North

Yukon miners watch high gold prices

Some Klondike gold miners say they hope prices stay at record-breaking levels for a while, so they can cash in on the latest gold rush.

Some Klondike gold miners say they hope prices stay at record-breaking levels for a while, so they can cash in on the latest gold rush.

Gold futures have been trading at just over $1,300 US per ounce in the past week, but this does not necessarily mean Yukoners who mine for gold are profiting right now.

Before gold climbed to its current record-breaking prices, many Yukon placer gold miners had already sold much of their gold for this year, said Tara Christie, who operates a placer mining operation in the Dawson City area.

"Most people have to sell their gold fairly quickly in order to pay their monthly bills, pay their salaries," Christie, who has been placer mining with her family for more than 25 years, told CBC News.

"So some people will be very disappointed right now that they've sold all their gold for this year, and hear gold prices go up."

But a number of placer miners, including the Christies, plan to keep mining at least until the end of October. With the price of gold showing no signs of weakening, those miners stand to see a healthy profit margin this year.

"High gold prices are great for those that are producing right now," Christie said. "It's also really good for those that are trying to re-establish themselves after being shut down for numerous years."

Even miners who have sold their gold this year could still benefit next year, assuming the price bubble does not burst, Christie said.

"Maybe gold prices will go up more and next year will be an even better year," she said. "It certainly provides an incentive for everybody."

now