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There's only one inactive gold mine in California with all the permits it needs, to re-open - the Sutter Gold Mine just outside Sutter Creek.
And with gold prices above $300 for four months running, the owners are looking into operating the mine for the first time since 1997. They'd need about $1 million and are looking for investors.
The break-even point for hard-rock mining comes when gold can fetch around $300 an ounce. Since March, the price of gold has stayed above $300 consistently, hitting $320 midweek.
'We're working on it. We're in talks with people to do a joint venture," said Hal Herron, vice president of U.S. Energy, the Riverton, Wy.-based owner of the mine.
The weak dollar, constant tension in the Mideast, accounting scandals, corporate fraud, the slack economy and fears of terrorism have all been credited with boosting the price of gold, traditionally a storehouse of value in uncertain times.
Except for a couple of brief spikes of gold...