Friday, May 09, 2008

Hooked on Gold Gazette 5/9/08



More 14K gold, gold in white quartz, nugget and silver in white quartz in Sterling Silver jewelry

· Gold Spot Closing Price for Friday: $884.00
· Spot price last week: $855.60

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Calendar of Events

MAY
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
JUNE
11th GPOC regular meeting
14th Flag day
14th-15th Breckenridge Kingdom Days
15th FATHER’S DAY
20th Summer Solstice (YAAH)
21st-22nd Gem Show-Colorado Springs Phil Long Ford Expo
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NEWS

Are you set up at Point Bar for “Let’s Go Gold Panning Days” today? The three day event is always populated with prospectors from all over and is an excellent way to meet others and see all sorts of equipment in use.

The Western Mining Museum in Colorado Springs will be hosting their annual, reserved seating, prospectors’ orientation and information day May 17th. There will be speakers, demonstrations and fun for all, so get your reservation in NOW. Seating is already filling up fast.

Well, my nephew is now married and the wedding went off with very few hitches. The weather was a bit chilly while the ceremony was performed, but was pleasant enough for the time of year. A hawk was seen flying in the background as the bride and groom exchanged vows in the golden, setting sun. The Lyons setting was beautiful and very romantic, with breathtaking colors of red and cream adorning the outdoor ceremony and hall where the reception was held. A magical evening.

Ok, ok. Back to GOLD!!!! After a sharp downturn in the yellow metal last week, it is making a strong comeback, what with oil spiking above $125.50 and the dollar sliding still further into the dumper. Memorial Day is approaching and the traditional opening of the summer season, with gas prices expected to peak around $3.75 a gallon in June. All gold prospecting areas are expecting a rise in the number of people out there looking for gold. We have had many requests for information about many areas. If you have done that and we have not gotten back to you lately, we will. Life has a way of getting in the way sometimes, and we have had a few time challenges lately. Information IS coming your way next week. Thanks for your patience in advance. We have not forgotten you!

In the news is the number of additional acres of western lands being put into “protected status”, effectively creating wilderness areas without an act of Congress. Much of this land is being purchased with State and private dollars to effect land control in the name of habitat conservation. If you control the land, however, you control the people very effectively.

I read an interesting article this past week that concerned the repeal of the 1933 Glass-Steagall Act in 1999 that has allowed the worldwide banking industry to return to their largesse that led to the Great Depression of the 1930’s. There is a possibility of it returning in the 2010’s due to this repeal, and the worldwide banking industries inability to restrain itself from repeating its’ mistakes of the past without government regulation. You can read this article at the kitco link here: http://www.kitco.com/ind/schoon/may052008.html You KNOW what I’m going to say now, right? You got it. BUY GOLD!!!!!

So, are you concerned about the recent slide of gold? Are you nervous that the gold bull market is over? Well, get over it. The long range charts are showing support price levels at around $835 to $850, and if it breaks out from there, it will most probably settle again around $750….a DEFINITE buying opportunity, and the up trend is at around $1200 by the end of the year. It might not get there quite that fast, but then again there is a lot of pressure on it to rise. The buying for the festival and marriage season in India is over, with a less than stellar buying season for the yellow metal. Apparently, the Indians are not thrilled with the high gold price and did not purchase as much this year as in previous years. On the mining end, less gold is being produced world than demand, and the South African problems with electrical power is persisting. On the stock side, the EFT fund GLD had its largest sell off at the end of the first quarter it has had since its inception as investors took profits. All of these indicators point to a rise in the price of gold.

Look for a couple of new articles this week under the “Articles of Interest” page this next week. More pages coming in the next few weeks. Under the “Gold in Colorado” page, I will be adding information to the Fairplay page, and starting a page on the Ouray/Silverton/Creede areas.

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: www.worldopenpanning.homestead.com .

Until next week……
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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
www.hookedongold.com
www.hookedongold2.com Metal Detectors at Auction
info@hookedongold.com contact us
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