Thursday, July 16, 2009
On The Road Again!
It is 5:30 AM, grab a cup, sit a spell and then we'll start loading up my truck. The ole Colonel will be on the road again so the next Report you'll see will be bright n' early next Monday, 7/20. It has been a great week so far with extended rallies in precious metals and the broader markets. The readers of this report made $78,189.63 since Friday's close in the Eureka Miner's Grubstake portfolio. Them ain't bad wages for three-days work buckaroos! For new readers, you can check out the Grubstake by clicking on this link:
The Eureka Miner's Million Dollar Grubstake
This is a portfolio of 12 stocks that directly or indirectly benefit Eureka County's future. This is what two of our favorites have done since early July:
Barrick (ABX) up 7.7% to $33.94
General Moly (GMO) up 29.7% to $2.27
I'm glad to see GMO above $2 again but we are still off the lofty highs of this Spring:
Barrick (ABX) down 9.5% from $37.50
General Moly (GMO) down 24.3% from $3.00
The Canadian firm Genuity Capital Markets has recently set a 12-month target for ABX of C$55 so you can see there is a lot of headroom here if things continue to pick up.
Enough counting eggs before the chickens have laid, let's walk the walk:
Oil is down $0.01to $61.53 in early trading (August contract); Gold is down $4.8 to $934.6 (August contract); Silver is up $0.032 to $13.240(September contract); Copper is updown $0.0030 to $2.3890 (September contract); Molybdenum is still sitting fat, dumb and happy at $11.50.
The DOW is up 15.95 points to 8632.16; the S&P 500, down 2.33 points to 922.21. The miners are mixed today:
Barrick (ABX) $33.73 down 0.62%
Newmont (NEM) $40.11 down 0.84%
General Moly (Eureka Moly, LLC) (GMO) $33 up 4.62.64%
Freeport McMoran (FCX) $51.53 up 1.22% (a bellwether mining stock spanning gold, copper & molybdenum)
Steel stocks are happy campers(a "tell" for General Moly):
Nucor (NUE) $43.89 up 0.64% - domestic steel manufacturing
ArcelorMittal (MT) $34.13 up 0.80% - global steel producer
POSCO (PKX) $89.49 up 0.27%- South Korean integrated steel producer
The Eureka Miner's Grubstake Portfolio is up 0.66% to $999,502.