WWIII and Gold Mining

Rail Dawg

Sr. Member
Oct 11, 2015
491
885
Northern Nevada
Detector(s) used
MineLab GPZ 7000
Garrett ATX Pro
Primary Interest:
Prospecting
Checking in from Rye Patch, NV. Still here full-time. Beautiful mining camp.

Clay thanks for all you do for us. Without you I would not be up here right now. Your knowledge passed on to me got me in the door. Thank you.

When WWIII starts and it will soon will gold mining be outlawed?

I say bring it on. Try shutting us down.

Chuck
 
Upvote 5

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Checking in from Rye Patch, NV. Still here full-time. Beautiful mining camp.

Clay thanks for all you do for us. Without you I would not be up here right now. Your knowledge passed on to me got me in the door. Thank you.

When WWIII starts and it will soon will gold mining be outlawed?

I say bring it on. Try shutting us down.

Chuck
There will always be "Trading of commodity's" such as metals etc.. History has shown this even if there is "Executive orders". The trading will still take place.

Hopefully there will not be a WWIII coming. Just saying.
 

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
The U.S.A has tremendous reserves of oil and gas this could help to prevent a big war.
 

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Well at least this topic gets us all to stop thinking about Covid - 19 right?

Maybe gets everyone to stop thinking about inflation, gas going up and other issues right?

.........lol.
 

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Yep everyone will be cheering when the gas goes to $8 - 9.00 per gallon levels........lol.
 

Louie D

Sr. Member
Nov 16, 2018
404
677
The Motor City
Primary Interest:
All Treasure Hunting
Any kind of logic will do. After all we are all in this together.......lol.

Maybe they will lump it together with other rare earths just my guess. It must all go to the war efforts type of platform logic.
When you can offer any coherent rebuttal please let me know.
 

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Maybe it is because to many are investing in these types of metals and this is hurting the market. Go figure.
 
OP
Rail Dawg

Rail Dawg

Sr. Member
Oct 11, 2015
491
885
Northern Nevada
Detector(s) used
MineLab GPZ 7000
Garrett ATX Pro
Primary Interest:
Prospecting
  • Thread Starter
  • Thread starter
  • #13
Gold ownership was made illegal by FDR in 1933.

There are several gold mines around us that were closed because of WWII.

Chuck
 

Clay Diggins

Silver Member
Nov 14, 2010
4,372
12,953
The Great Southwest
Primary Interest:
Prospecting
Gold was never made illegal. There was a restriction on how much gold coin or bullion the common man could own at any given time - a little less than 4 ounces per person ( about two months wages in 1933). With an average family size of 4 people at the time that represented 8 months of income.

Banks were prohibited from owning gold or trading in it.

There was never a limit on how much natural gold you could mine and own but if you wanted to legally sell it you had to sell to the Feds at their bogus incredibly low gold price.

Contracts specifying payment in a certain amount of gold had to be settled in paper notes or silver. These "gold clause" contracts were standard practice until 1933. They were a perfect way to protect from inflation or bank runs. The voiding of the gold clause caused most of the damage from the gold restrictions. It wasn't until 44 years later in 1977 that holders of contracts with gold clauses could collect the gold due to them.

I doubt many families in 1933 had 8 months wages in gold coin. I doubt many families today keep 8 months of wages in gold coin. In other words the gold restrictions didn't have any direct effect on the average citizen but the knock on effect of all those broken contracts assured that the U.S. wouldn't fully recover from the depression until 1958.

Gold mines were not closed by law but they could only process 100 tons of ore per month. Not a bad deal for a small miner with a rich deposit but the 100 ton limit put all the big gold mines out of business.
 
Last edited:

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Gold was never made illegal. There was a restriction on how much gold coin or bullion the common man could own at any given time - a little less than 4 ounces per person ( about two months wages in 1933). With an average family size of 4 people at the time that represented 8 months of income.

Banks were prohibited from owning gold or trading in it.

There was never a limit on how much natural gold you could mine and own but if you wanted to legally sell it you had to sell to the Feds at their bogus incredibly low gold price.

Contracts specifying payment in a certain amount of gold had to be settled in paper notes or silver. These "gold clause" contracts were standard practice until 1933. They were a perfect way to protect from inflation or bank runs. The voiding of the gold clause caused most of the damage from the gold restrictions. It wasn't until 44 years later in 1977 that holders of contracts with gold clauses could collect the gold due to them.

I doubt many families in 1933 had 8 months wages in gold coin. I doubt many families today keep 8 months of wages in gold coin. In other words the gold restrictions didn't have any direct effect on the average citizen but the knock on effect of all those broken contracts assured that the U.S. wouldn't fully recover from the depression until 1958.

Gold mines were not closed by law but they could only process 200 tons of ore per year. Not a bad deal for a small miner with a rich deposit but the 200 ton limit put all the big gold mines out of business.
Anyone care to point out the authority for the "200 tons ore production" limits?
Where there not even a few law suits about this?

Lets see London England was taking in gold and silver by the "Banks" during this period. So did the "Banks" in question just hold "Paper certificates" or "Bank Notes"?
What was the authority for this?

What about standing contracts at the time spelling out what the payment is to be made with? Do you think a standing contract can be violated?

Something to think about.
 
Last edited:

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Strategic metals, also known as critical metals, technology metals, or minor metals, are elements that are necessary for technological and industrial processes, but are in short supply and have no known alternatives.May 27, 2014
 

Assembler

Bronze Member
May 10, 2017
2,359
871
Detector(s) used
Whites, Fisher, Garrett, and Falcon.
Primary Interest:
Prospecting
Is gold considered a critical metal?
FDR may have not considered it to be?

Just don't really know if it is considered to be or not.
The military is not clearly saying it is unless I'm wrong here.
 

Top Member Reactions

Users who are viewing this thread

Latest Discussions

Top