I found that when most historical writings about when dollar values are mentioned, it's the amount of recorded gold or silver that was officially cashed into dollars through a mint or bank at the time. So I am assuming that when they mentioned 60 million dollars that would have been 60 million dollars recorded on the ledgers over the 70 years they mined. I use to placer mine myself and I know a lot of miners who sold gold for cash and it was never recorded. Larger mines of course sell large quantities and will sell through the smelters or mints and all ounces are recorded. Mines will sell some or maybe all the gold for needed cash flow and may also hedge if they think gold price is going up. Some old mine records will show total ounces that was extracted and not a dollar value. Most of these old mines were mining gold at around $18-$20 and ounce for years as the gold price never really changed until 1934 when the US government revalued it to $35 an ounce. That was a year after everyone in the USA was suppose to surrender their gold the year earlier. I hope this sheds some light on the subject. I myself ask these same questions many times reading up on old historical information. Thanks for watching this morning. Appreciate the feedback and the views.
@@oldlostminer very informative thank you that does answer my question. Yeah it's nice when it's recorded in ounces cuz then you know exactly the dollar value relative to The present. Crazy to think with the value of gold today is $2,500 125x gold at $20 The price we pay for a massive federal deficit.
Extralateral rights is proof of the sought mineral vein or deposit that is existing on your mining claims, is extending beyond your mining claims boundary lines, giving the first one to stake and file mining claims on the contested mineral vein or deposit, the extra lateral rights, but "below the surface only", and on all the mineral rights only on the same mineral vein or deposit below the surface, and without having to file mining claims beyond your existing mining claims. But this does not give you mineral rights to the surface of the land, only mineral rights below the ground surface. These underground mineral rights only pertain to the said mineral and metal vein or deposit. Extralateral rights did not give you the rights to underground mineral veins or deposits that are not an extension of your mining claims mineral or metal deposit, even when in close proximity to the extralateral rights you are claiming to have. Some underground mining at the same GPS surface location was underground mined by two separate non-affiliated companies, with mining out of two different non-affiliated mine portals The extralateral rights is usually contested in court with the court verdicts different for each court case because of the ability of only having to prove it is more likely than not, instead of proving beyond reasonable doubt. When the US Congress passed the 1994 Reconciliation Act, our Congress had invalidated or "wiped out" all of the 122 years of previous extralateral rights case law, with the extralateral rights replaced by the "new $100 holding fee" (more than double the price today), which also eliminated having to make a mineral discovery and assessment work, on or for, each mining claim. Today all us old school prospectors call the new "holding fee" nothing more than a "speculator fee" that eliminates having to prove discovery that a mineral or metal deposit exists (named discovery), before staking and filling a mining claim.
Hey thanks for all that information. Some future readers of comments will undoubtedly find a lot of that information valuable. Thanks for watching too. Appreciate it.
Good mornin, thanks for the share. ...stay safe, cool and free. ⛏⚒⛏
Good morning and thanks for watching.
Another great story,thanks friend !
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Excellent mining history, thank you! Cool that folks still live there and it's being preserved.
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Great story, keep them coming. Thank you.
Thanks for watching today. Appreciate it!!
Interesting story as usual. Keep up the good work.
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I love these videos, keep up the great work
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Thank you
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It's that 60 million in dollars of that era?
I found that when most historical writings about when dollar values are mentioned, it's the amount of recorded gold or silver that was officially cashed into dollars through a mint or bank at the time. So I am assuming that when they mentioned 60 million dollars that would have been 60 million dollars recorded on the ledgers over the 70 years they mined.
I use to placer mine myself and I know a lot of miners who sold gold for cash and it was never recorded. Larger mines of course sell large quantities and will sell through the smelters or mints and all ounces are recorded. Mines will sell some or maybe all the gold for needed cash flow and may also hedge if they think gold price is going up.
Some old mine records will show total ounces that was extracted and not a dollar value. Most of these old mines were mining gold at around $18-$20 and ounce for years as the gold price never really changed until 1934 when the US government revalued it to $35 an ounce. That was a year after everyone in the USA was suppose to surrender their gold the year earlier.
I hope this sheds some light on the subject. I myself ask these same questions many times reading up on old historical information.
Thanks for watching this morning. Appreciate the feedback and the views.
@@oldlostminer very informative thank you that does answer my question.
Yeah it's nice when it's recorded in ounces cuz then you know exactly the dollar value relative to The present.
Crazy to think with the value of gold today is $2,500 125x gold at $20
The price we pay for a massive federal deficit.
Extralateral rights is proof of the sought mineral vein or deposit that is existing on your mining claims, is extending beyond your mining claims boundary lines, giving the first one to stake and file mining claims on the contested mineral vein or deposit, the extra lateral rights, but "below the surface only", and on all the mineral rights only on the same mineral vein or deposit below the surface, and without having to file mining claims beyond your existing mining claims. But this does not give you mineral rights to the surface of the land, only mineral rights below the ground surface. These underground mineral rights only pertain to the said mineral and metal vein or deposit. Extralateral rights did not give you the rights to underground mineral veins or deposits that are not an extension of your mining claims mineral or metal deposit, even when in close proximity to the extralateral rights you are claiming to have. Some underground mining at the same GPS surface location was underground mined by two separate non-affiliated companies, with mining out of two different non-affiliated mine portals The extralateral rights is usually contested in court with the court verdicts different for each court case because of the ability of only having to prove it is more likely than not, instead of proving beyond reasonable doubt. When the US Congress passed the 1994 Reconciliation Act, our Congress had invalidated or "wiped out" all of the 122 years of previous extralateral rights case law, with the extralateral rights replaced by the "new $100 holding fee" (more than double the price today), which also eliminated having to make a mineral discovery and assessment work, on or for, each mining claim. Today all us old school prospectors call the new "holding fee" nothing more than a "speculator fee" that eliminates having to prove discovery that a mineral or metal deposit exists (named discovery), before staking and filling a mining claim.
Hey thanks for all that information. Some future readers of comments will undoubtedly find a lot of that information valuable. Thanks for watching too. Appreciate it.
🇨🇦👊🇨🇦
Thanks for watching today. Appreciate it!!