Gold Prospecting and Mining

Scrap Gold Business Model

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The Gulag As The Supplier Of Penal Labor

By the Gulag's own operations (the Third Department), and by the prisoners contracted out to civilian enterprises. For the early 1950s, of the 2.5 million prisoners, between 1 and 1.3 million worked in the Gulag's Third Department, between a quarter and a half million were hired out, and the rest worked mainly in forestry, railroad construction, military production, hydroelectric power, and Far North construction. The Third Department was the largest economic subdivision of the Gulag, accounting for more than one-third of all prison labor for more than a decade. Besides gold mining, the Third Department included several old Gulag camps, most of the Special Camps founded in 1948, and all general places of confine-

The wider impact on growth and development

Barro (1974 1981) has analysed the effects of government spending in a closed economy, and the model has been applied to the United States during the major wars ofthe nineteenth and twentieth centuries by Evans (1985). Ahmed (1986) adapts Barro's model to the open economy case and provides an econometric application to the United Kingdom in the twentieth century. There are four key aspects to the model. First, there is a temporary increase in government spending to fight a war. Although this displaces some private spending, the 'direct crowding-out' effect is less than proportional, since 'guns' are not a good substitute for 'butter' and people want to go on consuming butter. Hence the level of aggregate demand increases. Second, there is an increase in aggregate supply, as real wages increase to bring forth the required extra labour. In a way, a war acts a bit like a 'gold rush', creating a temporary boom. Third, if the increase in aggregate demand exceeds the increase in aggregate...

Increases in investment risk for each entrepreneur translate into increases in aggregate risk

I assume that adding a sequence of risky projects does not lead to a riskless total package. Increases in individual risk will translate into increases in aggregate risk, unless the new investments create as many new countercyclical assets (e.g., gold mines) as cyclical assets. In this unusual case, each individual might take on more risk but the economy as a whole would not be riskier or more volatile. Under the normal case, however, the riskiness of the economy will rise with the riskiness of its component parts.

Brief History Of Hedge Funds

Jones style did not take positions in the physical commodity markets, either long or short. So they did not own oil, gold, or other physical assets whose prices were moving relentlessly upward. But they could own stock in commodity-oriented companies gold mining companies, oil companies, and so forth. And, of course, they could take short positions in companies that were being victimized by rising inflation and interest rates. So even a fund like the Jones fund had the potential to perform well during the 1970s.

Historical perspective

In 1963, with few nuclear power plants operating, the price of uranium collapsed when the U.S. Government stopping buying uranium. The U.S. Government had underestimated the strength of the Commercial Market. The famous so called uranium cartel started it's operations as the Uranium Institute as producers tried to continue operations by distributing a limited market demand. Most of the producers at this time were funded or subsidized by Governments or were subsidiaries of large mining companies, mining gold or other minerals or were oil companies. These companies included Homestake a U.S. gold mining publically traded company, Anaconda, a publically traded copper mining company, Union Carbide, a chemical company formerly producing vanadium in the Colorado Plateau and Continental Oil Company, Kerr-McGee, Getty Oil and Gulf Oil, publically traded oil companies, and as government subsidized companies, Rio Algom and the U.S. Government owned Tennessee Valley Authority. Some small private...

Coercion versus Motivation

By directly linking Gulag wages to the civilian economy, inmate wages followed the principles of wage differentiation in the economy at large. These principles included the use of piece rates and bonuses to motivate the fulfillment of production norms higher pay in such high-priority branches as coal, gold mining, and metallurgy higher wages for qualified and skilled workers and higher wages for workers in production as against secondary and auxiliary pro-

Magadan and the Economic History of Dalstroi in the 1930s 107

Over the years, the Soviet economy benefited enormously from Dalstroi's prison operations. While the productivity of forced labor proved low, the state trust achieved output figures that pleased Stalin and boosted the anemic hard currency reserves of the USSR. Considering the value of gold, the large quantities mined by Dalstroi in the mid-1930s became a financial boon to Moscow and paid to a certain extent the investment costs of the regional camps. For that matter, the state trust produced economic returns far above projected values. Economic achievement came as no small feat, however, since prison bosses often had to wrestle with equipment deficits as well as with incompetent, incapacitated, and emaciated prisoners. Such was certainly the case during the tenure of the first Dalstroi director, E. P. Berzin. But excavation figures for gold nonetheless more than doubled each year from 1932 to 1936, causing official displays of admiration and praise from the Kremlin and a further...

Magadan and the Economic History of Dalstroi in the 1930s 111

As the following in 1936 We congratulate the workers and leadership of the trust Dalstroi upon fulfillment of the program for gold-mining, and send Bolshevik greetings.14 Berzin had received the highest state honor in the preceding year when the Soviet government awarded him an Order of Lenin in the Kremlin for outstanding service in surpassing target figures for gold production, an accolade also awarded to his leading deputies, Z. A. Almazov and A. N. Pemov.15 Several other subordinates concurrently won citations, all of which were highlighted nationally on the front page of Pravda. The most intriguing citations went to a handful of Dalstroi prisoners, who received early release (dosrochnoe osvobozhdenie) for their part in achieving the lionized results. From the standpoint of central authorities, the future appeared bright with promise for these regional officials at the vanguard of socialist labor.16

Hi-tech Printing Company Invents A New Process That Sharply Reduces The Cost Of Printing Books. What Happens To Hi-tech

Assume that the gold-mining industry is competitive. a. Illustrate a long-run equilibrium using diagrams for the gold market and for a representative gold mine. b. Suppose that an increase in jewelry demand induces a surge in the demand for gold. Using your diagrams, show what happens in the short run to the gold market and to each existing gold mine.

Magadan and the Economic History of Dalstroi in the 1930s 115

The greatest index for the drop of productivity in the Magadan region at this time can be seen in Gulag inmate totals and gold-mining statistics. Though Berzin had produced exponential returns for gold in a ratio which exceeded the gradual inflow of prisoners, Pavlov presided over a contraction of output despite the greater number of inmates at his disposal. In 1936, 62,703 inmates mined 33,360 kilograms of chemically pure gold. Fewer than 2 inmates on average were thus required for producing one kilogram of gold. In 1939,163,475 inmates mined 66,314 kilograms of pure gold. At this time, the regional Gulag required 2.5 inmates for yielding one

Towards the Just Society

I was born and grew up in a social system that was not unique but different only, I believe, in that the interchanges between any particular society or national sovereignty and its environment constrain its social evolution. In the last quarter of the last century the discovery of the world's richest diamond mines and gold fields in the South African veldt opened up to entrepreneurship the transformation of stagnating self-sufficiency into uninhibited capitalistic pursuit of profit. Led by perhaps the nineteenth century's most soaring entrepreneurial dreamer and action man, Cecil John Rhodes, a typical but remarkable group of immigrant 'new-men' revolutionized the society of trekking white pastoralists and black tribesmen. Bringing together capital from the City of London, scarce mining skills from worked out Cornish tin mines and aborted Califomian and Australian gold-rushes, and mass physical energy from nomadic Africa, financiers of integrity more questionable than questioned...

The First Colour Bar

That same year a young Englishman from Suffolk, W. H. Andrews, a fitter by trade, joined the labour union movement. He was destined to become one of the chief leaders of the extreme Leftist or Marxist wing. Superficially, he gave the impression of being a typical industrial unionist, but in 1915 he broke with the Labour Party and formed the International Socialist League (a sort of South African ILP) and a few years later he became the first Secretary of the Communist Party in South Africa. He was concerned in several of the more violent strikes and is known to have taken part in a strike (which was ruthlessly crushed by Kruger) on the Randfontein gold mines in 1897. He remained active in aggressive unionism until the state took over from the labour unions the task of protecting white privilege. 'In the case of the gold mines, of course, the effect has been to reduce payable output without affecting the price.

David Humes specie flow mechanism

These two rules mean that the domestic money supply is determined by the balance of payments (and by the gold-mining industry). A payments surplus causes an inflow of gold and a parallel increase in the stock of base money. A deficit causes gold to flow out, and the money supply must fall proportionally. This is analogous to the monetarist world described in the previous chapter, except that sterilization cannot occur. The money supply must be allowed to fall when a country has a payments deficit and to rise in the case of a surplus. The pre-1914 gold standard has the additional disadvantage of being subject to shocks from the gold-mining industry. When major ore discoveries are made, the government or central bank is required to purchase gold and issue new money, resulting in inflation. Spain

Own Rates Of Interest

Immediately after the appearance of the General Theory there was a fascination about Chap. 17, due partly no doubt to its obscurity. Digging in this area, however, soon ceased after it was found that the chapter contained no gold mines. In general, not much would have been lost had it never been written. . . . Keynes's discussion in Sec. I., Chap. 17, is confused and of no real importance.1

Capital losses and other undesirable effects of a devaluation

Thailand in 1997-9 and Argentina more recently are particularly unpleasant examples of this problem. Thai commercial banks, unwisely believing the government's promise to defend the parity for the baht, and attracted by wide spreads between the high interest rates to be earned on local baht loans and the low yields at which yen could be borrowed, brought in massive deposits and other loans denominated in yen. These funds were converted into baht, without forward cover back into yen, which were loaned out locally at spreads of 6 to 8 percentage points. It looked like a gold mine, and would have been if the exchange rate for the baht could have been maintained. When the debt crisis of 1997 forced a large devaluation of the baht, however, many of these commercial banks became insolvent, producing a sharp reduction in the availability of credit across the economy and worsening the recession which followed.

The Government and the Currency

Also pieces of gold (often in coins) and spent them as money. Anyone could redeem currency for the appropriate quantity of physical gold. Governments were thus constrained in their creation of additional units of paper money because they could always be redeemed for gold and thus drain the gold reserves of the Treasury.

The war boom in historical perspective

As we look backwards in time, the first peacetime expansion to match or exceed the length of the World War I expansion was the gold-rush expansion from 1848 to 1853.4 Table 10.1 provides a comparison between the three expansions. Although estimates vary, it is possible, moreover, as shown in the second line of table 10.1, that the magnitudes of the expansions were also similar. The similarity between the booms was more than accidental. Both the gold-rush expansion and the expansion during the period of US neutrality in World War I were propelled by a rapid gold-backed expansion of the stock of money. In one case the gold was being panned from the streams and dug from the mountains of California in the other the gold was coming from Europeans to pay for food and arms. But in both cases the result was inflation, real income growth, and a long boom.5 Once the United States entered World War I, the basis of monetary expansion shifted from gold to fiat money, as the newly created Federal...

The Appeal of Mercantilism

How to get more money The growth of nations was predatory. Nations such as Spain and Portugal sent their emissaries to faraway lands to discover gold mines and to pile up as much of the precious metal as they could. No expedition or foreign war was too expensive when it came to their thirst for bullion. Other European countries, imitating the gold seekers, frequently imposed exchange controls, forbidding, under the threat of heavy penalties, the export of gold and silver.

Goals And Constraints Of The Competitive Firm

Small Time, like any business firm, strives to maximize profit. And, like any firm, it faces constraints. For example, it must use some given production technology to produce its output, and must pay some given prices for its inputs. As a result, Small Time firm faces a familiar cost constraint, just like Spotless Car Wash in Chapter 6 and Ned's Beds in Chapter 7, Small Time Gold Mines faces a total cost of production for any level of output it might want to produce. In addition to total cost, Small In addition to a cost constraint, Small Time Gold Mines faces a demand constraint, as does any firm. But there is something different about the demand constraint for a perfectly competitive firm like Small Time. The Demand Curve Facing a Perfectly Competitive Firm. Panel (b) of Figure 1 shows the demand curve facing Small Time Gold Mines. Notice the special shape of this curve It is horizontal, or infinitely price elastic. This tells us that no matter how much gold Small Time produces, it...

The Galore Creek Project

XovaGold Resources is a former gold exploration company that has recently been transforming itself into a gold producer. Its first independent development is the Galore Creek Project. It is also involved as a partner with Placer Dome in another project, and with Rio Tinto in a third. Galore Creek is expected to produce an average of 7650 kilograms of gold, 51 030 kilograms of silver, and 5 670 000 kilograms of copper over its first five years.

Opportunity Costs

Or consider the real-world example of the cost of opening a gold mine near Yellowstone National Park. The developer argues that the mine will have but a small cost because Yellowstone's revenues will hardly be affected. But an economist would answer that the dollar receipts are too narrow a measure of cost. We should ask whether the unique and precious qualities of Yellowstone might be degraded if a gold mine were to operate, with the accompanying noise, water and air pollution, and degradation of amenity value for visitors. While the dollar cost might be small, the opportunity cost in lost wilderness values might be large indeed.

Chinese Slavery

The facts about 'Chinese slavery' are, briefly, as follows. During the Boer War, the bulk of the Africans who, as we shall see, had provided the larger part of mining labour, ceased to trek to the mines for employment. The habit thus disturbed took a long time to restore.1 Under those conditions, resort to indentured labour was essential for the recovery of gold-mining (a recovery which was, incidentally, to the advantage of the whole South African economy, and especially of the poorest classes). Accordingly, 50,000 indentured Chinese labourers were recruited to overcome the serious shortage of African labour.

Commodity monies

Even demand-driven changes in the supply of a commodity money can set off the business cycles discussed in the previous chapter. Changes in the demand to hold base money will induce corresponding changes in gold mining activity. If the new gold enters the economy through the banking system (more on that point shortly), credit expansion will still increase and the real interest rate will still fall. Entrepreneurs will choose investments of greater risk, thereby causing economic cyclically to increase. Commodity monies do alter the applicability of cyclical theory. Increases in commodity money, unlike open market operations, do not always enter the economy through the banking system. Increases in the supply of monetary gold, for instance, typically enter the economy through the portfolios of gold miners and through the portfolios of individuals who convert non-monetary gold to monetary uses. To the extent that gold mine owners have marginal expenditure patterns fully representative of...

Annual MRP

Good news Gold has just been discovered in your backyard. Mining engineers tell you that you can expect to extract five pounds of gold per year forever. Gold is currently selling for 400 per ounce, and that price is not expected to change. If the interest rate is 5 percent per year, estimate the total value of your gold mine.

David Nordlander

In economic goals, Dalstroi exceeded nearly all quotas set by the Soviet government during the second Five-Year Plan (1933-37). Economic output more than rose in proportion to the equipment and human capital sent to Dalstroi. From the total of 32,304 prisoners for 1934, prisoner numbers rose again to 44,601 in 1935 and to 62,703 by the close of 1936.11 In relative terms, gold-mining statistics exceeded the influx of prisoners. Production returns in Magadan rose exponentially for each of the first several years of camp operations. From the extraction of 5,515 kilograms of chemically pure gold in 1934, Berzin more than doubled production to 14,458 kg in 1935 and twice as much again to 33,360 kg by the end of 1936.12 To place these statistics in a national context, the Soviet Union overall mined only 13,215 kg of gold in 1927 and 1928. Moreover, Dalstroi's production alone by the mid-1930s almost matched total tsarist gold-mining figures from the years before World War I.13 13. For...


Dalstroi (Far Northern Construction Trust), administration by, 11 construction by, 152 currency boost by, 107 exploitation by, 65, 106 financial incentives for, 108 formation of, 46, 105-6 gold mining by, 47, 106-8, 116, 117, 118 labor for, 108 Magadan and, 5, 106, 112, 191 reward commendation for, 111, 118 war threat for, 118 dekulakization, operation of, 61, 108 policy change under, 45 skills by, 113 Yezhovschina garden plots, 26 Gayevsky, A.A., 98-99, 103 Ginzburg, Evgenia, 189 gold mining, by Dalstroi, 47, 106-8 industrialization as result of, 108 Kolyma source for, ix, 46, 65, 107 output for, 115-16 Gorky, Maksim, ix, 151, 182 Gorky Theater, 124 Gosbank, 116,178-79 Gosplan USSR, 156, 174,193 government entities, Administration of White Sea-Baltic (Belomor) Canal, 156 Cultural Education Department, 181 Defense, People's Commissariat of, 50 Distribution of Labor, Committee for the, 30 Gulag, the (Main Administration of Camps) Heavy Industry, Ministry of, 130-31 Interior, Ministry...

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