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Is Elko sitting on a golden bubble?

I guess it makes sense: When the economy is good, we're all too busy splashing around in our piles of gold to barter it for other stuff, like Humvees made of ivory, which lowers the price. In other words, the price of gold goes down as the economy gets better. Which doesn't bode well for Elko, according to The Street:

We recently mentioned little Elko and its population of less than 20,000 as an example of a town whose one biggest asset -- the gold it's sitting on -- got it through the recession. While that precious commodity has kept Elko's unemployment rate at roughly half that of Nevada as a whole, it's also a volatile and finite resource than takes as much as it gives. Gold's trading at roughly $1,490 an ounce, which is a whole lot better than the $561.50 it was fetching five years ago, but well down from a high of nearly $1,565 per ounce in April. Unfortunately for gold and, eventually, for Elko, a good economy is bad for gold prices.

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As a longtime journalist in Southern Nevada, native Las Vegan Andrew Kiraly has served as a reporter covering topics as diverse as health, sports, politics, the gaming industry and conservation. He joined Desert Companion in 2010, where he has helped steward the magazine to become a vibrant monthly publication that has won numerous honors for its journalism, photography and design, including several Maggie Awards.