Plan to sell gold reserves worries some

[NVMojo]

I live in one of these rural gold mining towns, 80% of these overpaid goldminers voted RED for Bush! Most are barely high school educated, pulling in $64,000 average a year. Yep, go ahead and cry, Mr. Reid. You didn't help John Kerry much in NV Gold Country, but you got the RED vote! And those big fat international mines you hug, well, what do they really do beside temporarily employ folks in mining and they end up feeling your dad did in Searchlight when the work leaves.

June 11, 2005

British proposals to sell International Monetary Fund gold reserves to help poor countries is raising concerns among U.S. and Nevada officials.

Even though Nevada is nicknamed the Silver State, gold is much more important to the state's economy than silver.

Nevada, the nation's largest gold producer, turned out 6.9 million ounces of the yellow metal with a value of $2.8 billion last year.

The gold mining industry employs about 10,000 Nevadans, paying average yearly wages of $63,400. Suppliers and other businesses that serve the gold mining industry bring the industry's total employment to 45,000, John Dobra, director of the Natural Resource Industry Institute at the University of Nevada, Reno, said.

While small compared to employment in Las Vegas, "Mining is a very big employer in rural Nevada," he said.

http://www.reviewjournal.com/lvrj_home/2005/Jun-11-Sat-2005/news/26703989.html

[Chicago Democrat]

1. Nevada Gold Mining : A legacy of giant pits of cyanide leak into water

Yummy Cyanide!



Lovely pits of Cyanide pools surrounded by dead Cayotes and Deer and Squirrels etc that drank from the pools and died 20 feet away.

[NVMojo]

2. dude, it ain't leaking into surface water. It's leaking into underground

water tables/basins. The same water Reid is helping his family and friends in Las Vegas grab from Rural Nevada!

[formercia]

3. Don't drink the Koolaid

Cyanide poisoning is not cumulative, so, you might as well have some lemonade.

[rodeodance]

4. why are ppl worried about selling gold reserves? I do not get it. Help

please.

[cornermouse]

5. I think its because our dollar is based on the gold reserves, but

I could be wrong. This is an area where I have less interest.

[slor]

7. We have petrodollars...

Nixon de-linked from gold, I believe, in the early 70s. But I am not an expert on anything financial, as anyone that knows me, can attest to.

[cornermouse]

8. Yeah. My budget I can handle.

Start talking about the complicated financial strategies and I get lost fast.

[NVMojo]

6. some of it is demand related. If the IMF dumps gold on the market,

the high price the gold industry in Nevada, RED STATE, gets will drop. Supply/demand is part of it.

[DBoon]

15. or those portions that are red will suffer

The bluer Las Vegas metro area would not be hurt much.

Gambling is a much more stable source of income than gold these days.

(instead of the gold standard, shoudl we back our money with casino chips?)

[Chicago Democrat]

10. Bush is simply raiding ALL government assets.or .PILFERING

Real estate (Base closings)
Foreign Capital (Deficit)
Gold Reserves (Easy Cash)
Natural Reserves (LUmber, oil etc)

Its all one gigantic PILFERING

[formercia]

11. It makes the price go down due to increased supply in the market

Their profit is the difference between production cost and market price.

[K-W]

18. It will lower the price of gold hurting mining industries. eom

[Chicago Democrat]

9. Even better! Cyanide for everybody! Free!

Not too many things are free!

(cept bad things)

[sadiesworld]

12. Yeah!

Damn those selfish $64K per year workers! :eyes:

[newswolf56]

13. Thank you! I was just about to note...

...how the original poster's snide elitist attitude about "overpaid" miners is exactly what has driven so many blue-collar folk into (A) identifying with their oppressors and thence (B) into the Republican Party. It is this same attitude that has alienated so many Americans from the environmental movement.

And what would this poster pay miners? Minimum wage? Less? This for working at the most dangerous job in the world...

[leetrisck]

14. Agreed 100%

Those poorly educated smucks - sounds rather resentful to me.

[DBoon]

16. I agree

I have no problem with workers in demanding, dangerous occupations making good wages.

These guys aren't overpaid - the rest of the American workforce is underpaid.

[Joebert]

17. I wonder what the real reason is.

Being the cynical type, I wonder if this isn't meant to devalue the hell out of gold so it can be bought up cheaply.

It would certainly damage many countries that are gold producers and are meant to be helped by this measure. (as the article says)


Since gold always goes up big during unstable market times, I wonder if this isn't a prep plan for when the market goes wild. Say, if we bomb Iran, NK, or get into it with China.


Curious.

[Victimerican]

19. IF?

Sounds like I might want to invest in gold...

[Joebert]

20. I am already trying to figure out where I'd scrape up a few grand.

IF we were to, I don't know up the rhetoric so that it looked like in any given day, were were going to openly attack

- Iran
- North Korea
- Belarus
- Venezuela
- China
- Russia

Oh wait, they do that daily already.

[teryang]

21. Plans to sell gold are part of bolstering a faltering dollar

It creates the market psychology that the dollar is worth something if it holds it own against gold, when in fact the prices of commodities have been exploding as dollars and US debt hemorrhage all over the world. It's the end stage of a great sucker play.

[formercia]

22. Befoe long, all the dollar will be good for

is asswipe.

Use only new bills. You never know where used ones have been.