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Bureau of Mines / Minerals yearbook: Metals and minerals 1978-79
Year 1978-79, Volume 1 (1978-1979)

Butterman, W. C.
Gold,   pp. 377-399 ff. PDF (2.1 MB)


Page 378

83.95 83.25 190.44' 662.54 1,027.18 
 The volume of trading in gold futures on ed that 1 million ounces of gold
be minted U S commodity exchanges quintupled in and offered for sale in each
of the 5 years the 2-year period, exceeding 1 billion 1980-84. 
ounces2 in 1979 (tables 1-2). The Federal Trade Commission determinLegislation
and Government Pro. ed that the amendments to its Trade Pracgrams —The
U S Department of the Trea tice Rules for the jewelry industry that it sury
held monthly public sales of bullion proposed in 1977 would not be in the
public from May 1978 to November 1979 The IMF interest The proposed amendments
would also continued its 4 year program begun in have allowed the use of
the term gold in 1976 of public bullion auctions and its connection with
jewelry items containing restitutions (sales) of bullion to member gold of
less than 10 karat purity Further in countries July 1978 the Commission amended
its 
 On November 10 1978 the President Trade Practice Rules to expressly prohibit
signeçl a bill authorizing the minting of 1/2 the use of the term
gold in such a context and 1-ounce gold medallions bearing the since the
previous rules prohibited the term images of celebrated American artists
The only by implication 
legislation effective October 1 1979 requir 
 Domestic mine production decreased in both 1978 and 1979 (tables 3-4). The
main reason for the drop in output was the use of leaner ores, which became
feasible as the price of gold rose. Average millhead grade ' at the Homestake
mine dropped from 0.202 ounce per ton in 1977, to 0.180 ounce per ton in
1979. At the Carlin mine, the comparable 
figures were 0.302 and 0.186 ounce per ton. Contributing to the decline of
output were the shutdown of one sizable gold mine for several months in 1978
while new reserves were blocked out, and the shutdown, by flooding, of a
substantial byproduct producer for most of the 2-year period. 
Table 3.—Mine production of gold in the United States, by State
(Troy ounces) 
 1975 1976 
 1977 1978 1979 
 14,980 22,887 18,962 18,652 6,675 
 85,790 102,062 90,167 92,989 101,840 
 9,606 10,392 5,704 7,480 3,195 
 55,483 50,764 72,668 32,094 13,850 
 2,529 2,755 12,894 20,492 24,140 
 17,259 24,075 22,348 19,967 24,050 
 332,814 287,962 324,003 260,895 199,960 
 15,049 15,198 13,560 9,879 22,976 
 W 28 675 340 
 304,935 318,511 304,846 285,512 245,912 
 w w 13 w —— 
 189,620 187,318 210,501 235,929 260,916 
 w w 24,006 w W 
 24,187 26,085 — — 14,603 16,269 
 w Withheld to avoid disclosing company proprietary data; included in "Other
States."378 MINERALS YEARBOOK 1978 79 
Table 2.—Volume of U.S. gold futures trading 
(Million troy ounces) 
Exchange LOcation 1975 1976 
1977 
1978 
1979 
 CommodityExchange inc NewYork_ 3619 4794 
: NewYorkMercantileExchange ' ~do___ 1.27 .08 
International Monetary Market Chicago — — —
40.70 34.09
Chicago Board of Trade_ do__~ 5.56 1.06 
' Mid-America Commodity Exchange do — - ——
.23 .08 
Total 
9817 
~03 
90.82 
1.33 
.09 
37340 
.85 
281.30 
5.49 
1.50 
65415 
.21 
355.87 
10.30 
'  6.65 
DOMESTIC PRODUCTION 
State 
Alaska - 
Arizona -  
:California_______________________ 
Colorado 
Idaho --  
Montana_______________________ 
Nevada                         
New Mexico_____________________ 
Oregon -  
SouthDakota 
Tennessee_______________________ 
Utah 
Washington_____________________ 
Other States  
TotaL_________________ 
 1,052,252 1,048,037 
 1,100,347 998,832 919,783 


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