RAMPAGE
7 years ago
Its incredible how much people will pay for Gold just because it is from Wales. Gold from everywhere else on the planet is set by the spot price which at this very moment is 967 pounds per Oz.

Whoever bought that gold paid more than £10k for 0.5oz which is over 20 times the normal gold spot price. I would consider that an act of lunacy if it wasn't for the fact that the consumer really will pay way more for jewellery containing several molecules of Welsh gold.

I know little of mining Welsh Gold, there are people on here who are real Welsh Gold Miners. But if Welsh Gold can trade at 20 times the gold spot price, makes you wonder on whether non-viable mines could be considered viable once more?

Heck, at 20 grand an ounce, gotta be worth thinking about. Although it only has a local market, nobody overseas is likely to want to pay such a huge premium.

Gold is in good demand at the moment though, the Chinese and Indians are massive buyers, so is the Russian Government. With economic uncertainty at the moment, many private investors with diverse portfolios are taking in Bullion as a safe haven.
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danswift
7 years ago
day shift at Gwynfynydd would yield that much, it's everywhere :lol:
John Mason
7 years ago
Indeed - this is the highest price I've seen for the raw material. However, speculation is useless until the buyer identifies themselves.

The mines have potential for sure but it is necessary to weigh that up against a) the pockety nature of the gold deposits and b) the overheads of running a metal mine within a National Park. A lot of the Irish and Scottish Highland deposits have much better grade-continuity and that's what the bigger companies, at least, prefer: they can drill for grade and get some idea of the total in advance.

John Lawson
7 years ago
As you are probably aware, the owners of the Tyndrum gold mine, processed some of the ore in the tips, and the extracted
was sold at a much higher price than bullion, simply because it was Scottish.
No doubt if Dalradian gets its way, some of its output will be sold at a premium simply because it is Irish.
John Mason
7 years ago
In a sense Simon Hughes and I were among the Dalradian pioneers in this respect as we sunk an open stope on one of the Calliachar Burn veins over about 5 weeks in the autumn of 1990, managing to reach some 5.5 metres below rock-head before the continual rain/snow started making life difficult as the winter came in. We only used hand-tools in order to be selective, taking out slices of the vein then jack-hammering enough footwall out in order to have working space for the next slice. 6.5 tonnes @ 157 g/t Au was the take, trucked down to South Crofty for cyanidation and refining before being sold by Edinburgh jewellers. Had the gold all been free-milling, the overheads would have been a lot less, but these high-sulphidation ores with lots of 10-20 micron gold are never fun to play with!

It was an interesting few weeks, one of the enduring memories being sat around the fire (old bits of core-box in a big galvanised bucket, encouraged by compressed air fed in via a conveniently-punched hole) after finishing for the day, with night gathering fast and stags roaring in the darkness, no more than a hundred metres away or so. They got used to us being there every day and would often approach quite closely.

Was this Scotland's first producing hard-rock gold mine?? The answer to that, I still think, will never be known! The sands of time conceal many things.
Graigfawr
7 years ago
Pioneers indeed! What with snow and stags (almost moose...), almost an Alaskan experience!

Were you working for yourselves, or as contractors?

1.02kgs = 32.8 troy ozs; at $386.2* = $12,667.4; at $1.784 to £1.00** = £7,100. Deduct say 50% for Crown licence fee, transport, processing and refining = £3,550. Add say 100% premium because it was Scottish gold = £7,100. Divide by 10 = £710 per week for each of you before overheads, tax, etc. Not an earth-shattering earning compared to many mining jobs - but a unique experience.

http://onlygold.com/m/Prices/Prices200Years.asp 
https://www.ofx.com/en-gb/forex-news/historical-exchange-rates/yearly-average-rates 
John Mason
7 years ago
This was for Colby Resources, AKA Colby Gold plc. One of many companies active in Scotland in the 1980s.
Graigfawr
7 years ago
Thanks for the additional information.
John Mason
7 years ago
Not anything like as lucrative as the maths would suggest, but still an experience for us both to treasure! The downside was the truck hire company giving us a wagon that should have been capable of carrying the 6.5 tonnes to Crofty legally (as specified), but there was a cock-up, involving me getting busted by an especially stroppy bike-cop for driving an overweight lorry (by half a ton), on the M5 in Devon. Crazily it went all the way to court, given the circumstances. I received an Absolute Discharge after a guilty plea. Complete waste of time/public money etc etc. The rest was a doddle....
GHDONAGHY
6 years ago
Hey John,

I live locally to Urlar and recently persuaded an exploration company to take the ground which I am now heading up, though not my main target it was be great to chat about the deposit there. we tested some float and got grades but are focused on some other discoveries nearby for now...

Cheers,

Gregor
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