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By B. Y. Park

This paper develops a series of three-dimensional simulations for the Bayou Choctaw Strategic Petroleum Reserve. The U.S. Department of Energy plans to leach two new caverns and convert of one of the existing caverns within the Bayou Choctaw salt dome to expand its petroleum reserve storage capacity. An existing finite element mesh from previous analyses is modified by adding two caverns and increasing the size of existing Cavern 102. The structural integrity of the three expansion caverns and the interaction between all the caverns in the dome are investigated. The impacts of the expansion on underground creep closure, surface subsidence, infrastructure stability, and well integrity are quantified. The results show that from a structural viewpoint, the locations of the two newly proposed expansion caverns are acceptable, and all three expansion caverns can be safely constructed and operated.

May 1, 2009

By B. Dubé, R. Friedman, J. Oliver, R. Aubertin, M. Burson, G. Panneton, M. Hamilton, J. Ayer

"The Detour Lake gold deposit is located within the northwestern limit of the Archean Abitibi Subprovince of the Superior Province. Mineralized zones are hosted by a sequence of pillowed and massive flows, hyaloclastite units, and altered ultramafic rocks, and are commonly oriented parallel to a series of high-strain zones that are co-planar to the regional-scale Sunday Lake Deformation Zone. Early in its kinematic history, the Sunday Lake Deformation Zone placed older (2.72 Ga) volcanic rocks of the Detour Lake Formation over younger (2.70 Ga) sedimentary rocks of the Caopatina assemblage. Gold mineralization is also parallel to the position of a laterally persistent siliceous rock unit, the 2.725 Ga ‘Chert Marker Horizon.’ The Chert Marker Horizon coincides with the boundary between the mafic-dominated upper Detour Lake Formation and the ultramafic-dominated lower Detour Lake Formation. Stratigraphic and geochronological data suggest that the Chert Marker Horizon is a deformed felsic volcaniclastic unit. At a cut-off of 0.6 g/t Au, the Detour Lake deposit contains 17.26 million ounces of Au within 445.9 million tonnes of rock grading 1.20 g/t Au. Gold occurs in shear-hosted and extensional vein arrays within rocks of the upper and lower Detour Lake Formation and within the Chert Marker Horizon. The Detour Lake deposit has many of the characteristics of a greenstone-hosted, quartz-carbonate vein deposit; its very large size may be attributed to large-scale rheological controls resulting in the formation of dilatant sites in permissive rock units."

Jan 1, 2012

By E. G. Joe

The continuing increase in costs for power and fuel are affecting significantly the cost of milling Canadian ores. In order to ascertain the scope and source of energy consumption in Canadian mills for further energy conservation opportunities, CANMET, in cooperation with the Canadian Mineral Processors, carried out a detailed survey on the metallic mineral processing plants. Sixty-seven mills representing almost 300 million tons of annual capacity participated in the survey. The results indicated that, in general, copper and iron ore mills, representing the bulk of the tonnage, consumed relatively low levels of energy per ton. Nickel-copper, zinc-copper and lead-zinc .ore mills were moderate in energy consumption, and uranium and some copper-lead-zinc mills reported much higher energy consumptions due primarily to the increased heat requirements of the ore pulp. Although plant heating costs varied somewhat with location, it was apparent that the lowest heating costs were achieved by those plants built with proper insulation and energy conservation design. If the cost per million British thermal units is taken as $2.00, the mill energy costs generally ranged from 40ft to $1.20 per ton.

Jan 1, 1979

By Davood Moradkhani, Maryam Rasouli

"The present study reports solvent extraction and separation of zinc from concentrated nickel sulfate solution. In our previous study, Zn and Cd in cold filter cake (CFC, 45-55% Zn, 11-16% Cd, and 2.5-4% Ni) were extracted by alkaline leaching followed by electrowinning processes respectively. The strip solution from electrowinning process, was a pregnant liquor solution (PLS) containing 16.8 g/l Ni and 4.2 g/l Zn. In this work, PLS is subjected to the solvent extraction process for separation of traces of Zn from high grade nickel. The zinc free raffinate containing 16.6 g/l Ni sulfate solution will flow to nickel electrowinning plant for cathode production. Di-(2-ethylhexyl) phosphoric acid (D2EHPA) is the organic phase used in this study. The effects of various parameters such as organic phase concentration (10- 40 % v/v), pH (1.5-3), and temperature (25 and 45°) are investigated. Zinc over nickel separation factor increases by increasing pH from1.5 to 3. The results show that 98.7% of Zn was loaded at25°C O/A ratio of 1, pH 3, and 10% vol. D2EHPA. A 10 M NaOH is used for pH control. However, replacement of pH controlling agent with ammonia solution (25%. v/v) results in interesting observations. Ammonia addition, reduces the solubility of Ni2+ cations in solution. Nickel starts to precipitate from raffinate in a crystalline bluish-green form. The obtained crystals are characterized by XRF and identified to be nickel-bearing analog of boussingaultite, a rare sulfate mineral of nickel with chemical formula of Ni (NH4)2(SO4)2.6H2O. The crystallization rate of crystals is studied. It is a slow precipitation process with 75% in 4 days.INTRODUCTION Annually, many hydrometallurgical processes such as electrowinning, solvent extraction and leaching are applied to waste filter cakes in Zanjan, Iran. These additional processes on filter cakes are critical from both environmental and economic points of view. CFC (cold filter cake) is a toxic but valuable filter cake (45-55% Zn, 11-16% Cd, 2.5-4% Ni, and 0.2-1.5% Cu) produced in many zinc production plants. Our research group at Research and Engineering Company for Non-ferrous Metals (ReCo.), developed a series of hydrometallurgical methods for extraction of zinc, cadmium and nickel from CFC (Moradkhani, & Rasouli 2012). The recovery of zinc and cadmium with alkaline leaching and electrowinning was successfully studied. The strip sulfate solution from cadmium electrowinning unit, contains high concentration of nickel with some traces of zinc impurity. This pregnant liquor solution (PLS) was analyzed and reported to contain 16.8 g/l Ni and 4.2 g/l Zn. In this work, PLS is subjected to the solvent extraction process to separate Zn from nickel (Fig. 1). The organic phase stripping solution containing 4.2 g/l zinc and 200 ppm nickel can be circulated and used in the acidic leaching step. This generates nickel solution with high purity suitable for nickel cathode production."

Jan 1, 2017

By F. J. Macias, A. Bruland, F. E. Dahl

"Tunnelling by use of Tunnel Boring Machine (TBM) is gaining a greater presence as a suitable excavation method. Disc cutter consumption has a strong influence on performance and cost when using TBMs and the influence becomes even more relevant in hard rock. Furthermore, good predictions of TBM performance and cost facilitate the control of risk as well as avoiding delays and budget overruns. Since abrasive wear is the most common process affecting cutter consumption, good laboratory assessments are needed. A new abrasivity test method called Rolling Indentation Abrasion Test was developed. The goal of the new test design and procedure is to reproduce wear behaviour on hard rock tunnel boring in a more realistic way than traditionally used methods by introducing wear by rolling contact on intact rock samples. INTRODUCTIONHigh investments are involved in the tunnelling industry, especially in Tunnel Boring Machines (TBMs) projects. Performance predictions and cost estimations are crucial for planning and risk management of TBM projects. Cutter consumption has a large influence in terms of time and cost, and an even greater effect in case of hard rock projects. Many factors are influencing the amount of cutters consumed in hard rock TBMs. Normal TBM operation results mainly in abrasive wear on the cutters and appropriate methods for abrasivity assessment are needed. Rock abrasiveness cannot be considered as an intrinsic property and the complete tribological system should be considered in addition to the geological properties of the rock.In the present paper, a new test method for abrasivity assessment in tunnel boring called Rolling Indentation Abrasion Test (RIAT) is presented. The traditionally used test methods for determination of rock abrasiveness uses sliding or impact contact in order to cause wear while the RIAT introduces rolling contact on intact rock samples. The ambition of the new test device is to have a reliable method to evaluate the cutter wear in hard rock tunnel boring by reproducing wear behaviour on rolling disc cutters in a more realistic way. It has been established by many authors that the abrasion of a cutter ring is proportional to its rolling distance (Rostami, 1997; Bruland, 1998). In the present work, the weight loss of a mini-cutter ring is measured subsequent to testing in order to evaluate wear in the rolling process and could hence be related to cutter ring wear. Indentation of the tools in the intact rock sample is considered as an indication of the surface hardness of the rock or the resistance to indentation by rolling."

Jan 1, 2015

By Laurence D. Burke

The electrocatalytic behaviour of gold in aqueous media is surprisingly complex and a novel view of gold electrode surfaces is proposed to explain the observed electrochemical responses. The metal surface is considered as a chemically (or redox) modified electrode, with equilibrated, low energy, surface gold atoms functioning as a relatively inert support and low coverage, high energy, protruding gold atoms (or minute clusters of same) functioning as electrocatalytic redox mediators. The protruding atoms are viewed as surface active sites and the complex electrocatalytic behaviour is attributed to the basic instability of the mediators, the diversity (and poor control) of same, and the acid/base (or hydrolysis) behaviour of the oxidized states of the mediators. It is assumed that major advances in the application of gold in the heterogeneous catalysis of gas phase reactions will be accompanied by similar advances in the use of gold in the electrocatalysis area; however, this will require considerable work of both a practical and theoretical nature.

Oct 1, 2003

By G. Kolosay, J. Rajala, G. Deschênes, A. Romanov

ABSTRACT: The Kupol project, located in Far East Russia, treats a high-grade, free-milling ore containing 25.5 g/t Au, 298.3 g/t Ag, and 0.5% pyrite,with a P70of 53 microns. Most of the gold occurs as elec-trum and the silver is predominantly present in the forms of acanthite, stephanite, pyrargyrite, andproustite. The mill reached the design throughput of 3,000 tpd six months after start-up. AKnelson con-centratorrecovers10.4% gold and 0.5% silver. Leaching (14.5 hours pre-treatment and 116 hours cyanidation)of gravity tailings is performed with the CANMET Enhanced Leach Process (CELP),using only 490 ppm NaCN (cyanide consumption of 1.1 kg/t). The precious metals are recovered by counter-current decantation and the Merrill-Crowe process. Calcium hypochlorite destroyscyanide and thiocyanate. Overall, gold and silver recoveries for 2008 were 95.4% and 85.6%,respectively (2.8% and7.5% higher than targets). In the first eight months of 2009, gold and silver recoveries were 95.0% and82.6%, respectively. By August 2009, the mill processed 1.42 million tons of ore with production of 1.1 million ounces of gold and 11.3 million ounces of silver. CELP performance was not affected by changes in feed grade and ore mineralogy. Additional modifications to the leaching strategy allowed further reduction in cyanide consumption and effluent treatment costs.

Jan 1, 2011

By G. Viramontes-Gamboa

Approximately 70% of world copper reserves consist of the mineral chalcopyrite, and much international effort has focused on its study. Ultimate objectives include the development of environmentally friendly alternatives to smelting, and technologies to treat low-grade ores, for which concentration and smelting are economically unviable. Unfortunately, chalcopyrite leaching is inefficient in H2S04-Fe2(S04)3-FeS04 solutions, which is considered to be the most desirable oxidizing medium for leaching of copper sulfides, since the chemistry is well known, corrosion of industrial equipment is negligible, subsequent copper recovery by SXlEW is well established, and environmental impact is minimal. The main reason for this inefficiency is the self-passivation of chalcopyrite. We have devoted considerable effort in the understanding of this phenomenon, and have developed a predictive electrochemical methodology capable of establishing a priori the precise range of potentials within which chalcopyrite leaches and where it is passivated. Since potential control is a critical parameter in chalcopyrite leaching, this experimental methodology can be very useful for establishing the best conditions to leach chalcopyrite. In this paper, the scientific foundations of this predictive experimental technique are presented, and its practical application is demonstrated by comparing its predictions with leaching experiments from the literature.

Jan 1, 2007

By S. H. Logan

The present discussions throughout the civilized world on the subject of gold for monetary purposes may seem due to general economic conditions during the past year. But for some years previously a small group of authorities had warned the world against the continued disregard of an equitable distribution of existing gold reserves, and had urged the necessity of keeping the supply of new gold equal to the monetary demand, which, according to world production and trade figures, increases on the average about 3 per cent per annum. In 1927, Sir John Aird, the President of The Canadian Bank of Commerce, stated that the United States could spare a billion dollars of the supply it then held, 4 ½ billion dollars. About a year and a half ago the Professor of Banking and Currency in the University of London, Mr. T. E. Gregory, said, "If the world finds it impossible to modify its habits so far as to make an organized effort to economize gold seem less Utopian, it must be prepared to pay for its bad habits, in this and other respects, by a possible loss of material welfare." These clear-cut statements were not heeded, perhaps for one reason because most countries were in the flush of prosperity, and making such great demands upon the mining fraternity for industrial materials as to distract attention, at least to some degree, from gold mining. Now the world knows it faces serious problems, first, of making? fully effective its present monetary reserves, which, although badly distributed, are as a whole ample for the needs of the present, and secondly, of preventing a shortage in the supply of new gold, one that may come within the next few years if the present sources of supply are not enlarged, and if there is no marked change in the technique of gold production.

Jan 1, 1931

By N. Shi, T. G. Joseph

ABSTRACT: An interactive cable shovel simulation has been developed to mimic any shovel dipper geometry for a given cable shovel operating in any homogeneous face material. This interactive cable allows the user to predict shovel performance in any face material encountered and track both its ground stability and the dipper-ground interaction. An embedded Microsoft® Visual Basic spreadsheet was used as the platform for developing an interactive simulation that allows for maximum user-defined parameter input and interactive visual output. The result is an analytical dipper-ground interaction solution that yields crowd, hoist, and digging effort as a function of face activity position.

Jan 1, 2011

"Placer Dome Inc.'s Dome Mine is located in South Porcupine, Ontario and has been in production since 1910. In the past, the mill leach circuit was preceded by preaeration and primary filtration circuits. These circuits were operated to overcome the effects of pyrrhotite in the ore which reacts with cyanide to form cyanates and thiocyanates and also consumes oxygen.In early 1989, primary filters were by-passed for an extended period. Actual plant results showed no affect on gold recovery or cyanide consumption so the circuit was left off-line permanently with significant cost savings.In 1990 it was determined that considerable savings could be realized underground if backfill storage facilities were located in the mill. It was decided to convert the preaeration pachucas to backfill storage tanks on a trial basis. The trial proved successful with no effect on recovery or significant increase in reagent consumption occurring due to the elimination of the preaeration circuit. The converted pachucas worked well as backfill storage tanks.Modifications such as these have helped to keep the Dome's millings costs among the lowest of Canadian gold producers."

Jan 1, 1992

By B. F. Giyani, D. Rahal

"Stirred media mills have proved to be more energy-efficient than the conventional ball milling for fine grinding applications. The mill performance is governed by a number of operating variables including mill stirrer speed, feed particle size, solids content and slurry rheology. A study was conducted to assess effects of mill speed, media size and density, and slurry density on the Stress Intensity (SI) in a VXPmill and thereby the relationship to mill performance. For the mill speeds tested, it was found that the optimum tip speed is 7 m/s. If the speed is too high (12 m/s) energy losses result due to mechanical friction losses and heat generation. If the speed is too low (3 m/s), the kinetic energy is not sufficient to promote breakage. The size reduction ratio increases with the increase in mill speed and the decrease in solids content especially in the coarse fraction particle sizes. The effect of slurry rheology on mill performance was shown by assessing the effects of increasing solids concentration and decreasing particle size. Rheological effects seemed to interact with mill speed such that the mill was less energy-efficient at higher solids content and at higher mill speeds particularly for grinding to fine particle sizes. There is an opti"

Jan 1, 2017

By Turcotte. Yves-Laurent

Notre conférencier, Monsieur Yves L. Turcotte, Vice-président et Directeur général chez Promaintech Novaxa est diplômé en génie industriel de l?Université du Québec à Trois-Rivières et détient une maîtrise en gestion de projets de l?Université du Québec à Montréal. Il est une véritable sommité canadienne dans le domaine de l?amélioration de la performance des organisations. Provenant d'entreprises manufacturières et de services, il possède plus de 20 ans d?expérience en tant que développeur de technologies, conseiller et formateur auprès d?entreprises. Il a à son actif la réalisation de mandats dans plus de 400 entreprises. Il est reconnu pour sa grande capacité d?analyse et pour trouver des solutions novatrices et profitables aux problèmes des organisations les plus complexes. Aujourd'hui, il dirige Promaintech Novaxa, une division de DMR, qui a célébré son dixième anniversaire en 2006. Cette organisation ayant des places d?affaires dans la région de Montréal, Québec et Vancouver compte plus de 50 professionnels et a une carte de visite dans 16 pays. Les axes d?intervention sont le Management, la Productivité, la Fiabilité, l?Innovation et l?Amélioration Continue.

Feb 1, 2008

By B. Chareyre, H. Pourpak, L. Scholtès, E. Papachristos

"Numerical methods used to study hydraulic fracturing in low permeability rock masses need to take into account the interaction between the progressive failure mechanism of the intact rock matrix and the pre-existing natural fractures. A fully coupled hydro-mechanical 3D discrete elements model dealing with such interaction is presented here. The ultimate objective is to grasp the role of the rock-matrix failure on the propagation of the main fluid driven fracture under different stress fields and pre-existing fracture orientations. The proposed method provides the spatiotemporal distribution of the induced crack events which can be tracked during the simulations, making possible the identification of the local mechanisms leading to macro-failure in the rock matrix or reactivation of the discontinuity planes. Fluid flow inside a fracture, pressurized crack and hydro-fracking experimental tests were simulated as part of the validation process of the model and, are presented in this paper.INTRODUCTIONWith the expansion of shale gas and geothermal reservoirs exploitation, the technique of Hydraulic Fracturing (HF) has been widely used over the past years (McClure, 2012; Britt, 2012). Despite recent advances in micro-seismicity analysis or numerical modeling (Nagel et al., 2013), the way progressive failure of rocks affects the fluid flow depending on the in situ stress conditions or the rock heterogeneities is not fully controlled yet (Zoback, 2010).In this work we focused on setting up a three-dimensional discrete elements model to study fluid driven fractures propagation. The intact rock is modeled by a discrete element method (DEM) able to reproduce fracture initiation and propagation (Scholtès and Donzé, 2013, Garcia et al., 2013). The pre-existing fractures are explicitly modeled and can be individually defined or be part of a discrete fracture network (DFN) (Harthong et al., 2012). Their mechanical response is fully coupled with the fluid within a HM-DEM framework. The fluid flow and it’s interaction with the intact matrix and the pre-existing discontinuities is modeled through a Pore-scale Finite Volume (PFV) scheme specially enhanced for fractured rock modeling (Chareyre et al., 2012, Catalano et al., 2014) ."

Jan 1, 2015

By Alok Porwal, E. J. M. Carranza, M. Hale

Abstract- Approaches to mineral potential mapping based on weights of evidence generally use binary maps, whereas, real-world geospatial data are mostly multi-class in nature. The consequent reclassification of multi-class maps into binary maps is a simplification that might result in a loss of information. This paper describes results of using multi-class evidential maps in an extended weights-of-evidence model vis-à-vis results of using binary evidential maps in a simple-weights-ofevidence model. The study area in the south-central part of Aravalli province (western India) hosts a number of SEDEX-type base metal deposits in Proterozoic supracrustal rocks. Recognition criteria for base metal deposits were represented as both multi-class and binary evidential maps. The known mineral deposits were divided into two subsets, viz., the training and the validation subsets. The training subset was used to calculate, for the evidential maps, the weights, contrasts, and posterior probabilities and their variances. The distributions of expected frequencies of base metal deposits estimated from the posterior probabilities and the observed frequencies were compared using standard goodness-of-fit tests to verify conditional independence of the input evidential maps. The posterior probabilities from both the models were mapped and interpreted to classify the study area into zones favorable, permissive, and non-permissive for base metal deposit occurrence. As compared to the simple weights-of-evidence model, the extended weights-of-evidence model results in more robust and finely differentiated posterior probabilities in favorable and permissive zones and has a better prediction rate. The results also reveal that the statistical properties of the weights of evidence, the contrasts, and the posterior probabilities are not significantly degenerated by using multi-class evidential maps in weights-of-evidence modelling.

Jan 1, 2001

By Ray Collier

MINING TODAY l EXTENSIVE AND EXPENSIVE PERMITTING PROCESSES WITH UNKNOWN RESULTS l GENERAL AND IMPASSIONED RESISTANCE TO RESOURCE BASED INDUSTRY l SOPHISTICATED, ORGANISED, AND WELL FUNDED OPPOSITION l MOST LOCAL GOVERNMENT DOESN?T WANT MINING TODAY?S TALK l FOUR SPECIFIC OPERATIONS ON WHICH OUR EXPERIENCE IS BASED ? SECHELT ? CADMAN ? GRANVILLE ISLAND ? LEHIGH CEMENT DELTA PLANT l OUR APPROACH TO COMMUNITY RELATIONS

May 1, 2002

By Huan-Qiang Zhang, Gang-Hai Huang, Yu-Yong Jiao, Fei Zheng, Zhang. Xiu-Li

An efficient and accurate three-dimensional (3-D) contact detection algorithm is of vital importance in large-scale computing of discontinuous deformation analysis. The contact detection algorithm takes up a large proportion of the whole calculation time because of the increasing calculation number in three-dimensional case. For block systems which consist of convex polyhedrons, the efficiency and accuracy of the contact detection algorithm is a great challenge. The presented contact detection algorithm in discontinuous deformation analysis (DDA) method is carried out in three phases: the global neighbour searching, the local contact type searching and the contact transferring. A contact detection algorithm for 3-D DDA is presented with some improvements on the three phases. A grid-based global neighbour searching algorithm is used to eliminate unnecessary neighbour blocks to the exact number. The local contact type searching includes two steps. In the first step, the common plane method is used to determine the contact type between convex polyhedrons. In the second step, the contact pairs detected by the common plane method are divided into four basic types. In the third phase, the four contact types are transferred into two basic contact types, vertex-to-face contact type and edge-to-edge contact type, which are managed in a uniform procedure. Three verification examples are calculated, the results show that the proposed algorithm based on the three contact detection phases is robust and efficient.

Jan 1, 2015

By Ralph L. Rutherford

Introduction During the past twenty-five years we have seen considerable exploration for oil on the plains of southern and east-central Alberta. This exploration has to some extent gone on in cycles, with periodic starts, stops, and occasionally some reversals. Each major attempt is usually supplemented by the application of some new method of exploration and, following each period of exploration, drilling tests are made. Whereas oil-bearing horizons are the ultimate objective of these explorations, the preliminary investigation frequently aims at a discovery of structure based on the long accepted belief that accumulations of oil and gas are to a marked degree structurally controlled. At the inception of this general exploration for oil, it was natural that attention should be directed to areas where there was surface evidence of deformation of the underlying strata, but, as the programme progressed, it was found that these surface manifestations of structure were often deceptive when attempts were made to project them to depth, to involve the deeper strata. Drilling of test wells was the only satisfactory method of obtaining exact information.

Jan 1, 1946

By Timothy W. Ellis

Wire Bonding is the dominant IC interconnection process presently used in the semiconductor assembly industry (1). The flexibility, adaptability and cost of wire bonding will continue to keep it as the key process for the interconnection of integrated circuits to substrates. However, wire bonding still has certain technological hurdles to overcome if it is to continue following the semiconductor roadmap (2). Particular issues which need to be addressed include low overall tensile strength, low elastic modulus, low shear per unit area and mechanical loop stability of Gold based micro-alloys. The ability to produce ?Deformation Process Metal-Metal Matrix Composites? (DMMCs) is based upon the deformation nature of immissible metallic systems. For reference, the Gold (Au)-Molybdenum (Mo) phase diagram is shown in Figure 1 (3). By inspection of the diagram, Au has a very low solubility for Mo, while Mo has essentially no solubility for Au. This is the metallurgical analog of oil and water. In the Au-Mo case, this is particularly troublesome when producing precursor ingots of the alloy to be formed into wire products. In Table 1, the melting points and densities are shown for Au and Mo. As shown, the melting point of Mo is significantly higher than Au, and is very close to the boiling point of Au (2856°C). However, Au?s density is higher than that of Mo. As such, conventional casting techniques are not suitable, since solid Mo would float off the surface of an Au melt thus depleting the matrix of its alloy addition. In this work, two-phase composite wires were produced by deformation processing to develop an interconnection wire with elevated tensile strength, modulus and shear to those commonly available in the market (4). This technology has been used previously in the production of high strength electrical conductors particularly for high field pulsed magnets (5).

Oct 1, 2003

By R. E. Dye

IF gold mining is to assume, or it might be better said to resume, a place of ' importance in the national economy of this country following the present war, then one must accept the thesis that gold will maintain the place it has for many generations held in the minds of men as a substantial and lasting emblem of material wealth-a metal in exchange for which men have always been ready to give up the possession of their worldly goods. The thought bas been advanced by some that gold is not necessary as a basis for exchange, that it has no real value anyway and, therefore, the world would wake up some morning to find that no one wanted gold and that, over night, its possession bad in some way ceased to be desired. Holding an equally extreme view there are those who advance the idea that, following the war, gold will in some mysterious way enjoy a fantastic increase in value. Neither of these extreme views can be successfully supported. To presume that by legislation or by general agreement gold would be or could be, over night, dethroned to the position of common stone is wholly beyond the realm of any possibility. The thought that this could come to pass is advanced by, and is attractive to, only those peoples who do not have gold and do r:ot have the means of producing it. To believe that the fundamental value of gold will suddenly change is likewise fantastic. I refer to the fundamental value, not the dollar price, of gold, for it cannot be denied that, with the colossal war expenditures now being made and with the huge national debts which are being piled up, there is a possibility, indeed per-haps a likelihood, that the dollar price .of gold may be revised upward. For the purpose of this discussion, however, that possibility is irrelevant and need not be considered.

Jan 1, 1943