Gold in the DR - Page 2

Dre Broeders · #11 10-28-2009, 03:24 AM

Who know something about the goldmine in La MINA near Miches?

pedrochemical · #12 10-28-2009, 04:49 AM

Quote:

Originally Posted by ex-cuse

Tell me how that works. In the 90's i got pd. in gold oz's. I accepted them at a little more than mkt. 350$ I always sold them for more. Now i can get over 1k$us. for one. It has been sitting in my safe for almost 15 yrs.
Did i loose? The best $$$ vehicle i have ever run across was silver at 4-5$oz. now it is almost triple your money??? not to long ago...

It works like this.....
in the 80s gold was worth more than it is now if you take into account inflation - not even compounding interest gained on cash deposits over the same period.
If you put 350 shekels in the bank in the 80s you would have over 1000 now.

Regardless - beware the gold bubble.

TOOBER_SDQ · #13 10-28-2009, 06:12 AM

Quote:

Originally Posted by pedrochemical

Methinks that current gold prices reflect a developing bubble.
Interestingly though, gold is worth half of what it was some time in the '80's if you take inflation into account.

Well really, the value/ purchasing power of gold has remained unchanged. It is the puchasing power of the currency that has decreased. If a currency devalues, you need more of it to buy an ounce of gold.

If you had an ounce of gold and a time machine, and traveled back to 1970, you would be able to buy the same amount of oil (commodity example) with one ounce of gold as you would today.

It is gold that retains value, whereas FIAT currencies do not.

pedrochemical · #14 10-28-2009, 11:54 AM

Quote:

Originally Posted by TOOBER_SDQ

Well really, the value/ purchasing power of gold has remained unchanged. It is the puchasing power of the currency that has decreased. If a currency devalues, you need more of it to buy an ounce of gold.

If you had an ounce of gold and a time machine, and traveled back to 1970, you would be able to buy the same amount of oil (commodity example) with one ounce of gold as you would today.

It is gold that retains value, whereas FIAT currencies do not.

I got my info from the BBC website - usually they are correct about these things. But if you know better then bully(on) for you...

suarezn · #15 11-04-2009, 04:58 PM

Regardless of what the gold price is everyone in Cotui (well those of us who care) are just astonished at the "renegotiation" of the contract that just took place, by which the Dominican government basically just gave up any income they were supposed to receive from this gold mining enterprise for at least six years. An amendment was introduced to congress (don'k know by whom) and it was passed without any resistance from anyone except the deputy and senator from Cotui.

Listen to this...Barrick will give The DR any money only after they have recouped all of their investments (estimated at about 2700 million USD) and only after they are making at least 10% net profit. So in reality the government could in effect get Zero, nothing, zippo from this if Barrick turns out to not have at least a 10% net profit once they've recouped all of their investments. This is ridiculous beyond belief...

Imagine you own a huge pile of gold only it's buried and needs extracting. You may not have the equipment to extract it yourself, but I'm pretty sure nobody is going to say "Mr. extractor all of this gold is now yours and you can pay me something once you get every penny you spent to buy the equipment, train people, etc and then and only then you can give me some money if you so desire...". This makes me so angry because in this negotiation WE should have the power. WE are the ones with the nonrenewable resource (gold). We probably could have hired Barrick to extract this gold for us instead of just giving to them...

frank recktenwald · #16 11-04-2009, 05:08 PM

The DR will not get paid but I wouldn't be surprised if somebody already has been paid or will be in the future.

Quote:

Originally Posted by suarezn

Regardless of what the gold price is everyone in Cotui (well those of us who care) are just astonished at the "renegotiation" of the contract that just took place, by which the Dominican government basically just gave up any income they were supposed to receive from this gold mining enterprise for at least six years. An amendment was introduced to congress (don'k know by whom) and it was passed without any resistance from anyone except the deputy and senator from Cotui.

Listen to this...Barrick will give The DR any money only after they have recouped all of their investments (estimated at about 2700 million USD) and only after they are making at least 10% net profit. So in reality the government could in effect get Zero, nothing, zippo from this if Barrick turns out to not have at least a 10% net profit once they've recouped all of their investments. This is ridiculous beyond belief...

Imagine you own a huge pile of gold only it's buried and needs extracting. You may not have the equipment to extract it yourself, but I'm pretty sure nobody is going to say "Mr. extractor all of this gold is now yours and you can pay me something once you get every penny you spent to buy the equipment, train people, etc and then and only then you can give me some money if you so desire...". This makes me so angry because in this negotiation WE should have the power. WE are the ones with the nonrenewable resource (gold). We probably could have hired Barrick to extract this gold for us instead of just giving to them...

Hillbilly · #17 11-04-2009, 05:26 PM

So much for negotiations and the Desarrollo of Sanchez Ramirez Province....

Bonao did so much better. It is a shame that there was not, apparently any time to get the people together to protest this violently. Perhaps something can be done before "Lord Leonel" puts his signature on the thing../????

Good luck..

HB

suarezn · #18 11-04-2009, 05:57 PM

I've put in a request to Nuria to do a piece on this. I doubt if she will though given the stuff that's going on right now with death of her friend Micky Breton and the beating and subsequent shooting up of the house of Franklin Guerrero (who works for her) for taking pictures of the largest drug distributor in Santo Domingo who got arrested this week. La República - Franklin Guerrero: ?La meta de los narcotraficantes es conseguir el silencio?

I'm sure these will be topic number one on her next program.

Hillbilly · #19 11-07-2009, 02:33 PM

More fuel for the fire: I was told this morning that the lobbyist for Barrick is none other than Hans Hertel the former ambassador that seems to be all over the place these days. It was mentioned that Hans got back Amable Arity's visa for a cool 200 large....no substance, but lots of traction in Santo Domingo circles...

HB

dms3611 · #20 11-07-2009, 11:02 PM

"Imagine you own a huge pile of gold only it's buried and needs extracting. You may not have the equipment to extract it yourself, but I'm pretty sure nobody is going to say "Mr. extractor all of this gold is now yours and you can pay me something once you get every penny you spent to buy the equipment, train people, etc and then and only then you can give me some money if you so desire...". This makes me so angry because in this negotiation WE should have the power. WE are the ones with the nonrenewable resource (gold). We probably could have hired Barrick to extract this gold for us instead of just giving to them..."

Imagine an existing ecological nightmare that would NEVER be cleaned up in any significant way unless the Dominican government got someone to buy into a SERIOUS "clean up" as well as to deal with extracting their gold from sulphide tailings.....this is not general unsophisticated hard rock gold processing as it was when the mine was first established so long ago......