![]() ![]() They're tearing up the Alaskan wildnerness for pennies of net profit on the dollar. The profit margin is so small it's insane. The value of the gold isn't much compared to the cost to produce it. Interest from the loans and profit from re-possessing equipment. Does anyone make any money? Yes, the bankers. The bank seizes all their equipment and sell it all at auction to other people stupid enough to get involved in this business. And that's what happens to these guys when they go belly-up from massive loan debt and get buried by expenses related to equipment break-downs. They are usually sold or in the junk yard or re-posssessed before the last payment is made. Those huge $350K Caterpillar front loaders? They're not paid off. ![]() Those huge Volvo earth movers? None of them are paid off. They don't even show them talking to them on the telephone when they regularly have to beg for another $500,000 to replace broken equipment that wore out before they were even paid off. And you know what? They never, ever show the bankers in these shows. The bankers are always breathing down every one of these guys' necks and every one of them including Schnabel is buried deeply in debt. That's why Parker Schnable won't even spend the 600K on a median price home even though he's a millionaire on paper. And even while they're making the big money they're worrying about the bankers and afraid to spend any of it. Just about everyone eventually goes broke. Freddy should be urging them to quit and get a real job because the graveyard of dead mining companies is an enormous cemetery. As they tear up pristine environments in remote eco-systems with endangered wildlife. While knowing almost every one of them by retirement will be completely broke. These shows are really popular but I don't find it pleasurable watching people work extremely hard and risk injury. ![]()
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