"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.

Friday, June 5, 2009

The Barrick Report, General Moly Breaks $3.00

Morning Miners!

It is 6:00 AM sharp. What a beautiful morning for some good mining news! Yesterday, Barrick presented at the Goldman Sachs Basic Materials Conference in New York. Pardners, this is one of the best reports on the future of gold as well as the health of a major Eureka County miner that I have read in quite some time. You've got a reading assignment! Check out their presentation, the link is on the Barrick homepage listed under the Miner's Corner to your right. While Barrick was impressing the Materials Conference, General Moly (GMO) nearly made the $3.00 mark closing at $2.96. This morning GMO broke $3.00 in early trading. That deserves a Colonel Yee-ha!

I'll be on the road again Monday so no Report until Wednesday. We'll chew a bit on the Barrick data when I return. Between road trips we've accomplished a lot thanks to terrific reader input:

1) The Report launched the "Rancher's Corner" for Eureka County farmers and ranchers.
2) The reader's have made nearly $100,000 from their $1M investment in 12 companies that directly or indirectly influence the future of mining in the County. Checkout the Eureka Miner's Million Dollar Grubstake, (yesterday's close $1099,093).
3) The Report expanded the local weather link to include climate information and the weekly Nevada Drought Monitor. You can find all of this under the "Local Weather and Climate" section under the sky picture to your right.
4) There is a new "Reader's Tips - Hot Links" below "Discover Eureka, Nevada" for reader inputs and upcoming events.
5) For us old timers, The Report kicked off its first article for retirees or those of you that are close to going fishing. This will be an ongoing feature to help you hang on to and grow your precious retirement savings. The ole Colonel has just added an "Old Timer's Corner" with a ready link list to retirement articles. Look under, you guessed it, the picture of an Old Timer Miner to your right.

Let's together make this the best Internet source for daily market news and events that affect our County! Keep sending the Colonel your ideas and inputs.

Enough talk, let's walk the walk:

Oil is down $0.15 to $68.66 in early trading (July contract); Gold tumbles $23.6 to $958.7 (August contract); Silver follows, down $0.705 at $15.190 (July contract); Copper is down 0.0405 to $2.2485605(July contract); Molybdenum holds at $10.25.

The DOW is down 22.11 points to 8728.13; the S&P 500, down 5.83 points to 936.63. The miners are mixed:

Barrick (ABX) $35.98 down 4.44%
Newmont (NEM) $45.15 up 4.83%
General Moly (Eureka Moly, LLC) (GMO) $2.99 up 1.01%
Freeport McMoran (FCX) $55.65 down 1.21% (a bellwether mining stock spanning gold, copper & molybdenum)

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

Nucor (NUE) $46.03 down 0.60% - domestic steel manufacturing
ArcelorMittal (MT) $34.95 up 0.52% - global steel producer
POSCO (PKX) $81.36 down 0.26%- South Korean integrated steel producer

The Eureka Miner's Grubstake Portfolio is down 2.20%.


Colonel Possum

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