Gold is sought after not only for investment purposes and for jewellery, but it is also used in the manufacturing of certain electronic and medical devices. The demand for gold, the amount of gold in the central banks' reserves, the value of the U.S. dollar and the desire to hold gold as a hedge against inflation and currency devaluation, all help drive the price of gold, which is currently trading at over $1,200/oz.
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Gold Prices 1975 - Present
It is the surge in gold prices and the increasing cost of finding gold which has brought Ireland back into play as a potential source of gold. At present only the small Galantas mine in Omagh is operating but hopes are high that Dalradian will commercialise their discovery at Currinahault in Tyrone. In the mid 1790s gold was discovered in Avoca. A gold rush ensued. Despite spending millions and using the best technology a commercial discovery has never been made. Connemara, and its predecessors, have been working in Wicklow/Wexford for 25 years. Excellent grades have been found in numerous areas but it has been impossible to tie the various discoveries into one viable deposit. The arrival of Hendrick promises a renaissance. This experienced Canadian gold prospector brings cutting edge exploration technology. He is exploring his own ground as well as joint venturing with Connemara.
THIS PAGE WAS LAST UPDATED ON 03 JANUARY 2017