Old Gold Mines Find New Life

Gold In Quartz

Where to Find Gold: Old Claims

Old gold mines are springing back to life. New technology and soaring gold prices have made these mines profitable to reopen. Many mines were shut down when gold prices languished. Now even mines in South Carolina are reopening. Romarco Minerals Inc recently published studies of mineral resources at the Haile gold mine in Lancaster County South Carolina which indicate there is 29%, or 916,000, more ounces of gold at the site than previous estimates. A company spokesman said, “This really puts South Carolina on the map as having a world-class ore deposit.” Romarco is still waiting on the final version of the Environmental Impact Statement from the Army Corps of Engineers. If everything goes as planned, Romarco expects to begin in September hiring 300 to 350 full-time employees and contractors to work on the site. Romarco believes the mine can be producing 140,000 ounces of gold annually for at least 12 years. Our Gold Prospecting Secrets section provides information and insight into how to identify old gold deposits and mines which may be profitable with today’s gold price.

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  1. Ashley
    6 years ago

    A MODEST PROPOSALCFTC official Bart Chilton olpeny responded to the complaints of Ted Butler and GATA of silver manipulation on the Comex by explaining that Mr. Butler fabricated and exaggerated his data to fit his argument. Before I lay out a modest proposal to Mr. Chilton, I would like to say that based on Mr. Butler’s 20-plus years of devoting his entire career to studying every aspect of the silver markets, I will assert that Mr. Butler’s data and conclusions are far more worthy of respect and believability than are the empty accusations of a Government regulator who hides behind secretive data and untruthful assertions. In fact, I will go as far to say that Mr. Butler knows more about the silver market than any market professional knows about any market that I have ever studied, including my professors at the University of Chicago. Now, Mr. Chilton has olpeny asserted that there is conclusively no evidence of price manipulation in the silver market going on at the Comex. Let’s look at the facts, and purely facts, as determined by price, supply and demand in the market. We know that there is a shortage of physiclal silver preventing U.S. Mint from producing enough silver eagles products to supply the demand of the market (the same set of facts apply to gold). How do we know this? You can go to the U.S. Mint’s website where they explain that they had to suspend production of all gold and silver eagle minted products except 1 oz. coins due to a shortage of gold and silver bars. We also know that for over a year now, that there have been substantial premiums observed in the transactional market globally for gold and silver fabricated products (bars, coins, etc), well in excess of the transactional prices taking place on the Comex. This is evidence of extreme backwardation in the marketplace, which means that there is a severe supply shortage and the futures prices are way too low. Premiums of this magnitude point a massive demand well in excess of supply. Now, by decree of the simple LAWS of supply and demand economics, the shortage of supply and the price premiums for the supply that does exist, the market price for silver is too low. How do we know this? Because when there is a shortage, buyers bid up the price to a level that induces more supply and reduces demand until the price reaches a point at which supply and demand are balanced. Price is the ultimate allocator in any economic model. It is an undisputed LAW of economics. If the price of silver were allowed to rise to it’s natural economic level in which supply and demand are balanced, the U.S. Mint would not have to suspend production, premiums on coins and bars would disappear, and the market would achieve a high degree of price/supply/demand balance. Absent the existence of this natural economic balance, we can ONLY conclude that the price is too low, and that the mountains of evidence produced by Mr. Butler and GATA can only point to the existence of extreme price manipulation on the Comex. There is no other explanation. Rather than throw out patently false accusations unsupported with proof, I olpeny challenge Mr. Chilton to dispute the evidence and proof of the TRANSACTIONAL MARKETPLACE with all the data he can olpeny produce under the Freedom of Information Act. His failure to do would only add to the proof as outlined above.