Melman on Gold & Silver
June 2002 by Leonard MelmanWe are now seeing declines in gold followed quickly by rallies to new relative highs while powerful stock market rallies are met with aggressive new selling. Whether this pattern will continue into the future is debatable, but it certainly is a welcome background for the much-battered world of precious metals investing.
The discovery of gold in the Klondike in August 1896 brought a rush that became a bonanza for a few, and hardship and disaster for many. The remoteness of the discovery site, and the extremely harsh climate made the effort to recover gold foolhardy for all but the most prepared.
"Swanee" McBride knew how to make a safe trail along the narrow edge of a high, steep slope bordering his mining claims. It twisted into sharp turns as it wound around massive pines and huge boulders.
For more than 40 years, iron ore prices have been decided by private negotiations conducted between the largest of the iron miners and the largest steel producers. These two sides dominate both the spot and contract iron ore markets.
During the past decade, silver has been in a pronounced bull market, which many analysts attribute to its unique attractions as both a monetary and industrial metal. One Canadian junior miner, SilverCrest Mines Inc., is working actively to take advantage of silver’s favorable performance by steadily expanding production at its flagship Santa Elena Mine...
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The Bawl Mill • ICMJ Elected Prospecting Magazine of 2002 • Mining Investment—Or Fraud? • Gold in Suriname • Golden Age of Gold Dredges • Prospecting With Limited Equipment • Looking Back • Beryllium in Utah • Company Notes • Picks & Pans: The Gold of "Eldorado Canyon"—Mariposa County, California • Fire Agate in Arizona • The Canton Lead • NAS Agrees to Review Superfund Science • Tight Budgets Force Forest Service to Cut Back • Mining Stock Quotes and Mineral & Metal Prices