January 24, 2011 © Thomas J. Kollenborn. All Rights Reserved. 
The price of gold is sky rocketing above thirteen hundred  dollars an ounce, but buying gold can be a very risky business because of fraud and a variety of investment schemes. As the value of gold
 continues to escalate the fascination for finding lost gold and buried 
treasures also escalates. The gold market goes up and continues to drive
 the interest of prospectors and mine promoters to search for new deposits.
The search for lost gold deposits and new deposits has intrigued and fascinated the average person for decades. Large mining companies continue searching and drilling for gold deposits with the increasing value of gold. 
We often think of lost gold mines in terms of maps and clues. A serious lost mine 
hunter will begin his or her research with a thorough investigation of 
available records associated with a given area or story. These documents
 will include records from vital statistics, census, probates, taxes and
 real estate ownership. If all of these records are exhausted and there 
is still no mention of the person involved with the lost mine or 
treasure it is often presumed at this point the story is nothing but an 
unsubstantiated tale (or to be more exact a myth). 
                
When no proof exists of the
 main character’s involvement, it is then apparent the story is nothing 
but a legend based on hear-say. These stories often amaze objective 
historans. Why do treasure hunters and lost gold mine searchers place so
 much value on what they believe to be truth based on weak subjective 
stories accredited to faith or belief in another individual’s story to 
be factual or true?  Often intelligent wealthy professional men or women
 fall prey to such rhetoric and dogmatic story telling.
 
Robert Simpson Jacob was a 
man who could sell any idea if given the proper opportunity and setting.
 Jacob was known as the man with the golden tongue, not silver. Long 
before Robert “Crazy Jake” Jacob arrived on the infamous Dutchman’s Lost Mine stage there were men like Dr. Robert A. Aiton, Dr. Rolf Alexander, and many more who had acted before him. 
                
Jacob was unique because of his success at accumulating  a fortune in just eight years. He was a master of deception. He told investors what they 
wanted to hear. The Arizona Attorney General’s Office estimated Jacob 
accumulated more than thirty million dollars during a five-year period, 
however they could account for only nine million dollars with 
documents.  
                
To this day there is no sound explanation or accounting for that money or what happen to it. Robert Simpson Jacob passed away in the summer of 1993 leaving no information or a confession as to what 
happen to the nine million dollars he had accumulated. The reason for 
this paragraph was to explain the ability of some to raise money 
honestly or dishonestly.
                
There are men who came to these mountains to hunt for gold, lost mines and treasure who were reputable and honest individuals. Richard 
Peck, Alva Reser, Robert Corbin, Walter Gassler, Ron Feldman, and many 
more searched based on their integrity and honesty. Treasure hunters who really believe in their search for riches usually don’t want any partners. Their avocation is a solo practice. They are often very secretive
 about their information. Local historians and prospectors will always 
tell you a true “Dutch hunter” is a very solo and secretive individual. I
 am redundant here purposely to make a point.
                
Since Jacob Waltz died in 
1891, there have been many attempts to defraud people with stories of 
lost gold mines in the Superstition Mountain area. You can prevent 
yourself from being a victim, and here are some hints. Don’t give anyone
 cash for an investment that sounds far too good to be true unless you 
have a witness and a signed contract.  Don’t make any deals without a 
witness who can back you up, if need be in court.
Many years ago a handicapped man approached me in a class I was teaching 
and asked me to help him get an investment back. He explained to me the 
federal, state, county and city authorities would not assist him. I soon
 found out why. He had given a local prospector (con artist) five 
thousand dollars in a paper sack. He had no witnesses or proof of the 
transaction. What he thought he was purchasing was gold bullion half the
 price. Of course the local prospector didn’t deliver and the man 
demanded his money back. The prospector said he never gave him any 
money. In the final analysis, what this boiled down to was one man’s 
word against another. There was no contract, no check and no witnesses. 
The authorities had nothing to build a case on. Sadly to say the 
gentlemen lost his five thousand dollars. A lesson hopefully well 
learned. 
                
Most people laugh and say 
this can’t happen to them. I agree it can’t, however when someone 
produces a considerable amount of gold and claims they have a rich mine 
in the Superstitions, then they further claim the government won’t let 
them mine it legally, but they will secretly sell their gold at half of 
spot with cash up front. Such a proposal like this can be quite 
tempting. Most intelligent people will immediately spot red flags on 
such a deal. This happens in the Apache Junction area a couple times a 
year.
My advice is to be very 
cautious about giving any cash to anyone for any kind of a gold deal. I 
would contact the state fraud division or the local police and report 
suchactivity. Any time you can buy gold bullion for half the spot price 
it is too good to be true. Anything that is too good to be true is 
generally a fraud of some kind. If you suspect some kind of fraudulent 
deal you should report it to the authorities before somebody loses their
 life savings or money they can’t afford to lose. 
Some say we walk in the 
footsteps of Coronado’s Children if we are interest in lost mines or 
treasure. Frank Dobie made quite an impact on some Americans when he 
wrote his book,  Coronado’s Children in 1931. His tales of lost mines 
and treasure in the Southwest continue to tantalize the minds of men and
 
women.
Arizona, New Mexico, 
California, Utah and Colorado suffer from more gold mine and treasure 
fraud then any other states. The reading public is fascinated with the 
American Southwest and all the tales of lost gold and treasure.
Hundreds of books have been
 written on the topic and people continue to believe hidden gold lies 
out there waiting for them if they can just put certain clues together. 
Golden riches is the bait these con artists use to separate their 
victims from their life savings.
                
Again, any kind of gold deal should be carefully scrutinized by 
knowledgeable individuals in the area of investment or banking before 
you invest your hard earned dollars into gold or the precious metal 
market.