Re: Gold at 1354.00


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Posted by D Sherman [72.47.9.228] on Tuesday, October 12, 2010 at 16:00:18 :

In Reply to: Gold at 1354.00 posted by Glen Idaho [64.126.154.196] on Monday, October 11, 2010 at 20:42:10 :

The gold bugs always say that throughout history, an ounce of gold would buy a good suit. I'd say today an ounce of gold better get you the finest custom-fitted Italian suit in the place.

We pay more attention to silver here in the Coeur d'Alenes. Silver's at $23 and has done better than gold over the past year. Silver at $6.50 was the break-even point for the mines a few years ago. At $23, US Silver is even re-opening the old Coeur mine. They've rehabilitated the Galena and it's going full bore. Hecla's Lucky Friday is sinking a new winze down to 8000 feet. I think they've drilled to 10,000 and the ore just gets better the deeper they go. Cooling is the issue at those depths. The old Star mine in Burke was down to 8200 when they gave up, and the ore was still good down there. Rock's about 130 degrees. Makes you think you might shoot your round and find the devil's living room on the other side.

It's crazy how the prices of gold and silver just keep going up. All the money "experts" in the government and media keep talking about how the recession's over, jobs are returning, the crisis is past, and happy days are here again, but when people with seriously huge amounts of money actually think about what to do with their OWN money, rather than the taxpayer's money, they're not buying stocks, CDOs, and government bonds. They're buying gold and silver, by the 100-ounce bars.

You're down there in the Clearwater gold country, Glenn. You know anyone taking a dredge up to Pierce, or Warren's diggings, or Florence and re-working the old muck? $1300 gold is some pretty strong motivation for standing in cold water and mud all day.



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