Gold prices reached all-time high on Friday, as Federal Reserve Chair Jerome Powell hinted that the Central Bank may start cutting rates beginning in March.
Spot gold climbed 1.6% to $2,069.10 per ounce, up 1.6% over the previous close and 3.4% higher on the week. But it had gone as high as $2,075.09 per ounce on Friday, which topped the record of $2,072.49 in 2020.
U.S. gold futures were a record $2,089.7. However, inflation has eaten away at what that dollar value actually is. Since 2015, the U.S. dollar has been affected by nearly 30% cumulative inflation. High inflation typically has a major impact on gold prices, as investors seek safe-haven investments and a means of preserving wealth.
In Alaska, the Manh Choh gold mine under development near Fairbanks has become embroiled in controversy as the Native Village of Tetlin is divided on whether the mine should start production. A dispute about whether tribal leaders broke tribal law by approving it is the current barrier to progress. Kinross is the majority owner of the project and has plans to haul the ore by truck to Fort Knox, which has a mill.
Other gold mines in Alaska include those in production and those in development:
- Hecla Greens Creek Mine: An underground mine producing polymetallic (silver, zinc, gold, and lead) ore to a surface mill and concentrator, which in turn produces three separate concentrates and is located on Admiralty Island, Greens Creek is the largest private-sector employer in Southeast Alaska.
- Coeur Alaska-Kensington Gold Mine: An underground gold mine located on the east side of Lynn Canal some 45 miles north of Juneau. The ore is processed in a flotation mill that produces a gold-bearing concentrate which is sold to smelters.
- Fort Knox Mine: An open-pit gold mine about 26 miles northeast of Fairbanks, operated by Kinross and employing over 400 people.
- Pogo Gold Mine: An underground gold mine 38 miles northeast of Delta Junction.
- Donlin Gold: Donlin Gold, owned by NovaGold Resources and Barrick Gold Corporation, it is working to build a gold mining project near Crooked Creek Village in the Yukon Kuskokwim area of Western Alaska. With some of the largest known gold deposits in the world, it has an estimated 33.8 million ounces of gold. The Donlin Gold project would create 3,000 jobs during construction, and up to 1,400 jobs for the estimated 27 years of production. Environmentalists have targeted it with legal challenges this year.
- Pebble Project: In Southwest Alaska on state land set aside for mineral development, Pebble has one of the most important concentrations of copper, gold, molybdenum and silver in the world, but has been blocked by environmentalists for decades.
- Niblack: A copper-zinc-gold-silver prospect on Prince of Wales Island, about 30 miles from Ketchikan, Niblack is in the exploration phase.
- Livengood: Livengood Gold Project is 70 miles north of Fairbanks, and is one of the largest gold deposits discovered globally in 20 years.
- More on Alaska mines at the University of Alaska Southeast’s Center for Mine Training link.
Greens Creek located above Hawk Inlet on Admiralty Island is a perfect example of how a mine can be operated. It’s the largest AG producer in the U.S. accounting for 1/3 of all domestic AG production.
We need to develop our mines which also develops our people. Good salaries, great training and steady meaningful employment producing a product that the world desperately needs. What could be better for our young people here in Alaska?
Its not that Gold is worth more. Its that dollars are worth so much less!!
Definition of a “gold mine”” A hole in the ground owned by a liar.
John, so much for your Mark Twain’s draw to laughter! Gold mines are real & have caused migration.settlement, employment everywhere gold has been found. Your not that funny when it comes to Alaska & it’s vast wealth in mineral resources! The laughter is on you & your nonessential comment! Have you made your income from insurance?
Kinross needs to stop damaging its reputation and insulting Alaskans with the Man Chou abomination. Massive industrial ore hauling trucks have no place on Alaskan highways, or passing through dozens of school bus stops.
It was fun watching gold climb on Friday.
What’s so funny about it Greg? The only that may possibly be funny is it’s manipulation of price by the money managers & financial ripoff artists! In all reality, Gold value should be thousands of dollars higher!
I didn’t say funny. I said it was fun watching my gold portfolio increase in value.
Correction to the map: Red Dog Mine north of Kotzebue is a lead and zinc mine, with very minor amounts of nickel, silver, germanium and a few other trace metals, but none of them gold.
Jeff the map needs no correction, it identifies producing mines nowhere in this article eluded to Red Dog as a Gold Mine & neither did the map … get out your glasses!
Well, Ed, since the article’s headline directly references gold, and is followed by a map of mining in Alaska, by implication it would be logical to conclude that the supplied map was an indication of GOLD mining in Alaska, even though it was not labeled as such.
My eyesight is fine, thank you.
Cut him some slack. He’s getting fitted for some new menstruation products it seems.
Oh great gold is flying high ! Well so is inflation . In 2020 dollars the gold is worth 30% less due to inflation . So simple math that I learned in 3rd grade , your gold is all of a sudden 30% lighter . Your ounce of gold is worth $1,400 today ! But the sad thing is , so’s mine .
Hey M , if the ore hauling trucks drive the speed limit and follow the limitations of the hauling permit , ore is safely moved . The trucks must run with permits and it used to say that the over length loads were not allowed to run in inclement weather and 35 mph speed limit . It would interesting to see what the actual permit that’s carried in the truck and required to be in the truck says . If these ore trucks were limited to 45 mph it would be a very safe operation in my mind . Fifty years ago when they built TAPS , far more trucks on the road with very inexperienced truck drivers from all over the lower 48 . In fact the haul road was called the Kamikaze Trail !
By the way M , sounds familiar ?
Dan, good point about building the Trans Alaska Pipeline! Yes those 60 and 80 foot long pipe trailers were dangerous, but without the courage and skill of the drivers delivering the pipe to those of us who bent it into place and welded it together…
Mercy, we would never have finished the project!
Dan, when we built the TAPS the average male in the U.S. enjoyed owning 50% more testosterone within their bodies then the Soy Boys of today. Seems that Earl Butz with his estrogen rich soy and his fattening High Fruitose Corn Syrup along with this I.P.A. estrogen rich beer, with keyboards and video games have resulted in an entire generation of pussy men.
Any risk or chance of getting an owie is too great for the pussification crowd that cannot decide their gender.
No wonder women today are so frustrated!
Why are we so concerned about GOLD! Critical Minerals and REEs are much more important and valuable. Not to mention the National Security Implications and Energy needs. Gold Mining nd refining companies are still using old technology that is caustic environmentally to refine and discarding the CM/REEs we depend on China to supply.
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