ANALYSIS, COMMENTS, THOUGHTS, AND OTHER OBSERVATIONS IN DR. SKOSPLES' NATIONAL INCOME AND BUSINESS CYCLES COURSE AT OHIO WESLEYAN UNIVERSITY
Wednesday, September 15, 2010
Gold Rush Back Again in the Western US?
A prime example of the effects of our economy, a small construction business owner named John Brewer who lost his job as a result of our sour economy, found income through one of the oldest pastimes of the "Old West." Prospecting for gold. Through everything with our economy, gold (XAU=X 1268.65 -0.13%) has steadily rose in price and has kept a very high value and shows no signs of falling. At 1268.65, an ounce of gold is quite a "pretty penny" in the eyes of those struggling to keep their small businesses up on their feet, or their own lives stable. Though incredibly old-fashioned, prospecting has become a simple way to make a quick buck as it is rarely government-regulated outside designated mines and areas. This gives people a unique opportunity to gamble time away from their businesses and work that they may have lost to do what built up wealth in the West, searching for gold. When asked the prospectors find their gold, the only response that anyone could get from someone who knows what their doing is, "That's like asking an angler where his secret fishing spot is."
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No matter how bad things are it seems anyone is willing to trade for gold. Now, when talking in economic terms, it doesn't seem to do much for the economy. While in the midst of a major economic struggle people are opting to gamble away their time mining for gold. Some turn up with lots and may make a few dollars on the side, though its not quite enough to be sustainable.
ReplyDeleteNever-the-less if you have some gold, now is a wonderful time to sell because you will earn a pretty penny.