A Gold Rush Like No Other: Daring Heist Shocks N.J. Museum Owners

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Up To $1 Million Worth Of Crystallized Nuggets Stolen During Business Hours
OGDENSBURG, N.J. February 22, 2013

 You could call it a gold rush in the Garden State – but for thieves. Gold nuggets worth nearly $1 million were stolen from a mineral museum, CBS 2’s John Slattery reported.

On the site of a zinc mine dating back to the 1700s is the Sterling Hill Mining Museum, where crystallized gold and nuggets, 20 of them, were stolen while the museum was open. They were large specimens, from all over the world.

“The large nugget is from the Dominican Republic: a 16-ounce nugget,” said Richard Hauck, who assembled the collection.

Hauck said he put it all together 40 years ago at a cost of $400,000. He said today it would be valued at $750,000. The gold was displayed inside an antique safe behind sheets of heavy Plexiglas…>>MORE>(CBSNewYork)

Drone start-ups woo stretched miners for survey work

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ALLISON MARTELL Globe&Mail/ReutersGold Mining Drones
Thursday, 3/07/2013

An unmanned miniature helicopter and something that looks like a small flying barbecue are among the gadgets turning the mining sector into an emerging frontier in the commercial use of drones, and at a fraction of the costs of piloted craft.

Aero experts and mapping geeks pitch remotely controlled aircraft as a cheaper and safer way to map deposit sites and even explore for minerals than traditional methods.

“They are really safe, easy to use, lightweight. You can put them in a small bag and take them everywhere,” said Olivier Kung, co-founder of Switzerland’s Pix4D, which makes software to convert photographs from the smallest drones into usable data…>>MORE>(Globe & Mail.com)

Gold Could Be The Next Libor Scandal

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The Libor scandal is so 2012 you guys, so so boring, but thank goodness we have a brand new market-rigging scandal to enjoy now, one that will entertainingly interest the hyper-paranoid: Yes, the next Libor scandal is in gold.

Believe it or not, the global benchmark prices for gold and silver, the “London spot” prices, are not set by such old-timey folderol as “trading,” but by a small cabal of European banks that get together twice a day and decide what they think the price of gold and silver should be.

If that sounds familiar to you, then you win the prize for staying awake through all of last year’s tedious stories about the Libor scandal. The gold-pricing process is in fact akin to the process of setting the London Interbank Offered Rate, or Libor, a key short-term interest rate. In that case, a slightly larger group of banks sets Libor each day by self-reporting their borrowing costs, and it turns out they had constantly manipulated it for years and years…>>MORE>>(Huffingtonpost)

Gold: A Major Move Coming

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Technical indicators are suggesting that a major move in gold is coming. First, the weekly chart of gold futures (see Figure 1) shows that the gold price is near the bottom of a well-defined range of $1550-1800. Thus, a break below the major support level is likely to produce heavily selling – a major move to the downside. Likely, if the support level of $1550 holds, the next move is likely to be sharply to the upside, back to the resistance level of $1800.

The daily chart of gold futures (see Figure 2) shows the behavior of gold price near the key support level, which could give some insights about the direction of the next move. Gold sold off in February as the $1640 support level was broken, which led the price to drop to the major support level of $1560. Next,…>>MORE>>(Seeking Alpha)

The Uptrend in Gold Is Broken, Next Stop Could Be $1000: Don Hays

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Gold is getting a second look in many circles, which is probably no surprise considering the recent rebound in the dollar, the record run of stocks, and the never ending saga of sequesters and threatened service cuts emanating from Washington. This after the precious metal is in the throes of an 18-month sell-off from its all-time high of $1900 in the fall of 2011.

While many have argued that gold has finally found support at $1500, Don Hays, the founder and president of Hays Advisory in Nashville, is not one of them…

…”It’s hard to imagine, but I can’t see gold selling for much more than $1000 an ounce,” this one-time NASA engineer predicts. “Not immediately, but in the next two to three years .” >>MORE>>Yahoo.com

President McKinley signs Gold Standard Act, March 14, 1900

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President McKinley signs Gold Standard Act, March 14, 1900  ANDREW GLASS 3/14/13 Politico.com

On this day in 1900, President William McKinley signed the Gold Standard Act, which established gold as the sole basis for redeeming paper currency. The act halted the practice of bimetallism, which had allowed silver to also serve as a monetary standard. It set the value of gold at $20.67 an ounce and valued the dollar at 25.8 grains of gold.

In the run-up to passage of the act, the nation went through a decades-long epic political battle over the relative value of gold and silver — a battle that tested whether one of those precious metals should be preferred over the other in the U.S. monetary system. Introduction of paper currency during the Civil War had complicated this debate because it promised to redeem the money in either gold or silver upon demand…>MORE> (Politico.com)