Legality Of Gold
Gold is one of the most valuable resources on earth, therefore any transaction of gold must be done with the most legal precision possible. Knowledge of how to establish a gold claim is essential for any up and coming prospector. If you do not establish a gold claim properly, other prospectors can move in and take the gold from right under your nose.
Establishing A Claim
The first step of establishing a claim is of course to find gold, but what is the next step?
- Stake The Claim – Staking a claim is more than an expression, it is a legal requirement. Claims must be staked with stakes that are 3 inches wide and 3 feet tall. The stakes must be put at all four corners with a location notice posted on the NE corner.
- File The Documents – Documents must be filed with the local offices within 45 days of staking the claim. These documents vary from state to state, report to the areas courthouse and request information on where to go from there. Failure to file within the 45 days invalidates the claim.
- Paying fees – When you file the documents you must pay filing fees that vary depending on the size of the claim. There are also annual fees.
- Work Requirements – Work requirements are the expectation of the labor cost to work your claim. You must report labor cost to prove that you are properly developing the claim, and not just saving it for a rainy day.
- Claim Abandonment – Failure to meet any of the requirements is considered abandoning your claim. Once a claim has been abandoned the original claimer must wait one year before they can reapply for the claim.
Need Help With A Claim
Claims are a very time consuming process, and local agencies do not always have the necessary information.
When establishing a gold claim it pays big time to be a member of a gold club. Gold clubs can provide you with the legal forms to establish a claim, and resources to defend that claim in case of discrepancies.