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By C. Robinson

The Diavik Diamond Mine is located in one of the most remote and forbidding places in the world, 220 kilometres south of the Arctic Circle and on the bed of a vast northern lake, Lac de Gras. A single road, built out of ice and crossing frozen lakes, connects the mine with other operations and Yellowknife, the capital of the Canada's Northwest Territories. Diamonds were first discovered in the Lac de Gras region in the early 1990s, and construction of the Diavik Diamond Mine was completed in 2003. Diavik currently mines three kimberlite pipes. Open pit mining has now concluded and all three pipes are mined using underground mining methods. In early 2010, Diavik began mining and processing initial ore from its new underground mine; underground mining operations are expected to continue beyond 2020. The initial mine ventilation system was an exhausting (pull) system with fresh air supplied by a fresh air raise and a main ramp. Return air was exhausted via two raises and a secondary ramp. The system had a total flow capacity approximating 401-411 m3/s. With planned increased production and with changes in mining method, it has been proposed to change the mine ventilation system to a positive (forcing) ventilation system in order to meet projected increases in flow requirements of 566-708 m3/s. Extensive engineering work was developed in order to successfully achieve the changes in system configuration. In the proposed configuration, the main ramp is in an exhaust configuration and exhaust raises are converted to fresh air raise. A number of system implementation options were investigated and phased plans for system execution have been developed. The proposed changes to the ventilation system are substantial and involve extensive construction work. Work was commenced in 2011, each planned phase has been successfully completed to date, and system changes continue today in order to achieve complete system flow reversal and increased flow distribution. This paper details the design of the modified ventilation system and commissioning work which will allow the mine to meet its future production targets.

Aug 1, 2013

By S. Z. R. Pinkney

Positron Emission Tomography (PET) is a medical technique that produces three dimensional images of the body, commonly to aid diagnosis and treatment of tumours. PET has been developed by the University of Birmingham in order to track particles in an opaque system which is known as Positron Emission Particle Tracking (PEPT). The object to be tracked is irradiated. As the radionuclide decays positrons are produced; when these collide with electrons a pair of concurrent parallel back-to-back gamma waves are emitted and detected, from which the position of the object can be calculated. Stirred media mills are used for particle size reduction. The mill is usually operated at high solids loading with grinding media and has a polyurethane or polyurethane-lined steel pot and is thus opaque. For this study grinding media has been directly irradiated and tracked using the PET camera during the grind. The stirred media mill can be divided into cells of equal volume known as voxels. The fraction of the total time the irradiated media spend in each voxel can be shown in an occupancy diagram. The mean velocity and kinetic energy of the media for each voxel are calculated and also plotted. In occupancy and kinetic energy plots colour indicates the value of the voxel, in dimensionless time and Joules respectively. The arrow in velocity plots shows direction and length of arrow indicates magnitude of the mean velocity for the voxel. From these diagrams and further data analysis a detailed understanding of the flow patterns, media behaviour and high energy areas of the mill can be developed. Variables considered were the tip speed of the impeller and density of the grinding media. It was found that the grinder has three distinct regions: above, at and below the impeller with each region having its own flow patterns and velocity and kinetic energy profiles. These are different for each variable and so are used to characterise the grind. Tip speed and density of the grinding media were shown to both affect the velocity of the media and the proportion of time spent in the each region of the grinder.

Aug 1, 2013

By E. B. Spice

"IntroductionExperience at Eldorado has been gained with a variety of mill feeds. That is, the actual mode of occurrence of the pitchblende varies to such an extent that gravity concentration has at times been decidedly unattractive and at others highly successful. Because of this, the type of ore necessary for economic recovery of pitchblende have become well known. Also, those types which do not lend themselves to gravity concentration have become familiar. In general, it may be said that when the pitchblende occurs free, to a large extent, from sulphides or arsenides of high specific gravity, and when the bulk of the pitchblende is localized rather than disseminated, excellent recoveries, high ratios of concentration, and good grades of concentrates , will result from proper gravity concentration. On the other hand, if the ore contains pitchblende intimately or otherwise mixed with large quantities of arsenides or sulphides, or if the pitchblende is finely disseminated, gravity concentration alone will yield high recoveries only at the expense of very low-grade concentrates and low ratios of concentration.According to Taggart, the ease with which gravity separation may be effected is determined by the value of the following ratio: []It is stated that when the ratio is above 1.75, gravity separation can be expected to be easy. Thus with pure U308 (S.G. over 9) and gangue consisting chiefly of siliceous material, the process can he expected to be entirely successful even when carried on at very fine sizes. Unfortunately, the term pitchblende covers a great diversity of material. Although some of the mineral occurs pure enough to have a specific gravity of about 7, the average is much lower than this and is probably well under 5. Some of the pitchblende particles have a specific gravity so low that gravity concentration fails completely. It may also be said that no degree of grinding will produce free pitchblende of sufficient density from such particles. This, then, represents the most important limitation to the application of gravity separation to pitchblende ores."

Jan 1, 1950

By S. Steinlechner, G. Schneeberger, J. Antrekowitsch

Due to always getting stricter environmental legislations as well as increasing land filling fees the efforts for treating residues from metallurgy are continuously increasing. In case of filter dusts from metallurgical industry, the high zinc bearing electric arc furnace (EAF) dusts or also dusts from secondary copper industry are important sources for the recovery of secondary zinc oxide. Because of low capacities for secondary zinc concentrates (like Waelz oxide) in primary zinc metallurgy, the upgrade of such concentrates to a quality that meets the requirements of high quality (technical) zinc oxide becomes more and more important. This would open the opportunity to break into new markets and use it for example directly in electrolytic galvanizing. Therefore this paper will summarize possibilities for an elimination of halogens from secondary zinc oxides. Furthermore selective volatilization trials, with a synthetic mixture according to the analysis of Waelz oxide, were carried out to remove impurities to achieve an upgraded product quality.

Jan 1, 2011

By G. G. Bowser

PERUSAL of a list of present-day commercial explosives perhaps does not convey a full realization that there has been a great deal of improvement since the original dynamite was discovered nor that, in recent years, great developments have taken place in specialized explosives. This is true particularly of high-explosives for use in metalliferous mining or what is more commonly termed 'hard-rock' mining. Not many decades ago, only two or three types of explosive were avail-'able for commercial use. One was black blasting powder. Another was ordinary nitro-glycerin dynamite in various strengths. Black blasting powder remains with but very little change. Despite its ancient lineage, it is still with us as perhaps the sole explosive in use today which is almost identical in appearance, physical properties, and working ability or execution co the original. Which dynamite the story is different. Its evolution may be likened to that of the dog, nitro-glycerin as first discovered being the counterpart of the wild dog and, like it, dangerous and hard to control. The original dynamite as made by Nobel might then be considered as representing the first domesticaced species. This original dynamite, however, has been 'crossed with other bloods' until one sees now many distinct 'breeds' in the list. Present-day explosives still have the 'bark' and the 'bite', but with control and research have come many improvements; and types have been created which are specially adapted for particular kinds of work. We still have the direct descendant of Nobel's dynamite in the form of an improved nitro-glycerin dynamite. This C-I-L explosive, Polar Dynamite, is no longer the best type to use in the hunt for gold, silver, iron, and other metals. There have been developed other explosives more suitable for chat work. In Canada, such explosives are accomplishing this work effectively, not only where climatic conditions are moderate but through the rigours of our northern winters, with their sub-zero temperatures.

Jan 1, 1938

By Jacek Paraszczak

As the deposits located closer to the surface are getting depleted, more and more Canadian mines produce ore from considerable depths. Deep mining represents a number of serious challenges including high rock temperature. Conventional diesel powered loadhaul- dump machines and trucks so widely used in metal mines constitute an additional source of heat and noxious gases. Due to this, they have a substantial adverse impact on a quantity of fresh air required and a cost of ventilation, particularly since the mines have to meet more and more stringent regulations in this respect. In this context, the paper examines possible alternatives for diesel powered equipment, both these commercially available as those at the stages of prototypes or under development. They are reviewed with regards to their principles, required infrastructure, stage of technology development and its progress. The questions of their flexibility, practicality and economic viability are also addressed. Following the above a potential for their implementation and possible benefits (if any) in the conditions of deep Canadian mines is discussed. The paper concludes with short to medium term predictions concerning the most promising drive alternatives for vehicles destined to operate in deep metal mines.

Feb 1, 2008

By J. M. Harrison

FIELD PARTIES of the Geological Survey of Canada have, in recent years, mapped several areas east and northeast of Flin Flon (9, 10, 12, 13, 14, 15, 118) (1). In all these areas the mineral deposits show a close geographical relation to faults although the immediate control of most of the known ore deposits appears to be folded structures in the rocks (8, 11, 18, 19). Air photographs and published geological maps were studied in order to ascertain whether or not the mineral deposits in the Flin Flon-Snow Lake mineral belt as a whole show any spatial relationship to faults. It was found that most of them do show a distinct geographical association with faults, or with topographic features that may be faults. It is further apparent on air photographs that a major lineament, for composite of lineaments, follows approximately the contact between gneisses and schists of the Kisseynew complex on the north, and Amisk volcanic rocks on the south. However, this Kisseynew lineament is not continuous and, especially in the eastern half of the district, it is exceedingly irregular in plan. Parts of this lineament have been mapped as faults (9, 10, 12, 14), other parts have been shown as stratigraphic contacts (1, 2, 21, 27), and still other parts have not been studied except by reconnaissance methods. It is suggested that the Kisseynew lineament may be due to a deformed fault that extends easterly from a point about 25 miles west-northwest of Flin Flon to a point at least 10 miles northeast of Wekusko lake and that the mineral deposits.

Jan 1, 1951

By G. Stafford Whitby

N ATURAL gas is found in several provinces of Canada, particularly Ontario, New Brunswick, and Alberta. The largest producer is Alberta, and there the most important field is the Turner Valley, where some low-gravity crude oil and naphtha are associated with the gas. Last year there was produced from the Turner Valley field an average of 3,462 barrels, or about 450 tons, of oil a day. The gas flow from the wells in this field bears such a high ratio to the oil which comes from them that, despite the enforcement of a measure of conservation, it amounted to the vast quantity of 6,000 tons a day, or more than 2,000,000 tons a year. Prior to the application of any conservation measures, the gas flow was at one time of the order of 12,000 tons a day. The heat content of one ton of the gas is almost equal to that of two tons of coal. A certain amount, say, 10 per cent," of the gas is used in Calgary and surrounding towns and in re-pressuring the Bow Island gas field, but the greater part of it goes to waste. What are the possibilities of making use of this waste gas, in whole or part? The possibilities of using it profitably as fuel for domestic and industrial purposes have undoubtedly been carefully considered by the Company which now distributes a part of the gas to cities and towns in Alberta. But the relative sparness of the population and the cost of pipe lines makes such possibilities strictly limited. There are, however, distinct possibilities of making use of at !east a part of the gas for the production of a variety of chemical products and of liquid motor fuel. The present paper is devoted to outlining some of these possibilities. About three-quarters (by weight) of the Turner Valley waste gas consists of methane, the lightest and, chemically speaking, the simplest of hydrocarbon gases. The remaining quarter consists of heavier hydrocarbon gases-ethane, propane, and butane. Formerly, naphtha was separated from the well gas by a simple process of self-refrigeration. The gas coming from the wells at a pressure of, say, 1,200 to 1,800 lb., was passed through simple cylindrical vessels fitted with baffles and known as 'separators'. The pressure was allowed to drop to, say, 300 lb. in the separators, and the cooling effect secured by this expansion brought about separation of the naphtha. The naphtha thus obtained was 'wild', that is, it had a high vapour pressure owing to the presence in it of dissolved and liquefied gas. In order to reduce the vapour pressure to a level at which the naphtha could be shipped, this gas was removed either by distilling it out through a 'stabilizing' column or, according to the practice at many wells, merely by allowing the naphtha to 'weather' in open tanks (heated by coils if necessary) until the gas had been driven off in to the air.

Jan 1, 1936

By John A. C. Fortescue

There is a need for better communication between scientists who plan and carry out mineral exploration research in glacial terrain and the exploration geologists who look for mines. In this paper, four ways in which workshops could be used to close this communication gap are described and discussed in relation to the solution of this problem in Canada.

Jan 1, 1973

By Richard W. Hutchinson, Robert W. Hodder

"Pyritic massive sulphide deposits lie conformably above submarine volcanic rocks, and beneath siliceous and manganiferous iron formations. The massive bodies are often zoned, with a barren pyritic top grading downward into pyrite with sphalerite, and occasionally galena, and a chalcopyrite-rich base. They are frequently brecciated, like the lavas beneath them, which contain pyrite and chalcopyrite as coatings on joints and fractures and as dispersed grains. The lavas also exhibit propylitic, argillic and silicic alteration. These sulphide deposits appear to have formed on sea bottom from fluids escaping through the lavas during periods of exhalative and sometimes explosive volcanism. The process may be comparable to the present deposition of base metals from hot brines in the Red Sea. Some porphyry copper deposits resemble the altered, sulphide-impregnated lavas which lie beneath bodies of pyritic massive sulphide. In porphyry copper deposits, pyrite and chalcopyrite occur as veinlets and dispersed grains in intensely fractured tuffs, flows, sub-volcanic intrusions or other host rocks, characterized by propylitic, argillic and silicic alteration. Metal zoning is present; sphalerite and galena often occur in manganiferous veins peripheral to a shell of pyritic veinlets which encloses the mineable zone of chalcopyrite-bearing veinlets. This sulphide distribution appears to have formed from hydrothermal fluids escaping, either passively or violently, from solidifying magma. The fluids may be comparable to hot brines encountered by drilling in the Salton Sea area of California.There are also important differences between massive sulphide and porphyry copper deposits. The former usually occur in differentiated, mafic-to-felsic subaqueous volcanic rocks, whereas porphyry copper deposits are often associated with shallow plutons and subaerial volcanic rocks of intermediate to felsic composition. Calcic-sodic metasomatism accompanies the massive sulphides, whereas potassic metasomatism characterizes the porphyry cop.per deposits. Further, ages of massive sulphides range from Archean (Keewatin) to Tertiary, but porphyry coppers are Triassic to Tertiary in age. These similarities and differences suggest that massive sulphide and porphyry copper deposits are related tectonically and metallogenetically. The former were generated during early stages of crustal evolution, particularly in Archean time, and were repeatedly derived during early stages of younger, individual tectonic cycles. In contrast, the porphyry coppers developed during the later stages of crustal evolution - later in terms of both absolute age and relative age within younger individual tectonic cycles. They appear in younger rocks generally, and specifically in rocks involved in events of the middle and late tectonic stages of orogenic belts. The massive sulphide deposits are of early-magmatic eugeosynclinal affiliation, whereas the porphyry deposits formed in late-magmatic, predominantly subvolcanic settings at the edge of continental plates, where contemporaneous exhalative volcanism was mainly a subaerial phenomenon. Transitional types of deposits exist and are found on continental margins with flanking eugeosynclinal sequences."

Jan 1, 1972

By S. A. Ghoreishi-Madiseh

Underground mines, with their relatively high ground temperature and their extensive backfilled stopes provide a great opportunity for producing geothermal heat. The novel idea of installing a network of heat exchange tubes into stopes prior to backfill placement converts each mine stope into a heat producing battery. In this system, backfill plays the role of the heat exchange medium conducting heat from the surrounding rockwalls to the heat exchange tubes. This geothermal heat can be used for heating: mine facilities and buildings, the intake air, a close-by mineral processing plant, or even nearby communities. This paper investigates the possibility of extracting renewable geothermal energy from backfilled mine stopes by means of closed-loop geothermal cycles. To simulate realistic operational conditions a heat transfer model is developed and solved numerically. To evaluate the numerical results, a small scale physical model is constructed and the experimental results are compared with the simulation results. The study estimates the sustainable rate at which heat can be extracted from a typical underground mine stope, the resulting outlet temperature and performance of the geothermal system. The results show that mine stopes are capable of sustainably producing geothermal heat not only when the mine is active, but also after the depletion of the ore body. Therefore, an underground mine will no longer be perceived as an enduring economic liability, but as a long-lasting source of clean, renewable, and inexpensive low-grade geothermal heat.

Aug 1, 2013

By Douglas Macaulay

"The Work contains the personal views and opinions of the Author and in no manner should it be construed as reflecting the official position of Export Development Canada. The Author makes no representation or warranty with respect to the accuracy or completeness of the contents of the Work and specifically disclaims any implied warranties, merchantability or fitness of use for a particular purpose". Export Development Canada ?Canada?s official export credit agency, established 1944 ?Mandate to support export and foreign investment ?Financially self-sustaining, AAA rated borrower ?Services include: Financing (FIN), Political Risk Insurance (PRI), Contract Insurance & Bonding (CIB), Accounts Receivable Insurance (ARI) ?A trusted partner in troubled times

May 1, 2010

By Bryan Tisch

Goal of GMGE ??To advance mine reclamation through the beneficial use of organic residuals for the sustainable establishment of bioenergy crops and other productive land uses Objectives ??To advance the current ?standard? of mine reclamation by demonstrating that mining lands can safely become agriculturally ?productive? through the use of organic residuals. ??To generate and compile sound scientific data that can be utilized by stakeholders to better assess the environmental impacts of utilizing these materials. ??To complete a manual of best practices regarding the utilization of organic residuals on mine lands. *Considerable effort to be placed on operations/implementation side of utilizing residuals ?rather than just pure research

May 1, 2011

By S. McCalpine, W. Muir, P. J. Downey

"Golden Bear Operating Company Ltd. (GBOC) was a joint venture between Chevron Minerals Ltd. and North American Metals Corp. that was formed for the development of the Golden Bear Project. The mine is located at Muddy Lake, Western British Columbia, approximately 80 km northwest of Telegraph Creek and 135 km west of Dease Lake (see Figure 1). Road access to the mine was developed by Golden Bear and consists of a radio controlled 155 km gravel road originating at highway 114.A feasibility study was completed in 1987 and project approval was finalized in 1988 with Golden Bear issuing a ""Request For Proposal"" for detailed engineering in May 1988. Golden Bear also commenced negotiating with vendors at this time for the supply of the two principal process equipment packages: the dry grinding and classification system and the whole ore roaster package.Process plant engineering and plant construction was completed in October 1989 with plant startup commencing in November 1989. Two months into the commissioning phase it became apparent that the plant, as designed, would not achieve the anticipated production targets.Kilborn Engineering Pacific were subsequently contracted by GBOC to review and modify the plant design, assist the operating personnel with plant commissioning and startup and provide operator training.This Paper describes some of the problems encountered during the startup and the plant modifications incorporated to achieve design parameters."

Jan 1, 1992

By N. I. Basuki, E. T. C. Spooner

"The Bongara area, northern Peru, contains Zn-Pb mineralization with characteristics typical of Mississippi Valley-type (MVT) systems. The northwest-southeast-trending late Triassic-Jurassic car¬bonate host rocks of the Pucará Group were locally replaced by early (D1) and late (D2) dolomite. Fluid inclusion microthermometric data from dolomite and sphalerite are typical of MVT ore fluids (78° to 187°C; ~15-23 wt.% CaCl2 equivalent), and do not show apparent covariation between temperature and salinity.Homogenization temperature data from D1 and D2 dolomite show a decrease from northern (mean Th = 138°C) to central (mean Th = 126°C) to southern areas (mean Th = 102°C), suggesting fluid flow from north to south. Assuming a geothermal gradient of ~30°C/km and an average surface temperature of ~20°C, the lower temperature limits might approximate the ambient host-rock temperatures, whereas the upper temperature limits may represent minimum temperatures of a deeper aquifer, probably at a maximum depth of ~6000 m. The lower temperature limits are also similar to the estimated temperatures if dolomitization and mineralization took place in the Late Cretaceous at ~2000-3000 m depth, probably during the formation of the Peruvian fold and thrust belt near the present day Peru-Ecuador border.Fluid inclusion data show that the fluids in each studied location had relatively uniform temperatures and salinities during dolomitization and mineralization. A significant salinity drop and a slight temperature decrease are observed during late calcite precipitation, suggesting mixing of brines with dilute, cooler fluids."

Jan 1, 2009

By Peter C. Jones, Wanda M. Carter, David H. Watkinson

"Abstract - Pyrrhotite, chalcopyrite, and pentlandite are the dominant sulfide minerals in the 740 zone of the Kelly Lake orebody (Inco Ltd.), Copper Cliff Offset, Sudbury. Petrographic and quantitative electron microprobe analyses of minerals, from sulfide assemblages and host quartz diorite, of the 740 deposit have revealed three processes that have affected sulfide mineralization and associated sulfarsenide and platinum-group-mineral (PGM) distribution: magmatic, hydrothermal, and tectonic. Accessory, zoned cobaltite, and gersdorffite occur in sulfides as a result of these three processes, and PGM occur dominantly in hydrothermally remobilized and deformed ores. Where PGM are present in sulfarsenides they provided nuclei for sulfarsenide growth. Solitary PGM are orders of magnitude larger than those PGM found within sulfarsenide minerals. Five varieties of PGM occur, michenerite and sperrylite being the most common, with lesser froodite, hollingworthite, and ruarsite.The effect of a deformation is a localized fabric in the ore, revealed by pyrrhotite and chalcopyrite bands; pentlandite porphyroblasts also partially define the foliation. The deformed ore is also characterized by alteration of the adjacent quartz diorite, which produced an alteration assemblage including almandine garnet, Fe-rich biotite, and chlorite."

Jan 1, 2001

By J. Shahabpour

"Abstract - Breccias with angular and rounded clasts of a late-mineralization, ""barren"" hornblende porphyry dike set within a comminuted matrix consisting of rock fragments and quartz, cemented by quartz and K-feldspar of hydrothermal origin is observed in diamond drill cores from the Sar Cheshmeh porphyry copper deposit. Studies of age relationship between vein types, phyllic-altered clasts and the breccia groundmass suggest that the brecciation is a late event. The breccia clasts record evidence of hydrothermal reaction between the clasts and fluids responsible for the brecciation.Formation of bornite, in the breccia clasts of the originally barren hornblende porphyry dike, and in the breccia matrix, along with the scarcity of bornite in the Sar Cheshmeh deposit itself suggest involvement of fluids which are later and of different composition from the fluids responsible for the known mineralization at Sar Cheshmeh. These later fluids may be related to a later plutonic event and suggest the possibility of a later, and concealed deposit."

Jan 1, 1994

By J. Shahabpour

"Breccias with angular and rounded clasts of a late-mineralization, ""barren"" hornblende porphyry dike set within a comminuted matrix consisting of rock fragments and quartz, cemented by quartz and K-feldspar of hydrothermal origin is observed in diamond drill cores from the Sar Cheshmeh porphyry copper deposit. Studies of age relationship between vein types, phyllic-altered clasts and the breccia groundmass suggest that the brecciation is a late event. The breccia clasts record evidence of hydrothermal reaction between the clasts and fluids responsible for the brecciation.Formation of bornite, in the breccia clasts of the originally barren hornblende porphyry dike, and in the breccia matrix, along with the scarcity of bornite in the Sar Cheshmeh deposit itself suggest involvement of fluids which are later and of different composition from the fluids responsible for the known mineralization at Sar Cheshmeh. These later fluids may be related to a later plutonic event and suggest the possibility of a later, and concealed deposit."

Jan 1, 1994

By M. Yao, D. Thibodeau

"Selective mining, such as post pillar cut and fill, is used in large, flat, irregularly shaped ore bodies where ground stability is to be maintained. This selective mining is used to open the stope to the full lateral extent of the ore body in order to minimize the dilution and maximise the recovery. For increased mining depth, design of the post pillar becomes more challenging since those pillars will eventually fail as mining progresses upwards. The post pillar should be designed such that failure does not occur at the early mining stage, such as at the first cut. After mining progresses upwards, the post pillars are expected to fail but be confined by backfill. In order to maximise ore recovery, both drift width and post pillar size must be designed adequately with a consideration of all geomechanic parameters. This paper will describe the process used to design post-pillar cut and fill for one of the ore bodies in Vale’s Copper Cliff Mine using a combination of both empirical deterministic and numerical modelling techniques. By utilizing both empirical deterministic and numerical modelling techniques drift width and post pillar size can be effectively designed. Current post pillar cut and fill design in the existing Vale operations are used to validate the design for Copper Cliff Mine. INTRODUCTIONCopper Cliff Mine is located within the Copper Cliff Offset in the limits of City of Greater Sudbury, Ontario, Canada, as shown in Figure 1. The Copper Cliff Offset extends about eight kilometres south from the Sudbury Igneous Complex into the footwall rocks. Until 2008, the current Copper Cliff Mine was operated as two separate mines i.e. North Mine and South Mine. However, as part of restructuring of Vale Ontario Operations, the North and South Mines were merged in 2009 to form the “Copper Cliff Mine”."

Jan 1, 2015

By R. E. Dye

IF gold mining is to assume, or it might be better said to resume, a place of ' importance in the national economy of this country following the present war, then one must accept the thesis that gold will maintain the place it has for many generations held in the minds of men as a substantial and lasting emblem of material wealth-a metal in exchange for which men have always been ready to give up the possession of their worldly goods. The thought bas been advanced by some that gold is not necessary as a basis for exchange, that it has no real value anyway and, therefore, the world would wake up some morning to find that no one wanted gold and that, over night, its possession bad in some way ceased to be desired. Holding an equally extreme view there are those who advance the idea that, following the war, gold will in some mysterious way enjoy a fantastic increase in value. Neither of these extreme views can be successfully supported. To presume that by legislation or by general agreement gold would be or could be, over night, dethroned to the position of common stone is wholly beyond the realm of any possibility. The thought that this could come to pass is advanced by, and is attractive to, only those peoples who do not have gold and do r:ot have the means of producing it. To believe that the fundamental value of gold will suddenly change is likewise fantastic. I refer to the fundamental value, not the dollar price, of gold, for it cannot be denied that, with the colossal war expenditures now being made and with the huge national debts which are being piled up, there is a possibility, indeed per-haps a likelihood, that the dollar price .of gold may be revised upward. For the purpose of this discussion, however, that possibility is irrelevant and need not be considered.

Jan 1, 1943