Gold eclipses hard times in Nevada town

BATTLE MOUNTAIN, Nev., Jan. 2 (UPI) -- The economic slowdown hasn't dodged the small gold-mining town of Battle Mountain, Nev. -- it's done something else: It's helped, town residents said.

As the economies around the globe have fallen into a slump, the price of gold -- a refuge for investors in hard times -- has soared, reaching $892 an ounce Monday, not far behind the record price of more than $1,000 an ounce set in March, The New York Times reported.

In Nevada, which has led the nation in foreclosures for 23 months, "I don't know of anybody who is getting foreclosed on," said Battle Mountain resident Charlotte Thompson.

Unemployment in the town is 4.8 percent, although Nevada's unemployment rate is 8 percent. Mining jobs with starting salaries of more than $60,000 are unfilled, due to the lack of qualified workers, and house prices have done what parts of the country -- what most of the country -- would figure is impossible: Appreciated.

Barrick Pipeline Mine shift supervisor Robert Perry, said, "My house I bought five years ago for $134,000, and right now it's worth about $300,000."

"We're always the opposite of the rest of the country," Thompson said.