Friday, May 23, 2008

Hooked on Gold Gazette 5/23/08


· Gold Spot Closing Price for Friday: $924.20
· Spot price last week: $901.60


Calendar of Events


9-11th Let’s Go Gold Panning Days – Point Bar, Colorado
11th Mother’s Day
14th GPOC Regular Meeting 7:00 p.m.
17th Prospecting Introduction and New GPOC Member orientation Class – Reservation required at the Mining Museum in Colorado Springs
24-26th Memorial Day Weekend
30th Memorial Day


11th GPOC regular meeting
14th Flag day
14th-15th Breckenridge Kingdom Days GPOC Panning Demo
20th Summer Solstice (YAAH)
21st-22nd Gem Show-Colorado Springs Phil Long Ford Expo


4th - Fourth of July
9th GPOC Regular Meeting
26th – 27th Burro Days – Fariplay


9th – 10th Gold Rush Days in Buena Vista
13th GPOC Regular Meeting

HAPPY MEMORIAL DAY WEEKEND TO ALL OF YOU GOLD PROSPECTORS! Take a moment to remember all who have fallen in defense of this country. I have posted a Memorial Day poem for you called The American Hero. Enjoy your BBQ’s, and don’t forget what has been sacrificed for you to be able to do so.

Are you watching gold recover from its low a few weeks ago? The ETF funds have stopped taking profits, and so the gold market will begin to recover from the sell off. The stock market is expected to take some more hits with banks having additional losses from the mortgage lending mess and the rise in oil prices. Gold is expected to rise as the stock market falls, this time, and not follow the stock market in its present downward trend. We aren’t looking for a total meltdown of the markets as there are many parts of the economy that are strong, and the weak banking sector is pulling everything else down. The oil situation IS affecting all businesses as gas and energy prices rise, but we are confident that the U.S. economy will pull itself up by its bootstraps and find a better footing on the other side of the storm. Besides…..copper is holding around $4.00, a good sign that the world economy is doing OK. Oh, half way mark for the gold rally is around $940. Look for a possible pull back when it gets there.

Are you having a “gas attack”? Boy, everyone I know is! Congress has had the big oil guys back on the hill to testify about the black gold. Same story as last month. 4 cents of every dollar goes to their profit line. Where does the rest go? Taxes, refining and the fall of the dollar, and competition in the market. Taxes you understand, you have to refine oil to get gasoline, and if the dollar has half its value, oil costs double. No confusion there. But what about the competition factor? Sure, China and India are making it tougher to buy oil, and the oil producing countries who have control over their oil have said they will not pump more, but a new report I saw this week added another competitor to the mix. Hedge funds. Yup, you read me right. Oil and gas hedge funds now control almost as much oil and gas as China buys, so you can add the stock market to the major players in black gold.

Am I off topic? I don’t know. I always think that the price of gas and equipment and laws for our public lands are relevant to our topic of gold. They all affect how and where you can go and find gold, not to mention how much it will cost you and how you will get there. Once you have found your gold, all of these things effect your bottom line as to how profitable your gold finding trip is. Laws are being changed that will effect where you can find gold and how much it will cost you to do so on public lands. These changes will pertain to anyone who goes afield to find minerals, gemstones, fish, pick up plain old rocks, file a claim, or enjoy the out of doors. There are revisions to the mining laws that could require to you to file a plan of operation, file a bond, and have a use permit to use a 4 inch dredge, highbank, collect gemstones, or collect rocks on BLM or Forest Service public lands. As stated right now, they will not provide an agency to get a bond from, so you can’t get one even if you file. HMMMM. This sounds like they want you to “Keep Out” of “Public Land”. How come “Public Land” is getting put into protected status so the “Public” can’t use it?

In case you have been away from a T.V., newspaper or computer, we had a tornado run through the north eastern part of Colorado yesterday with the worst damage west of Greeley in the town of Windsor. One life was lost as he ran for cover, and hundreds of homes were damaged. Trees were uprooted and evergreens snapped off their trunks leaving large stumps standing. The whole town and surrounding areas were pelted with up to golf ball sized hail. One report was of hail as big as small oranges. The most unusual aspect of this storm was its tract. It moved from the southeast to the northwest….exactly opposite of the usual tornado path.

News on the Odyssey Marine was out this last week. The Odyssey, to remind you, is the treasure recovery ship that found the debris of a sunken ship off the coast of England last year, containing substantial treasure including gold and silver coins. The Spanish government seized the Odyssey claiming the treasure belonged to them shortly after the announcement was made that the sunken ship had been found. The Spanish Government has sued Odyssey alleging that the found ship is to them as the USS Arizona is to the U.S., as a memorial. They also wanted the court to believe that “looting” it would be a crime against humanity. The Odyssey argues that the 200 year old site contains only debris, no bodies or actual ship intact, and that under international law it is fair game for recovery. This looks to be in court for a long time and quite possibly stay there for some time. I heard someone ask if the countries where the gold and silver originally was taken from have any claim against the Spanish government for taking it from them in the first place. And so it goes on and on.

I saw a report on what might be called the “golden liquid” that may be interesting to you. As most of you know, Denver will be hosting the Democratic National Convention this August, and one of their big things is that everything be as “green” as possible. Yesterday, Coors Brewery donated ethanol to them for use in E85 vehicles that will be used to get everyone around. I found it interesting to read that Coors has been making ethanol since 1996, and produces 3 million gallons a year of the fuel alternative. They make ethanol from their rejected or damaged beer, and mash waste. Now, if Coors can do this, how many other brewers and distillers can….or do. Do we really need to grow corn? The more I read about this, the more waste products I see that can and are being used without committing large tracts of farm land and additional fresh water to it.

World Open Panning website has this year’s world wide panning competitions listed and they add more all the time. A great site to visit: .

Until next week……
If you find a broken link, please let us know
THE ARKANSAS RIVER is now opened TO MOTORIZED EQUIPMENT until October 1st.
Good Prospecting to You,
Shirley Weilnau Metal Detectors at Auction contact us
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