the new gold rush

from abc/raw replay: Two-and-a-half hours west of Phoenix, deep inside a giant hole in the desert of Quartzsite, Ariz., Brian Kirwin is chasing an age-old American dream. He recently took an ABC News team deep underground to view the mine where he’s planning to strike it rich.

“There’s gold in here. There’s about 400,000 ounces,” Kirwin said. “It’s very high-grade. It’s very rich.”…

The gold is expensive to mine, but the skyrocketing price of gold is now turning upstart enterprises like Kirwin’s into serious operations. At today’s prices, Kirwin’s gold could be worth 360 million dollars.

Gold prices hit record highs in 2007, selling for more than $900 an ounce. Investors expect prices to rise even further in 2008 and possibly peak at over $1000 an ounce.

Leave a Reply