World's largest gold mining scam, thousands ripped off, billions were lost, and no one went to jail.

Тәжірибелік нұсқаулар және стиль

I want to tell you about the biggest gold mining fraud ever. A few made tens of millions and many lost their shirts - including those who invest public employee retirement dollars. It was an elaborate and intentional fraud, but in the end, no one was punished or went to jail. It was so outrageous that they even made a Hollywood movie about it. But I'll tell the real story, not the Hollywood version.
A small gold exploration company by the name of Bre-X minerals acquired a mining property near the Busang River in Indonesia. The great drilling results from Busang continued to come in and by 1996, the reserve estimate was raised to 60 million ounces, making Busang the biggest gold discovery in decades. There was no doubt that there would be a big commercial mining operation at the Busang site and major mining companies that specialized in the gold sector began to take serious interest. The stock market responded by bidding up the market value of Bre-X’s shares to amazingly high prices. Banks, Canadian public sector pension funds, large institutional investors and big gold mining companies began to invest heavily in Bre-X.
But Bre X was a fraud. The scam unraveled rapidly in March 1997, after it was announced that their geologist mysteriously fell to his death from a helicopter over the Indonesian jungle. Bre-X stock started to drop on the news. A big mining company, Freeport, announced that its own due-diligence core samples from Busang showed "insignificant amounts of gold". A frenzied sell-off of shares ensued and Bre-X share price dropped like a rock.
Even if you don’t invest in mining stocks, there are a number of important lessons for gold prospectors everywhere in this story.
For those who want to learn more about Prospecting and finding gold check out my book, Fists full of Gold. It’s an encyclopedia of everything on the topic of prospecting. It’s available on Amazon. (Affiliate) You can find it at:
www.amazon.com/gp/product/098...
For even more information on prospecting, minerals, gems and other related information you can also check out my website at:
nevada-outback-gems.com/prospe...

Пікірлер: 117

  • @arthurbach9016
    @arthurbach90162 ай бұрын

    One of Mark Twain's favorite quotes, a gold mine is a hole in the ground with a liar at the bottom.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    yep.

  • @jeffbybee5207

    @jeffbybee5207

    2 ай бұрын

    It depends if there's no gold you can lie about how well you did but if you find lot of gold for safety you lie and say how little gold is there

  • @royjohnson465

    @royjohnson465

    2 ай бұрын

    Not necessarily from personal experience a small percentage of some hard rock gold mines are legitimate and are genuinely rich.

  • @adrianrobinson1203
    @adrianrobinson12032 ай бұрын

    I got sucked in for $400, but for me all those years ago, It was a lot of money for me, as was on minimum wages of $4 and hour. I still have the paper certificate, which is now worlth more than the stock as a collectible. Which I will sell if I get an offer of $401, so I make a profit after all these years. :0)

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Interesting stock certificates are uncommon these days - Sorry you lost out.

  • @RogLotHotHoW

    @RogLotHotHoW

    2 ай бұрын

    Don't sell for 401$, but for 100 work hours at the current minimal wage!

  • @user-kc9nc2px7h

    @user-kc9nc2px7h

    Ай бұрын

    You got suckered into this actual situation 😢 so sad people could hurt someone for their own greedy gain and looked what happened KARMA YO😅THEY GOT THEIRS IN THE END

  • @user-kc9nc2px7h

    @user-kc9nc2px7h

    Ай бұрын

    ​@@ChrisRalphI hAve 4 silver cooper mine 1899 a motor company from 60s 70s and another one is earlier 56 I they and gas company and telephone and telegram stocks😂😂😂

  • @glentomkins8044
    @glentomkins80442 ай бұрын

    Thanks for the 'heads up' on that one Chris. I read about the Bre-X scam years ago. Good thing that you never put money into it. In the gold industry, you need to keep your friends close and your enemies closer. If something seems too good to be true, then it probably is.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Exactly! If something seems too good to be true, then it often is not true

  • @alwayslearning8365
    @alwayslearning83652 ай бұрын

    Bre-X made a lot of people a lot of money, but in the end it crashed like the door of a Boeing plane.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    When it crashed it crashed hard.

  • @nevadaminer5977
    @nevadaminer59772 ай бұрын

    There is a small gold mine in Nevada that went from by 40K ounces on a property and quickly rose to over 125K ounces. Shady stuff going on with their exploration department and the ounces crashed back down to 40K.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    I'm not sure which one that is....

  • @nevadaminer5977

    @nevadaminer5977

    2 ай бұрын

    @@ChrisRalph I don’t know if it was ever published, but that’s just inside knowledge. Shady stuff goes on.

  • @mclagett1043
    @mclagett10432 ай бұрын

    I love your videos Chris! Great investigative work! You should investigate more historic gold mining scams and legends! I have one for you that's very interesting. Back in the 1870's there was a gold discovered at the headwater of Lee's creek in douglas county oregon, becoming known as china ditch. The circumstances surrounding the last month of operation are very suspicious to say the least.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    I'll look into it.

  • @milynciaedits
    @milynciaeditsАй бұрын

    Always something to learn from each video thanks

  • @ChrisRalph

    @ChrisRalph

    Ай бұрын

    Glad the videos are helpful!

  • @christurley391
    @christurley3912 ай бұрын

    Thanks again

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    No problem, glad you enjoyed it.

  • @danbrent4618
    @danbrent46182 ай бұрын

    Excellent informative Video Chris! Very interesting! Dan Brent

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Glad you enjoyed it!

  • @michaelmartin4816
    @michaelmartin48162 ай бұрын

    I live in central Virginia & know that there's gold here. Was wondering if you could do a video on the best places here to find some gold & what signs to look for in this part of the country. Been enjoying your videos & they're filled with some great knowledge. Hope you can continue with putting out some great content!

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yes, there is gold in Virginia, but I've never visited Virginia and have never prospected there. So I have no inside knowledge and I have no plans in the foreseeable future to go there. I'd suggest using google to do some research. Sorry.

  • @michaelmartin4816

    @michaelmartin4816

    2 ай бұрын

    @@ChrisRalph Thanks for the feedback! Happy hunting!

  • @markmayer2029
    @markmayer20292 ай бұрын

    Completely crushing the core samples should have been the first indicator something fishy is happening. Cores are usually split length wise, so you can back up your assay results from the other half.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yup, what you say is very true. The splits also allow you to examine the geologic relationships.

  • @williamp2359
    @williamp23592 ай бұрын

    Interesting story. Seems like a tragedy for almost everyone involved.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    It was a real tragedy

  • @shanelocke237
    @shanelocke2372 ай бұрын

    "ONYA CHRIS" Another GREAT UPLOAD to make us subscribers to think twice about investing in mining companies. I fully enjoyed watching it. Cheers Chris.shane

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Thanks, Shane. I'm glad that you enjoyed it. Hope all is well with you.

  • @tinkering123
    @tinkering1232 ай бұрын

    Good reminder Cris. Still happening today.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yes, maybe not on as extremely large of a scale, but yes.

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    You can make real good returns in pennies,but you best know who the principals are and they're track records and reputations lol

  • @Smithsgold
    @Smithsgold2 ай бұрын

    good stuff

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Glad you enjoyed it. Weather starting to look a lot better.

  • @Smithsgold

    @Smithsgold

    2 ай бұрын

    @@ChrisRalph yes it is !!!!

  • @SandhillCrane42
    @SandhillCrane422 ай бұрын

    As the old saying goes, when there really is no gold, you can always leap out of a helicopter.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Or go hide out in Vegas with your ill gotten gains.

  • @dave9351

    @dave9351

    23 күн бұрын

    Or get pushed and be the literal "Fall Guy"

  • @mojavegold-
    @mojavegold-2 ай бұрын

    Thanks for your coverage of this! I watched the movie "Gold" - and was kind of bummed out by it. But I had no idea it was based on a true event. I lost some significant money investing in a copper mining stock on the Toronto exchange - right before the "Sumitomo Copper Incident". I currently have some mining royalty stock - but have just not been able to bring myself to invest directly in mining again.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Mining stocks are super risky.

  • @okboomer6201
    @okboomer62012 ай бұрын

    I remember when this was happened.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yep, it was a big deal at the time.

  • @eriksoutdoors7243
    @eriksoutdoors72432 ай бұрын

    Looking forward to next week’s video: “How to start your own gold fraud.” 😂 kidding of course- wild story!

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Good one! But no, you will need to figure that out for yourself.

  • @arthurbach9016
    @arthurbach90162 ай бұрын

    The only reason why he had that quote is because he was ripped off so many times he made a lot of bad investments.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    OK.

  • @bradhile5031
    @bradhile50312 ай бұрын

    Hey Chris brad from Australia would like to thank you for your informative video’s recently I found a very interesting specimen of gold roughly 62grams in weight however I watched a video of yours a while back showing all the different types of gold nuggets and never seen a pic similar to my piece was wondering if there’s away of sending you a pic or two for your I recognise the find as all your doing as I would never had found it without the knowledge of you vids I’m planning to sell it however not sure where it sits value wise would love to show you pics if I could 👍

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Hi Brad. Congrats on your find. I get loads of folks wanting me to evaluate pictures, but I don't offer a service to do that.

  • @bradhile5031

    @bradhile5031

    2 ай бұрын

    Thanks Criss 😀

  • @raybod1775
    @raybod17752 ай бұрын

    Really looks like what happens a lot with penny stock run ups.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Rarely as bad as that one.

  • @S13402
    @S134022 ай бұрын

    They made it as a movie, the one in Indonesia, they called it “ Gold” if my memory is still working 😂

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yep. The movie name was gold and it came out in 2017.

  • @adrianrobinson1203
    @adrianrobinson12032 ай бұрын

    I would sure like to get your opinion on another Canadian Gold mine in Newfoundland, I am sure you know which one I mean?

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    I don't offer advice or consulting.

  • @user-kc9nc2px7h
    @user-kc9nc2px7hАй бұрын

    Great movie 😂❤

  • @ChrisRalph

    @ChrisRalph

    Ай бұрын

    Glad you enjoyed the movie!

  • @joesutherland225
    @joesutherland2252 ай бұрын

    Vancouver stock exchange at the time i believe.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Actually it was the Toronto exchange.

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    @@ChrisRalph yup your right tsxv then tsx then nose if memory serves. These kinds of shenanigans forced vse to be taken over by tsx and tsxv was born .oh the stories lol

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    Nose should be nyse Damm spell check

  • @rogerdudra178
    @rogerdudra1782 ай бұрын

    Greetings from the BIG SKY.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Thanks. glad you like the video.

  • @user-ri5fy4qy3b
    @user-ri5fy4qy3b2 ай бұрын

    Make the movie and get an Oscar. I love good movies. You are the best and love watching you.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Hollywood already made one. The movie name was "Gold" and it came out in 2017.

  • @michaelbrick9730
    @michaelbrick97302 ай бұрын

    Well, maybe I should sell my investment of 103 shares in NAK before it goes bust... I do check out the news on their site to see what battle they are currently fighting and it still holds my interest to hang in there...thanks again for an interesting video.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    My personal opinion is that they will never be allowed to develop Pebble.

  • @williamd9393
    @williamd93932 ай бұрын

    This sounds exactly like the oil industry. For every one that got rich thousands lost their as*. You can bet the head dogs for Bre-X minerals walked away with a pocket full of money.

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    You won the bet.he did.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Its true.

  • @joesutherland225
    @joesutherland2252 ай бұрын

    Brex! Guy got away with it too!

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    No one was ever punished by the courts.

  • @thesovereignvan
    @thesovereignvan2 ай бұрын

    The biggest scam is exters whole dang Pyramid

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    What is "exters" ?

  • @midnightwatchman1
    @midnightwatchman1Ай бұрын

    Is it possible to get gold from the mouth of a river

  • @ChrisRalph

    @ChrisRalph

    Ай бұрын

    Sometimes there is very find gold at a river mouth, but not always.

  • @jamest.5001
    @jamest.50012 ай бұрын

    I think the long range gold and treasure finders are a scam, a sci-fi ray gun looking thing with antennas on it. How can that find gold and jewls feet in earth?

  • @SandhillCrane42

    @SandhillCrane42

    2 ай бұрын

    It only works if you have the gift. Jk it doesn't work at all.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    The LRLs are a scam and a fraud. No one has any gift to operate them. Been scientifically tested and they don't work.

  • @shanejones578
    @shanejones5782 ай бұрын

    FBI stole 7,000 tons of gold from the guy who found the lost union civil war shipment just last year…

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Where was he keeping that gold? In his closet at home?

  • @shanejones578

    @shanejones578

    2 ай бұрын

    @@ChrisRalph he found it metal detecting, fbi claims they found “nothing” but had a whole operation out there for a week. Guy came back after they found “nothing” and the gold was gone. He used a geothermal map or something like that, basically he saw with his own eyes the lost shipment buried in the hill. He called the govt when he found it when he should’ve kept it shut

  • @shanejones578

    @shanejones578

    2 ай бұрын

    @@ChrisRalph by the way, you’re great at what you do I really appreciate it. I don’t know how the hell you know so much about so vast a land. I’ve found gold in PA based on your knowledge. No pickers or anything awesome yet, but all gold is good gold as far as I’m concerned lol!

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    For sure all gold is good gold!

  • @fishface5273
    @fishface52732 ай бұрын

    this is a Crypto coin. same deal, when you see the larger holders sell time to bail out bro.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    You have to keep a close eye on it because when the selling accelerates, it happens fast. If you are asleep at the switch, you can lose your shirt.

  • @johnanderson7925
    @johnanderson79252 ай бұрын

    Look.at the big gold f>ND recently in China

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    China's big find is supposed to be 50 tonnes. That is the equivalent of about 1.7 million ounces. Busang was supposed to be 70 millions ounces - more than 40 times larger. The China find is not that large on a world scale.

  • @joesutherland225
    @joesutherland2252 ай бұрын

    Had a very lucky doctors visit picked up a mini g magasine that was about 8 yrs old at the time there was a story on an austrailian company that had drilled this property 10 or so years before and found nothing of value i got out about 6 months before it imploded luck pure and simple

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    You were lucky, but I am glad you got out in time.

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    @@ChrisRalph yes very wasn't much ab

  • @joesutherland225
    @joesutherland2252 ай бұрын

    The assay geologist flew out the door of a govt helicopter so all the blame was put on him head of goverment had a lot of money in the company connect the dots folks.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    It wasn't a government Helicopter. It was a private transport service. I've seen pictures of the Helicopter. The government had much to gain if the find was real. So even if the government wanted to take over the property, the Freeport testing proved there was nothing there.

  • @joesutherland225

    @joesutherland225

    2 ай бұрын

    @@ChrisRalph correct but suharto was president at the time there and was as crooked as the get and as despotic.i still think he was the escape valve for everyone above him .just too convienient.

  • @stephencrandellsr4915
    @stephencrandellsr49152 ай бұрын

    😂😂😂😂

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Glad that you enjoyed it.

  • @stephencrandellsr4915

    @stephencrandellsr4915

    2 ай бұрын

    😊 i did thanks since i worked for Kenrell Resources a Canadian stock co

  • @kmagnussen1052
    @kmagnussen10522 ай бұрын

    FYI: Update the graphics ditch the white board.

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Send me $25,000 and I'll think about it. You have no experience and no idea what you are talking about.

  • @robertg9514
    @robertg95142 ай бұрын

    I am alive and well…..

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    Yes, and living in Vegas with Elvis and JFK.

  • @glentomkins8044

    @glentomkins8044

    2 ай бұрын

    @@ChrisRalph ❤

  • @davidrosales3663
    @davidrosales36632 ай бұрын

    This story reminds me of Donald Trump.'s presidency

  • @ChrisRalph

    @ChrisRalph

    2 ай бұрын

    And Biden's "lights on nobody home" presidency too.

Келесі