5 year chart of gold price means new gold rush possible

This chart of prices from MarketWatch means that there are ore deposits out there that are now economic to mine.  Here’s a link to one project where an old closed mine in Canada is being prepped for reopening after roughly 50 years.

Here’s another example:  Kershaw, South Carolina Mine Sparks Mini-Gold Rush To The Southeast

“A Canadian mining company and a tiny South Carolina town are leading what could be a modern gold rush to the southeastern United States. Romarco Minerals Inc. reopened the historic Haile Gold Mine near Kershaw, S.C., this year and expects to pour its first gold bar there in early 2014, Chief Executive Diane Garrett told Reuters this week.

Based on the proven gold reserves found in samples, the Toronto company estimates it has 3.1 million ounces of gold at Haile. The mine will produce an average of 150,000 ounces of gold a year for five years, according to its website.

“It sits on one of the most significant trends of gold in the United States,” Garrett said. “A lot of people had forgotten just how significant the gold production was in this area.”

Romarco’s success at finding the gold left at Haile has sparked renewed industry interest in the southeastern United States.”

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1 Comment »

  1. Gold Rate said

    Yeah, this is even more important in silver as there are a lot of abandonded silver mines that were not economical at $5 an ounce and now would be lucrative at $30 or more. Most silver is still byproducts mining.

    There are some small gold mines that will now open. But for the last few yeas most miners have been mining their low grade ore. Recently Agnico Eagle had to shut a big mine down due to safety. That mine was producing 500k ounces a year.

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