General Moly Announces Water Rights

Morning Miners!

It is 6:35 am and it is always a good day when there is positive news from General Moly! Checkout their news release on water right approval in Kobeh Valley for the Mt. Hope Project. It is on their homepage (click on their link to the right of this report). That's a yee-ha for GMO.

Markets have opened up in early trading with all sorts of screwy things going on. The European Central Bank lowered interest rates a stingy 0.25% (less than expected) to 1.25%. This strengthened the euro but cratered the dollar (down more than 1%) and oddly gold is down $15.5 to $912.2. This has had an adverse effect on the gold miners but other miners are in rally mode. General Moly started with a nice pop to $1.16. Given yesterday's broad rally, oil has jumped over $3 to land back in fifty dollar land at $52.05. Somehow we have gone from the world is doomed to the world is saved in a day...hmm?

The commodity index (.CRB) is up a healthy 1.82% and silver is following gold down entering 12-handle territory at $12.870. Molybdenum has been holding steady at $8.75 for the last week (you can check on Moly prices by clicking on the Infomine link to the right).

The DOW is up nearly 190 points (7,951)and S&P 500, up 22 points to 832.90. Hey, those aren't small moves given yesterday's uptick. Here's the action for the miners:

Barrick (ABX) $32,63 down 3.72%
Newmont (NEM) $45.40 down 4.22%
General Moly (GMO) $1.16 up 1.75%
Freeport McMoran (FCX) $42.27 up 6.45% (a bellwether mining stock spanning gold, copper & molybdenum)

Let's cross our fingers.

Cheers,

Colonel Possum