll let Don Russell know.
in reply to: Clips from Alleghany #3581Dear Mike, I’m raising a glass for Tom Crary, whose obit was in the S.F.hronicle today. I hope the Mountain Messenger remembers him. That is if you and the paper are still engaged. I haven’t checked in for a long time but as always wish you and the mine well, BC
in reply to: Gold Enters Major Bull Market #3577There may be one historical correction with Bluejay’s essay below, and it is an important one. It is the reference to “California offered $5 bounty for any and all Indian scalps.” For the past three years I have been unable to verify this account. Background follows:
The Spaniard missionaries led the first serious cultural impact on native tribes in Califrornia with Father Junipero Serra as leader. Numerous accounts detail this phase of California’s evolvement from a primitive land to the most populated state in the US. Indians joined the work force as slaves and paid workers of the missions. As the missions’ power waned the Spanish/Mexican vaqueros, gauchos and senoritas and senoras gained large ranches and a way of life that evolved into a cultural with Indians and Californians. The Indians were evolving as well. In language of contemporary chatter, the Californian style was a pretty “laid back” life.
Richard Henry Dana, a young drop out from Harvard law school spent Two Years Before the Mast, an epic story about life in California as a sailor of a hide ship off the coast of California in 1830’s. Russians entered northern California looking for food and furs but relinquished their colony, sold its hardware to John Sutter and returned to Russia (1840’s). Canadian (French and English) trappers packed into northern California for trade as well. Indians had bad and good times with these emigrants. The heaviest actions took place between 1846 and 1850, mostly \in Monterey San Francisco and Sacramento. The US picked a fight with Mexico, wining the war just before that famous day, January 24, 1848, when John Marshall rode to Sutter’s fort in Sacramento with a poke of gold. The rush was on and it was a worldwide rush. Some Indians fared poorly and some succeeded. No accounts I have found document the $5 bounty story.
Maybe it did happen; but if it did, the offer could not have been an offer by California. I am confident that some people were pissed off with the Indians. I am sure that some Indians were just as peeved about the settlers in California. An interesting story about Indian fighting tenacity or skills took place way north in Modoc County. Captain Jack (Indian) held off the US Cavalry in a vicious battle. While the fight took place in California it was not by Californians. A puzzling cultural story is how quickly the Californians accepted the federal military take over of their homeland.
Last summer I bought a new book about California’s evolution in the 1800’s by H.D. Brandis, a professor at the University of Texas. I called him in Austin to challenge a couple of his historical presentations. I also asked him specifically about the $5 bounty (his book is really a good one). He said he had heard the story but in his extensive research never could find the source and verify.
My interest in the California gold rush pushed me to read about Francis Drake, Fremont, Vallejo, Sloat, Sutter, Castro, Larkin, Bancroft, Montgomery, Downie, and the unfortunate Juanita, who lost her life dangling at the noose end of a rope on a bridge over the Yuba River. Then there are the diaries of regular people. The survivors were a strong lot. They fought, they lived, they loved and they died. They accepted unimaginable challenges as the State of California evolved. They stood tall when necessary and bended as well. As a native Californian I embrace our culture. I cannot change a thing about its past. I may have an affect on its future. I believe many Californians continue to lose the simple lessons that are found in our social and cultural past.
in reply to: Gold Enters Major Bull Market #3576Native holiness would get a better shot at surviving in California.
What we’ll watch is the Federal angle.
When state’s rights wins this one in Nevada and the mine is allowed to procede, what will be the impact upon California’s mines? Will there be as much hub-bub in the national news over Nevada’s “economically depressed masses” as there is in California?
When there is no obstacle to the procedure of developement in Nevada, won through litigation by the criers of “economic depression issues” where will the same voices be when the Original Sixteen to One wants to go mining????
We’ll watch this one closely. It is a really tough one for me. I mean it.
Putting it into perspective, why is it in Nevada that Native American heritage can’t trump mining development when in California if there’s a gnat in danger of sleeping too long the Feds shut everything down and want to do evrything possible to protect the Earth?
What a farce.
I wish the Nevada tribes hope.
in reply to: Gold Enters Major Bull Market #3575It never seems to amaze me how Barrick Gold continues to attack the lands of indigenous people around the world and get away with it. Their confrontations with ancient native communities and their water resources has been going on for some time, especially in South America. In Tanzania, Barrick has been accused of atrocities.
If there ever were a politically connected gold company, it’s Barrick. Just before George Bush left office the Bureau of Land Management handed over to Barrick some more very prospective gold claims in Nevada. Bush’s father has a long history of involvement with Barrick Gold.
When the white man came west and conquered native North Americans it was an another atrocity. When gold was discovered in South Dakota it just became worse. There may have been treaties signed but the native Indians thought they were just sharing rights to hunt and fish on their lands. Otherwise, they were tricked in giving away their part of the greater Indian Nation of central North America.
The Indians, above all else, were respectful of mother nature and the earth. When the continental railroad was moving west, the Indians watched in disgust as passengers killed free ranging bison from their open windows with sticks of fire just for sport as the passenger cars passed through.
Indian communities were displaced by the great white father and when it wasn’t expedient enough for the conquering white warriors, California offered a $5 bounty for any and all Indians scalps. The espisode, aside from slavery in this country, was one of the most repugnant time periods in our history.
Even today, the way our government treat descendents of the once proud people who just wanted to live and let live still remains disgraceful. Even Canada treats its indigenous people with much greater respect.
So now Barrick’s attorney is discussing economic hardship for the Company concerning the current investment along with negative implications concerning workers and local communities if the court agrees with the Western Shoshone’s claims that they are treading on sacred ground.
It would absolutely amaze me if a restraining order was issued in the Western Shoshone’s favor against Barrick’s intentions of desecrating their sacred land for a hole in the ground but I guess it will be business as usual for Barrick in getting their way, again.
I feel sorry for our native American Indians and I support them. Since the beginning of time Mount Tenabo belonged to the Western Shoshone. Barrick’s big machines have recently begun ripping out their Pinion forest on the mountain where the local Indians have been harvesting Pinion nuts for centuries.
A judge’s ruling is expected in Reno in the early part of next week.
—————————————-
Jan. 25, 2009
Copyright © Las Vegas Review-JournalGold mine ruling may come Monday
THE ASSOCIATED PRESS
RENO — A federal judge intends to rule Monday on a complicated legal battle that pits religious and environmental concerns against the economic interests of hundreds of Nevada miners and the world’s biggest gold mining company.Conservationists and Western Shoshone tribal members are seeking a preliminary injunction to halt part of a huge gold mine project they claim would desecrate a sacred landmark where many have worshipped for centuries on Mount Tenabo in northeast Nevada.
“This case is about one very big, very destructive mine and about one special, unique and very important place, so important that people come hundreds of miles to pray there to their creator,” said Roger Flynn, a lawyer for the tribe and the Great Basin Resource Watch.
“You can’t pray in a blast zone,” he said Friday at the close of the fourth day of a hearing.
Lawyers for the Toronto-based Barrick Gold Corp. and the U.S. Bureau of Land Management counter that the 6,700-acre Cortez Hills project 250 miles east of Reno in Crescent Valley has been properly approved under the Mining Law of 1872.
They say any delay in digging the 2,000-foot deep open pit would cause an undue financial hardship on the company and its workers during tough economic times.
“Barrick is prepared to spend $640,000 a day for the next 15 months and a lot of that money will remain right here in the state,” said Francis Wikstrom, a lawyer for Barrick.
Thirty workers already have been laid off and another 250 to 300 will be out of work and unlikely to find other jobs if the project is halted, he said.
“This is basically the only game in town in Northern Nevada,” Wikstrom said about a state that produces more gold than any other, trailing only South Africa, Australia and China internationally. “People need to feed their families.”
U.S. District Judge Larry Hicks said he will announce his ruling at 3 p.m. Monday.
“All of us know it is a very difficult issue for many people,” Hicks said Friday.
in reply to: Gold Enters Major Bull Market #3574There is talk about a new concept to relieve the German Banking System of bad debt.
The plans call for a “Bad Bank” that is founded to match every major bank with troubled assets.
The State of Germany is supposed to guarantee for the “Bad Banks” and will in return receive a yet unspecified portion ot the banks earnings during the next 50 years or so.
Troubled assets are believed to range from 300 to 1000 billion Euros.
in reply to: Gold Enters Major Bull Market #3572Last on gold is $895.70.
Today is a great up day in gold that begs respect. I say this for a good reason: the powers to be who run our fiat paper system are most probably either using paper instruments to hold today’s strength in check or are devising another plan for a renewed attack on the metal.
You see, we have two very strong forces at work in today’a gold market: one is a force that doesn’t want their fiat money system questioned ever by a rising gold price and the other one would be folks that want to protect their wealth from the destruction by a fiat money system.
The trials of a strong upward bias in gold since Gordon Brown made the collossal “mistake of his life” in selling most of England’s gold at the bottom under $300, has turned into a real tug of war.
I want to take this time, again, to mention that it has been said that Gordon was accommodating Goldman Sachs’ chief, Henry Paulson, so his firm could cover their gold shorts for a substantial profit. Who knows what went on between Paulson and Goldman when he was Treasurer? One just has to search YouTube under Max Keiser to find out his opinion concerning Paulson, it couldn’t be worse for what he has done to the American people according to Max who works out of Paris.
The gold market and their shares as a result of this ongoing war have become extreme and difficult to pinpoint with analysis in projecting important highs and lows.
Even my extrapolations within this forum hasn’t been perfect. I remember back on October 17th that I called a bottom on the gold shares when the Philadelphia Gold and Silver Index(XAU) was about at 90. Ten days later the bottom was put in at 63.52.
The extreme created by the cartel carried the Index lower(along with gold down to $700) about another 30 points. This was a vicious attempt to scare the public out of their shares, for once and all. The decline from about 220 on the Index was the biggest engineered panic drop since the Index was first created. The cartel means business and those who go against them without a stomach to endure their criminal temporary manipulation may fall victim as a sad consequence.
I remember the days following my prediction I felt terrible as the stocks I recommended fell like someone had pushed them off a cliff.
The three were Agnico-Eagle at 35.92, GoldCorp at 20.04 and Royal Gold at 30.44. They were all seriously effected with the continuing lower prices for the following 10 days. Fortunately, with the XAU turning around from its historical low things has wonderfully improved with the last sales on the three as follows: Agnico Eagle at 56.13, GoldCorp at 28.87 and Royal Gold at 47.54.
The key to successfully protecting your wealth is to buy right when events are orchestrated to freighten you and hold tight.
So with gold shinning brightly today, expect the capal to rattle your nerves with some concocted maneuvers, possibly, in the near future, again. The key will ALWAYS be, don’t fall for their tricks.
in reply to: Clips from Alleghany #3571Look under “news” on our home page for a new post.
in reply to: Gold Enters Major Bull Market #3570Gold $895.10 up 38.70
Silver $11.93 up 0.54
Gold/XAU Ratio 7.09
Gold/Silver Ratio 75.03Gold today is knocking at the $900 door. Gold in all currencies of the world is in a bull market and rising.
Some charts depicting part of this major event are available for review at jsmineset.com under the topic heading, “Trader Dan Comments On Gold’s Action In Other Major Currencies.”
in reply to: Gold Enters Major Bull Market #3573Thank you Bluejay
in reply to: Clips from Alleghany #3567Rain in Alleghany. The three feet of snow that we had at the beginning of the month is about gone.
MSHA inspectors made a visit yesterday. Even though the mine is on “maintenance only” status, certain items still must be kept in compliance. The inspection went well, only one “paperwork” citation was issued.
Scoop heard a rumor that the specimen/carving collection will be broken up and pieces priced individually. Watch this web-site for the news.
Down at the mine, it is still pretty quiet. The pumps are going but not much else. WE are all hoping that this is the year we can get a crew mining again!!
Up at the office, a few gold and jewelry sales continue to trickle in. Enough to keep the lights on and the phone bill paid.
The Sierra County Fire Safe council was awarded a grant of $127,000 to create a defensible fire zone around Alleghany. The Forester will be up on Tuesday to meet with Mike. Most of the project is on 16 to 1 land. The Fire Department has been working on this for four years now. Our first application was declined and we had to revise the project. Alleghany will breath a little easier during fire season when the job is completed!
in reply to: Gold Enters Major Bull Market #3566Last on gold is $856.50.
Below is provided a link to another educational article concerning you and your money by Darryl Schoon.
in reply to: Ideal Time for Facts #3569Gold Sector problems existing within six of the large or well-known gold mining companies are obscure to disclosure. One problem exists for all but one of the companies listed below, which seems to have no significant problems. Some of the companies have multiple issues. Here are the companies discussed (alphabetical order):
AngloGoldAshanti Ltd, Barrick Gold Corp,
GoldCorp Inc, Kinross Gold,
Newmont Mining Corp, Teck CorpHere are the problems in no particular order:
1. Too few miners in senior management (accountants, lawyer types).
2. Poor or declining property.
3. Big challenges due to quality of assets.
4. Trouble in financing acquisitions.
5. Poor decisions on engineering and execution of engineered plans.
6. Non mining, political interferences.These six companies share the bulk of volume (share trading) in the marketplace with about 2.5 trillion shares outstanding.
in reply to: Gold Enters Major Bull Market #3568Last on gold is $855.30.
Bad omens coming from DC towards China.
The Treasury Department is attacking China. Does this make sense concerning they are our largest creditor?
Hank Paulson prior to leaving his Treasury post told China that because of their high savings rate that they are responsible for the world’s financial turmoil. Recently, the designee Secretary of the Treasury, Tim Geithner, said that China is manipulating their currency. Nothing like calling the kettle black, Tim.
These attacks are probably out of disdane for China telling the US that they should be doing better job in cleaning up their financial house. Being more specific, China might be wondering why the banks are hanging on to all the TARP money in buying Treasurys instead of injecting it back into the economy.
So our arrogant posture is just to slap China in the face? The Treasury does temporarily have China over a barrel just alone with their massive holdings of US debt. Meaning, they can’t get out fast without devaluing what remains unsold. So China for the moment, may still have to play the waiting game as they trickle out of the dollar and in the process have to listen to insults from their big US debtor.
I’m getting the gut feeling that Geithner, if he becomes the head of the Treasury, will be just like another “Paulson.” If this proves to be true, Heaven Help Us All.
in reply to: Gold Enters Major Bull Market #3565Last on gold is $853.20.
The following article is a must read:
Robert Kiyosaki Why the Rich Get Richer
How the Financial Crisis Was Built Into the System
by Robert KiyosakiPosted on Monday, November 24, 2008, 12:00AM
How did we get into the current financial mess? Great question.
Turmoil in the Making
In 1910, seven men held a secret meeting on Jekyll Island off the coast of Georgia. It’s estimated that those seven men represented one-sixth of the world’s wealth. Six were Americans representing J.P. Morgan, John D. Rockefeller, and the U.S. government. One was a European representing the Rothschilds and Warburgs.
In 1913, the U.S. Federal Reserve Bank was created as a direct result of that secret meeting. Interestingly, the U.S. Federal Reserve Bank isn’t federal, there are no reserves, and it’s not a bank. Those seven men, some American and some European, created this new entity, commonly referred to as the Fed, to take control of the banking system and the money supply of the United States.
In 1944, a meeting in Bretton Woods, N.H., led to the creation of the International Monetary Fund and the World Bank. While the stated purposes for the two new organizations initially sounded admirable, the IMF and the World Bank were created to do to the world what the Federal Reserve Bank does to the United States.
In 1971, President Richard Nixon signed an executive order declaring that the United States no longer had to redeem its paper dollars for gold. With that, the first phase of the takeover of the world banking system and money supply was complete.
In 2008, the world is in economic turmoil. The rich are getting richer, but most people are becoming poorer. Much of this turmoil is directly related to those meetings that took place decades ago. In other words, much of this turmoil is by design.
Power and Domination
Some people say these events are part of a grand conspiracy, and that might well be. Some people say they represent the struggle between capitalists, communists and socialists, and that might be, too.
I personally don’t participate in the debate over a possible global conspiracy; it’s a waste of time. To me, the wider struggle is for power and domination. And while this struggle has done a lot of good — and a lot of bad — I just want to know how to avoid becoming its victim. I see no reason to be a mouse trying to stop a herd of elephants from fighting.
Currently, many people are suffering due to high oil price, the slowdown in the economy, loss of jobs, declines in home values, increased bankruptcies and businesses closings, savings being wiped out, the plummeting stock market, and rising inflation. These realities are all direct results of this financial power struggle, and millions of people are its victims today.
An Extreme Example
I was in South Africa in July of this year. During my television and radio interviews there, I was often asked my opinion on the world economy. Speaking bluntly, I said that South Africans had a better opportunity of comprehending the global turmoil because they’re neighbors to Zimbabwe, a country run by Robert Mugabe.
In my interviews, I said, “What Mugabe has done to Zimbabwe, the Federal Reserve Bank and the IMF are doing to the world.” Obviously, my statements disturbed many of the journalists. I did my best to comfort them and assure them I was not an anarchist. I explained, as best I could, that Zimbabwe was an extreme example of an out of control power struggle.
After they were assured I was only using Zimbabwe to illustrate my point, I said, “If you want to understand the world economy, take a refugee from Zimbabwe to lunch.” I advised them to ask the refugee these questions:
1. How fast did the economy turn?
2. When did you know that you were in financial trouble?
3. When did you finally decide to leave Zimbabwe?
4. If you could do things differently, what would you have done?
Three Approaches to a Crumbling Economy
I spoke to three young couples from Zimbabwe while I was in South Africa. Two couples were recent refugees now living in South Africa, and one couple still lives in Zimbabwe. All three couples had interesting stories to tell.
One couple said that they would have quit their jobs earlier. Instead, they hung on, hoping the economy would change. Then, virtually overnight, the value of the Zimbabwean dollar dropped and inflation went through the roof. Even though they received pay raises, the couple couldn’t survive and soon depleted their savings. They left Zimbabwe by car with almost nothing. If they could’ve done something differently, they told me, they would have started a business in Zimbabwe and began exporting products to South Africa, so that they would have had South African currency and a bank account there before they fled.
The second couple that fled the country said they saved money and paid off their house and other debts even as the Zimbabwean dollar fell in value. Looking back, they say they would’ve saved nothing and gotten deeply in debt in Zimbabwe, allowing them to pay off their debt with the cheaper dollars. Instead, they fled after they lost their jobs, leaving behind their house and owning $200,000 in nearly worthless Zimbabwean dollars.
The third couple still lives in Zimbabwe. When they saw the writing on the wall, they set up a business in South Africa and, with the profits, began acquiring tangible assets in Zimbabwe. Often, they’ll buy an asset in Zimbabwe and pay the seller in South African currency. They believe that once Mugabe is gone and order is restored, they’ll be in a strong financial position.
Many Problems, Few Solutions
There are three major problems with the events of 1913, 1944, and 1971. The first is that the Fed, the World Bank, and the IMF are allowed to create money out of nothing. This is the primary cause of global inflation. Global inflation devalues our work and our savings by raising the prices of necessities.
For example, when gas prices soared, many people said that the price of oil was going up. In reality, the main cause of the high price of oil is the decreasing value of the dollar. The Fed, the World Bank, and the IMF, like Zimbabwe, are mass-producing funny money, thereby increasing prices and devaluing our quality of life.
The second problem is that our economic crises are getting bigger. In the 1970s, the Fed faced and solved million-dollar crises. In the 1980s, it was billion-dollar crises. Today, we have trillion-dollar crises. Unfortunately, these bigger crises mean more funny money entering the system.
Apocalypse Soon
The third problem is that in 1913, the Fed only protected the large commercial banks such as Bank of America. After 1944, the Fed, the World Bank, and the IMF began bailing out Third World nations such as Tanzania and Mexico. Then, in 2008, the Fed began bailing out investment banks such as Bear Sterns, and its role in the Fannie Mae and Freddie Mac debacle is well known. By 2020, the biggest of bailout of all will probably occur: Social Security and Medicare, which will cost at least a $100 trillion.
Even if we find more oil and produce more food, prices will continue to rise because the value of the dollar will continue to decline. The dollar has lost over 90 percent of its value since the Fed was created. The U.S. dollar will continue to decline because of those seven men on Jekyll Island in 1910.
Granted, the funny-money system has done a lot of good — it has improved the world and made a lot of people rich. But it’s also done a lot of bad. I believe somewhere between today and 2020, the system will break. We’re on the eve of financial destruction, and that’s why it’s in gold I trust. I’d rather be a victor than a victim.
in reply to: Gold Enters Major Bull Market #3563Gold $853.00 up $11.10
US Dollar 86.37 up 1.34The gold price is currently taking a rest from today’s highs as the dollar continues to trade higher. It remains to be seen if the dollar can hold ground above its recent reaction high in the 86 area.
In this morning’s entry attention concerning the action of the British Pound failed to be mentioned.
In the US Dollar Index, the pound comprises a 11.9% weighing. Part of the dollar’s nine week old rally can be attributed directly to a consistently declining pound over the same period.
The pound during the time span has collapsed from 2.00 to about 1.40, a 30% drop. Today, the currency is below 1.40 at 1.3932, or 3.33% lower. Things are not good in England.
The Bank of Scotland earlier today reported the largest loss in British corporate history while things grew worse in the market as Lloyd’s Bank Group traded lower by about 50% on the session. The government’s rescue plan today for the economy and the banks apparently was not well received.
in reply to: Gold Enters Major Bull Market #3562Gold $858.60 up $16.20
Silver $11.31 up $ 0.09
Gold/Xau Ratio 7.57
Gold/Silver Ratio 75.92
US Dollar 86.09 up 1.06
Crude Oil 35.50 off $ 0.01On presidential inauguration day gold is pushing higher following weakness in Asian markets. Gold declined all the way down to $822.70 and currently, is just under its day’s high of $860.90. In the process the metal has pushed back over a key area on the chart at $840 following weakness from this level that was identified some days ago as being temporary. During gold’s weakness it hit $800.
The dollar is strong along with a higher gold price which is unusual as of late. It is clear gold is becoming the currency of choice as all other currences appear to coming suspect. The Euro is below 1.30 and is searching for some ground of support near 1.26 or above. Not mentioned lately is the fact that the Mexican Peso against the dollar has collapsed in the past weeks from the .10 level to just above the .07 area today.
Mexico’s inflation rate is well over 6% and rising and the slowing down of our economy doesn’t help it as 80% of her exports go to the US. For Mexicans workers in this country it’s turned into a bonanza as flipping back to their pesos from dollars hasn’t been this advantageous for them since January of 1999 when they received 14 pesos for each exchanged dollar. Today, the last on the peso is .0717. Big currency swings will continue in these markets until such time that all currencies are reconnected to gold in some manner or another.
Go gold!
in reply to: Gold Enters Major Bull Market #3561Last on gold tonight is $831.20, off about $10 from Friday’s close.
U.S. Treasury Fraud
(Thanks a lot Hank)posted on Jan 19, 09 08:03PM
Wow, it is bad enough that the U.S. Treasury Dept. allowed fraud to occur on their watch but it is a much more serious issue if they were the ones responsible for orchestrating the fraud. We will see if Obama considers this a serious issue or will he just bury it with the other government frauds? But then again we probably already know the answer as we just have to consider that the bureau of the Internal Revenue Service will soon have a new Secretary of the U.S. Treasury to report to – tax evader Tim Geithner.Same circus only new clowns – VHF(from Agoracom.com, Canada)
Government Regulators Aided IndyMac Cover-Up, Maybe Others
Darrel Dochow May Not Be the Only Official Who Helped Banks Hide Financial Problems
ABC News
By BRIAN ROSS, JUSTIN ROOD, and JOSEPH RHEE
Jan. 16, 2009—A brewing fraud scandal at the Treasury Department may be worse than officials originally thought.
Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News.
In at least one instance, investigators say, banking regulators actually approached the bank with the suggestion of falsifying deposit dates to satisfy banking rules — even if it disguised the bank’s health to the public.
Treasury Department Inspector General Eric Thorson announced in November his office would probe how a Savings and Loan overseer allowed the IndyMac bank to essentially cook its books, making it appear in government filings that the bank had more deposits than it really did. But Thorson’s aides now say IndyMac wasn’t the only institution to get such cozy assistance from the official who should have been the cop on the beat.
The federal government took over IndyMac in July, after the bank’s stock price plummeted to just pennies a share when it was revealed the bank had financial troubles due to defaulted mortgages and subprime loans, costing taxpayers over $9 billion.
Darrel Dochow, the West Coast regional director at the Office of Thrift Supervision who allowed IndyMac to backdate its deposits, has been removed from his position but he remains on the government payroll while the Inspector General’s Office investigates the allegations against him. Investigators say Dochow, who reportedly earns $230,000 a year, allowed IndyMac to register an $18 million capital injection it received in May in a report describing the bank’s financial condition in the end of March.
“They [IndyMac] were able to maintain their well-capitalized threshold and continue to use broker deposits to make loans,” said Marla Freedman, an assistant Inspector General at Treasury. “Basically, while the institution was having financial difficulty, it kept the public from knowing earlier than it otherwise should have or would have.”
Critics Point to Cozy Relationship Between Banks and Regulators
In order to backdate the filings, IndyMac sought and received permission from Dochow, according to Freedman.
“That struck us as very unusual,” said Freedman. “Typically transactions are to be recorded in the period in which they occur, not afterwards. So it was very unusual.”
One former regulator says Dochow’s actions illustrate the cozy relationship between banks and government regulators.
“He did nothing to protect taxpayers in losses,” former federal bank regulator William Black told ABC News. “Instead of correcting it [Dochow] made it worse by increasing the accounting fraud.”
Meanwhile, IndyMac customers who lost their savings are demanding answers and are further infuriated after learning Dochow was also the regulator in 1989 who oversaw the failed Lincoln Savings and Loan, a scandal that sent its CEO Charles Keating to prison.
“He’s the person that claimed that he looked into Charles Keating’s eyes and knew that Charles Keating was a good guy and therefore ignored all of the professional staff that told him that Keating was a fraud, and he produced the worst failure of the Savings and Loan Crisis at $3.4 billion. Now he’s managed more than triple that,” said Black, now an economics professor at the University of Missouri in Kansas City, Missouri.
Following the Lincoln scandal, Dochow was demoted and placed into a relatively obscure office, but later, inexplicably was brought back into the Office of Thrift Supervision.
Dochow declined to answer questions from ABC News.
IndyMac Customers Furious
After Ronnie Lopez was killed in Iraq, his mother Elaine invested the life insurance proceeds at IndyMac. She lost $37,000 of it.
“I was hysterical,” she told ABC News. “I literally thought I was going to kill myself that day, because I felt so bad that I had let him down. I remember going to his grave and telling him “don’t worry, I’m going to get that money back’, and I feel like he was saying ‘hey mom, don’t let them take that. I did the ultimate for that’.”
A group of angry investors has started a website, demanding answers on the extent of Dochow’s actions.
“It’s just the strife and anger,” said IndyMac customer Lisa Marshall. “That this Dochow person is still employed, it’s unbelievable, it’s shocking.”
While Dochow could end up losing his job, neither he nor his colleagues are expected to go to prison.
“This is criminal with the small ‘c’,” said Black. “No one within the regulatory ranks may go to jail, but they have done the worst possible disservice to the taxpayers of America.”
in reply to: Gold Enters Major Bull Market #3560Michael Adams presents his new song on YouTube, “I want My Bailout Money” from his recent album, Beyond All Reason.
in reply to: Miscellaneous #3559I don’t know if the idea’s been tossed around, but has anyone considered contacting the Smithsonian about publishing a story on the collection and its sale?
in reply to: Gold Enters Major Bull Market #3558The Bank of America is robbing the American people and deserves nothing following their extremly questionable(stupid??) acquisition of Merril Lynch. Still, they continue to present their begging bowls for more free lunches at our expense.
Merrill Lynch was purchased by the bank for $19.4 billion. Now, the bank is saying that they understimated their potential exposure to Merrill’s toxic paper(OTC derivatives).
If I remember correctly, Mr. Jim Sinclair from http://www.jsmineset.com stated some months back that Merrill Lynch was basically worth ZERO considering their OTC derivatives exposure. The Bank of America and their “ship of fools” deserves nothing more based on their inability to perform elementary due diligence.
I just recently read that the bank’s potential exposure to Merrill’s toxic waste is between $100 and $200 billion. How is this the responsibility of the American public?
Everyone should write their representatives in Washington immediately if you care about our financial future, protesting giving the fools from Bank of America another penny. Enough is Enough.
in reply to: Gold Enters Major Bull Market #3557So Bank of America will be getting 20 billion $ in cash and 118 billion $ in garanties from the taxpayer.
I wonder, whether the incoming new president will present some kind of an OFOB (“Obama Fed Opening Balance”). Rather than fight in the courts about not disclosing figures to the public.
But he has got smart staffers. They are probably already adding up the numbers und we will soon be hearing more on that subject in his inaugural speech.
in reply to: Miscellaneous #3556Unfortunately one of the most compelling stories to unfold over this century concerning the mine was the politically motivated “assassination” of justice perpetrated by the CDAA and subsequently railroaded through by the courts, all of which “impacted” (a most understated description) the momentum of mining.
I don’t advocate or suggest this be the focus for a story in the Economist…maybe they’ll discover it here.
Anyway, instead let’s do the metal detector angle, and show their impact when initially introduced underground, highlighting the potential that still exists in virgin ground.
in reply to: Gold Enters Major Bull Market #3555Last on gold is $811.30 with another day of paper smashing prices on the Crimex. The following article is a good enough reason why gold should be higher today, not lower. But oh no, Paulson just has to make a quick call to J.P. Morgan and down come gold prices. Paulson is a big bad gold bear.
By the time it’s over, Paulson and his gang will have sucked more money out of this country than anyone could have ever possibly imagined.
Both the Fed and the Treasury seem to not want to be held accountable. Sounds like Nixon’s attitude when he thought he could keep his unlawful activities from us by pushing the erase buttom on the White House tape recording system.
Fox Business sues Fed for information on bailouts
Mon Jan 12, 2009 3:24pm ESWASHINGTON, Jan 12 (Reuters) – News channel Fox Business Network sued the U.S. Federal Reserve on Monday, saying that the government has failed to release details on financial companies receiving federal funds.
Fox said it made an initial request on Nov. 10 last year under the Freedom of Information Act. The network asked for the identification of the financial institutions receiving funds and details on the collateral provided by these firms between August 2007 and November 2008.
The network made a second request on Nov. 18, asking for more information on financial firms that received lending from Fed programs. It also asked for the amount of collateral held by the Fed as of Nov. 14.
A Fed spokeswoman did not have a comment on the lawsuit.
The Fed has been a critical player in financial rescue packages for companies such as American International Group Inc (AIG.N) and Citigroup Inc (C.N). It has also opened up its discount window to a wider range of entities in an attempt to provide more liquidity to the financial sector.
The Fed continues to create and fine-tune a number of other programs to support credit availability at a time financial market functioning remains impaired.
“The government has power over possibly trillions of the taxpayers’ money and the fact that they are denying requests for enhanced transparency on the distribution of those funds is appalling,” said Steven Mintz, legal counsel for Fox Business, in a statement.
Fox filed a similar lawsuit in December against the U.S. Treasury Department for what it called a failure to respond to repeated requests for information on how it has allocated the $700 billion bailout fund. (Reporting by Karey Wutkowski, additional reporting by Robert MacMillan in New York, editing by Gerald E. McCormick)
in reply to: Miscellaneous #3554Some ideas for an Economist story:
o Historic ties to the gold rush live on in a quaint byway;
o True believers have kept the small operation going even while gold mining has become an industry of massive scale in most places;
o When found, the mine’s deposits are so remarkable as to be of fairy-tale quality;
o There’s doubtless more to be produced, although it is a classic hit or miss proposition;
o The mine’s operators are puzzling over what they can do to attract more capital from investors to continue the search.As a fellow Economist reader, it seems to me that the magazine will want to make such a piece seem quirky or a bit humorous, but that shouldn’t detract from its ability to get the story out.
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