FURTUL DE AUR LA MINELE BRADENE ÎN PERIOADA INTERBELICA
GOLDSTEALING FROM MINES IN BRAD AREA BETWEEN THE TWO WORLD WARS

Summary/Abstract: An issue that the entire gold industry had to deal with (becoming critical due to the significant financial fluctuations, particularly during the Second World War and afterwards), closely related to the production was the gold price which “affected – as the Chairman of the “Mica” Board of Directors, Ion Gigurtu stated at the presentation of the 1940 Activity Report - the profitability of the capital invested in the gold companies". Setting of a fixed gold price and bonuses for the obtained gold production have always been major objectives for the gold mining companies. Disregarding of these issues led to the occurrence and „undisturbed” perpetuation of the gold smuggling phenomenon which facilitated the overseas sale of large amounts of precious metals at prices higher than those offered by the National Bank of Romania. This situation was regulated in 1942 once the Mining Law was adopted; Article 82 of the law provided that the gold sale price was the world price. However, this regulation was not conclusive. The gold price was modified every 15 days by a Commission of the Ministry of Industry and Commerce. In 1929 only, on February 7, the Monetary Stabilization Law established a gold price close to the world price (Lei 111,111.111). In addition to the gold price stabilization, the State also considered the possibility to award bonuses intended to encourage the noble metal producers in developing the gold mining industry by investments particularly in exploration of new veins and development of new galleries. In 1936, pursuant to discussions held with the representatives of the Ministry of Industry and Commerce, the Council of Ministers decided that the National Bank of Romania should pay a bonus of 20 % of the gold value for each kg of fine gold delivered by the State Refining Office.

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