Friday, October 03, 2008

Hooked on Gold Gazette 10/03/08

Sterling Silver Gold Nugget Ring sz 9
$205.00 shipping included

$9.00 & $18.00
Gold Panner Prospecting Scenes

18K REAL gold accents

Pyrite Panner $8.00, Geode & Pewter Figures $15.00

Geode $32.00, Amethyst Wagon Wheel $26.00

Sluice Box and Blue Agate $45.00

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· Gold Spot Closing Price for Friday: $834.80
· Spot price last Gazette: $877.80

Calendar of Events
· 1st – Arkansas River is now closed to motorized equipment until March 1st
· 8th – GPOC General Meeting
· 31st – Halloween

· 2nd End of Daylight Savings Time
· 4th ELECTION DAY Get out and VOTE!
· 11th Veterans Day
· 12th GPOC Regular Meeting 7:00 p.m.

So how about that gold swing this week, eh? Up around 925 again and then back to where it is now. There was better news with Wachovia today as they accepted a buy out from Wells Fargo that did NOT include Federal money.

OK, it does look pretty bad out there, but few of us remember the G.D., so I thought I would share a list I saw earlier this week with you.

In the crash of 1929 the Dow Jones industrials plunged 40% in two months; this time around it has taken a year to fall 22%.
The jobless rate jumped to 25% by 1933; it is little more than 6% today.
The gross domestic product shrank by 25% during the early 1930s; it is up over 3% during the past year.
Consumer prices fell by about 30% from 1929 to 1933; and the last time I looked they were still rising.
Home prices dropped more than 30% during the Depression vs. about 16% today.
Some 40% of all mortgages were delinquent by 1934 compared with 4% today.
In the 1930s, more than 9,000 banks failed compared with fewer than 20 over the past couple of years.

AND gold was priced at $17.00 an ounce. There are pictures of lines of people on the South Platte here in Denver panning for gold or using sluice boxes to eke out some gold dust to buy a loaf of bread during the Great Depression, and accomplishing it. Colorado has weathered these things pretty well over the years, and I expect we will this time, too. Gold and Silver do well in times of crises, so I would suggest you find you some or buy a few bullion coins just in case. Heck, they’re nice just to collect!

Hey, has anybody been watching platinum lately? It closed today at $962.00 with news that the auto industry will require less platinum for car production. Build fewer cars with catalytic converters, and what cha think happens to the price of platinum? Copper is way down, too, what with fewer homes being built. Maybe those copper thieves will leave homes being built alone for a while. Oh, yah. There ARE none.

There was one other important thing I saw. Spending and money bills are required by the constitution of the United States to be introduced by the House of Representatives. So how come the spending bill that just passed today was started in the Senate? Has the Senate overstepped their authority? They also put in provisions to prevent the judiciary from prosecuting them or the Secretary of Finance. I’m pretty sure they only did that ‘cause they know it was illegal for the Senate to start this bill. Remember that both your Presidential candidates voted FOR this bill.

Is this good for gold? Most analysts say most probably. The dollar is up, though, and gold is back down. How long can that happen after 1 trillion additional dollars have been printed? Some are saying this is stop gap until the new administration is in office. I don’t know, but I still think I’ll buy a few more gold coins for Christmas.

GPOC’s regular meeting will be this next Wednesday night, and they will be electing their next year’s offices. I know that our present President will be leaving us and want to say what a most excellent job he has done for us the past three years. Eric Vesterby has to be one of the all time great presidents GPOC has ever had. I have been a member for about 18 years, and I have to say, things have run pretty smoothly under his wing. His cool head when things got tough to handle, and his all around command of things has served us well. We will miss your leadership, your good nature, your patience and above all your friendship to all who are members of this organization. Maybe now you can find the time to go prospecting with everyone who has asked you over the years, and you could not find time for, with all your commitments and duties for GPOC. Our next president has very big boots to fill.

And now, I will return you to your regular program and say farewell until next week. I won’t promise my soapbox will be put away, what with all the political stuff going on, but I will try to bring you some interesting news that does pertain to gold and prospecting, as well as your daily life. I’ll be working with the store pages this week, getting pictures up and links solidified. I could not believe I was putting up the November calendar today and seeing how close it is to Thanksgiving. That means Christmas is around the corner and you will be looking for gifts for that special prospector in your life. We still have a wonderful supply of prospector scenes to choose from, and if we run out here, we can have one delivered to you a couple of days later than I can get them to you from my house. My supplier is really fast on deliveries. Anyone looking for gold nugget jewelry can visit the jewelry pages found under goldnstore as subpages on the menu on that page. I will also be updating the calendars I have on Cafepress to ‘09’s with new pictures. That’s it for this week.

Good Prospecting to You,

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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: . If the links do not work, copy and paste them into your browser.

If you find a broken link, please let us know
Good Prospecting to You,
Shirley Weilnau Metal Detectors at Auction contact us
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