cover of episode The Six Billion Dollar Gold Scam: 2. The believers

The Six Billion Dollar Gold Scam: 2. The believers

2025/3/3
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In the mid-90s, the small town of St. Paul in Alberta was swept by a gold rush fever as Bre-X, a Calgary mining company, made headlines with their gold discovery in Indonesia. This chapter explores how this seemingly unlikely location became a hub of investment activity, driven by local enthusiasm and the promise of great wealth.
  • St. Paul was known for its UFO landing pad but became famous for Bre-X investments.
  • In the mid-90s, St. Paul had a high concentration of Bre-X investors.
  • The town's residents were divided into believers and skeptics regarding the gold discovery.

Shownotes Transcript

It’s gold fever. Estimates put the Bre-X discovery at four times the size of the biggest known gold deposit — and investors are trying to cash in. A small Canadian town is swept up in the gold rush. But others are asking questions, including a hedge fund manager who goes to extraordinary lengths to get inside the Indonesia gold site.

Since this episode was recorded, John McBeth has sadly passed away. We are very grateful for his contribution to this story.

The Six Billion Dollar Gold Scam was first published in May 2024.