Gold Price Jump
Wow, what a day today the gold spot price jumped over $25 an ounce! It would seem that the big jump in gold was predicated by the fact that the Federal Reserve Board said it would gradually increase interest rates.
So far this year the gold spot price is up approximately 7%!
Usually, interest rate hikes are negative for the price of gold. So, I guess today is the exception to the rule.
Gold Price Jump
How gold is formed
The consensus view from geologists and scientists on owl gold is formed is that fluids deep in the crust are heated by the Earth’s internal heat. … The fluids moved through the rocks over a large area and “dissolved” the gold. When these fluids cooled or reacted with other rocks the dissolved gold precipitated (came out of the fluid) in cracks or fractures forming veins.
Gold may occur as deposits called lodes, or veins, in fractured rock. It may also be dispersed within Earth’s crust. Most lode deposits form when heated fluids circulate through gold-bearing rocks, picking up gold and concentrating it in new locations in the crust. Chemical differences in the fluids and the rocks, as well as physical differences in the rocks, create many different types of lode deposits. Read more
Arizona gold prospecting drone
Arizona gold prospecting in the Yuma area. The first step in gold prospecting is to do your research, then it’s time for the fieldwork and to actually go out to various locations and do sampling to determine first, if there is any gold, and second if there’s enough gold to make it worthwhile to set up all your equipment.
When you’re out in the field, obviously, you’re looking for signs of prior gold prospecting, old mine tailing piles, stacked up rocks by the side of a dry wash and naturally, rust stained quartz veines. Read more
San Diego Gold Mine
This video was originally broadcast November 2014 by local CBS news station (KFMB). The Golden Chariot Mine was one of San Diego County’s largest producing gold mines back in the day with a reported gold production of one million dollars. The news story reports that the mine was recently bought by three investors, so perhaps ore cartloads of gold will once again come rolling out of the Golden Chariot Mine tunnels and shafts.
James Henry: “A few years ago when the mine was still on the market, we did go onsite and look around. Yes, there was a lot of equipment still in the mill building — a shaker table seemed to be one of the biggest items from what I can recall. Most of it seemed to be junk, but I don’t know that much about what equipment would be salvageable or not. The two vertical shafts I saw were totally flooded. One of those shafts is 600 feet deep, I think. Pumping out the mine would be a major undertaking.” Read more