Gold

The letter reveals a sense of urgency and uncertainty in Columbus derived from the intimation between world powers over the Island of Epola and the unknown direction the New World would take. Columbus’ purpose in writing the formal letter is to explain to the “Most High and Mighty Sovereigns” what he considers pivotal in the settlement, extraction of gold, farming of land, and trade system of the Island of Epola. Columbus’ main concern, Spanish dominance in the New World, is clearly evident in the final paragraph, in which Columbus prays for “the increase of much greater states. The nature of Spanish presence In the Islands Is consequent to an RA of Immense competition between states over various colonies In Asia, Africa, and what would be known as America. For states Involved In colonization, such as England, Portugal, Spain, and the Netherlands, colonies meant prosperity and power through vast riches, mostly gold: an increase in foreign commerce: and new territory to utilize for farming and growth of Christianity.

In these purposes there is a clear similarity between the values from the Renaissance and present-day values, in which governmental authority places large importance in the expansion and affluence of its rewriter. In the introduction to his points about colonization, Columbus displays a sense of respect and obedience towards Ferdinand and Isabella and requests support through reinforcement of colonists. Columbus misrepresents the new world as a group of islands, unaware of the much larger continents in which he had not yet arrived.

In the Initial voyage, Columbus lands In the Caribbean thinking he has arrived In Asia, which Is why he names the Indians so. Despite his Incongruous concepts, Columbus’ voyage proved vital to further colonization of the Americas. The mall body of the letter Is a set of thirteen points In which Columbus details the mall issues of colonizing the Island of Epola and other islands, namely God, gold, and glory.

The expansion of Christianity was highly important to Ferdinand and Isabella, who considered Christianity crucial to the national unity of the newly united Spanish kingdom in the Reconstruct period. Columbus states that the new world will be forcefully Christian and that the “conversion of Indians” shall be performed by “parish priests or friars”. Most of Columbus points refer to the extraction, processing, ownership, and trade of gold, the natural resource which most colonizers obsessed over.

Columbus presents concerns such as “no one shall have liberty to collect gold In it except those who have taken out colonists’ papers,” “that all gold shall be smelted Immediately,” and “there shall be a treasurer, with a clerk to assist him, who shall receive all gold belonging to your Highnesses. ” The motive and obsession over gold Is consequential of its use as back-up value in currencies, fancy garments, competitive Explorers were motivated to find gold by the “matter of the fifth,” which means that the explorers would be entitled to a certain amount of the riches derived from the land they discovered.

To further expand on the importance of a successful trading system, Columbus explains another three points that refer to the stringent process of securing the gold. As most of the glory from colonization came from gold, the method of collection gold and shipping it to the motherland is very strict in order to prevent fraud. Parts of the process which Columbus proposes include “that it [gold] should all e placed in one chest with two locks, with their keys, and that the master of the vessel keep one key and some other person selected by the governor and treasurer keep the other. There is evidently a clear concern over the safety of the gold, which displays the main purpose of increasing affluence of the motherland. The colonization of the new world influenced an arms race between powerful European states over the acquisition of gold and territory. Several states were exerting force over native people and exploiting the natural resources in a similar way the Spanish id in the Island of Epola. Competition between powerful states is a centuries- long trend.

Whether searching for gold or plotting the destruction of communism versus the destruction of capitalism in the mid-20th century, dominant states have a tendency to seek the greatest riches from their settlements and disregard the well- being of native peoples. In his letter, Columbus is successfully reactive to the desires of Ferdinand and Isabella and he satisfies their concerns that result from competition in order to pursue further exploration.

Challenges for Bre-X Minerals in Indonesia Bre-X Minerals Ltd. faced numerous challenges in 1996, largest among them being the potential loss of the majority stake in property that could yield upwards of 100 million ounces of gold. The Indonesian government was threatening to redistribute ownership of Busang, the mining region in which Bre-X had property rights, due to its fear that Bre-X was a short-term player not serious about extracting the gold or a long term commitment in Indonesia. These fears were justified given Bre-X’s small size (it had a net loss of $Cdn. 66,677 in 1995 compared to a net income of $Cdn. 218 million from Barrick Gold Corp. , a potential government-corporate partner) and limited connections within the country (established only in 1993 by exploring in the East Kalimantan rainforest). Another critical challenge faced by Bre-X was the public outcry over a foreign firm taking advantage of Indonesia’s wealth of natural resources. This mineral exploitation resulted in cries for public action to seize the land and deny Bre-X any compensation. Prominent public figures Dr. Amin Rais and Mr.

Hartojo Wignjowinoto were most vocal in these demands. This is a classic example of the risk an unprepared company takes on when operating in a country that is transitioning both politically and economically. Over the first half of 1996, analysts predicted increasing success at Busang and as a result, Bre-X’s stock value rose. Indonesia, however, is a mixed economy where the government uses public action to manipulate and influence the private sector with ease. Bre-X’s failure to collaborate with an influential local company from the beginning of its venture led it to the current crisis.

The company’s developmental and operational stagnation resulted in increased pressure from the world’s largest mining firms, Barrick included, and the Indonesian government. The Sudjana Proposal: Bre-X Minerals & Barrick Gold Due to the corruption and public action of the Indonesian government and the potential for continued bureaucratic challenges to extracting the gold, Bre-X should accept Minister Sudjana’s proposal to partner with Barrick. The Indonesian government has shown, through its interactions with Bre-X, that it is easily influenced by the demands of President Suharto’s family and by pressures from respected individuals.

For example, the Barrick proposal received endorsement from the government only after Barrick hired Suharto’s daughter (Tutut) and encouragement from former U. S. President George Bush and former Canadian Prime Minister Brian Mulroney. Despite making an alliance with PT Panutan Duta in late October, Bre-X was late in recognizing the importance of relationship building in conducting business in Indonesia. With only eight days to negotiate the deal with Barrick, Bre-X does not have time to develop the necessary connections to succeed in Indonesia without a competent partner.

Strong property rights are an essential component in any successful market economy. Although Indonesia has regulations regarding mineral exploration and extraction, the government has found ways to manipulate the regulations to best serve its interests. Making it through the various stages of mining approval requires complex paperwork and numerous negotiations with various government offices. Bre-X had navigated this system and received a Contract of Work (CoW) to mine the Southeast Zone. However, after Kuntoro Mangkusubroto declined to revoke Bre-X’s CoW, Sudjana had transferred the processing of CoWs out of Mangkusubroto’s office.

This move suggested that Sudjana could manipulate the regulatory structure to revoke Bre-X’s CoW and make it much more difficult for the company to continue exploration or begin mining. Rejecting the Barrick deal proposed by Sudjana would expose Bre-X to future challenges that may prevent them from ever capitalizing on its Busang II claim. However in accepting the Barrick deal, Bre-X stands to lose a large portion of their claim to the future profits from Busang. Bre-X has made large investments to purchase and explore the properties in Borneo and needs to make sufficient earnings to recoup its costs and satisfy its investors.

Therefore, Bre-X should use the eight days that they have to reach an agreement with Barrick in which they receive a greater than 22. 5% stake in Busang. Beyond Barrick: Other Roads to Busang One alternative Bre-X could pursue is a different joint venture with either Placer Dome or Tech Corps, which would align Bre-X with a large enough company to develop and operate in Busang. At the same time, Bre-X needs to cultivate their existing relationship with Suharto’s son to give the company an inside track in navigating the corrupt regime.

This alternative is attractive for all parties involved because it increases investor confidence and Bre-X’s stake in Busang, allows Placer Dome or Tech Corps to get involved in the project, and increases the government’s claim through Suharto’s inner circle. Another alternative for Bre-X would be a total buy-out by Barrick. This option would result in a substantial capital inflow for the company to pursue its core business model; exploration and partnership. Throughout the company’s history, Walsh has constantly had to seek out investment from a number of sources to successfully operate his business due to its small size.

The operations thus far in Busang have been reminiscent of the Australian speculators in the 1980s, and the Indonesian people are again faced with a situation where estimates of total gold reserves are skyrocketing, while little infrastructure development or mining activity has taken place. The national sentiment towards Bre-X and its inability to carry out mining operations on its own, makes a buy-out proposal an attractive alternative whereby Bre-X can pursue new exploration in a friendlier environment.

Nothing Gold Can Stay The poem “Nothing Gold Can Stay” written by Robert Frost tells the story of nature, specifically leaves turning green and then turning old. This poem is an allegory, not only does nature get old but people get old. When people are young they can be described as green or gold. In the poem, youth lasts only one hour. The moral of the poem is to stay young as long as you can.

My personal interpretation of the poem “Nothing Gold Can Stay” is that absolutely nothing can last forever, and in the poem, nature and youth are the two things that are compared. A different perspective of the poems meaning could be about the Garden of Eden that God created for Adam and Eve, but the beautiful garden didn’t last very long. Adam and Eve chose to eat one of the forbidden fruits of the garden, and they were banished. Hence the line “So Eden sank to grief”. In my opinion, “Nothing Gold Can Stay” is an exceptionally written poem.

I really enjoy how it has multiple meanings in it (Garden of Eden, Youth, Nature). I think that it is relatively easy to understand and that it has a very good moral to it. Staying young as long as you can is a hard moral to live by because quite often, young people wish they were older. Nature’s first green is gold, Her hardest hue to hold. Her early leaf’s a flower; But only so an hour. Then leaf subsides to leaf. So Eden sank to grief, So dawn goes down to day. Nothing gold can stay.

GAP growth of partner countries slowed down significantly (from more than 6 percent year to year in the first quarter of 2010 to less than 1 percent in the third quarter of 2012). Gold Imports and Policy Measures: India is one of the largest consumers of gold in the world with consumption increasing from 721. 9 tones in 2006 to 933. 4 tones in 011 and 612 tones in the first three quarters of 2012, accounting for around 27 per cent of world gold consumption in 2011, and 26. 4 per cent in 2012 (total of first three quarters).

In the case of export of gold Jewelry, the major export destinations include the I-JAKE (57. 9 percent), Hong Kong (14. 1 percent), and the USA (12. 0 percent). Imports of equipment for initial setting up or substantial expansion of fertilizer projects fully exempted from basic customs duty of 5 percent for a period of three years up to 31 March 2015; and basic customs duty on some waterholes fertilizers ND liquid fertilizers other than urea reduced from 7. 5 percent to 5 per cent and from 5 per cent to 2. 5 percent.

Confessional import duty available for installation of mechanized Handling Systems and Pallet Racking Systems in mantis or warehouses extended for horticultural produce. Basic customs duty on plant and machinery imported for setting up or substantial expansion of iron ore pellet plants or iron ore benefaction plants reduced from 7. 5 percent to 2. 5 percent. Basic customs duty increased on standard gold bars; gold coins of purity exceeding 99. 5 percent and platinum from 2 percent to 4 percent and on non-standard gold room 5 percent to 10 percent.

New e-BRB Initiative: A major EDI initiative the e-BRB launched which would herald electronic transmission of foreign exchange realization from the respective banks to the Directorate General of Foreign Trade (GIFT) server on a daily basis. The exporter will not be required to make any request to the bank for issuance of a bank export and realization certificate (BRB). As per the schedule of Tariff Liberation’s Programmer (TTL) under SHAFT (South Asia Free Trade Area), India has brought down its peak tariff rates to 5 percent w. E. F. 1 January 2013.

India – EX. Broad Based Trade and Investment Agreement (BAIT): The 1 5th round was held on 29-30 January, 2013 in New Delhi. 8. Agriculture and Food, The Economic Survey for 2012-13 depicted about the sectors like Agriculture and Food, Sustainable Development as well as Climate Change, the major points of which are described here: Agriculture and Food Growth in this sector was reasonably stable despite large weather shocks during 2009 (deficient south west monsoon), 2010-11 (drought/deficient rainfall in some states), and 2012-13 (delayed and deficient monsoon).

The reason for this was an increase in gross capital formation (GIF) in this sector relative to GAP of this sector, which has consistently been improving from 16. 1 per cent in 2007-8 to 19. 8 per cent in 2011-12 (at constant 2004-5 prices). Rate of growth of GIF accelerated to 9. 7 per cent in the Eleventh Plan (2007-12) compared to a growth of 2. 7 per cent during the Tenth Plan (2002-07). During 2011-12, total fogginess production reached an all-time high of 259. 2 million tones. The production of 2012-13 karri crops would be affected by deficiency in the south-west monsoon and the resultant acreage losses. Ђ Restrain Shirks Villas Hosanna: Allocation under the ARK for 2012-13 is 9217 core Rupees. National Mission for Sustainable Agriculture: During the Twelfth Five year Plan, climate change adaptation and mitigation strategies will be operationally by restructuring the existing programmer. Ђ Green Revolution for Eastern India: Eastern India comprises of seven states, Assam, Briar, Chastiser, Shorthand, Idiots, Eastern Attar Pradesh, and West Bengal. 400 core Rupees each was allocated for the programmer during 2010-11 and 2011-12 and of 1000 core Rupees during 2012-13. Ђ Rained Area Development Programmer: During 2012-13, the RAID is being implemented in 22 states. Macro Management of Agriculture: Of an outlay of 900 core Rupees approved for 2012-13, 680. 1 core Rupees had been released as of the Scheme, assistance is provided for purchase of breeder seed, production of foundation seed, production and distribution of certified seed, distribution of seed miniskirts, distribution of plant protection chemicals, plant protection equipments and weediest, supply of rhizome culture/phosphate socializing bacteria, supply of improved farm implements, distribution of gypsum/pyrite/liming/dolomite, striation of sprinkler sets and water-carrying pipes, and publicity for encouraging farmers to grow oilseeds and maize. Ђ The National Food Security Bill: In order to address the issue of food security in a comprehensive manner, the Government introduced National Food Security Bill in the Look Saba on 22 December, 2011. Early enactment of this bill is under process. 9. Industry Industrial Sector: After recovering to a growth of 9. 2 percent in 2009-10 and 2010-11, growth of value added in industrial sector, comprising manufacturing, mining, electricity and construction sectors, slowed to 3. Percent in 2011-12 and to 3. 1 percent in 2012-13.

The manufacturing sector, the most dominant sector within industry, also witnessed a decline in growth to 2. 7 percent in 2011-12 and 1. 9 percent in 2012-13 compared to 1 1. 3 percent and 9. 7 percent in 2009-10 and 2010-11, respectively. The growth in electricity sector in 2012-13 has also moderated. The growth of the mining sector in 2012-13 is estimated at 0. 4 percent, though it showed an improvement over a negative growth of 0. 63 percent recorded in 2011-12. India is one of the top ten manufacturing countries though its share in total manufacturing value added (MBA) is only about 1. Percent. The growth rate of world MBA had declined from 5. 4 percent in First quarter of 2011-12 to 2. 2 percent in second quarter of 2012-13. The latest competitive industrial performance index (ICP) compiled by the United Nations Industrial Development Organization (UNDO), ranks India 42nd out of 118 countries the same as in 2005. The initiatives taken for boosting the manufacturing sector included National Manufacturing Policy (PM), DIM Project, FED Policy initiatives and setting up of the e-Biz Project to promote ease of doing business. 0. Services Sector The Centre for Monitoring Indian Economy’s (CAME) analysis of the sector-wise performance of services activities based on firm-level data show that the performance of sectors such as transport logistics, aviation and construction in the year 2012-13 is subdued in comparison to with the previous year. Telecoms sectors were projected to have rebounded in the year 2012-13. Overall the year 2013-14 is projected to be better for most of the sectors, except retail trading, which is projected to have negative growth in profitability.

FED in multilateral retail trading has been permitted subject to specified conditions. The IT and Ties sector has started facing competition from many developing countries. While the EX. has the highest share in computer and information services exports, followed by India and the USA, many new competitors like China, Israel and the Philippines have emerged in recent years. Between 2005 and 2011 , the annual average growth of computer services was 69 percent in the Philippines, 28 percent in Sir Lankan, 59 percent in Ukraine, 27 percent in the Russian Federation, 37 percent in Argentina and 35 percent in Costa Rica.

One major issue in services is the domestic barriers and regulations. Domestic isolations in strict WTFO terms include licensing requirements, licensing procedures, qualification requirements, qualification procedures, and technical standards but here other restrictions and barriers are also considered. An indicative list of some important domestic regulations in India which need to be examined for suitable policy reforms in the services sector include Trade and Transport services, Construction, Accountancy services, Legal services and Education Services. 1 . Energy, Infrastructure and Communications The Twelfth Five Year Plan laid special emphasis on development of the infrastructure sector including energy. The total investment in the infrastructure sector during the Twelfth Five Year Plan, estimated at 56. 3 lack core Rupees which is nearly double that made during the Eleventh Five Year Plan. Unbinding of infrastructure projects, public private partnerships (APP), and more transparent regulatory mechanisms have induced private investors to increase their participation in infrastructure sectors.

Their share in infrastructure investment increased from 22 per cent in the Tenth Five Year Plan to 38 per cent in the Eleventh Plan and is expected to be about 48 per cent during the Twelfth Five Year Plan. Production of coal, cement, petroleum refinery was marginally higher during the 2012-2013 fiscal year as compared to the corresponding period of the 2011-2012 fiscal year while steel and power-sector production was comparatively lower. Fertilizer, crude oil, and natural gas production also declined during the first nine months of 2012-2013 financial year.

Among the infrastructure services, growth in freight traffic by railways has been comparatively higher so far, while the civil In the road sector the National Highways Authority of India (NOAH) achieved 17. 3 percent growth during the 2012-2013 financial year Upton November 2012. Major sector-wise performance of core industries and infrastructure services displayed a mixed yet there continued to be an overall energy deficit of 8. 7 percent and peak shortage of 9. 0 percent. The government took several initiatives for rationalizing the energy prices in different sectors.

The Integrated Energy Policy has outlined the broad contours of the pricing system for coal. The pricing of coal is done now on gross calorific value (C.V.) basis with effect from 31 January 2012, replacing the earlier system of pricing on the basis of useful heat value (UHF) which takes into account the heat trapped in ash content also, besides the heat value of carbon content. In context with the petroleum products pricing, in January 2013, the government announced the new roadman providing for a gradual price increase for reducing diesel under-recoveries.

Dedicated Freight Corridor Project: The Eastern and Western Dedicated Freight Corridors (DECK) are a mega rail transport project being undertaken to increase transportation capacity, reduce unit costs of transportation, and improve service quality. A special purpose vehicle, the Dedicated Freight Corridor Corporation of India Limited has been set up to implement the project. The NOAH Board gave approval for formation of a High Level Expert Settlement Advisory Committee for one-time settlement of old cases pending in courts.

As a new initiative for promoting highway development, the mode of engineering procurement and construction (EPIC) contracts were brought in. In order to remove the bottlenecks and ensure seamless movement of traffic and collection of toll as per the notified rates, the government decided to introduce passive radio frequency identification (RIFF) based on electronic toll collection. The Government approved National Telecoms Policy (NTP) 2012, which addresses the Sino, strategic direction, and the various medium- and long-term issues related to the Telecoms sector, on 31 May 2012.

NTP-2012 is aimed at maximizing public good by making affordable, reliable, and secure telecommunication and broadband services available across the country. By end December 2012 there were over 900 APP projects (Pubic-Private Partnership projects) in the infrastructure sector with total project cost (TAP) of 543045 core Rupees as compared to over 600 projects with TAP of 333083 core Rupees on 31 The government in September 2012 approved the scheme for Financial Restructuring f State Distribution Companies (Disco’s). 12.

Sustainable Development and Climate: The State of the Environment Report by the MOVE clubs the issues under five key challenges faced by India, which are climate change, food security, water security, energy security, and managing arbitration. As per the Second National Communication submitted by India to the UNFROCK, it is projected that the annual mean surface air temperature rise by the end of the century ranges from 3. ICC to 4. ICC whereas the sea level along the Indian coast has been rising at the rate of about 1. 3 mm/year on an average.

These climate change rejections are likely to impact human health, agriculture, water resources, natural ecosystems, and biodiversity. In this context to the rural areas, schemes for rural development and livelihood programmer under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MANGERS) are linked to land, soil, and water. World leaders in 2012 continued to engage and deliberate in international forums dedicated to climate and environment and also in forums like the 620 where sustainable development and climate change were an integral part of the discussions.

The United Nations Conference on Sustainable Development (UNCUT), was held in June 2012 at ROI De Jeanine, Brazil, (also known as ROI+20) and was attended at the heads of states level. The objective of the ROI+20 Conference was to secure renewed political commitment for sustainable development, review progress made and identify implementation gaps, and assess new and emerging challenges since the UNCUT held 20 years ago in ROI De Jeanine in 1992.

The 18th session of the COP to the UNFROCK, that started on 26 November and concluded on 8 December 2012 in Doth, Qatar has resulted in a set of decisions (clubbed together as Doth Climate Gateway) aimed at advancing the implementation of the UNFROCK and its Kyoto Protocol (KOP). The key issues for the Doth conference were: amending the KOP to implement the second commitment period under the Protocol; successfully concluding the work of the Bali Action Plan (ABA) within which there was urgent need for a clear path to climate finance; and planning the work under the Durban Platform (EDP) for enhanced action.

In the Twelfth Five Year Plan, the PAT (Perform Achieve and Trade) scheme is likely to achieve about 15 million tones oil equivalent of annual savings in coal, oil, gas, and Similarly, the RPR is creating domestic markets for renewable energy through regulatory interventions at state level. The RPR (Renewable Purchase Obligation) is the minimum level of renewable energy (out of total consumption) the obligated entities (Disco’s, Captive Power Plants, and Open Access Consumers) are entitled to purchase in the area of a distribution licensee.

Over 85% of gold mined today will end up as jewelry tomorrow. Gold mining is not an essential industry like the harvesting of food or even paper production. It is certainly not sustainable, nor is it just. Yet the cumulative impacts of gold mining worldwide, on local economies and ecosystems, are at least as bad as those of industrial forestry and agribusiness. With more than 66% of all new mining exploration in the hard-rock sector currently focused on gold, the problems are going to get worse for people and places around the planet. Here’s why: 1. GENOCIDE.

Every major gold rush has meant death and devastation for local people at the hands of fortune-seekers. California’s Native American nations were decimated first by the diseases the 49ers brought with them, then by the new California state government, which put bounties on the heads of native people. Today the Galamsey of West Africa, the Igorot of the Philippines, and the Macuxi and Yanomami of the Amazon are similarly endangered. The Yanomami, for example, had little contact with the rest of Brazil until the arrival of the first garimpciros (gold miners) in the 1970s.

By 1989, an estimated 40,000 miners had flocked to the area, polluting rivers and spreading malaria. Decimated by disease, the number of Yanomamis living in Brazil (many also live in Venezuela) fell from 20,000 to about 8,000 in just 20 years. In the words of Yanomami representative Davi Kopenawa Yanomami, “What we do not want are the mining companies, which destroy the forest, and the garimpciros, who bring so many diseases. These whites must respect our Yanomami land. The garimpciros bring guns, alcohol, prostitution, and destroy nature wherever they go.

The machines spill oil into the rivers and kill the life existing in them and the people and animals who depend on them. For us, this is not progress. ” 2. WATER Damage to water and water resources are the worst environmental consequence of gold mining. From California’s Sierra Nevada in the 1850s to the lands of the Pemon in Venezuela today, people have ruined rivers by using high-pressure hoses to spray down the banks and sifting through the sediment for gold. Runoff flows downstream, destroying plant and fish life.

But modern mining is even more destructive of water resources: the gold industry in Nevada – where most gold in the United States is mined – consumes more water than all the people in the state. The water table has fallen as much as 1,000 feet around some of the largest open-pit gold mines in northeastern Nevada, according to the U. S. Geological Survey. One of the mines consumes 100 million gallons per day – ac much as the city of Austin, Texas. And that’s not all: Water systems around mines are contaminated by cyanide and other processing chemicals, and the acid mine drainage that runs off exposed rock.

3. WASTE ROCK To make a simple gold wedding band, at least 2. 8 tons of earth is excavated. The gold-mining industry generates an enormous amount of waste compared to its product: The 2,402 tons of gold produced in 1997 resulted in 725 million tons of waste, which was contaminated with metals, acids, and solvents, according to World watch institute. The standard ratio of waste production in the U. S. gold-mining industry is one to three million, meaning that for every ton of gold produced there are three million tons of waste rock.

Most of the unsightly mess left behind is exposed to weathering and will ultimately leach acid and heavy metals into the local area at great ecological cost. 4. CORPORATE WELFARE In many countries, gold-mining companies are allowed “free entry” to public lands for mineral exploitation. In the United States, it is not entirely free – but the companies only pay $5 an acre to “patent” a patch of federal land and open it to mining. Since 1872, the government has “sold” land equivalent in size to the state of Connecticut under this law. This land contained $245 billion worth of minerals!

Pushed by corporate advisors, developing countries are adopting similar land policies as well. Since 1994, more than 70 countries have changed their laws to attract foreign gold-mining companies. As a result, the gold-mining industry in the global South is booming: Between 1991 and 1997, exploration investments doubled in Africa, quadrupled in the Pacific region, and expanded by six times in Latin America. Since a “pro-development” mining act was adopted in 1995 in the Philippines, over a quarter of the country’s land surface has been handed over as gold mining prospects.

5. INDIGENOUS RIGHTS In the United States – the world’s second biggest gold producer – more than 70% of gold is ripped from native lands. The Western Shoshone, whose traditional domain covers most of Nevada, are the unhappy hosts to more than three dozen open-pit gold mines on their land, many at least a mile wide and a mile deep, with toxic ponds at the bottom. The U. S. government has continually denied the Western Shoshone their land and treaty rights, as it increasingly allocates Nevada’s lands to multinational mining. The story repeats itself around the globe.

In Ghana, in the mid-1990s, thousands of traditional farmers were evicted and replaced by World Bank-sponsored gold mining operations covering hundreds of square kilometers. It is now estimated that 50% of gold produced in the next 20 years will come from indigenous peoples’ lands. 6. CYANIDE Cyanide is the chemical of choice for mining companies to extract gold from crushed ore. Very low-grade ore, with minimal residues of gold, is crushed and piled on the ground, then sprayed with a cyanide solution. No mine has ever avoided leaking cyanide into the ecosystem.

In 1998, a cyanide spill on a Canadian-owned gold mine in Kyrgyzstan resulted in four deaths and the evacuation of thousands of people living downstream. At one southern Colorado mine, Summitville, taxpayers have already paid out $100 million for the Environmental Protection Agency (EPA) to simply contain – not clean up – contamination of local rivers. 7. MERCURY For centuries, mercury has been used to chemically separate gold from ore, leading to major public-health problems for miners and communities around mining districts.

During the California Gold Rush, 7,600 tons of mercury were released into local rivers and lakes, resulting in neurological disorders and deaths amongst people exposed to this deadly toxin. More than 50% of mercury exposure today in the San Francisco Bay area is an historic legacy of the 1849 gold rush. Furthermore, millions of small-scale miners use mercury, from the Amazon – where they have invaded indigenous reservations – to the Philippines, resulting in the worst recent outbreaks of Mina Mata (or “Mad Hatter’s”) disease.

Of 500,000 gold miners tested in Brazil, more than 30% showed mercury levels above the World Health Organization’s tolerable limits. 8. DOWRY Nearly 80% of gold is sold as jewelry, most of it in India. In 1998, the country’s gold consumption added up to 815 metric tons, nearly twice that of the United States. This is not, however, a simple tale of vanity or excessive consumption. It is part of the dowry women pay for a man’s hand in marriage.

Activists working around the gold industry aim both to redress the abuses of mining for communities living in mineral producing areas, and to challenge the patriarchy that forces women to hold gold as their only fallback in times of scarcity. Indian women and activists fighting the dowry system are becoming increasingly aware of the dangers of gold production worldwide. As long as there is pressure on Indian women to own gold, however, it can be derived from non-virgin production. Gold in the vaults of the “developed world” could feed the demand even for India’s market for years to come 9.

DUD INVESTMENT According to Merrill Lynch, gold is “the duddest of dud investments. ” Ever since the U. S. dollar went off the gold standard. gold has had no special value as a commodity, with only 280 tons going to industrial uses per year. Yet some people continue to hoard it. The price of gold has been slowly dropping and is now well below the price of its production at many modern mines, which means companies mining new or “virgin” gold are a bad investment. Even the 35,000 tons of gold bullion held in central banks have lost 30% of their value over the last decade- a huge waste of taxpayer assets.

Some governments are already beginning to sell off their gold reserves. In the last five years, the Argentine, Australian, Belgian, British, Canadian, Dutch, and Swiss central banks have sold large quantities of gold, as has the International Monetary Fund. causing the price of gold to plummet. 10. ECOSYSTEM IMPACTS Contamination and waste of water, destruction of habitat and biodiversity, industrialization of wilderness, road building, and waste dumping in mined areas all negatively impact the environment around gold mines.

“Frontier forests” – the last remaining old growth stands – are under siege from gold exploration. Fisheries suffer from heavy siltation and toxic run-off into waterways from gold mines. Today, mines scrape away and dig up more earth than do the world’s rivers through natural erosion! The impact on wildlife is hard to calculate, but between 1980 and 1990 seven thousand birds were found dead near cyanide-laced ponds at gold mines in California, Nevada, and Arizona – the tip of the iceberg of gold mine-related wildlife deaths.

Economical aspects of Gold mining in California: Before 1848, wealth among Mexican and Anglo settlers in California had been defined by property: land, cattle and houses as in Sutter’s case. During the gold rush this definition changed as ounces of gold dust circulated as a new payment for goods and services, replacing the previous currency of cowhides, which had been known as “California bank notes. ” With gold in circulation, California swiftly became part of the world’s cash economy.

With the new currency, the prices of goods and services rose, and many newcomers were surprised when they confronted the high costs of living and the steep prices for tools and machinery. But even those who found enough gold so they had ample money to spend soon discovered there was not much to buy. With provisions scarce at first, the prosperous and the poor all wore similar clothes, lived in similar, primitive tents or cabins, used the standard tools and machinery and ate the same monotonous food. Only the entertainment industry managed to grow fast enough to separate miners from their hard-won money.

Gambling halls displayed tables loaded with thousands of dollars in gold and silver; saloons offered drinking, music, and variety shows; while a range of brothels thrived on prostitution. Indeed, the sudden availability of money, an overwhelmingly male population, and the rootless and mobile situation of thousands of newcomers made mining camps an ideal ground in which prostitutes could prosper. The Victorian cultural myth of female passivity, which claimed that “normal” women did not enjoy sex, contributed to prostitution in general.

But in comparison to the rest of the US, prostitution in the West was central to early social life in the camps and towns. Miners purchased sex as a necessary commodity similar to the mining tools they bought. Suddenly, California’s economy had changed almost overnight. The gold rush, with its new definition of wealth, proved Sutter’s fears correct. Within months it had destroyed his little empire as gold diggers trampled on his crops, artisans abandoned his workshops, and laborers disappeared from his fields to go hunt for gold.

State of mining in California today: In 2004, California produced more non-fuel minerals than any other state in the US. These minerals were industrial minerals, such as boron, sand and gravel, diatomite, sodium sulfate, Portland cement, bentonite clay (including hectorite), common clay, crushed stone, dimension stone, feldspar, fuller’s earth, gemstones, gypsum, iron ore, kaolin clay, lime, magnesium compounds, perlite, pumice, pumicite, pyrophyllite, salt, silver, soda ash, and zeolites.

It was estimated that 11,000 people were employed in the mining industry in California in 2004, which unlike flipping burgers, these skilled labor and professional jobs are well paid with the average miner making around $40,000/year (MSHA). Conclusion: As every coin has two sides, the mining of the Gold in California also has two sides, good and bad. But there is not doubt that the Gold industry has a very critical part to play in the economy of California as well as the World economy. Credits and Citations: Bancroft, Hubert: “Leland Stanford, a Character Study”, Biobooks, 1952.

Also, “History of California” 1848. Gay, Theressa: “James W. Marshall – The Discoverer of California Gold”, The Talisman Press, 1967. Lindgren, Waldemar: “Tertiary Gravels of the Sierra Nevada of California”, Washington [D. C. ] Government Printing Office, 1911. Nelson, Maidee: “California, Land of Promise”, Caxton Printers, Ltd. , 1962 Scherer, James: “The First Forty-niner”, Minton, Balch & Co. , 1925 Wagner, Jack: “The First Fortyniners”, Howell-North Books, 1970. The History of the North Bloomfield Gravel Mining Company sited at http://www. malakoff. com/goldcountry/northblo. html on May 10, 2007.

The judge Lorenzo Sawyer’s decision on hydraulic mining in California in 1884 and its impact and significance sited at http://www. cprr. org/Museum/Hydraulic_Mining/ on May 10, 2007 The environmental effects from the hydraulic mining of Gold in California sited at http://www. thirdworldtraveler. com/Transnational_corps/Fools_Gold. html On May 10, 2007 The economical aspects of Gold mining in California sited at http://www. duke. edu/~agf2/history391/economy. html on May 10, 2007 State of mining in California today sited at http://www. mine-engineer. com/mining/camine. html on May 10, 2007.

The discovery of gold in California sparked a massive emigration across the continent to the Pacific coast by Americans searching for wealth. This massive migration of people brought Jefferson’s dream of a continental American empire to reality, and began to establish the United States as the dominant country in North America. This massive migration also prompted the need to bridge the nation for the purpose of making the trip from one coast to another easier.

This resulting need to bridge the nation might be the greatest contribution of the gold rush to the history of the United States. On January 24th, 1848, James Marshall discovered what he believed to be Gold dust in the bed of a creek right outside his mill. He brought this sample of the shiny material up to Ft. Sutter in Sacramento, where it was deemed indeed to be gold, and thus the migration of massive amounts of people we call the gold rush began. In two years after the discovery of gold, the population of California was 90. 000 people.

At the time of the discovery California was relatively uninhabited by Americans. The United States had finally realized its dream of a country reaching from sea to shining sea, but now that the lands were there, the United States had to figure out how to get its people to settle these lands so they would actually be worth having. It is great for a country to have a lot of land, but if they remain uninhabited and underdeveloped then the land really isn’t worth much. The “gold rush” consisted of many prospectors seeking to find their fortunes in the mines of California.

The emigration of so many Americans to the very western boundary of the country was exactly what the Government needed for the lands it just purchased to be seen as a wise investment. In the two years since the discovery of gold the population of California ballooned to 90 thousand people, most of which were prospectors, and others trying to get rich quick off the discovery of gold. By 1854, the population reached an even more impressive 300 thousand people. Many people moved out west to escape the cities of the east and set off on their own, be free.

The migration into these uninhabited lands increased the need for transportation like roads, railroads, and canals as well as the opportunities for work and another incentive for people to move out of the cities where there was a large incidence of unemployment. With the discovery of gold and the massive migration of emigrants westward, came the need to be able to more quickly traverse the continent for both communication, and transportation. The answer to this need was the transcontinental railroad.

By the middle of the 1850’s, the need for a transcontinental railroad was universally accepted and acknowledged. Before now, the best way to get from the east coast to the west coast was through the Isthmus of Panama. Between 1848 and 1869, the completion of this railroad, 375 thousand people crossed Panama on their way to California and the gold, and another 225 thousand crossed the isthmus in the other direction. Along with this massive movement of people came great wealth crossing the isthmus, creating even more of a call for the development and creation of a railroad.

This crossing of Panama was very hazardous to the health of the people who crossed it. Cholera, among other deadly diseases was very prevalent among the travelers and often took many lives. The increased traffic going to the west coast along with the hazardous conditions of the next best available routes led to the inception of the idea of building a transcontinental railroad. By 1850 there were 9,021 miles of functioning track in the United States, but nothing that connected the east coast and the west coast.

During the 1850’s, an average of 2,160 miles of new track was laid every year. With the increase in the formation of functioning track throughout the 1850’s, the development of locomotives that are more powerful and more stable cars permitted engineering feats that seemed impossible a decade earlier. Railroad fever clearly had the nation in its grips and it was just a matter of time before a railroad that crossed the continent would be built. A New York businessman, Asa Whitney, was the first to propose the idea of a transcontinental railroad in 1845.

He proposed a route along the northern border we share with Canada. Before the gold rush, he was largely ignored, but afterwards he was taken seriously, and by 1853 it was realized that one was needed and that huge government subsidies would be needed to build it. Upon this realization of the need for a transcontinental railroad came the realization that whichever eastern city was the head of the railroad would become immensely wealthier, and so begun a major struggle between the cities of the east to obtain the rights to be the eastern hub.

The amendment to the Army appropriations act allowed a quarter of a million dollars for the railroad to be completed in ten months, and listed five possible routes that it could take. The Northern Route, from St. Paul to Seattle, The council Bluffs to San Francisco route, the Central route, between the 38th and 39th parallels from the arkensas river to San Francisco, The route from Fort Smith along the Arkansas River to Los Angelos, and the southern route from fulton on the red River to san Diego. Diferent people would benefit from each of these routes and there was much fighting over whivh would be the ultimate route.

Once the south cecedded from the union the southern route was no longer considered as an option. An engineer named Theodore Judah went out and surveyed his own route of crossing the nation, and in 1857, he published hi Practical Plan for Building the Pacific Railroad. He went on to send a copy to the president and every member of congress, and billed it as the first genuinely “practical plan” for traversing the continent. The California state legislature adopted a memorial on the benefits of a transcontinental railroad and offered it to Judah to personally deliver to congress.

While he was selling the importance of a transcontinental railroad to Congress, he was also making plans in California to take advantage of any decision Congress makes to accept his crazy idea. He went around the state trying to convince people to by stock in his railroad company, The Central Pacific, as he was sure that Congress would pass the Curtis Act that mandated the formation of two railroads competing with each other from either end of the route and eventually meeting in the middle.

He finally sold his theory to four men, the “Big Four” as they would become known that railroads to the mining towns of California from the east coast was a money maker, and that if they would buy stock in his railroad company they would be able to reap the profits. The big four, or Collis Huntington, Mark Hopkins, Leland Stanford, and Charles Crocker, decided to buy into Judah’s idea. Them, along with Judah, and a Nevada City mineowner named Charles Marsh decided to divide equally among themselves the cost of a full-scale survey of the Sierra Nevada mountain range, as well as buy enough stock in the company to allow its permit incorporation.

This group of visionaries started what became known as the Central Pacific Railroad Co. , which would eventually become the railroad company that built the transcontinental railroad from the west east. Due to his efforts, Judah convinced Congress to pass the Pacific Railroad Act on June 20th 1862, calling for the creation of two competing railroad companies to start at opposite ends of the route and meet in the middle. The two companies created were the Central Pacific Railroad Co. , and the Union Pacific Railroad Co.

Since the Central Pacific Railroad Co. was already a privately owned company it wasn’t as heavily regulated as the Union Pacific Railroad Co. was, which was a government formed company whose specific purpose was to build the eastern leg of the railroad. The accepted route of the railroad was from Omaha, Nebraska in the East, to the Bay area in the west. The federal government granted the two companies aid in the way of United States 6% bonds that had to be paid back with interest beginning 30 years after the completion of the railroad.

Yet, due to the Civil War that was raging at this time, the bonds held little confidence in the market and thus never sold at par, thus depreciating the aid from the very beginning. The government also awarded the companies a right-of-way extending two hundred feet on either side of the tracks, and five alternate square miles of public land on either side of the line, or 6,400 acres per mile of track. Both Companies were also to give priority to the transportation of government mails, troops, and supplies on the line.

The Union pacific was obligated to build a hundred miles in the first 2 years and another hundred miles each succeeding year thereafter. The Central Pacific, due to the mountainous terrain was only obligated to build half as much as the Union Pacific over the same prescribed amount of time. The act also specified that the two companies would be confiscated if the railroad were not completed by July 1, 1874. The construction of the railroad and the subsequent telegraph line that went up along side it, cost the government nothing as it was only loaning its credit and not its money.

The two companies broke ground in 1803, the Union Pacific working westward from Omaha, Nebraska, and the Central Pacific from Sacramento California. The building of the track proved to be extremely difficult and arduous and provided much headache for everyone involved. The Central Pacific ran the laying of the track much like a military operation, as it was extremely organized. Due to the Civil War and the mines of the west, there was a huge labor shortage in the country. To accommodate this they had to hire many immigrant workers, especially Chinese immigrants, to lay the track.

Getting supplies to the Central pacific also proved to be a very difficult task, as they had to be shipped from the east to San Francisco, and then hurried into the mountains, which wasn’t an easy journey. This process was very time consuming and delayed much building of the track. The company was very efficient in the beginning, making extraordinary progress through the flatlands, but upon reaching the mountains ran into most of the hardships in the building. The mountains proved to be unforgiving in the companies efforts to bridge the nation.

Cold winters with extraordinary snows slowed the construction almost to a standstill several times. Many workers died of the extreme conditions of the mountains, making progress slower still. The mountains also provided the arena for some of the most amazing feats of engineering. From blowing tunnels through the mountain, or creating a trestle over a gorge the engineering advances made in during this endeavor have lasted until now and made the building of other railroads possible. In the first three years of building, the company only laid 40 miles of track, well behind the pace mandated by the railroad act.

Over the same time, the Union Pacific wasn’t doing much better as it was also only able to lay 40 miles of track itself. While the terrain wasn’t as rough as that of the west, the same problems of management and labor prevailed in the east also. It wasn’t until two brothers took over the actual building of the track and thusly invented what we today would consider modern management techniques. They led by example and do anything they asked of their workers. They did much of the labor themselves and were always the ones in the front of construction.

The Union Pacific also had cars carrying anything, and everything the workers could need, it was considered a town on wheels, and consisted of such things as a sleeping quarters, and cars that served meals. The workers slept, ate, and lived on these trains, as they worked a full 12 hours a day. All the supplies for the endeavor were carried on this “city on wheels,” and made the construction that much more efficient. The construction process for both companies was very costly in terms of human life.

Many accidents occurred, and the threat from the Indians was always a constant fear of the workers. By the end of 1867, the Union Pacific had laid 300 miles of track, while the Central had laid less than 80 miles. By the spring of 1869 the two railroads were racing towards each other and they eventually began to build track side by side one another going in opposite directions. It was then that they realized the dream had been accomplished and that they had to be joined. The designated meeting place of the two railroads was determined to be Promontory Point, Utah.

On My 10, 1869, two trains converged on Promontory Point, Stamford on a train called Jupiter from the west and Durant on a run of the mill train labeled Engine 119 from the east. The heads of the two companies drove in 4 spikes into the final set of rails, two gold, one silver, and one that was a mixture between gold, silver, and iron. The work was completed in six years, a whole four years of schedule resulting in a reward of 21 million acres. The completion of the railroad was the final act in creating this great nation of ours.

Many people went west 1849 looking for a quick and easy way to obtain a great amount of wealth. Many failed and never realized their dream, but because of their migration, the nation realized the need to bridge the nation and the country as a whole became wealthier. The constructing of the railroad was probably the single greatest achievement of the mid 1800’s, and the most significant thing to come out of the gold rush. Because of the railroad the nations interior began to open up to settlement and communications between the two coasts became easier.

It also allows them to consider what the demand and supply determinants for the product or service will be in an effort to forecast any surplus or shortage. A real-world experience that is occurring in the free market today is the supply and demand for gold. According to “World Gold Council” (2012), “The demand and supply dynamics of the gold market underpins the precious metals extensive appeal and functionality, Including its characteristics as an Investment vehicle. ” (Demand & Supply). Gold is used for a variety of reasons and is acquired many ways. The delivery and usage of gold will be depicted in this paper.

Law of Demand and the Determinants of Demand The law of demand tells us that, other things equal, consumers will buy more of a product when Its price declines and less when Its price increases. ” (McConnell, Bruce, & Flynn, 2009, p. 1 14). Today, gold has a demand for technological use, Investment purposes, and jewelry demand. For technological demand, gold has a variety of uses According to “World Gold Council” (2012), “Recent research has uncovered a number of new practical uses for gold, including its function as a catalyst in fuel cells, as well as chemical processing and pollution control.

The potential to use Nan particles of gold in advanced electronics, glazing coatings, and cancer treatments offers promising new areas of scientific research. ” (Demand & Supply). Gold Is also an important demand for Investments, According to “World Gold Council” (201 2), “Since 2003, investment has represented the strongest source of growth in demand. The last five years to the end of 2009 saw an increase in value terms of around 119%. In 2009 alone, investment attracted net inflows of approximately US$41 ban. Numerous factors motivate people and institutions to seek gold investments.

The positive price outlook is underpinned by expectations that growth In demand will continue to outstrip that of supply. Of the key drivers behind Investor demand, one common protect against risk. ” (Demand & Supply). And finally the demand for Jewelry is still considerable high. According to “World Gold Council” (2012), “Jewelry consistently accounts for over two-thirds of gold demand. In the 12 months to December 2009, appetite for Jewelry amounted to around SIS$55 billion, making it one of the world’s largest categories of consumer goods. The 2007-2009 financial crises had a significant negative impact on consumer spending.

This has resulted in the reduced volume of Jewelry sales, particularly in western markets, with the United States being hardest hit. Jewelry demand is driven by a combination of affordability and desirability by consumers. It rises during periods of price stability or gradually rising prices, and then declines in periods of price volatility. ” (Demand & Supply). Each of these demands for gold is both important for the economy and for personal use. Law of Supply and Determinants of Supply “As price rises, the quantity supplied rises; as price falls, the quantity supplied falls.

This relationship is called the law of supply. ” (McConnell, Bruce, & Flynn, 2009, p. 51). Currently, gold is supplied through mine production and recycled gold. There are gold mines operating all over the world. According to “World Gold Council” (2012), “Today, the overall level of global mine production is relatively stable. Supply has averaged approximately 2,497 tones per year over the last several years. The stability of production comes from the fact that when new mines are developed, they’re mostly serving to replace current production, rather than expanding global production levels. ” (Demand & Supply).