Dunoon the popularity of overseas travel increased. In 1961, during the height of the Cold War, Dunoon became a garrison town to the United States Navy. In 1992, they closed their Holy Loch base, and Dunoon suffered an economic downturn. Since the base's closure, the town and surrounding area are again turning to tourism, marketing to outdoor enthusiasts and wildlife lovers as well as promoting festivals and competitions. The largest annual event held in the town is the Cowal Highland Gathering. The Royal National Mòd has been held in the town seven times and in 2018 will again be held at
Lake Cowal the National Trust of Australia. The area surrounding the lake is rich in minerals - especially gold - and is currently being mined by Evolution Mining. Barrick Gold sold the Cowal Mine to Evolution Mining in 2015 for AU$550m. There is concern among environmental groups and the local Wiradjuri Aboriginal people that the cyanide used in the mining process prior to 2007 could lead to the contamination of the lake. The area was explored for gold in the 1980s and 1990s by North Limited, a subsidiary of Rio Tinto Group. The mine has been producing gold since 2006, and produced