American Gold MiningIn the United States, the practice of gold mining is almost as old as the country itself. The first recorded searches for gold were from North Carolina and occurred in the year 1799. Since that time, there have been many changes in the mining industry and the stock market has helped to fuel the exploration of gold mines across the country. Most American citizens will be familiar with the gold rush that happened in California in the 19th century, but few are aware of the level of gold mining that continues to this day.
In the 1980s, many mining companies emerged because of the high price of gold at the time. Since those years, the gold output has continued to go up and in 2007, the United States managed to be the fourth largest gold producing country, with a total output of around 240 tonnes. In current times, the main location of mining companies has moved from California and Colorado to the state of Nevada where open pit mines are the most common type of mining structures. There are other states that have a large gold mining interest, including Alaska, Arizona, and Georgia.
Another reason that American gold mining has rapidly grown is because of the nature of the mining companies. Many of these are public companies and sell stocks of themselves to provide the capital for their operations. These stocks in gold companies are usually quite cheap and allow an individual investor to take a chance with a company that could locate a large vein of gold. When this happens, the stocks in gold companies can provide a healthy financial return to the investors. One reason that the companies in the American mining industry can be profitable is because most of the mines are on federal lands and the mining companies are not required to pay royalties to the government.