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


The author/editor of the Eureka Miner owns common shares of local mining stocks, General Moly (GMO) 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.

Tuesday, May 26, 2009

Checkout Our New Feature: "Rancher's Corner"

Morning Miners! Morning Ranchers!

It is 6:04 AM and life is good in the Great Basin! I hope you had a good Memorial Day weekend and it looks like we have some sunny weather ahead. I've invited a few ranchers to the coffee room this morning. Now don't y'all start fighting over water, there is plenty in the cooler by the coffee maker. In fact, mining, farming and ranching have existed in some form together since the Territorial days. F.D. Coburn, author of The Book of Alfalfa (1907), said in 1908:

"Gold could not always be found with pick and shovel, it could without fail be found by alfalfa roots."

Well pardners, since we've got plenty of gold, high-grade alfalfa and cattle in Eureka County, the ole Colonel thought it high time to include a "Rancher's Corner" in this market report. You'll find it to the right directly below the "Miner's Corner." Now, don't start fighting again, I couldn't figure out how to put them side-by-side!

Gary McCuing helped me put this together and I got a lot of support from Jake Tibbitts and Kathy Porter. It is a work in progress so let me know how it can be improved to get you the best market news on a daily basis.

The first three links take you to the Agricultural Marketing Service of the USDA. You'll find the latest news and Livestock & Grain Hay Reports for Northern Nevada there. The next are the Western Livestock Journal, Burely Livestock Report and Producers Livestock Marketing Association that provide livestock auction information from Shasta, California, to Jerome, Idaho. The Western Video Market gives you access to live video feeds.

Below the "Rancher's Corner" is a link to the local weather with National Weather Service maps and satellite imagery. The Report also has a "Discover Eureka" section and "Readers Tips - Hot Links." Let me know if you have some favorite links or upcoming news and the Colonel will post them.

Thank you ranchers for coming this morning and joining the Report!

OK folks, this is where we stop the talk and walk the walk:

Oil is down $1.65 in early trading at $60.02 (July contract). Gold takes a tumble, down $11.4 to $947.5 (June contract); Silver stays above $14 at $14.495; Copper is down 0.0275 to $2.0700 (July contract); Molybdenum holds at $10.25.

The DOW is up 144.48 points to 8421.80; the S&P 500, up 14.55 points to 901.55. The miners are mixed on an up day:

Barrick (ABX) $36.46 down 4.05%
Newmont (NEM) $45.62 down 3.02%
General Moly (Eureka Moly, LLC) (GMO) $1.75 up 1.16%
Freeport McMoran (FCX) $48.86 up 1.08% (a bellwether mining stock spanning gold, copper & molybdenum)

Steel stocks are so-so (a "tell" for General Moly):

Nucor (NUE) $40.79 up 1.75% - domestic steel manufacturing
ArcelorMittal (MT) $29.17 up 0.62% - global steel producer
POSCO (PKX) $77.61 down 2.99%- South Korean integrated steel producer

The Eureka Miner's Grubstake Portfolio is down 0.73%


Colonel Possum

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