The Price of Gold

An 1872 US law – designed to encourage settlement of the American West – allows mining companies to extract gold from the ground without environmental clean-up. The American West has long been settled, and most mining firms taking advantage of the law are foreign-owned, explains Jane Danowitz in a Los Angeles Times opinion essay. Most of the gold goes toward making jewelry, yet Danowitz writes that “Driven by record demand and a weak U.S. dollar, investors and speculators are snatching up mining claims at an alarming rate.” The US Environmental Protection Agency estimates the bill on cleaning up waste and water contamination for taxpayers could top $50 billion. Governments have a responsibility to review their books for laws that have long outlived their purpose. – YaleGlobal