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Gold

Page 27

by Matthew Hart


  Mozambique, 17

  Mponeng mine, 1–9, 12

  author’s descent into, 3–7

  ice required for, 7

  “seismic events” in, 3

  selection of miners for, 6–7

  size of, 1–2

  Mpumalanga province, 20

  Muddy Waters, 184

  Mundoro Mining Inc., 132–35

  Munk, Gabriel, 98

  Munk, Katharina, 98–99

  Munk, Nina, 100–101

  Munk, Peter, 97–106, 182–84

  background of, 97–100

  Barrick and, 99–100, 102–14

  at Clairtone, 100–101

  epiphany of, 101–2

  Goldstrike and, 106, 109–12

  gold trusts offered by, 103

  Southern Pacific Hotel Corporation and, 101

  Murderpedia.org, 173

  Muslims, 198, 200, 213

  Namibia, 17, 217

  Napoleon I, Emperor of France, 46

  Nathanson, Mark, 201–2

  Native Americans, 78, 79

  Nature, 119

  Nautilus Minerals, 228

  Navy, U.S., 71, 72

  Neolithic tomb, Varna, 22

  Netherlands, 49–50, 58, 64, 72

  Nevada, 78–93, 95–97

  Carlin Trend in, 75–76, 81, 83–86, 96, 97

  Goldstrike in, 106–7, 109–12

  silver in, 47–48, 79, 80

  Newmont Mining Corporation, 89, 92, 93, 95–96, 111

  in failure to buy Goldstrike, 109–10

  Goldstrike compared with, 107

  News from Tartary (Fleming), 141

  New York, N.Y., 51, 53, 54

  New Yorker, 90

  New York Stock Exchange, 219

  New York Times, 69, 70, 72, 73, 158, 184

  New Zealand, 119

  Niani, 199

  Niger River, 199

  Nixon, Richard, 57, 64–75

  Connally compared with, 66

  gold standard rejected by, 70–75

  inflation and, 64–65, 67, 68

  wage and price controls and, 67, 68, 71

  Nixon Shock, 74–75, 96

  North Africa, 188

  Nova Scotia, 101

  Noye, Kenneth, 173–74

  Observer (London), 72

  oil, oil companies, 101, 104, 105–6, 113, 217

  OKIMO, 219, 220

  Ontario, 103, 144, 222

  open-door policy, Chinese, 131, 135

  open markets, 62, 64, 69

  open-pit mining, 14, 132–33, 141–42

  “open to depth” deposit, 141

  Ophir, 201–2

  options, 102, 165

  Orapa diamond pipe, 209

  ore, 8, 13, 16, 95–96, 105

  fluxes, 91

  at Goldstrike, 109, 111

  invisible gold and, 84, 86, 88, 89, 91

  recovery and, 107–9, 137, 144, 213

  as rock, 12, 95, 107, 226

  Summitville operation and, 136

  use of term, 12

  ornaments, 29, 33, 193

  Osei Tutu I, 189–90

  Oyu Tolgoi, 137, 228

  Pachacuti Yupanqui, 28

  Pacific Ocean, 27, 28, 30, 101, 228

  Palmer, John (Goldfinger), 174

  Pamplona, Spain, bull running in, 224

  Pan African Resources, 20

  Panama City, 27

  P&O, 101

  Pang Min, 116–18, 122, 148–50

  panic, 96, 175, 176, 181

  paper money, 43–44, 46, 50, 59, 75, 166

  Paris, 50, 224

  Park, Mungo, 203

  Parliament, British, 45, 57

  Paul, Ron, 75

  Paulson, John, 2, 157, 158, 184–85

  Pawlitschek, Martin, 195–98, 204, 205, 207

  peace of mind, 181

  Perry, Brian, 173, 174

  Persian Gulf, 19

  Peru, 27–40, 42

  Asian voyagers to, 37

  Phillips, Larry, 203

  phyto-remediation, 119

  Pizarro, Francisco, 27, 29–40

  Pizarro, Hernando, 28, 32–33, 38, 39, 40

  Pizarro, Pedro, 33

  Placer Dome Inc., 129–30

  placer miners, placer mining, 79, 83, 145

  plants, gold prospecting and, 119

  Polela, McIntosh, 17–19, 21

  police, 9

  British, 173–74

  in China, 138, 139, 150

  South African, 10, 15–21

  Polo, Marco, 125

  Popovich Hill, 92–93

  Porter, Anna, 97, 98–99

  Portugal, 188, 189, 199

  pound, British, 44–45

  poverty, the poor, 8, 9, 17, 229

  power, 8–9, 16, 19, 61, 71

  of Mali Empire, 199

  Pretoria, 16

  price controls, 67, 68, 71

  price fixing, 64, 178

  prices:

  agricultural, 53

  commodity, 62, 97

  fluctation in, 102

  gold, see gold prices

  gold standard and, 53, 55

  inflation and, 64–65, 67, 68, 75

  oil, 101, 113

  silver, 45

  pricing floor, 162

  principal-to-principal basis, 154, 171

  privateers, 41–42

  prospecting, prospectors, 86–93, 95, 118–19

  from the air, 205

  in China, 118–19, 126–27, 145, 146–47

  Pugliese, Bill, 203

  “pump and dump” operations, 184

  pumps, 142, 212–13, 217–18

  put options, 165

  pyrite (fool’s gold), 208

  Qinghai province, 145, 146–47, 151

  quartz, 206, 208

  Quebec, 103–4

  Queen’s Remembrancer, 175

  Quick, Rod, 221

  Quito, 39

  Rademann, Randel, 3

  radiometrics, 205

  Randgold Resources, 204, 221–23, 225–26, 229

  record players, 100

  recovery of gold, 107–9, 137, 144, 148, 212–13

  Red Back Mining, 222–23

  Red Guards, 124, 126

  refining, 119, 146, 149

  reparations, 120

  Republicans, 66, 67

  Requirement, the, 34

  Reuters, 163, 184

  “risk-off,” 159

  roads:

  in Africa, 197, 206, 212

  in China, 131, 138, 144

  of Inca, 28, 30, 31, 36

  Roberts, Arleda, 83

  Roberts, Ralph Jackson, 77–87

  autobiography of, 81–83

  background of, 82–83

  in Geological Survey, 78–81

  at Gold Acres, 84, 89, 91

  theory developed by, 79–80, 81, 85, 86–87, 90–91

  Roberts Mountains, 82

  Roberts Mountains thrust, 83, 91–92

  Robinson, Brian, 172–74

  rock:

  Brisebois’s handling of, 208

  dating of, 205

  deep mining’s destabilization of, 3, 7

  gold’s penetration of, 85, 89

  of Kédougou-Kéniéba Inlier, 198

  limestone, 80–81, 83–87, 89

  magnetic material in, 205

  oceanic, 79–80, 81, 83, 84

  ore as, 12, 95, 107, 226

  pillars, 13

  quartz, 206, 208

  shale, 81, 86, 87

  rockbursts, 3

  rock stress, reduction of, 7

  Roman Empire, 119

  Romania, 196

  Roosevelt, Franklin D., 58–60, 71

  Rothschild family, 52, 53, 54

  Royal Mint, 175

  Ruminavi, 39

  Russia, 19, 71, 120, 162

  Rwanda, 217

  Sabodala gold mine, 196, 197, 204

  Sacsayhuaman, 28–29

  Sadiola, 202, 204

  Sahara, 190, 201
<
br />   Salt Lake City, Utah, 112

  San Fermin festival, 224

  San Francisco, Calif., 88, 201

  San Francisco Californian, 47

  Santa Monica, Calif., 158, 159

  Scandinavian countries, 49

  ScotiaMocatta, 169–70

  Scotland, 57

  Scotland Yard, 173, 174

  scrap market, 173, 174

  Seabrook, John, 90

  secrecy, 153, 156–57, 164–66, 168–71, 175–80, 185

  of Mali syndicate, 203, 204

  Securities and Exchange Commission (SEC), 155–56, 185

  security costs, 19, 20

  self-rescue, 3–4

  Senegal, 188–89, 195–99, 204–13

  liberalization of mining code in, 196, 204

  Seville, 8, 42, 153

  shale, 81, 86, 87

  Shandong province, 116–24, 140, 148–49

  Shanghai, 164

  shear zone, 84–85

  Sheba, Queen of, 215

  Sheep Creek, 110

  Shultz, George, 70

  silver, 39, 43, 46, 82, 167

  money, 44–45, 49–50

  in Nevada, 47–48, 79, 80

  ornaments, 33

  paper money backed by, 44

  plants and, 119

  price of, 45

  Sino-Forest Corporation, 184

  Six-Mile Canyon, 79

  slaves, 48–49, 188, 190, 200

  smelting, 173

  Smith, Sterling, 157

  smugglers, smuggling, 18–19, 121

  Société Générale, 169–70

  soft lock agreement, 222–23

  Solomon, King, 215

  Soninké people, 188–89

  Sonoma range, 78

  Soreto, 211–12

  Soros, George, 2, 157

  South Africa, 1–22

  China compared with, 115, 137

  empowerment in, 11

  gold mining in, 1–22, 102, 104

  illegal miners and theft in, 8–22

  threat to stability of, 9

  South Deep mine, 4, 21

  Southern Pacific Hotel Corporation, 101

  South Korea, 162

  Southwestern Resources Corp., 133

  Soviet Union, 201, 202, 203

  Sow, Djibril, 209–11

  Spain, Spaniards, 25–45, 49, 174, 176

  gold standard in, 50

  horses of, 25, 31, 32, 34–35, 36

  lack of money management in, 42–43

  in Mexico, 26–27, 30, 42, 45

  Nathanson’s map discovery in, 201

  in Nevada, 78–79

  in Peru, 27–40, 42

  technological advantage of, 25

  treasure ships of, 41–42, 153

  SPDR Gold Shares, see Spider, the

  spdrgoldshares.com, 167

  speculation, 57, 64, 68, 75, 154, 158, 181–82

  Spider, the (SPDR Gold Shares), 154–57, 166–68

  Paulson’s move from, 185

  Springs, 12–16

  Standard mine, 88, 89, 92

  steel, 137, 142

  Stein, Herbert, 67–68, 71–72

  stock, stock market, 48, 51, 74, 101, 159, 166, 185, 222–24, 227

  gold, 96–97, 102, 104, 133, 134, 135, 184, 219

  gold compared with, 155

  margin calls and, 181

  in Toronto Exchange, 220

  Stonehenge, 183–84

  stress tests, 179

  Sudanese bandits, 223

  sulfide lattice, 107, 109

  sulfides, 150, 228

  sulfuric acid, 146

  Summitville, Colo., 136

  Sundiata Keita, 199

  suspicion, 166, 176, 181

  Sutter’s Mill, 47, 49

  swaps, 176–80, 185

  Switzerland, 58, 64, 203

  Munk in, 97, 99, 101–2

  swords, 25

  Szechuan province, 130

  Tambacounda, 197

  Tasiast gold discovery, 222, 224

  Tawantinsuyu, 30

  taxi wars, Durban, 10

  technology, 25, 48, 127, 155, 162, 216

  of faking gold, 181n

  tectonic collision, 80–81

  Telegraph (London), 173, 177

  television, 56, 72–75, 100, 158

  temperature, 5–6, 7, 149, 186, 202

  Teranga Gold Corporation, 196, 204–13

  termite mounds, 209

  Texaco, 105–6

  thermometers, 186

  thieves, theft, 8, 12, 14, 16–20

  amount of, 18–21

  Brink’s-Mat Ltd. and, 172–75

  in China, 119, 123, 145, 148, 149

  of Spaniards, 34

  13F filings, 156–57, 185

  Thomson Reuters GFMS, 115

  Thracian Treasures, 22

  thulite (rosaline), 82

  Tibet, 145, 151

  tin, 226

  Tivat, 183

  Tokyo, 74

  Toronto, 184, 196, 219, 220, 222, 224, 228

  Toronto Globe and Mail, 101

  Toronto Stock Exchange, 220

  Toussaint, Jason, 157

  trade, 44, 54, 62

  in Africa, 188, 189, 190, 225

  gold, 153–57, 161–71, 175, 188, 190, 225, 227

  international, 42–43, 45

  trade deficits, 46, 50–51, 63

  transaction costs, 62

  travel costs, 101

  Treasure of the Sierra Madre, The (film), 92

  Treasury, British, 163

  Treasury, U.S., 59, 62, 70, 72

  bimetallism and, 45

  Connally at, 66–68, 70, 74

  gold price and, 60, 72

  gold reserves of, 50, 51, 54, 55, 56, 58, 63, 70

  Treasury bills, U.S., 160

  Treweek, Harry, 91, 92

  Trial of the Pyx, 175

  Triassic rock, 80

  Tripoli, 164

  Tropical Storm Meari, 116

  Trouw, Herbie, 12–15

  trucks, at mining sites, 141, 142

  trusts, gold, 103, 104

  Tsinghua University, 125

  Tully, Edel, 176–77

  Tumbrez, 29

  tungsten, 226

  tungsten-alloy fakes, 181

  Tupac Yupanqui, 28

  turquoise, 78, 79, 91

  Tuscarora range, 92–93, 110

  Uganda, 215–18

  unallocated accounts, 180

  underground railway engine accident, 4

  United Nations, 19, 216, 225

  United States, 44–76, 183

  Barrick in, 104–6, 109–12

  bimetallic system in, 45

  Bretton Woods and, 61–64

  California gold rush in, 47–49, 79, 201

  Dodd-Frank Act and, 225–26

  gold standard and, 44, 50–56, 58–65, 68–75, 96

  imports of, 64, 65, 74–75

  Louisiana purchased by, 45–46

  national debt of, 62, 165–66

  output decline of, 62

  paper money in, 50, 59

  Roosevelt era in, 58–60, 71

  trade deficit of, 50–51, 63

  wage and price controls in, 67, 68, 70

  United States Geological Survey, 78–81, 151

  uranium, 126, 217

  Utah, 104–5, 112

  Vaal Reefs gold mine, 4

  Valley of the Kings, 187

  Valverde, Vicente de, 34

  Vancouver, 129, 133, 144, 222

  Vanderburg, William, 84, 85–86, 89

  Vanity Fair, 100–101

  Varna Museum, 22

  Venice, 182–83

  Vietnamese, 37

  Vietnam War, 62, 64, 111

  village cooperatives, 149

  Vinson, Fred M., 61

  violence, 9, 15, 17, 18, 104

  in Congo, 216, 217, 226

  Virginia City, Nev., 79

  Volcker, Paul, 70

  Wagadu Empire, 188, 190

 
wage controls, 67, 68, 71

  Wales, 45

  Walker, Donald, 205

  Wall Street Journal, 177

  Washington, D.C., 53, 69, 70, 156

  wealth, 8, 59, 228

  in China, 115, 117, 124

  of Inca Empire, 28, 30

  of Mali Empire, 199, 200

  Spanish, 42–43

  Wei Zhongxian, 120

  Welkom, 18

  Wenyu mine incident, 148

  Whaples, Robert, 49

  White House, 53, 68

  White House Military Office, 71

  Willow Creek gold mine, 78–81, 83, 84

  windows, geologic, gold and, 77, 81, 86, 87, 90, 91, 92, 198

  Winnemucca, Nev., 78, 79

  Witwatersrand, 12

  see also Aurora gold mine; Mponeng mine

  women, illegal mining and, 8

  Wood, “Bad Brad,” 9–16

  World Bank, 44, 62

  World Congress of Soil Science, 119

  World Gold Council (WGC), 151, 152, 155–63

  World War II, 59–62, 81, 88, 121–22, 123

  Hungarian Jews and, 97–99

  Wyoming, 80

  Xinjiang Uygur, 145

  Yaa Asantewaa, 195

  Yaa Asantewaa War, 195

  yachts, 182–83

  Yantai, 116–17, 151

  Yellowstone National Park, 109

  Yom Kippur War, 101

  YouTube, 100

  Yunnan, 133, 184

  zama-zama (illegal miner), 14–15, 19

  Zhaoyuan, 122–23, 149

  Zhou Enlai, 124

  Zhou Mingbao (Emily), 125–26

  Zhu Fengsan, 121, 125–27

  Zimbabwe, 17, 217

  Zoellick, Robert, 44

  Zuma, Jacob, 10–11

  Zuma, Khulubuse, 11

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  Author photograph by Peter Hart

  Library of Congress Cataloging-in-Publication Data Hart, Matthew, date.

  Gold : the metal that seduced the human race / Matthew Hart.

  pages  cm

  1. Gold—History.  2. Gold mines and mining—History.  3. Money—History.  I. Title.

  HG289.H326  2013

  322.4'22209—dc23      2013016337

  ISBN 978-1-4516-5002-0

  ISBN 978-1-4516-5011-2 (ebook)

 

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