"The history of Eureka lies in its future." - Lambert Molinelli, 1878

DISCLOSURE

The author/editor of the Eureka Miner owns common shares of local mining stocks, General Moly (GMO), McEwen Ming (MUX) and Newmont Mining (NEM); together with benchmark miner Freeport-McMoRan (FCX). Please do your own research, markets can turn on you faster than a feral cat.

Monday, March 30, 2009

A Muscle Car that runs like a FIAT

Howdy Miners!

It is 11:27 am (PDT) and I waited a bit to write my report until the auto news was out. The government has rejected both the GM and Chrysler plans giving the former 60 days to regroup and the latter only 30 days. Big Rick of GM is out and I'm anxiously waiting the revival of a Plymouth Fury that looks like a muscle car and runs like a FIAT.

The auto news and gloomy remarks by the bankers Friday tumbled the markets today. Midday, the DOW is down 300 points (7,474.71) with little lemonade left in the punch bowl.

Gold has dropped $7.1 to $918.2(June contract), Copper is down $.074 to $1.7620 (May contract) with another very strong pop in the dollar (up 0.95%). Freeport McMoran (FCX) and General Moly (GMO) got taken to the woodshed dropping more than 9%. FCX is a good bellwether because its interests span gold, copper and moly. Here's the midday roundup:

Barrick (ABX) $31.81 down 1.18%
Newmont (NEM) $45.08 down 1.25%
General Moly (GMO) $1.0801 down 9.24%
Freeport McMoran (FCX) $38.31 down 9.05%

Yuck!

Cheers,

Colonel Possum

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