'RUVHW+LVWRULF7RZQV6XUYH\6WDOEULGJH Part 5: Historical Analysis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¶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¶VGHVFULSWLRQRIDSUHWW\XSODQGLVK WRZQRIRQHVWUHHWPHHWO\ZHOOEXLOW*LYHQD PDUNHWSODFHDQGIDLUE\WKH$EERWVRI6KHU ERUQH7KHPDUNHWLVGHFD\HGWKHIDLUUHPDLQV 7KH$EERWKDGDPDQRUSODFHRQWKHVRXWK VLGHRIWKHFKXUFK7KHUHLVDJRRGVSULQJRQ )LJXUH6W0DU\¶V&KXUFKDQG&KXUFK+LOO+RXVH VLWHRIWKHPHGLHYDOPDQRU 'RUVHW+LVWRULF7RZQV6XUYH\6WDOEULGJH WKHVRXWKVLGHRIWKHFKXUFKZDOOHGDERXW TXRWHGLQ3HQQ7KXVZHNQRZ WKDWWKHPHGLHYDOWRZQFHQWUHGRQWKHSUHVHQW FKXUFKDQGVLWHRIWKHPHGLHYDOPDQRUWRWKH VRXWK/HODQGPHQWLRQVMXVWRQHVWUHHWE\ ZKLFKZHPXVWDVVXPHKHPHDQW+LJK6WUHHW ZLWKLWV WKFHQWXU\FURVV+RZHYHUWKHUHDUH KLQWVLQWKHFXUYLQJFRXUVHRI+LJK6WUHHWDQG &KXUFK+LOOWKDWWKHODWH6D[RQOD\RXWPD\ KDYHEHHQTXLWHGLIIHUHQW7KHPHGLHYDODQG FXUUHQWFRXUVHRI&KXUFK+LOOUXQVDORQJWKH HDVWVLGHRIWKHFKXUFKDQGPDQRUVLWH+RZ HYHULIWKHURDGKDGIROORZHGDVWUDLJKWFRXUVH IURP+HQVWULGJHWR5LQJ6WUHHWLWZRXOGUXQ DORQJWKHZHVWVLGHRIWKHFKXUFK)LJXUH 7KLVODWWHURSWLRQPLJKWEHFRQVLGHUHGDPRUH ORJLFDOFRXUVHFRQVLGHULQJWKHORFDWLRQRIWKH VSULQJUHFRUGHGE\/HODQGWRWKHVRXWKRIWKH FKXUFKWKHZHVWHUQURXWHZRXOGQRWUXQ WKURXJKZHWJURXQGEHORZWKHVSULQJEXW UDWKHUVWD\DERYHLW7KHODWHUDQGFXUUHQWHDVW HUQGHYLDWLRQLVSUREDEO\WKHUHVXOWRIWKHODWHU PDUNHWDSSO\LQJDQDWWUDFWLYHIRUFHRQWKURXJK WUDIILF)XUWKHUPRUHDQH[DPLQDWLRQRISORW ERXQGDULHVVXJJHVWVWKDWWKHSORWVIURQWLQJRQ WR*ROG6WUHHWPD\EHHDUOLHUWKDQVRPHRI WKRVHIURQWLQJRQWKH+LJK6WUHHW)LJXUH 7KHQDPH*ROG6WUHHWUHIHUVWRDPDUNHWDQGLW LVSRVVLEOHWKDWRQHH[LVWHGKHUHDWDQHDUO\ GDWH*ROG6WUHHWDOVRIRUPVSDUWRIDSRWHQ WLDOO\SUHXUEDQWUDFNIRUPLQJDFURVVURDGV ZLWK+LJK6WUHHWDWWKHVLWHRIWKHPDUNHWFURVV 7KLVFURVVURDGVZRXOGKDYHEHHQREVFXUHGLQ WKHHDUO\ WKFHQWXU\WKURXJKWKHJURZWKRIWKH PDUNHWSODFHSRVVLEO\H[SODLQLQJZK\/HODQG RQO\PHQWLRQHGRQHVWUHHW7KHPDUNHWSODFH LWVHOIPD\KDYHGHYHORSHGRQDQRSHQDUHD QRZRFFXSLHGE\WKH WKFHQWXU\2OG5HFWRU\ EXWDOVRH[WHQGLQJDORQJ*ROG6WUHHWDQG+LJK 6WUHHW$OWKRXJKQRWJUDQWHGERURXJKVWDWXV EXUJDJHVW\OHSORWVZHUHHVWDEOLVKHGIURQWLQJ RQWRERWKVLGHVRI*ROG6WUHHW+LJK6WUHHW DQG&KXUFK+LOORSSRVLWHWKHPHGLHYDOPDQRU 7KHOD\RXWRI6WDOEULGJHLVSHUKDSVVOLJKWO\XQ XVXDOLQWKDWWKHPHGLHYDOFKXUFKOLHVDWWKH )LJXUH9LHZRIWKHWKFHQWXU\PDUNHWFURVVRQWKH VLWHRIWKHPHGLHYDOPDUNHWSODFH H[WUHPHQRUWKHUQHQGRIWKHWRZQ2QHPLJKW QRUPDOO\H[SHFWDWRZQWRGHYHORSDURXQGD FHQWUDOFKXUFK,WPD\EHWKDWPHGLHYDOVHWWOH PHQWGLGRULJLQDOO\FRQWLQXHQRUWKRIWKHFKXUFK DORQJ&KXUFK+LOODQGSRWHQWLDOO\DORQJ'UHZ¶V /DQH7KHUHLVDOVRSRWHQWLDOWKDWHDUWKZRUNVWR WKHQRUWKRIWKHFKXUFKFORVHWRWKHMXQFWLRQ ZLWK&KXUFK+LOODQG'UHZ¶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¶V/DQH7KHILHOG1DPH+DUSLWVWR WKHZHVWRI:RRG/DQHPD\VXJJHVWWKHH[LV WHQFHRIDODWH6D[RQKHUHSDWKFRQQHFWLQJZLWK WKH5R\DOHVWDWHDW0LOERUQH3RUWNPWRWKH QRUWKZHVW 0HGLHYDO8UEDQSODQFRPSR QHQWV 7KHPDLQSODQFRPSRQHQWVRIWKHPHGLHYDO )LJXUH9LHZRI6W0DU\¶V&KXUFKIURPWKHZHVW 'RUVHW+LVWRULF7RZQV6XUYH\6WDOEULGJH )LJXUH6WDOEULGJH0HGLHYDO7RZQ3ODQ&RPSRQHQWV WRZQDUHVKRZQRQ)LJXUHDQGDUHOLVWHGEH ORZ WKHFRQILUPDWLRQRIDSUHYLRXVO\HVWDEOLVKHG PDUNHW7KH WKFHQWXU\2OG5HFWRU\PD\KDYH EHHQEXLOWLQDWULDQJXODUSORWRIODQGSUHYLRXVO\ XVHGDVDPDUNHWSODFH/HODQGUHFRUGVWKDWWKH PDUNHWKDGGHFD\HGGXULQJWKHHDUO\ WKFHQ WXU\3HQQ 6W0DU\¶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¶V/DQH)R[OHD)DUPRQ'UHZ¶V/DQH PD\UHSUHVHQWDQHDUO\GLVSHUVHGVHWWOHPHQW VLWH %DUURZ+LOO%HRUKOHDJLVPHQWLRQHGLQWKH 6D[RQFKDUWHURIIRU6WDOEULGJH:HVWRQ 2¶'RQRYDQ7KHHDUO\LQFLGHQFHRI WKHQDPHGRHVQRWQHFHVVDULO\PHDQWKDWDGLV SHUVHGVHWWOHPHQWH[LVWHGDW%DUURZ/HDDWWKDW WLPH1HYHUWKHOHVVWKH/D\6XEVLG\UH FRUGVWZRWD[SD\HUVQDPHGDWWH%HUJKDQG DQRWKHUQDPHG%HUOHLK5XPEOH VXJJHVWLQJYHU\VWURQJO\WKDW%DUURZ+LOOH[LVWHG DVDVHWWOHPHQWE\WKH WKFHQWXU\5RPDQRF )LJXUH9LHZHDVWDORQJ*ROG6WUHHW FXSDWLRQGHEULVKDVEHHQUHFRUGHGLQWKHILHOGV FDOOHG%DUURZ/HDRSSRVLWH%DUURZ+LOO)DUPWR WKHQRUWK)DUUDU 'RUVHW+LVWRULF7RZQV6XUYH\6WDOEULGJH (DUO\SRVWPHGLHYDO6WDOEULGJH +LVWRULFDO6XPPDU\ /HODQG¶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¶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¶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¶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¶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
© Copyright 2026 Paperzz