Sunday, July 12, 2015

Cookie Monster tells us what previous mining busts were like


Here's Cookie with some perspective on the last great gold mining bust:

Brent Cook - what was it like, dad? And just in case you think the tumbleweeds at Cambridge House conferences this year are indicative of a bottom:
I recall a Hard Assets Investment Conference held in some shabby hotel on the outskirts of Miami in 1999. The headline speaker was some nut job newsletter writer who had somehow gotten on NBC, ranting about the end of Western civilization the very microsecond the computer clocks clicked over to January 1, 2000. That, he claimed, was when all the gold and guns stored in your backyard bunkers would become valuable. The conference was absolutely devoid of investors. In desperation, the conference organizers bussed in a load of folks from some nearby old folks homes. They arrived with bags strapped to their walkers and proceeded to steal anything not tied down to a booth. I think that was the low point.
So... um... it can get worse, dad?

Brent Cook - will mining ever come back, dad? He's just great at telling stories:
But boy, that 1950’s uranium boom was spectacular. Charlie Steen kicked it off when he found the Mi Vida mine near Moab, Utah in 1950. Your grandpa was out there roaming the desert with a case of beer, a box of dynamite, and a Geiger counter stuffed into the back of a Cadillac.
And my grandpa was a bootlegger, not a geologist. It's just that driving a Cadillac around with a case of beer, a box of dynamite, and a Geiger counter was the fun thing to do back then.


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