The Poseidon bubble was a stock market bubble in which the price of Australian mining shares soared in late 1969, then crashed in early 1970. It was triggered by the Poseidon NL company's discovery of a promising site for nickel mining in September 1969. A stock market bubble is a type of economic bubble taking place in stock markets, in which a wave of public enthusiasm, evolving into herd behavior, causes an exaggerated bull market . ... The El Chino Mine located near Silver City, New Mexico is an open-pit copper mine Mining is the extraction of valuable minerals or other geological materials from the earth, usually (but not always) from an ore body, vein, or (coal) seam. ... A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... 1969 was a common year starting on Wednesday For other uses, see Number 1969. ... 1970 was a common year starting on Thursday. ... General Name, Symbol, Number nickel, Ni, 28 Chemical series transition metals Group, Period, Block 10, 4, d Appearance lustrous, metallic Atomic mass 58. ... 1969 was a common year starting on Wednesday For other uses, see Number 1969. ...

In the late 1960s, nickel was in high demand due to the Vietnam War, but there was a shortage of supply due to industrial action against the major Canadian supplier Inco. These factors pushed the price of nickel to record levels, peaking at around £7,000 on the London market early in November 1969. In September 1969, the mining company Poseidon NL made a major nickel discovery at Windarra in the Shire of Laverton, Western Australia. In early September their shares had been trading at $0.80, but as information about the discovery was released, the price rose until it was trading at $12.30 on October 1. After this, very little further information came to light, but the price continued to climb due to speculation; at one point, a UK broker suggested a value of up to $382 a share. The 1960s, or The Sixties, in its most obvious sense refers to the decade between 1960 and 1969, but the expression has taken on a wider meaning over the past twenty years. ... General Name, Symbol, Number nickel, Ni, 28 Chemical series transition metals Group, Period, Block 10, 4, d Appearance lustrous, metallic Atomic mass 58. ... The Vietnam War or Second Indochina War was a conflict between the Democratic Republic of Vietnam (DRVN, or North Vietnam), allied with the National Liberation Front (NLF, or Viet Cong) against the Republic of Vietnam (RVN, or South Vietnam), and their allies—notably the United States military in support of... Strike action (or simply strike) describes collective action undertaken by groups of workers in the form of a refusal to perform work. ... The clock tower of the Palace of Westminster, which contains Big Ben London is the capital city of the United Kingdom and of England. ... 1969 was a common year starting on Wednesday For other uses, see Number 1969. ... 1969 was a common year starting on Wednesday For other uses, see Number 1969. ... Laverton is a town and shire in the Goldfields-Esperance region of Western Australia. ... October 1 is the 274th day of the year (275th in Leap years). ... Speculation involves the buying, holding, and selling of stocks, commodities, futures, currencies, collectibles, real estate, or any valuable thing to profit from fluctuations in its price as opposed to buying it for use or for income ( via dividends, rent etc). ...

The price of Poseidon shares quickly became too high for many investors, so some investors turned to other nickel stocks, stocks in other mines near Windarra, and eventually other mining stocks in general. As the price of mining shares grew, numerous new companies were listed by promoters looking to cash in. Some of these new listings did not even have any mining leases, let alone viable mines. Many investors lost money on these shady listings, and this attracted substantial negative press. Thus the image of mining stocks was tainted, and the prices began to fall. Mining stocks peaked in January 1970, then immediately crashed. Poseidon shares peaked in February 1970, and fell rapidly thereafter. 1970 was a common year starting on Thursday. ... Black Monday (1987) on the Dow Jones A stock market crash is a sudden dramatic loss of value of shares of stock in corporations. ... 1970 was a common year starting on Thursday. ...

By the time Poseidon actually started producing nickel, the price of nickel had fallen. Also, the nickel ore was of a lower grade than originally thought, so extraction costs were higher. Profits from the mine were not sufficient to keep Poseidon afloat, and in 1976 it delisted. Western Mining then took over the mine, operating it until 1991. 1976 is a leap year starting on Thursday (link will take you to calendar). ... 1991 is a common year starting on Tuesday of the Gregorian calendar. ...

In 1974, The Rae Committee handed down its report on the Poseidon bubble, in which it documented numerous cases of improper trade practices. It recommended a number of changes to the regulation of stock markets, which ultimately led to Australia's national companies and securities legislation. 1974 is a common year starting on Tuesday (click on link for calendar). ... A stock exchange is an organization of which the members are stock brokers. ...

In the late 1980s Robert Champion de Crespigny took over the Poseidon Company and it became part of Normandy Mining, the largest gold miner in Australia. In 2001 Normandy Mining, including Poseidon, was taken over by the Newmont Mining Corporation, now the world's largest producer of gold. Newmont Mining Corporation (NYSE: NEM), based in Denver, Colorado, USA, is the worlds largest producer of gold, with active mines in Canada, Bolivia, Australia, Indonesia, New Zealand, Turkey, and Uzbekistan. ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Atomic mass 196. ...