Amazing Story About Rob McEwen, CEO Of UXG, US Gold
Amazing story about Rob McEwen, CEO of UXG, US Gold, http://finance.yahoo.com/q?s=UXG, ex CEO of Goldcorp, GG, http://finance.yahoo.com/q?s=gg.
"Mac Greer: Don, the book opens with a story of a Canadian gold mining company named Goldcorp. Now, as a way of explaining this concept of Wikinomics, tell us about the story of Goldcorp.
Don Tapscott: Well, it's a great story. It shows that the Web is moving beyond social networking to becoming the foundation of a new mode of production, basically. The company Goldcorp was run by a guy by the name of Rob McEwen. The reason I know this guy is he's my neighbor and he found himself taking over a gold mining company, but his geologist couldn't tell him if they had any gold or where it was on their property. So he got quite frustrated, and he was ready to shut the whole thing down, and he happened to have attended a Young President session where someone told him about the Linux Operating System. He wondered, if my guys don't know, maybe somebody else knows. So in the gold mining industry, your most secret and proprietary data and information is your geological data, held in high security computer systems and safes. He did a radical thing. He published his data on the Web and held a contest called the Goldcorp Challenge -- $500,000 for anybody who can find gold on my property.
He got 77 submissions, picked the top three. They were extraordinary. They were using techniques that he had never heard of, not just geologists, but mathematicians and computer scientists and graphics people, and he was getting inorganic solutions to these inorganic problems, and for his $500K, he found $3.4 billion worth of gold. His market value went from about $100 million to $9 billion, and because he was the principle shareholder, I can tell you, he's a happy camper. I know because he just renovated his house, now that he's a billionaire.
The story, it's a powerful story because it really underlines a lot of the big changes that are underway right now and how you orchestrate capability to create value."
See http://www.msnbc.msn.com/id/16657663/.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
"Mac Greer: Don, the book opens with a story of a Canadian gold mining company named Goldcorp. Now, as a way of explaining this concept of Wikinomics, tell us about the story of Goldcorp.
Don Tapscott: Well, it's a great story. It shows that the Web is moving beyond social networking to becoming the foundation of a new mode of production, basically. The company Goldcorp was run by a guy by the name of Rob McEwen. The reason I know this guy is he's my neighbor and he found himself taking over a gold mining company, but his geologist couldn't tell him if they had any gold or where it was on their property. So he got quite frustrated, and he was ready to shut the whole thing down, and he happened to have attended a Young President session where someone told him about the Linux Operating System. He wondered, if my guys don't know, maybe somebody else knows. So in the gold mining industry, your most secret and proprietary data and information is your geological data, held in high security computer systems and safes. He did a radical thing. He published his data on the Web and held a contest called the Goldcorp Challenge -- $500,000 for anybody who can find gold on my property.
He got 77 submissions, picked the top three. They were extraordinary. They were using techniques that he had never heard of, not just geologists, but mathematicians and computer scientists and graphics people, and he was getting inorganic solutions to these inorganic problems, and for his $500K, he found $3.4 billion worth of gold. His market value went from about $100 million to $9 billion, and because he was the principle shareholder, I can tell you, he's a happy camper. I know because he just renovated his house, now that he's a billionaire.
The story, it's a powerful story because it really underlines a lot of the big changes that are underway right now and how you orchestrate capability to create value."
See http://www.msnbc.msn.com/id/16657663/.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
3:14 PM
