What Lies Ahead For The Gold, Silver, Uranium And Coal Industries?

It is a pleasure for me to keynote this first Western Regional Minerals and Coal Conference here in the Black Hills of South Dakota. It is pleasing for two main reasons. First, Homestake Mining Company has been associated with the Black Hills since 1875 when gold was discovered following Custer's trek through the Hills during 1874. Second, the future mineral development of the Black Hills will depend, to a great extent, on minerals and metals covered in this conference. The metals and minerals that are featured in this conference have unique similarities--and important differences--and therefore, will be of great interest to all who are involved in our industry in this area of the country. Precious metals have always been, and likely will always be, subject to political influence; they are only partially affected by the demands of our industrial economy. Energy minerals, while more directly affected by industrial stimulus, are also politically sensitive. In this regard, the need for a minerals policy affecting the energy sphere has been made very clear to us in the last five years. More importantly, the lack of a national policy and purpose relating to our total future energy needs has severely affected the overall economy and security of this country. Very briefly today, I would like to outline for you my thoughts on the future of these most important minerals. I will start by a discussion of precious metals, primarily my favorite precious metal, gold. A brief history of gold will be helpful in setting a perspective for forecasting its future although it is difficult to give a brief description of a metal that has been prized by man for over 6,000 years. Until recently, as you know, gold was held by the Federal government as a metal to be owned by the government only and