Until September 1969, Poseidon was a name known only to a handful of investors. Then, in the space of four months, the stock rocketed from 80 cents to $280 a share, and pushed the speculative share market sky-high. All of a sudden, thousands of ordinary Australians who had never seen a mine or even a stock exchange were gambling in the wildest stock market boom the nation has ever seen.
Millions of dollars were won and lost in a matter of hours. Sadly, just about everyone lost in the end.
So what happened? And why?
In The Money Miners, Trevor Sykes writes of how and why mining shares rose and fell so dramatically, and traces the scandals and collapse of many companies - Poseidon, Tasminex, Queensland Mines, Minsec, Patrick Partners and others. Ultimately, this is a story of greed, a story of those who were more interested in mining money rather than minerals.
Millions of dollars were won and lost in a matter of hours. Sadly, just about everyone lost in the end.
So what happened? And why?
In The Money Miners, Trevor Sykes writes of how and why mining shares rose and fell so dramatically, and traces the scandals and collapse of many companies - Poseidon, Tasminex, Queensland Mines, Minsec, Patrick Partners and others. Ultimately, this is a story of greed, a story of those who were more interested in mining money rather than minerals.
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