Gold Mining History - book finished at last!

[facthunter]

That's correct. The Horse was supposed to have kicked the Ground an exposed a Gold Nugget.  Nev

[onetrack]

None of it is correct, it's all urban legend, typical of rumours and gossip that grow into "truth". Even Monument Australia promotes the urban legend of the horse that founded Norseman.

I guess there is a degree of correctness in stating that the Norseman monument acknowledges the part played by the invaluable animals used by prospectors.

 

https://www.monumentaustralia.org/themes/culture/animals/display/60895-norseman

 

The real story is substantially different, I'll let you read the family history website to garner all the correct information, directly from the original people.

 

https://taylorfamilyhistory.com/2022/08/02/norseman-find

[onetrack]

The "Princess Royal" underground gold mine was one of the mainstays of Norseman for many decades, producing a pretty consistent half-ounce of gold to the tonne. The ore body was accessed by a decline shaft, a shaft constructed at a steep angle, rather than vertical. The decline shaft is designed to allow better access to steep-sloping ore bodies.

 

The Princess Royal was turned into an open cut mine in 1975, and I have some photos of that early large-scale open cut operation. It was opened up by Charles Hull Contracting of Waroona.

Charlie Hull is a legend in the earthmoving, roadmaking and mining construction industry, I'm pretty sure he's still alive, he must be around 95.

[facthunter]

I actually Got THAT story at Norseman about 18 Years ago when I stayed there so I thought it had a Possibility of it being correct. It was stinking hot so a went to ESPERENCE for 3 days.  Nev

[facthunter]

Just in passing' hasn't Gold and silver toppled. WHAT IS going on? Nev

[onetrack]

Trumps new appointee to head the Federal Reserve, Kevin Warsh is seen as a "hawk" on U.S. interest rates, with a desire to keep them up until inflation in the U.S. is tamed.

Trump wants the interest rates dropped NOW, and that made all the investors flee to gold and silver for fear of Trump getting his way, and causing more inflation.

 

They feared that any Trump appointee to the Federal Reserve would just be a loyal Trump stooge, doing exactly what he wants.

 

However, once all the investors learned that Warsh was being appointed, they dropped all their gold and silver investments (it's called "profit-taking" anyway), and put their money back into treasury bonds and other financial instruments.

It seems obvious their fears about Trump ruling the interest rate levels and destroying the U.S. economy with his lack of economic knowledge has evaporated with the appointment of Warsh, and Warsh might have some backbone to resist Trumps demands and abuse.

 

Jerome Powell certainly knows what it's like to be on the receiving end of Trump abuse, lawsuits and outrageous demands. It's critical that the Federal Reserve remains independent of any external political pressure - everyone in the U.S. knows that.

[facthunter]

Agreed. With Trump anywhere Near the levers I would have expected GOLD to keep Climbing. Nev

[onetrack]

Apparently one major Chinese investor is dealing in huge amounts of gold futures, and has made a $3B fortune from doing so - that's enough to skew the market badly. Now he's shorting silver and planning on making another $3B.

 

There's a real danger he'll do a Hunt Bros on the precious metals market. If you make $3B out of wheeling and dealing in precious metals futures, a lot of other people must have lost a lot of money?

 

I'm reminded of the Metallgesellschaft oil futures fiasco in 1993. The company lost $1.3B on betting on oil futures - they should've kept their nose out of futures and stuck with the business they knew.

 

https://finance.yahoo.com/news/china-trader-made-3-billion-054343617.html

[Jerry_Atrick]

The problem with futures is that it is a zero sum game. You either win or lose

[ClintonB]

I am getting through my copy of Peter’s book,  nice to have a break from fiction for a bit. Some real interesting stuff in there.

the amount of golden ounces pulled out of that ground is staggering. £3 an ounce might have been a fortune then, but t the ridiculous prices seen lately the numbers are staggering.

[willedoo]

It reached US $5,000 an ounce yesterday, or AUD 7,000.

[onetrack]

Willie, the Australian gold price has been over AU$7,000 for quite some time. The price was above US$5,000 for the whole of the last week in January, and again for the last week.