(Mike Maharrey, Money Metals News Service) I want gold. But I don’t want to dig.
When I was a kid, my mom used to tell me I’d better do my homework, or I would end up digging ditches for a living. In retrospect, there could have been worse fates than digging ditches. However, at nearly 60, I’m glad I’m not depending on my back to make a living. Mad respect to those of you who are!
But no. I have no desire to stick a shovel in the dirt, hunting for gold.
Now, to be fair, this is partly a function of the fact that there isn’t any gold to dig for nearby. Florida is not exactly a hotbed for prospecting. If there were gold nearby, perhaps I would be more motivated to dig.
Because I do want gold!
Most people do. In fact, I think it would be safe to say that the vast majority of the people in the world want gold. After all, gold is money – no matter where you are. And unlike me, some people are willing to go to great lengths to get it.
With gold prices up 119 percent from where they were in January 2024, there is a bit of a gold rush going on in Australia.
The Sydney Morning Herald highlighted what it described as a “mini modern-day gold rush” in the Land Down Under. The article underscores just how difficult it is to dig gold out of the ground.
Matthew Carkeek owns a concrete construction firm, and he’s caught gold fever. He’s paid over $1.5 million on land, equipment, and permits. And he’s operating on a bare-bones budget.
“What I’m going for is about as simple as you can get. There’s no treatment plant, there’s no wash plant, no chemicals or anything like that. It’s literally dig, doze and detect.”
Sounds like high risk and a lot of work.
The Morning Herald doesn’t exactly make it sound appealing.
“Finding gold is often hot, hard, dirty, physical work involving lots of walking and digging in remote and difficult-to-get-to locations, prospectors say.”
Doesn’t sound like a fun way to spend a Saturday.
And the truth is, there’s a strong likelihood Carkeek will never see a return on that investment. The president of Sydney’s prospector club concedes this reality.
“[People] join the club, and they quickly realize it’s not as easy as it looks. You probably spend more money looking for gold than actually finding gold.”
West Australia’s Association of Mining and Exploration Companies CEO Warren Pearce called gold a “misery metal.”
And yet the promise of gold draws Carkeek and thousands of others to take the risk and make the sacrifice.
According to the Morning Herald, applications for miners’ rights licenses in Victoria surged by 40 percent last year. Based on the number of permits issued, there are 113,000 active prospectors in the Australian state.
Fossickers need a government-issued miner’s right to keep any gold they find.
Yes. Fossicker is a word. It is a term used in Australia for a recreational prospector who searches for gold, gemstones, or fossils by sifting through gravel, rivers, and waste piles. Think of a fossicker as an amateur miner.
Anyway, I get it. These folks can literally dig money out of the ground – real money.
Sound money.
Pearce understands exactly why gold has suddenly found itself in the spotlight. Sure, the price is attractive, but there is something more fundamental going on right now.
“The reality is this safe haven asset does very well when things are going wrong in the world, when there are multiple conflicts and a real lack of confidence around the global economy.”
All of that sounds about right, doesn’t it?
It’s almost enough to motivate me to start digging.
The good news is I don’t have to. I can get gold by simply calling 800-800-1865 or perusing the Money Metals website. It’s much less work, and it’ll probably save me money!
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
