The Tonopah Belmont Mine: Boomtown Promise, Desert Silence, and the Legends That Refuse to Die

 September 12, 2026

The Tonopah Belmont Mine sits today as a sun‑bleached ruin on public land in central Arizona — a cluster of crumbling foundations, rusted steel, and a dark haulage tunnel that breathes cold air even in summer. To most travelers passing on the nearby interstate, it is just another abandoned mine. But to those who know its story, the Tonopah Belmont is one of the most unusual mines in the Osborn Mining District: a place of early promise, wartime revival, geological rarity, bureaucratic intervention, and persistent rumors of tragedy that have given the site an eerie afterlife.

Discovery and Early Ambition (1907–1926)

The story begins in 1907, when three prospectors — George Dillard, Dan McNeil, and Charles Wilcot — staked claims on a promising patch of ground they called the Belmont‑McNeal Mine. For nearly two decades, they dutifully completed assessment work, holding the claims through lean years and fluctuating metal prices. Their persistence paid off when the Tonopah‑Belmont Development Company (TBDC), a Nevada outfit with capital and ambition, purchased the property in 1926.

TBDC wasted no time transforming the modest prospect into a serious operation. They drove a 500‑foot shaft, installed modern equipment, and rebranded the site as the Tonopah Belmont Mine. What followed was a short but intense boom. Between 1926 and 1930, the mine produced an impressive 700,000 pounds of copper, 6 million pounds of lead, and smaller quantities of silver and gold. At its peak, roughly 50 workers labored underground and at the surface facilities.

The mine’s success helped fuel growth in the nearby homesteading community — a settlement that would eventually adopt the name Tonopah, borrowing prestige from the Nevada mining town. But the prosperity was fragile. When copper prices collapsed in 1930, TBDC shut down operations, leaving the mine silent once again.

War, Small Operators, and the Slow Decline (1940–1990)

The Tonopah Belmont’s second life began in 1940, when wartime demand for metals revived interest in old mines across Arizona. Under operator Pierce Perry, the mine shipped a modest 2,724 pounds of ore between 1940 and 1941. After that, the property entered a long twilight period dominated by short‑term lessees.

These small operators were not interested in developing new workings. Instead, they engaged in pillar robbing — extracting the rich ore left behind in the support pillars of earlier workings. This practice is profitable in the short term but dangerous, and at Tonopah Belmont it destabilized underground areas and damaged the main shaft.

Milca Mining Co. attempted repairs in 1961, but by then the mine’s productive era had effectively ended. Exploration drilling and sampling continued sporadically, and in 1988 Lakeshore Minerals even considered converting the site into an open pit. By 1990, however, the mine had officially “busted,” joining the long list of abandoned operations scattered across Arizona’s mineral belt.

Yet Tonopah Belmont did not fade quietly into obscurity.

Mineral Collectors, Rumors, and a New Kind of Fame

After closure, the mine became a magnet for mineral collectors. The underground workings contained an unusual suite of rare micro‑mount minerals — including Rongibbiste, Herbertsmithite, and Shannonite, the latter formed by a fire in the mine’s main winze. The winze itself was notorious: a 450‑foot vertical drop accessible by a haulage tunnel that required no climbing gear to reach.

Collectors flocked to the site, and with them came stories. One persistent rumor claims a collector fell to his death in 1990. Whether true or not, the tale circulated widely enough that the Tonopah Belmont caught the attention of the Arizona State Mine Inspector’s Office (ASMI) during its statewide abandoned mine survey.

The mine’s accessibility, mineral fame, and dangerous open shafts made it a prime candidate for remediation.

The Abandoned Mine Safety Fund and a High‑Profile Closure (1994–1999)

In 1994, ASMI completed a catalog of abandoned mines and proposed the Abandoned Mine Safety Fund, intended to reduce injuries and liability associated with open mine workings. Tonopah Belmont was among the sites flagged for action.

By 1999, ASMI launched a formal closure project. Before any physical work could begin, a bat study was required — and the mine delivered another surprise. A UCLA biologist documented four species of bats living inside the workings. This was especially ironic given that ASMI had earlier found a crude wooden stick labeled “Bat Stick for Killing Bats” in the haulage tunnel.

With the biological assessment complete, ASMI contracted Primatech to secure the site. The company:

• Gated adits, shafts, and open stopes

• Removed trash

• Filled smaller openings

• Installed heavy steel barriers

To raise awareness about abandoned mine dangers, ASMI even invited a 5th‑grade class from Hawthorn Elementary School in Mesa to participate in the closure effort — a rare educational outreach that produced memorable black‑and‑white photographs of children helping secure a historic mine.

The project cost just under $32,000.

But the story didn’t end there.

The Gates Don’t Hold: New Rumors and Persistent Access (2002–Present)

Despite the remediation, rumors surfaced that in 2002 another collector pried open the main adit gate and fell to his death in the same winze that had already earned a deadly reputation. A heavier gate was reportedly installed afterward, but when you visited the site years later, that gate had been cut open as well — allowing access to the haulage tunnel and the infamous winze.

Whether these rumored deaths are true or exaggerated frontier lore, they have become part of the mine’s modern identity. Tonopah Belmont is now known as a place where danger, rarity, and history intersect — a site that refuses to stay sealed.

Legacy: Ruins, Minerals, and the Lure of the Underground

Today, the Tonopah Belmont Mine is a blend of industrial archaeology and desert myth. The surface ruins — mill foundations, scattered machinery, and a small stone office — offer a tangible glimpse into Arizona’s mining past. Underground, the workings are less dramatic than legend suggests, but the winze and the mineral pockets still draw adventurous rockhounds.

The mine’s unusual combination of:

• A short but intense boom

• Rare mineralogy

• Wartime revival

• Hazardous post‑mining activity

• High‑profile state remediation

• Persistent rumors of fatal accidents

has made it one of the most distinctive abandoned mines in Arizona.

It is a place where history is layered: early optimism, industrial ambition, geological curiosity, bureaucratic caution, and modern folklore all coexist in the quiet desert air.

For those who explore it — carefully — the Tonopah Belmont Mine offers not just a glimpse into the past, but a reminder that abandoned places often have stories that refuse to stay buried.

Pancho Villa’s Lost Treasures: Uncovering the Legend and Hidden Gold of Mexico’s Outlaw General

 

Pancho Villa (center) surrounded by soldiers 

Mexico: 19th and 20th Century

The history of 19th and early 20th-century Mexico is packed with revolutions and counter-revolutions. Since a tradition of viable democracy had no precedence in Mexico, strong men developed throughout the country who were beholden to a president and from whom military and political power were granted. Allegiances seemed to be held as long as the powerful were made comfortable.

When movements to free peons from subjugation by these large landed estate owners arose, leadership frequently came from the less entitled classes, even gangs. When revolutionary leadership needed to raise large amounts of money for a local community or army, there was always the risk of mischief and thievery. To understand the sums of gold, silver, and resources moving about Mexico during revolutionary times, a bit of history is required.

Pancho Villa, Mexican Revolutionary general wearing bandoliers in front of an insurgent camp 

I am not an educated man. I never had an opportunity to learn anything except how to fight.

— Pancho Villa

Aggression at an Early Age

Mexico was under the thumb of the hacienda system, a system which saw local power residing in the wealthy landowners while peasants were relegated to serf status working in mines, on farms, or ranches. For over 30 years, Porfirio Diaz, the President of Mexico, ruled the country in this manner favoring the landed and increasing Mexico's debt to foreign countries.

Doroteo Arango, aka Pancho Villa, started working in the fields at a young age. He turned to robbery and banditry when his sister was raped by either a wealthy landowner or Federal Army troops, depending on the version of the story. In some versions he killed the perpetrator at the age of 16, in another he shot the guilty party in the foot. He apparently decided that he hadn't much to lose by becoming an outlaw, and soon his fighting skills brought him to a position of leadership within a gang. He hid in the mountains, coming out to raid and retreat swiftly and effectively with his cavalry. He shared plunder from banks, ranches, railroads, and mines with the less fortunate, and soon became known of as one who took from the rich and gave to the poor.

Sometime in 1909 or 1910, Villa met a political representative of Francisco Madero, Abraham Gonzales, a man who disapproved of the Porfirio Diaz government. This man gave Pancho Villa his first look at what we might call political science today. Some accounts claim that Gonzales even helped him learn to read and write. Both men wanted a better life for their enslaved population, and soon Villa decided to become a revolutionary.

5 kg bar

A Tale of Buried Silver Bullion

In 1911, Pancho Villa commanding the Division Del Norte in the north of Mexico and Emiliano Zapata commanding the Liberation Army of the South defeated Porfirio Diaz and the Federal Army. By 1913, both had parted ways and were supporting other leaders fighting to take power from President Francisco Madero. War requires money, and funding for a revolutionary army is always difficult to secure. Pancho Villa was creative in his quest to support his men.

A famous tale of Pancho Villa and stolen silver bars has been told over and over for many years. But today, documentation discovered by the University of California, Berkeley in 1996 and made public in 1999 brings the truth to light.

On April 9, 1913, Pancho Villa liberated bullion from Mexican Northwestern Train 7. A letter authored by Wells Fargo Bank in El Paso, Texas reveals that a train was plundered south of the capital of the state of Chihuahua (also Chihuahua). Villa and two hundred men held up the train and took 122 ingots of silver worth an estimated $3.4 million today. The silver came from Mexican mines and had been smelted by American companies. Villa knew that trying to cross the border and unload such a quantity of precious metal in the United States would bring about unwanted attention and risk.

Villa arranged for a secret deal with Wells Fargo about 3 weeks after the robbery. He would give the bank the silver in return for the equivalent of $50,000 ($1 million in today's cash). As a bit of value added, he promised to protect any other shipments of bullion from attack and promised that the arrangement would be strictly confidential. He also promised to not attack Wells Fargo offices or cars. Another letter indicates that Wells Fargo was afraid of the repercussions of telling other revolutionaries or the federal government of what had taken place.

The undocumented tale tells of Pancho Villa and his men traveling on the same train they robbed to a town called San Andres where government soldiers attacked them. At night, he and his men escaped to a town called Bachiniva. Somewhere along the road to the same, one of his soldiers who had been killed was buried. In that grave is the body of an outlaw and 122 bars of silver. But now we know that Villa got cash for the silver – and, oh, I forgot to tell you - he only returned 96 bars. Twenty-six bars of silver are not accounted for. For my money, I would bet that that was traded for supplies for his men, which seems to have been his pattern of behavior through 1923.

Another Treasure: This Time Gold

An important widespread tale of Pancho Villa's fortune is less well documented but nevertheless continues his legend in Mexico. A significant horde of gold is said to be hidden north of Mazatlan and west of Durango. Not far from the Gulf of California, it lies close to the town of Tepuxta. This area was a place of retreat for Pancho Villa. A cavern near the origin of the Rio Presidio River is reportedly the hideaway of this famous treasure.

Not coincidentally, much of Pancho Villas' activity and that of his men was in and around the Sierra Madre Mountains, where Villa and his bandits would take refuge after their hit-and-run tactics with the Federal Army. It is in these mountains that the Rio Presidio begins as a stream.

Banco Minero Funds Pancho Villa

In December of 1913, Pancho Villa and his "Villistas", again in need of money for warfare financing, raided Chihuahua and the Banco Minero. The Director of the bank, Luis Terrazas, stayed behind at his hacienda to protect his family. From there, he retreated hastily to the British Consulate, thinking he would be safe due to traditional immunity. Unfortunately, in typical fashion, Pancho Villa was not impressed by traditional decorum and raided the consulate capturing Terrazas.

Earlier, a bank manager had divulged that a store of gold had been removed from the bank safe and hidden. After some hours of torture, Terrazas gave up that the gold was hidden in one of the bank columns. One of Villa's senior officers found the gold after a destructive search. Gold in the amount of 600,000 Pesos ($6.3 million today) was uncovered. Legend has it that the treasure has never been found, and I suspect Villa spent it on weapons, horses, mules, wagons, food, and ammunition. War is a very costly endeavor.

Governor of Chihuahua 1913-1914, public domain prior to 1923

Pancho Villa's Legacy

In an irony befitting this enigmatic figure, local folklore has it that an American treasure hunter beheaded him to sell his skull to an eccentric millionaire who collected the heads of historic figures. Buried in Parral, Mexico, his skull was stolen in 1926. Villa had stolen a great deal during his years, only to end up having his own grave robbed.

Pancho Villa loved to have his photograph taken, even playing himself in moving pictures. His military tactics were bold enough and successful enough that American General John Pershing felt it important to study them. His generosity with his troops and the peasantry of Mexico are the stuff of Mexican songs known as corridos. Villa's propensity for ruthlessness and torture are also well known. He held political office, invaded the U.S. at Columbus, New Mexico, and had his battles in 1913 filmed.

Regardless of your opinion of the man, Pancho Villa's memory will continue to inspire affection and bitterness, much as it has for the last 100 years.

Suggested Reading

• Young Joseph Stalin: Examining an Abusive Childhood
  This article investigates Stalin's violent and abusive childhood, his early revolutionary leanings, and the causes of his later cruelty.
• Was Napoleon Bonaparte a Revolutionary or a Tyrant?
  Studying French history? You'll need to know about Napoleon Bonaparte. Here's a brief look at the ongoing debate over whether or not Napoleon should be considered a savior or tyrant of France. Which do you think he was?

Pancho Villa on the Border

Sources

http://felixsommerfeld.com/news/mexican-revolution-blog/2013/7/16/where-is-pancho-villas-gold, July 16, 2013, Heribert von Feilitzsch

http://www.berkeley.edu/news/media/releases/99legacy/5-3-1999.html, University of California, Berkeley, 5/3/99, Public Affairs (510-642-3734), Kathleen Scalise, Public Affairs

http://bobbrooke.com/panchovilla.htm, Writing At Its Best, Bob Brooke Communications 2000-2017

http://www.buscadores-tesoros.com/t196-tesoro-de-pancho-villa-en-tepuxtla, June 14, 2008, Pedro Cantu

Biography of Pancho Villa, Didactic Encyclopedia, https://edukalife.blogspot.com, 2016/09, biography-of-francisco-villa-pancho.html, September 26, 2016

© 2017  John R Wilsdon

Sulphur Springs, Arkansas Spanish Treasure Site - A Few Pieces of Plundered Gold Found

 

Text and image taken from Wikipedia: 

1.  Roesler, F.E. (April 1908). "The Spanish Treasure Cave Near Sulphur Springs, Ark". KCS Current Events: An Industrial and Agricultural Magazine. 7 (2): 148–153. Retrieved 26 April 2024.
2. Old Spanish Treasure Cave - Wikipedia
3. Allsopp, Fred W. (1931). "Legends of Lost Mines and Hidden Treasures". Folklore of Romantic Arkansas, Vol. I. USA: The Grolier Society. pp. 282–298. Retrieved 26 April 2024.
4. Skalicky, Michele (17 December 2018). "Along the Missouri-Arkansas Line, a Tale of Buried Spanish Treasure". KSMU Public Radio from Missouri State University. Archived from the original on 4 December 2023. Retrieved 26 April 2024.
5.  Harrison, David L. (1970). The World of American Caves. USA: Reilly & Lee Books. pp. 68–70. Retrieved 26 April 2024
6. "Field Trip: Old Spanish Treasure Cave". PBS Learning Media for Teachers. Houston PBS. Retrieved 26 April 2024.

The Old Spanish Treasure Cave is located on Hwy 59 between Sulphur Springs and Gravette, Arkansas in the northwest corner of the state. It has been a popular tourist attraction since at least 1908. It is still open to the public, with guided tours and other activities such as panning for treasure and finding fossils.

Cave formation

The cave formation is known as a Karst cave This formation is still a topic of geological research. Basically, it is formed from water containing carbon dioxide (CO₂) dissolving limestone.

The Old Spanish Treasure Cave is different than most tour caves. It is what is called a maze cavern. There is a passageway all throughout the cavern leading into different rooms and even more tunnels.

Legend

Many of the caves in Arkansas and the Ozark region have legends and fables about hidden gold and silver, often attributed to Hernando de Soto's vicious search for gold. Their origins go back as far as the early 1700s, when the French explored the area, and some might have come from even earlier Spanish legends.

Legend details, 1908

In the early 1700s, Don Carlos Lavilla was one of the Spaniards looking for El Dorado, the lost city of gold. He was in the Ozarks, prospecting near Sulfur Springs for gold and silver because the area has lead and zinc outcroppings, which sometimes means other valuable metals are nearby.

Lavilla saw the tracks of a black bear, and he followed the tracks to the mouth of the cave. He fought the bear, drew a map of the cave's tunnels on sheepskin with directions for finding the cave again, and returned to Spain.

Many years later, his heirs returned to the cave and worked a vein of ore. They smelted the ore and hid bullion worth $3 million (about $102 million in 2024) in the cave instead of taking it back to Spain.

In 1900, another of Lavilla's descendants returned, with the map, to take the hidden bullion. He discovered that some citizens of Benton county were digging around, looking for the bullion for themselves. Lavilla's map of the cave was found to be accurate, but the bullion had been moved.

Legend details, 1931

This cave used to be called the Black Cave, named after the black bear mentioned in the 1908 legend details.

De Soto's followers were looking for gold in the Ozarks when they came across the Black Cave next to a creek in the Touch-me-not Hollow (valley). They mined the cave and carved a map of the mine into the trunk of an old oak tree that was nearby.

In 1900, a Spaniard came to the area pretending to know secrets about the cave. He convinced capitalists in Kansas City to excavate the cave, and they spent months and thousands of dollars excavating as far as a mile into the mountain. They discovered that the map left on the old oak tree was accurate but did not find the gold.

Legend details, 1970

In about 1720, bandits robbed churches in Mexico of their gold statues, bars of gold bullion, and gold coins. Looking to hide with their loot, they made their way to the Ozark region of Arkansas. A blizzard forced them to find shelter in the cave, and they hid the gold in the back of the cave. Native Americans discovered that the outlaws were camping in the cave and killed them in a battle. However, they didn't find the gold and its location remains a secret.

In about 1900, George Dunbar and an unnamed Spaniard came to Arkansas. The Spaniard had maps showing the location of the cave and its hidden treasure. Dunbar and other workers explored the cavern and installed a railway to remove dirt as they dug, and although Dunbar searched until he died, they didn't find the gold.

Later W.W. Knight hired another crew of workers and also dug in the cave, in search of the gold, finally giving up in 1918.

Legend details, 2018

Ozarks have many different caves.

In the days when Spain ruled Arkansas, conquistadors had been raiding the Aztecs and Mayans in Mexico and South America and were travelling through the Ozarks when a blizzard forced them to take shelter in the cave. They hid the gold and camped in a cavern called the Council Room, which has a natural chimney in the formation.

While in the Ozarks, they destroyed a Native American village and only a few villagers survived. The survivors found the conquistadors from their campfire smoke and killed them all in revenge. Before the last conquistador died, he made two maps: one on parchment paper, and another carved in a limestone rock outside the cave that has eroded some over time.

In 1885, a man in Madrid found a map in a family Bible, which also led him to the map etched in limestone. He found the cave, but not the hidden gold. He did not stay long, due to ill health.

Then in the 1900s, George Dunbar looked for the gold while pretending to run a mining company. He found a few pieces of the plundered gold.

During a recent drought, a new clue was found on a wall that's usually not accessible because of spring waters, a series of symbols were found that pointed to a hidden room with a large pool. Unfortunately, as they started exploring that room the rains returned and flooded the room again. 

The treasure has been estimated today at well over $40 million dollars and has not been found yet. There have been artifacts found in the cavern, such as helmets, pieces of armor and weapons dating back to the time of the conquistadors. A few gold coins have also been reportedly found. The hunt still goes on today. The cave has never been fully explored, and new territories are charted every year.

For more about Spanish treasure, see Golden Legends: Tales of Buried Treasure: Montezuma May Have Left His Treasure to Utah Treasure Hunt (goldlegendstalesofburiedtreasure.blogspot.com)

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.

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.

Why the Stock Market Keeps Surging Despite Rising Rates, High Oil and A.I. Spending Fears

Investors in the stock market are navigating a difficult backdrop that includes a prolonged conflict in Iran, rising oil prices and a sell-off in government bonds that threatens to push borrowing costs higher across the economy. Despite all of this, they remain remarkably calm. The S&P 500 has climbed nearly 13 percent this year, and many analysts still believe the market could finish even stronger by year’s end.

A major reason for this optimism is a strong corporate earnings season combined with continued enthusiasm for artificial intelligence. These forces have helped investors look past concerns about inflation and the impact of higher interest rates. Still, the rally may face challenges as the market moves into September, a month that has historically been difficult for stocks. Rising interest rates and growing worries about the enormous spending required for A.I. data centers also pose risks.

The excitement around A.I. has been a powerful driver of the market for more than a year, and it continues to deliver. Exceptional financial results from major tech companies like Nvidia have pushed stocks higher by showing that demand for A.I. remains strong. Investors have become more selective, paying close attention to how much large technology companies—often called hyperscalers—are spending on A.I. infrastructure. Even so, many still believe that the heavy investment in computing power will eventually pay off. The Nasdaq, which is heavily weighted toward technology companies, is up about 14 percent this year.

Market optimism extends beyond A.I. Corporate earnings across many industries have exceeded expectations, often by a wide margin. By the end of August, roughly 88 percent of S&P 500 companies that had reported quarterly results beat forecasts for earnings per share. Even those that fell short generally missed by only small amounts. Because the S&P 500 is weighted by market value, its performance is heavily influenced by a handful of large technology companies. But even when each company is given equal weight, the index has performed well. The equal‑weighted S&P 500 is up more than 13 percent this year, slightly outperforming the standard version.

Several factors explain this broad strength. High oil prices have boosted profits for energy companies. There has also been a lift from tariff refunds. After the U.S. Supreme Court struck down a series of tariffs on imported goods in February, the Trump administration was required to return tens of billions of dollars to American companies. These refunds provided a major boost in the second quarter. Kohl’s received about $100 million, and companies like Lowe’s and Smucker’s also benefited significantly.

A.I. has played a role in lifting earnings as well. Many companies are beginning to integrate A.I. into their operations, expanding the impact beyond the largest tech firms. Analysts at Barclays estimated that nearly half of all companies discussed A.I. in meaningful detail during their second‑quarter earnings calls, and about 30 percent talked about it in ways directly tied to revenue, cost savings or efficiency improvements.

Even with all this momentum, rising interest rates could threaten the rally. Rates on government bonds have been climbing, and if they continue to rise, they could weigh on stocks. Higher‑yielding bonds offer attractive returns with less risk, which can make stocks look less appealing. This is especially true for companies whose profits are expected to grow far into the future. As bond yields rise, borrowing becomes more expensive for companies that rely on debt to expand.

Right now, the 10‑year Treasury note sits at 4.78 percent. Some analysts warn that a sustained move above 5 percent could begin to pressure corporate earnings and weaken the stock market. Investors have also become more sensitive to anything that disrupts the A.I. narrative. When Google reported strong earnings in July, its stock still dipped because its spending forecast was higher than expected.

Higher Treasury yields add another layer of concern. The government is raising rates to attract buyers for its debt despite large federal deficits. But this could force A.I. companies to offer higher rates on their own bonds to keep investors interested, making it more expensive for them to finance growth. Some analysts warn that if deficits remain high, government borrowing could crowd out corporate borrowing, limiting investment in A.I. altogether.

Other challenges lie ahead. The benefits from tariff refunds will fade, leaving some companies—especially those dependent on consumer spending—facing a more uncertain environment. Walmart and Kohl’s have noted that their customers are feeling the strain of higher gas prices, though both companies still raised their earnings outlooks for the rest of the year.

Must‑Have Gold Prospecting Tools for Beginners: Trowel, Classifying Screens, Pinpointer, and Magnetic Separator

 Updated on August 24, 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.

Gold Prospecting Tools

As is the case with anything, you can really go basic when you start out gold prospecting by using the minimum number of tools. For that matter, all you really need is a pan! However, there are four tools that will help the prospector save time—and time savings ensues more work and a superior gold yield. Here are a few tool suggestions.

This is my personal magnetic separator.

1. Magnetic Separators

As the panning process unfolds, there is usually a point where nothing is left but black sand. The black sand is likely magnetite—a magnetic mineral that occurs in almost all igneous and metamorphic rocks. The black sand found could be magnetic if dry. Wet black sand forms a muck that will result in pulling up gold, too, when a magnet is applied. Dry black sand can be used with a magnet for separating magnetite from the gold, the gold being left behind.

 My Magnetic Separator

I like to use a 16-pound magnet separator with a quick release. The surface diameter is 3 1/2". With the pull, you can release the black sand.

The process involves getting the magnet close to the panned black sand but not submerging it directly—that gets muck on the separator surface, which can hold gold. You get close and then drop it in another pan of water, looking for any gold. You repeat the process until you can see no gold, and then you release the magnetite in a disposal plate. This description is insufficient for a complete understanding. See the following video for a great tutorial on separating gold from black sand.

Here's one final thought. I have heard it said from club members that you can separate gold from black sand using a tarp and letting it dry out in the Arizona sun. Apparently, you hover over it with the magnet, not touching it, and the magnetite will be lifted, leaving the gold behind. I can imagine this happening if you have good-sized flakes, but it seems as though fine gold would still go up and get trapped in the magnetite on the surface of the magnet. I have never tried this—it's all hearsay to me, but it might be fun for an experiment.

 

Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.—  George Herbert

My old but trusty Garret Pro-Pointer 

2. Gold Pinpointers

A great accessory for the metal detector enthusiast is the pinpointer. It is a secondary recovery tool. First, you use your metal detector to locate a target. Once the target is located, you turn to the pinpointer. Running the pinpointer in the revealed location will quickly isolate the target for recovery.

Why use this? It saves time and energy. Anyone who has waved a metal detector can attest to the fatigue it can cause over a longer period of time. It can also wear out a tired shoulder. Trying to get your ring situated perfectly over the target for retrieval can take time. When the pin-pointer goes off, your treasure is right there! I like it because I can take a break from my long metal detector when I get on my hands and knees to wand the ground. It is great in loose dirt and sand. The tip is reinforced, so you really don't need to worry about breaking it.

My Propointer is the first Garret Propointer. The Garret Propointer II is even better. It comes with a belt carrying case. I have owned mine for many years, and it has never failed me. It's running like it's brand new.

These classifiers range from 60 mesh down to 10 mesh and have black buckets for retrieval. These are my personal classifiers. My set has more solid tubs, but I bought them at a gold show in Mesa, Arizona.

3. Gold Classifier

You can call a gold classifier a gold sieve or screen, but regardless of the name, they go with a pan. You can classify directly into your pan or save the panned material for later—I often bring material home and pan it in my backyard, where I have a covered porch.

The classifier helps to separate stones and debris that you don't really want to pan when looking for placer.

One half-inch mesh is about 4 holes per square inch. A 1/4-inch mesh has about 16 holes per square inch—1/8 inch contains about 64 holes per square inch, and so on. 1/100 inch is the smallest mesh that is commonly used for microscopic gold recovery and ultra fine gold dust and flakes.

I don't know who made my classifiers, although I have made several screens on my own that straddle a 5-gallon plastic bucket, as illustrated in previous articles.

I could describe how to use the classifier, but the video below is so much more superb that I refer you to it.

By the way. I have heard newbies to recreational gold prospecting refer to classification as clarifying. Whether it is a legitimate verbal for classifying, I know not. But I thought I would add this to your prospecting wealth of knowledge. However, it takes nothing away from butter!

My personal trowel; I never leave home without it. 

TRUSTY TROWEL

Every good prospector needs a hearty trowel. In Arizona arroyos, you can sweep away two inches of sand and hit cobbles. My preference is for trowels with Dalyn Enterprises' bulb trowels. Why? Because they are made of sturdy steel—as in thick! In my area of middle Arizona down to Tucson, you can throw a trowel into the ground and wind up shaking your arm like they do in the cartoons. So, you must have struck caliche or cobbles.

Sooooo ... it is really nice to have something that can also double for a pry bar. Don't even think about those plastic trowels you can get at the dollar store. The first thing you hit will shatter it.

In this article, we covered some of my favorite tools for prospecting. They include, but are not limited to, the magnetic separator, the pin-pointer, classifiers, and last but not least, the trusty trowel. There are more—I keep all of these in my backpack, locked in my truck, and ready for my next adventure. I strongly advise you to do likewise.And by the way. I firmly suggest you not keep gold at your home. I don't. Safety deposit boxes are relatively cheap, considering the alternative. May all your pans be full!

© 2021 John R Wilsdon