Gold and Silver Stage a Powerful August Comeback as Debt Fears Shake the Markets

 Precious metals have turned into one of the most surprising comeback stories of the month, recovering sharply from the losses that weighed on them earlier in the year. Silver has been the standout, but gold has also staged an impressive rebound that has caught the attention of traders who had written off the sector just weeks ago.

Gold reached an all‑time high of $5,598 an ounce on 28 January before a steep correction dragged it down to about $3,942 by the end of June, wiping out roughly 30% from its peak. Since that low, momentum has shifted. Most of the recovery has taken place in August, pushing gold back toward $4,466 at the time of writing. That leaves the metal up 11% for the month and modestly positive for the year, a turnaround few expected heading into the summer.

Silver’s move has been even more dramatic. After hitting a record $121.65 an ounce on 29 January, it plunged to around $54.70 by mid‑July, a staggering 55% drop that rattled even long‑time metals investors. But August has breathed new life into the market. Silver has climbed roughly 20% from its lows and is now trading near $66. While it remains down more than 7% year‑to‑date, the speed and strength of the recent rally have shifted sentiment noticeably.

The latest surge in both metals accelerated this week after the U.S. Treasury announced it would double the size of its buybacks of 10‑ to 30‑year debt starting 9 September, raising each operation to at least $4 billion. The move was designed to calm a bond market that has been increasingly uneasy, and it landed just hours before new data confirmed that U.S. national debt had crossed the $40 trillion mark—two years ahead of Congressional Budget Office projections.

Before the buyback announcement, the 30‑year Treasury yield had climbed to its highest level since 2007. Yields eased afterward, and the dollar dropped sharply, reigniting talk about long‑term dollar debasement—the idea that a swelling debt load eventually chips away at confidence in the currency. Weak U.S. jobs numbers, softer retail sales, and cooling inflation added to the shift in tone, prompting traders to scale back expectations for a September rate hike. According to CME FedWatch, the probability fell from above fifty percent to roughly one in three.

Lower yields tend to make non‑yielding assets like gold and silver more appealing, and central banks along with exchange‑traded funds have continued adding to their holdings. With debt concerns rising and rate expectations softening, the precious‑metals trade has found fresh momentum heading into late summer.

A Tiny Story: Romance and Savagery in 19th Century Southwestern Arizona - August 20, 2026

 

Updated on November 17, 2024

John reads about the Old West, lost treasure, lost gold mines, and amateur gold prospecting. He prospects in Arizona and photographs mines.

A Serial

For the second installment, please see Apache-Land-Travels-and-Surprises

Prelude

Jack had just ridden into town for his long-awaited reunion with his betrothed. Her name was Nell, and as his buddies were apt to say, she was easy-on-the-eyes.

Heading across the dirt street, the general store to the right and the saloon on the left, he saw dust in the distance. As he looked down the alley between the two businesses, he saw dust on the crest of the hills of Patagonia, Arizona. It rose like a light brown vapor. Too far to make out the nature of the disturbance, he continued. The hills were sparsely spotted with brush and cholla, the walls and blue sky framed the scene. It was a gorgeous day, and he took note.

Nell's Concord stagecoach with burgeoning rear boot arrived in front of the saloon. Jack was almost to the coach door when it opened. It startled the driver who quickly grabbed the door and completed its motion. Nell was on the coach step when she lifted her head and smiled at Jack. Her poofy hat, adorned with white snowy egret feathers and red spoonbill plumage, was hard to miss. At about a foot in height and 18 inches back, it swayed with the slightest movement. Her jet black wavy hair emanated from the hat revealing her Irish heritage. She was stunning, to say the least.

"On time, J! Hope you didn't have to hurry," she said with a whimsical tone.

Nell

An Interrupted Reunion

She was far from wordy. Jack's face brightened. There was no hiding his joy on that sun-toughened skin. His cheeks were tanned washboards, his eyes ice blue mints. The two turned, heading across to the livery stable where his horses were boarded. And as he turned, he peered down the alley and saw two distant riders, one with a white Mexican palm leaf straw hat, the other a black Stetson. Jack quickly recognized the riders approaching and nudged Nell encouragingly at the small of her back as they continued across the street.

The white hat's name was Domingo. The Stetson's was Sly. Jack rode with them for a brief time not far from Nogales. He had mixed feelings when he joined up but had been frustrated trying to make the money he needed to finally buy a spread of his own. It was 1869, and finding a job was difficult. Work was limited, and everyone was spooked by the recession. Times were tight. People grudgingly held onto what
they had earned and had no need to hire. So, Jack teamed up with the devious two. He was willing to risk his future for one questionable payday. That last installment to his savings would get him his ranch.

Inside the stable, Nell was a bit astonished.

"Are those the two you wrote about?" she asked.

Jack put his hand up. He was peering out the cracks in the stable doors watching as Domingo and Sly dismounted and took up residence behind a wagon. Barrels were stacked street-side for loading, unfortunately providing some cover.

Domingo was the type to be brave as long as someone else gave orders. With a couple buddies he felt himself emboldened. Taking his place near the front of the wagon and Sly at the back, they traded hand signals; a portent of things to come.

"Jack! Me and Domingo missed you after Nogales. We was wondering if you owned a ranch now?"

There was no sense engaging in conversation. All those two wanted was whatever Jack had. A shot rang out splintering the big, planked doors. Straw dust floated through the stable. Dell fell to the ground behind the beam door frame. Normally a confident soul, her face was very blanched as if she were someone chronically anemic.

"Stay right there! Jack barked.

Finale

An hourglass-shaped knot in the door was somewhat displaced due to shrinkage of the surrounding soft wood. Putting his finger on the top of the knot, he pulled down. It toppled out and fell to the floor. The resulting hollow gave a pretty good view of the rear of the wagon.

Meanwhile, each of the two cretins across the street fired two more rounds through the double stable doors. This time splinters and straw dust blew through- the straw bits twisting and tumbling through the air. Nell had taken her hat off and was holding it in her hands. The feathers stuck out pointing toward Jack. It seemed to him a strange time to be concerned about personal appearances.

Placing his Winchester just barely on the ledge of the knot hole he had helped create, he could see the aft end of the wagon. Then he heard Nell. She was crawling across the floor toward a slight parting of the doors jostled by gunfire.

Jack Whispered with guarded force, "Get back!"

Nell paid no attention and pushed her feathery bouffant hat between the doors. Jack readied himself. But there was no violent response. Puzzled, he watched her gently wave the partially protruding hat up and down like a man bobbing a fishing rod. He spied more motion across the street. Aiming his repeater, Jack hoped to get a clear shot.

Holding her hat like a dowsing rod, Nell calmly, but slowly, walked through the door. There was total silence across the street. Once outside, she sauntered, gently fastening her hat and casting her hair back with her hand. Jack knew not what to think and wanted so badly to run outside.

However, when peering along his iron sites he saw a hint of a white forehead peek from behind the wagon. Jack's shot rang out. The forehead dropped from sight and an arm dangled between the crimson-spotted wagon spokes. Domingo scrambled to the alley like a raccoon chasing an insect and leapt upon his horse. He could be seen slapping his horse's hind quarter with his white straw hat.

Trying to put it all together, Jack felt perplexed. Nell's audaciousness and quick-thinking gave him a slight chill. As that passed, he stretched a smile.

She summoned him with her hand like a musician playing the harp. Grabbing his two quarter horses that had been boarded, he carefully walked street side and approached Nell. His Winchester was carried primed for use. Speeding up his pace, Jack wanted to kiss her, but on the verge of meeting her, she put her finger to his lower lip and said, "Let's go home, Jack."

It had been a day of great anticipation for both. The next moment they were both faced with the savage fury of past history and shameless greed. Yet, the day had finished on a positive note. Jack had a premonition - though the love of his life, his partner, had demonstrated her bravery and executed in an amazing way, he felt that it would not be the last time her physical beauty and cleverness would play a part in securing their future.

Nell was not one to skirt possibilities. Now they would cross Apache land and begin their life together.

Source

If You Enjoy Old West and Treasure Stories

• Golden Legends Tales of Buried Treasure
  Read about gold, silver, and buried treasure and the attendant excitement.

How to Use a Metal Detector: Essential Basics for Beginners

 Updated on October 15, 2023

                                                                                   *

I've been gold prospecting for 13 years, mainly in the Bradshaw Mountains in Yavapai County, Arizona, where I found over 8 grams of placer.

My ACE250 by Garrett—a good coin shooter for those beginning the hunt. | Source

Basics of Metal Detection

Metal detecting is one of those things a person usually dreams about while not really picturing themselves as participants. Whether it is the call of the wild, gold fever, antiquities hunting, coin shooting, or the lure of any treasure, metal detecting has become one of America's favorite pastimes. You may have given it thought, but usually, there is a critical moment when the decision is made to take the leap and purchase a metal detector.

For me, it was a search for a pastime in retirement that would give me good exercise, interesting surroundings, and the chance to discover something unusual. I had panned for gold in a club, but watching other members shooting for nuggets was too much to ignore. They were having so much fun! That drove me from the edge of indecision. There isn't anything much more exciting than a friend showing you a little gold nugget he discovered in some gravel near a bend in a stream.

The first thing you need to do is talk to some friends that might have metal detectors. Usually, they can give you a pretty good assessment of several detectors since many of them shopped before purchasing. If you don't know anybody, search the internet. Metaldetectorreviews.net is a good place to start that has good recommendations. Local hunters might have an idea of what detectors work best in your area.

What Detector to Buy

You can buy a really cheap detector, but the less the detector can discriminate between metals, and the shallower the detector "sees," the more frustration you will experience. For being able to experience the joy of metal detecting and minimize frustration, I would recommend metal detectors for sale in the $160–$300 range based on what instruments are included.

Some names in this category are the Garrett 250 metal detector (which I own), Whites Metal Detector Prizm II, Minelab Muscateer, and the Bounty Hunter Tracker IV metal detector. While you're shopping, if you bump into another model in the range that has a feature you like, by all means, go for it. There is a "whopper" of a bunch of models and brands out there. You can also look for used metal detectors and expect to pay around 50%–75% of the new price, depending on the condition.

"Locating unexploded shells on the battlefield." As usual, war invites creativity. | Source

Where to Go

Finding really good area candidates to search sometimes takes a bit of work and research.

You need to get permission to search on private property. If there are posted instructions for land use, follow them. If it is posted that metal detecting is forbidden, don't metal detect. Most areas with recreational equipment in the sand, like school yards, are OK. Park areas where there are picnic tables are great areas to search. Parking lots are another good place, as well as beaches. Just make sure you obey posted instructions.

Technique in Metal Detecting

Let's begin with some basic ideas about technique in metal detecting.

At one end of your metal detector is a coil. This is what finds metal targets you are searching for. The coils are usually circular or elliptical in shape. Once you turn the power on, you start to "wave" back and forth over the ground you are searching. When I say wave, I mean passing the detector back and forth across an area.

It is important that you keep your detector coil 2" above the surface of the ground. When you pass back and forth (that is, left to right), there is a tendency at first not to move your whole arm but to pivot back and forth by your shoulder. When you do this, the coil raises up at the end of each swing—this results in the coil being off the ground more than 2" at the end of each pass. You will miss possible targets in your search area if you do this. You need to keep the coil 2" above the surface and level, and move your arm so that those 2" are maintained throughout your swing.

For a good example, suppose you have an idea that there could be coins near a grandstand that once stood where you are searching. If your arm is swinging up at the end of each pass, you will not cover a lot of good area where great finds could be. It would be a pity to miss something just because of that.

Most metal detectors have a bell sound that goes off when you have passed over a metal object. You swing back and forth repeatedly, making your swings somewhat smaller as you pinpoint the target. When you are getting a good signal and are right on top of something, your target will be located under the center of the coil. Mark the spot with a spade, trowel, hand rake, etc.

They tell you to dig an oval cut, mostly 2" to 4" deep, and lift the sod up and over, leaving it connected at one end. Find your target and replace the "divot". Tamp it down slightly with your foot so that it cannot be raised easily by foot traffic or machine.

Now, I know that if you do not live in the South or New England area, the chances are that you cannot just push a spade in the ground and pull up a good-sized piece of sod. I come from Arizona, for example, and here you might be able to lift a divot of sod on a prepared golf course or a park, but not out in the desert. Most of the ground seems like concrete. You have to push the spade in and then repeatedly dig out the hole, putting your dirt in a pile near the hole. Just make sure you put the dirt back and tamp it down when you have found your fortune.

If you are going for objects deeper than 4" (the Garrett Ace 250 can find stuff 8" down), you may want to use a big shovel. In that case, you pile your dirt near the hole and wave your detector over it. If the metal detector rings, you know your target is in the pile of dirt. You then usually split the pile in half and wave the two smaller piles. When your bell goes off, you know which pile it is in. Repeat this until you find your target. If the bell does not ring over the pile (piles) of dirt, keep digging. Wave your hole, and you will hear it ring again. Sometimes you can get a false signal—your detector rings, and then after some digging, it does not ring again. Perhaps there was some metal in a rock, or perhaps it was an anomaly (unexplained reason). I have found that in practice, this does not happen very often, but it can happen. Continue to search your area until you get a new signal. Most targets are only a few inches beneath your coil.

Things to Bring

Your coil is relatively expensive. They come in small, medium, and large sizes. You get one when you initially purchase your metal detector. But remember, the coil is sensitive and can be broken. If you are swinging the arm of your detector and hit a rock by mistake, you could break or chip the coil.

One of the first things you want to buy when you have your metal detector is a cover for your coil to protect it from damage. The cover fits tightly over the coil and is made of some kind of plastic that provides good protection. I have accidentally bounced my coil off of rocks or stones and have yet to damage the coil. Of course, you look ahead at your target area and are generally aware of what is there, but sometimes you are focusing so much on the search that you forget, or hit something you did not see in the beginning, even though you are treating your machine with respect. Get a guard; it is worth all the money you will pay. Most covers run from $10 to $20. They fit tight, so make sure your coil is clean and snap it on. I haven't taken my cover off since the day I put it on.

If you do not like the idea of other people hearing your bell go off, all metal detectors (that I know of) have a place where a jack for earphones can be inserted. The headphones make you less conspicuous when people are around. You can adjust the volume to your liking. Nobody likes to draw attention to themselves, and after all, a lot of us enjoy the peace and serenity of being outdoors in nature. Solitude is part of the journey. I was able to adapt a pair of headphones I already had, but you can buy accessories, including headphones, at mining supply stores, and even big box stores that sell electronics. There are a number of treasure hunting stores that sell metal detectors and all kinds of supplies.

Bring a plastic bag with you. Anywhere from 60 to 80 percent of what you find can be trash. It's just part of the beast. Believe me, the 20 to 40 percent of your finds that are desirable finds are worth it. Put the trash in the plastic bag and dispose of it in trash containers. It is good for the environment and will be doing a service for the next hunter who scans the area. Courtesy is contagious. I have a little pouch that fits on my belt that I can unzip and put coins or other finds in.

Code of ethics

Treasure

So what have I found? Well, I've found a lot of coins. None of them have been rare, but they were fun to find, nevertheless. Some people refer to pennies as nuisance targets—I guess they just want silver coins. But as for me, I'll take all the pennies I can find! I have found a silver ring at a park, a couple of Army buttons from the 19th century in small washes where I suspect soldiers once washed their clothes, one small gold nugget (in this case, my Garrett became a gold metal detector!) on a claim owned by our treasure hunting club, matchbox cars, metal toy soldiers, bullets, and many other things.

Treasure detecting will easily become one of your favorite activities. You will meet many interesting people, discover things about the area you live in that you never knew, and you'll find interesting resources for exploring new areas. Go metal detecting. You won't regret it!

A Great 2020 Guide for the Frugal Prospector

• The 11 Best Cheap Metal Detectors of 2020 - Kellyco Metal Detectors
  Just getting started in the metal detecting world? These affordable options are perfect. As a beginner, you may not want all the features some of the more advanced machines have.

Why Gold Jewelry Is Surging in Popularity as Prices Hit Record Highs

 Gold prices have been on an extraordinary climb, breaking records and reshaping how people think about jewelry. Earlier this year, gold briefly pushed past the $5,000‑per‑ounce mark before settling closer to $4,600 by late March. That kind of movement isn’t happening in a vacuum. It follows a massive surge in 2025, when gold jumped more than forty percent in a single year. Safe‑haven buying, aggressive central‑bank accumulation, and expectations of lower interest rates all helped fuel the rise. What’s surprising, though, is how little this sticker shock has slowed down everyday buyers. Instead of backing away, people in their thirties and forties are leaning in, treating gold jewelry not just as a luxury purchase but as something that carries emotional weight and long‑term value.

Part of the renewed interest comes from the world feeling unpredictable. Geopolitical tensions, trade disputes, and political instability have pushed many people toward assets that feel solid and dependable. Gold fits that mindset perfectly. At the same time, countries like China and India have been steadily shifting their reserves away from the U.S. dollar, adding even more demand to the market. For individual buyers, gold has become a kind of financial comfort food—something that holds its value even when inflation bites or currencies wobble. But beyond the economic logic, there’s a personal side to this trend. Many buyers are choosing pieces that feel meaningful, items they imagine passing down someday, rather than impulse purchases that lose their shine after a season.

Even with the rising cost of raw gold, jewelry remains a major part of global demand. The number of pieces sold worldwide has dipped to a five‑year low, but the total value of gold jewelry has hit a record high. That means people are buying fewer items, but each one is more substantial—higher in gold content, higher in craftsmanship, and higher in price. It’s a shift toward premiumization, where quality matters more than quantity. For many thirty‑ and forty‑somethings, that aligns perfectly with how they’re approaching purchases in general: fewer things, better things.

Designers have responded to this shift with styles that feel both modern and enduring. Chunkier, weightier pieces are back in rotation, often paired with diamonds to add contrast and sparkle. Sculptural shapes, vintage‑inspired motifs, and minimalist lines all coexist in the current landscape, giving buyers plenty of ways to express themselves without feeling tied to a trend that will fade in six months. And perhaps most importantly, gold jewelry has become an everyday accessory again. Yellow‑gold chains, simple rings with or without stones, and understated diamond necklaces are being worn from morning meetings to evening plans without missing a beat.

Retailers say the rising price of gold hasn’t scared customers away—it’s actually reinforced the appeal. Buyers see gold as stable, timeless, and emotionally resonant. High‑end brands have reported strong growth in their gold‑and‑diamond collections over the past two years, and independent jewelers are seeing the same pattern. People want pieces that feel like investments in both style and personal meaning.

In the end, record gold prices aren’t slowing demand; they’re reshaping it. Consumers are choosing fewer pieces but investing more in each one, treating gold jewelry as something that blends luxury with lasting value. For many, it’s not just adornment—it’s a way to anchor themselves in a world that feels anything but predictable.

Arizona’s Wild Burros: History, Habitat, and the Fight to Protect Them

 

                                                                                    *

Updated on November 3, 2023

John has prospected for gold in Arizona 10 years. His experience taught him to deal with the terrain, heat, and gold fever. He makes tools.

Synonyms for Equus africanus asinus: donkey, ass, jenny, burro | Source

Pots and Pans Jingling and Jangling

When I think of burros, I always have a mental picture of grizzled old Walter Huston in Treasure of the Sierra Madre, leading his donkey on a dusty trail in Mexico in pursuit of gold treasure.

In the 19th century, the burro was frequently described as the most important prospecting tool of the trade and for very good reason. Prospecting involved back-breaking physical labor. It involved journeying over rugged land, panning, sifting and outcrop investigation, and searching for signs of mineralization. Another major factor for favoring burros was the fact that they did not startle the way horses do. The mining endeavor was suited perfectly for the pack animal of choice, the donkey, also known as the burro.

Ancient History

Asses have been domesticated since 3000 BC and have spread throughout the world. The Spanish brought the first burros to Mexico in 1528 with religious orders and then probably crossed the Rio Grande in 1598 with conquistadors.

In Mexico, they were mainly used in silver mines. In the American Southwest, they were used for bearing loads to and from gold and silver mining activity.

The origins of the donkey track to Egypt thousands of years ago. | Source

Origins of the Burro

Originally from Africa, donkeys (a name traditionally used east of the Mississippi, burro to the west) were extremely highly valued for the loads they could carry; this was because of their sure-footed hardiness and strength. Indeed, early hieroglyphics in Egypt (where some contend the donkey, or wild ass, began) depict men leading burros with large baskets strapped to their sides.

If a human loses 10% of his weight in water dehydration, immediate medical attention should be sought. Meanwhile, a burro can lose 30%. Humans require a day to rehydrate, but a burro can rehydrate in 5 minutes. This hardy nature makes them the perfect match for an arid climate.

Burros range throughout all of the North American deserts. | Source

19th Century Gold Boom

By the 19th century, the burro had won its place as a beast of burden
for early prospectors all over the western United States. When the boom in placer mining ended, many burros were simply let loose. Of course, while miners were exploring Arizona for gold and silver, it wasn't unknown for burros to meander away due to the difficult areas they traversed. If the burros' confines were not tight, they would often just wander off.

The Apache Indians favored donkey meat, and burros were captured for food. Other reports from the Army stated that the Indians cherished them for their utility and only ate them in times of famine. It was also noted that burros were used during celebrations, particularly when honored guests were present.

It was also the circumstance where a gold prospector would die of starvation, thirst, or exposure and his burro wound up loose.

Arizona wild burros, the progeny of 16th - 19th century prospectors, are perfectly adapted to desert conditions. | Source

Desert Animals

Wild burros in the North American deserts pretty much stay within 10 miles of water. They eat a variety of vegetation common to the arid spaces. They are great at rooting out food in desolate locations. In Arizona, they eat grass, Palo Verde, Mormon Tea, and forbs (flowering plants that are not sedge, grass, or rush). They pretty much browse, eating a variety of plants. If you want to see them in the summer, travel in the early morning or evening when they forage throughout. I try to get to their pastures in Arizona by 8 a.m. or earlier to see them.

On my last trip to Yavapai County, Arizona, to do some gold panning, I encountered the burros in the photos early in the morning. If you encounter burros in Arizona, chances are that the area they reside in was once active with prospectors seeking their fortune in gold.

The wild burros who inhabit the area where I prospect go down to Lake Pleasant to drink and then return to the desert hills. There are some burros to the south of the lake, but most live to the north. Many times, they just stand motionless and watch as trucks go by. Some of these burros approached my truck as I took photos, looking for food. They are docile and have a reputation for being stubborn. Since they are such survivalists, perhaps the stubbornness has benefited them. I managed to pet them on the snout, but they have been known to nip occasionally.

Named after William and Isaac Bradshaw | Source

Physical Characteristics

The average burro has long ears and a short mane and, at the shoulders, can be up to 5 feet. Their weight can range widely from 180 to 1,060 lb. The average weight of a wild burro seems to be around 350 pounds. Some burros can live up to 30 years in captivity, while the average life span in the wild is about 25 years. Some burros have actually lived up to 50 years.

In terms of color, a burro can be any blend of grey, black or brown. It has lighter shades on the face and belly.

Donkeys have large ears, which may pick up more distant sounds, and may help cool the donkey's blood. | Source

Bradshaw Gold Mining History

Brothers William and Isaac Bradshaw were searching for gold in 1863. They found gold (up to an ounce per day), but it took time for the news to spread, as the reputation of the area as dangerous gave the brothers plenty of time to mine. After the Bradshaw Indian War ended in 1873, a gold rush ensued. Just about all of the washes emanating from the mountains have some placer gold—it is the most plentiful placer area in Arizona.

Of all the claims I have prospected, the ones in Yavapai country are the ones I enjoy the most. More gold has been produced in Yavapai County, Arizona, than any other of the state's counties. Here are the totals of commercial gold production through 1965: Total 3,476,150 lode and 266,804 placers. There are still many small operators and recreational prospectors in the area. These totals do not take into account the 1 ounce of gold I have taken out.

What was really golden to the Arizona prospector was his burro. | Source

The Burro Population

As of 2016, there were an estimated 4000+ wild burros in Arizona, more than any other state. The burro has become a symbol of the Old West in Arizona. Tourists visit burro sites and are amazed at how tame they are and that they have a good disposition. They are often characterized as "cute."

It is no wonder that with all of the 19th-century prospecting activity and the evidence of old mines and mining camp remains in the area; the burro was left to fend for himself, and fend he did!

A Partial List of Mines in the Bradshaw Mountains

• Del Pasco Mine
• Lincoln Mine
• Crown King Mine
• Oro Belle Mine
• Tiger Mine
• Gazelle Mine
• Bulton Mine
• Paxton Mine
• Boaz Mine
• Pacific Mine
• Humbug Gold Mine

             The story of Arizona's Wild Horses and Burros

References

• The Wild Burros of Lake Pleasant, from CaptainZipline.com, 2005-2014, Retrieved from http://www.captainzipline.com/about-us/5-tour-overview/lake-pleasant-arizona/41-burros-and-captain-zipline.html
• Wild Burro Equus Asinus, from DesertUSA, Retrieved from http://www.desertusa.com/animals/wild-burro.html
• Wild Burros of the Mojave Desert Southwestern United States, by the Equine Sciences Academy, retrieved from http://www.tribeequus.com/burros.html
• Western Apache Material Culture, The Goodwin and Guenther Collection, edited by Alan Ferg, The University of Arizona Press, copyright 1987, 222 pages, retrieved from https://books.google.com/books?id=qQh37jpEnL0C&pg=PA45&lpg=PA45&dq=Apache+food+of+burro&source=bl&ots=luIpwtHLca&sig=lYFNh5aCBUcSHsXEEfGkJM1CFUc&hl=en&sa=X&ved=0ahUKEwiEsYDU0v3TAhXCF5QKHdIJCGgQ6AEISDAK#v=onepage&q=Apache%20food%20of%20burro&f=false
• Donkey, from Wikipedia the free encyclopedia, 109 references, last edited 19 May 2017

The Brass Shell and the Three Coins: A Great Depression Treasure Tale

 

By the summer of 1935, the desert had become Travis’s second home—though not by choice. At twelve years old, he already carried the weight of a grown man’s worries. Every morning he set out across the hardpan with a burlap sack slung over his shoulder, hunting for brass shell casings. A few pennies here, a nickel there—whatever he could earn helped his mother, Clara, keep the lights on and a little food in the cupboard.

The night before, a rare desert rain had fallen, soft and steady. Travis loved the world after rain. The sand turned smooth and pocked with tiny dimples, and the brass he searched for gleamed like buried stars. As he walked, the sun climbed higher, turning the cottonwoods along the arroyo into shimmering towers of green coinage.

That was when he saw it—something half‑hidden in a rain‑made hollow. A strange greenish‑blue stain, just a hint of brass beneath. His heart thumped. He knelt, brushed the sand away, and felt the shape of something long and cylindrical. The more he uncovered, the more the desert seemed to hold its breath.

Three feet down, his fingers struck the end of the metal.

He scraped harder, revealing the oxidized surface of a massive artillery shell casing—three feet long, four inches wide, stamped 37‑85 RIA and marked with the American broad arrow. Government property. A relic of some forgotten maneuver or abandoned depot. To Travis, it was worth real money—maybe enough to buy flour, beans, and a little meat for the winter.

He stood to stretch, the casing in his hands, wiping sweat from his brow. The cottonwoods rustled softly, their leaves flickering like coins in the sunlight. For a moment, he let himself imagine a life where he didn’t have to scour the desert for scraps.

Then—plop.

A soft sound at his foot. Followed by a bright metallic ring.

Travis looked down. In a small pile of sand lay three gold coins, each shining as if they’d been minted yesterday. His breath caught. He picked one up, hands trembling. 1899. The date glowed on the surface like a promise.

He didn’t bother searching for more brass. He ran home.

Clara was washing dishes when he burst through the door. When he placed the three $2.50 gold coins in her hands, the world seemed to stop. She stared at them, her fingers shaking, her eyes filling until tears spilled freely. The coins glowed under the dim lamp, casting warm reflections across the room—reflections of hope, of relief, of a future that suddenly didn’t look so bleak.

In 2023 dollars, each coin would be worth about $485.75, but in 1935, they were nothing short of a miracle. A $2.50 gold coin (the Quarter Eagle) contains 0.12094 troy ounces of pure gold, and it had the purchasing power of $95 -$100 today.

Clara wasted no time. She marched to the town’s lone jeweler, an elderly man with spectacles thick as bottle glass. He examined the coins with a practiced eye, turning them slowly, weighing them in his palm. Finally, he nodded.

“Pure gold,” he said. “And valuable.”

Clara walked home lighter than she had in years, already planning how to stretch the windfall—pay off debts, buy food, maybe even save a little. She tucked the coins into a hidden drawer, her hands still trembling with gratitude.

But fate wasn’t finished.

A sharp knock rattled the door. Clara opened it to find the jeweler again, clutching a small envelope.

He explained breathlessly: the coins were part of a long‑lost fortune belonging to a reclusive millionaire who had died without heirs. The state had been searching for the missing cache for years. Because Clara had reported the find, she was legally entitled to a substantial reward—far more than the coins themselves.

Her $7.50 face value find—worth about $3,280–$3,290 today—would yield a $20 reward. That would buy what $365–$487 would buy today.

Clara nearly collapsed from shock.

In the end, the reward was three times the value of the coins. What began as another day of desperate scavenging became the day hope walked through their door.

Only later would Travis learn the truth: the coins were part of a robber’s hidden hoard, buried decades earlier and never reclaimed. The desert had kept its secret until a boy with a burlap sack and a determined heart happened to dig in just the right spot.

From that day forward, whenever Travis saw cottonwoods shimmering like green coins in the wind, he remembered the moment his life changed—and he never looked at a brass shell casing the same way again.

India’s Silver Imports Plunge as New Licensing Rules Spark Supply Crunch and Rising Premiums

 

India’s silver market has been thrown off balance in recent months as new licensing rules sharply slowed the flow of imported metal into the country. Since India relies almost entirely on foreign silver to meet its needs, the sudden disruption has created a noticeable strain. Local buyers are now facing higher premiums and tighter supplies, and the effects are rippling through industries that depend on steady access to the metal.

The slowdown began in May, when the government introduced licensing requirements for silver imports as part of a broader effort to protect foreign‑exchange reserves. Banks and authorized importers must now secure permits before bringing silver into the country. However, most banks have not yet received approval, leaving only a small number able to continue importing. As a result, shipments dropped dramatically, falling from 747 tons in January to an estimated 29 tons in June. For a country that is one of the world’s largest silver consumers, that June figure represents less than one percent of typical annual demand.

Silver plays a major role in India’s cultural and economic life. It is widely used in jewelry and silverware, and demand spikes during festivals and wedding seasons. Beyond tradition, silver is also essential for various industrial applications, from electronics to solar panels. Because domestic production is negligible, India’s dependence on imports means any disruption quickly affects both consumers and manufacturers. With inventories thinning and demand holding steady, the market has tightened in a way not seen in years.

The supply crunch has pushed domestic premiums sharply higher. According to Metals Focus, the average premium paid over global benchmark prices has climbed to its highest level since the firm began tracking the data in 2019. Traders say physical silver has become increasingly scarce, and some describe the situation as approaching squeeze‑like conditions. Buyers who rely on consistent supply are finding it harder to secure metal at reasonable prices, and uncertainty about future shipments is adding to the pressure.

Part of the challenge stems from how the licensing system is being administered. The committee responsible for approving import permits meets only once or twice a month, slowing the pace of approvals. The government has also begun requiring certificates of origin for shipments, a rule introduced only recently, which has added another layer of complexity. Traders say there is still confusion about how quotas are assigned and what happens once they are used up. The lack of clarity has left many unsure how to plan for the coming months.

Officials say the new rules are meant to curb a surge in silver imports from countries such as Thailand and the United Arab Emirates, which benefit from free‑trade agreements with India. The licensing system follows an earlier move by the government to more than double import duties on gold and silver, a step taken when rising energy costs and geopolitical tensions in West Asia were weighing on the rupee and foreign‑exchange reserves.

The timing of the bottleneck is especially challenging because India is entering its peak buying season. Jewelers typically begin restocking in July to prepare for festivals in October and November, followed by the heavy wedding season that runs from November through March. With imports still restricted and demand expected to rise, traders anticipate that the market could tighten even further. Many are watching closely to see whether licensing approvals accelerate or whether buyers will be forced to navigate an increasingly strained and expensive silver landscape.

Cornish Miners in 19th‑Century Arizona: How Immigrants Shaped the Territory’s Early Copper and Gold Boom

                                                                                       *

Updated on March 30, 2024

John loves writing about Arizona, gold prospecting, and stories of treasure. Beyond finding his gold, he likes reading about others' quests.

Copper, gold, and silver were a boon for Cornish miners in 1850s Arizona. | Source

A Bit of History

Cornwall is a county in Southwest England in the United Kingdom surrounded by water. The English Channel is to the south, and the Celtic Sea is to the west. Arizona is very dry and bordered by no oceans. Cornwall has historically been 99% White British. Arizona has historically had a broad ethnic spectrum: 43% White and 50% Hispanic, with Native Americans, Blacks, and Asians making up the balance. It would seem that the two states have had little in common. But that would be misleading.

In the 19th century (the 1830s -1840s), hard rock miners from Cornwall emigrated to the western United States and Mexico to find their fortune. During the last half of the 19th century, 20% of the male population went abroad. Disease, taxation, a decline in mining, and dwindling trade helped breed poverty and led to their diaspora.

Over the centuries, Cornish hard rock miners had become adept at breaking rock. They knew how to build sturdier shoring and invented contract mining (as opposed to hourly wages). Many inventions came from Cornwall, including the safety fuse, high-pressure steam engines, furnace technology, rock drills, and the Cornish pump. Cornish engineers were highly sought after, while the Cornish miner was not only hard-working but very knowledgeable. The miner's candlestick and the lunch bucket were Cornish blessings.

The Cornish found a home when settling in Pennsylvania, Michigan, Wisconsin, Illinois, Montana, South Dakota, Arizona, Utah, Nevada, California, and Colorado. When the huge placer gold fields in California started to play out in the 1850s, Cornish miners were a cinch to find work in Arizona with its fantastic mineral wealth.

As it turned out, many of Arizona's gold and silver mines were financed by British investors, who could recommend some of the world's finest miners better. Copper, gold, and silver mining would be a boon for the Cornish.

Cornish miners in the mid-19th century. A demise in mining in Cornwall prompted an exodus of Cornish miners and families resulting in a displaced Cornish diaspora. | Source

One Sample of Typical Cornish Mining Acumen

Both hard rock and placer gold have been mined in Quartzite, Arizona for about 125 years. The earliest mention I can find about a producing gold mine is 1862 – the Pyramid Mine. In 1896, the King of Arizona mine began about 22 miles southwest of Quartzite, Arizona.

As an example of the Cornish influence in Arizona, the land was purchased and facilities for processing the gold ore were built nearby. Gold mining requires a lot of water, and that is something Arizona has been short of historically. Not far from the mine a 1000 foot well was dug to provide the necessary water. In 1899, the mine was purchased for a quarter million dollars. The mine featured vat leaching with cyanide while the gold and silver was precipitated in zinc boxes. These enhancements were achieved with the construction background of 125 Cornish miners and mining engineers.

The surface ore at this mine was valued at $2000 a ton, which is very rich. By the time it was done producing, that mountainous area referred to as Kofa (from King of Arizona) yielded 226,654 ounces of gold. In addition, 103,257 ounces of silver, 3.5 tons of lead and one ton of copper were brought forth. It is estimated that the value of the final production was 4.8 million dollars.

There is no underestimating the contributions of Cornish immigrants to the strength of the Arizona and U.S. economy.

The Cornish pumping engine 1877 - when mining at depth, water seapage is always a problem. The Cornish pump helped Arizona copper miners deal with flooding. | Source

Cornish Mining Culture

American miners referred to the Cornish as "Cousin Jacks", their wives as "Cousin Jennies". Frequently inquiring about Arizona jobs for relatives in Cornwall, Cornish miners took on these names. Much of their lifestyle brought to the Americas became adopted in mining towns.

One of the delights to reach Arizona was the pasty. Not only delicious, but these pastries could also be carried in a lunch box and provided a substantial meal. These filling pastries were stuffed with a combination of meat and veggies. They were cooked to a golden brown.

The miners of Cornwall also brought their folklore. Arizona miners soon learned about the Tommyknockers. These were mythical creatures who were supposed to be about two feet tall and dressed in ordinary miner garb. A familiar sound in a mine is a knocking, indicating a weakness that could result in timbers collapsing and mine cave ins. The Tommyknockers supposedly warned the miners of impending danger. Making fun of Tommyknockers could result in terrible misfortune. This belief spread and took on a serious significance. There are stories of mines being shuttered after a disastrous accident. Distant relatives believed that Tommyknockers may have been trapped and in 1956 demanded the mine be opened so the little men would be free to go to other mines to help those miners. Companies were known to have agreed to this, such was the strength of belief.

Outside of warnings, the Tommyknockers were mischievous and were frequently blamed for taking a miner's tools. Not unlike leaving cookies for Santa Claus, the Cornish would leave a bit of their pasties for these leprechaun-like beings, whom they depended on to keep them safe.

A Cornish water wheel

Mining Terminology

We can thank Cornwall for much of the mining language we use today. Mine pits were shafts; horizontal tunnels were levels; tunnels connecting two levels were winzes and raises, depending on the direction they were cut; drainage tunnels were adits.

A code of signals was brought over and let a hoister communicate with miners below. Hauling men in their cages and buckets up and down a mine shaft is inherently dangerous. the Cornish signal code used bells. A standardized version of the code in Colorado gives an idea of how it worked. One bell meant hoist, one bell (if in motion) meant stop, 2 bells meant lower, 3 bells meant men on, and 7 bells was a shaft accident and danger signal. Combinations of these signals with a short pause meant other things. Three bells followed quickly by another 3 bells meant cage release.

Note the signal board in the top left corner. | Source

An Affinity for Music

The Cornish enjoyed music and had a passion for brass bands. These groups were formed in many a mining town. In fact, their love of music and song made them a force behind the construction of opera houses in larger towns. These music halls attracted professional artists and provided a cultural outlet and diversion from an otherwise rough life.

A Bit of Humor --

Why did the Cornishman bring a ladder to the pub?

Because he wanted to reach new "heights"!

A Lasting Legacy

Across our vast continent in search of metallic windfalls, the Cornish people have played a vital role in the evolution of the western United States, as well as shaping our country's modern industry.

Sources

"Pyramid Mine" in Mohave, AZ Gold Vein, Discovered in 1862, Diggings, retrieved 2/8/2018,https://thediggings.com/mines/usgs10102585#deposit-reference

Mine Tales: Kofa Mountains gave area golden glow, William Ascarza, September 7, 2014, Arizona Daily Star, Tucson.com, retrieved 2/5/2018, http://tucson.com/mine-tales-kofa-mountains-gave-area-golden-glow/article_6e630004-8e7b-5eaa-8063-544fa4aac893.html

History and pronuciation of "pasty", January 17, 2013, McMinnvilleBakers, retrieved 2/6/2018, https://mcminnvillebakers.wordpress.com/tag/cornish-miners/

How Miners Dug Gold in Old Arizona, Andrea Aker, March 19,2011, Arizona Oddities, retrieved 2/7/2018, http://arizonaoddities.com/2011/03/how-miners-dug-gold-in-old-arizona/

The Significance of the Cornwall and West Devon mining Landscape, Cornish Mining World Heritage, Our Mining Culture Shaped Your World, retrieved Feb 13, 2018, http://www.cornishmining.net/status/significance.htm

Fun Facts, Daryl Burkhard, The Cornish Miners, 2006, retrieved Feb 1, 2018, http://www.darylburkhard.com/cornishminers.html

Cornish engine, Wikipedia, last edited December 27, 2017, retrieved Feb 4, 2018, https://en.wikipedia.org/wiki/Cornish_engine

© 2018 John R Wilsdon