• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 10 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 6 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 16 hours Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 6 hours Maritime Act of 2020 and pending carbon tax effects
  • 21 hours Chevron to Boost Spend on Quick-Return Projects
  • 21 hours Conspiracy - Theory versus Reality
  • 1 day UK, Stay in EU, Says Tusk
  • 2 days What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 1 day German Carmakers Warning: Hard Brexit Would Be "Fatal"
Alt Text

Miners Shun Top Class Gold Assets In Egypt

Egypt’s top class gold prospects…

Alt Text

Gold Demand In This Key Market Just Surged 82%

After having registered lows over…

Mad Hedge Fund Trader

Mad Hedge Fund Trader

John Thomas, The Mad Hedge Fund Trader is one of today's most successful Hedge Fund Managers and a 40 year veteran of the financial markets.…

More Info

Trending Discussions

The New California Gold Rush

The gold rush is back on in California.

On my way back from Lake Tahoe recently, I saw that every bend of the American river was dotted with hopeful amateur miners, looking to make a windfall fortune.

Weekend hobbyists were there panning away from the banks, while the hardcore pros stood in hip waders balancing portable pumps on truck inner tubes, pouring sand into sluice boxes.
A sharp-eyed veteran can take in $2,000 worth of gold dust a day.

The new 2010'ers were driven by a record price of gold at $1,220 and the attendant headlines, but also by unemployment, and recent heavy rains last winter that flushed huge new quantities of the yellow metal out of the High Sierras.

They were no doubt inspired by the chance discovery of an 8.7 ounce nugget in May near Bakersfield, worth an impressive $10,000.

Local folklore says that The Sierra's have given up only 20% of their gold, and the remaining 80% is still up there awaiting discovery.

Out of work construction workers are taking their heavy equipment up to the mountains and using it to reopen mines that have been abandoned since the 19th century.

The US Bureau of Land Management says that mining permits in the Golden State this year have shot up from 15,606 to 23,974.

Unfortunately, the big money here is being made by the sellers of supplies and services to the new miners, much as Levi Strauss and Wells Fargo did in the original 1849 gold rush.

Of course, they could much more easily buy the Spider Gold Trust Shares ETF (GLD), but it wouldn't be as much fun.

Article courtesy of: The Mad Hedge Fund Trader




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News