Thursday, August 20, 2009
Elko Makes Fortune!
It is 6:07 AM, the coffee is hot and Loquita is sawing logs. The ole Colonel has a great article for you to read on your break today. Elko is featured in Fortune magazine as the American city that the recession missed:
Elko, Nevada: Where the recession never hit
There are a lot of levels for you to enjoy in this piece. First, much of what Fortune says about Elko could just as well apply to Eureka (except for the brothel part). In a recession, gold mining is not a bad business to be in and we've got lots of that in both counties. The article also covers tourism, casinos, ranching, housing, low unemployment and (of course) Sue's Fantasy Club. City manager Curtis Calder is quoted as saying:
"Elko is the best place in Nevada to be...and maybe in the whole country."
The ole Colonel will take exception to that boast, obviously there is no better town than Eureka. It is, however, nice for northeastern Nevada to get all this media attention lately. Earlier this month the Report covered a similarly supportive Gold Report interview with world renown geologist and investor, Brent Cook (What Makes Nevada the Premier Place to Be?).
A second enjoyable aspect of the Fortune article are the images by San Fransisco photographer, Christopher LaMarca (Redux Pictures). There is a photo gallery of 14 terrific pictures of Elko's folks and environs including today's headline image of White King. In addition to Curtis Calder some of those photographed you may know: Mayor Mike Franzoia, Elaine Spencer (Economic Diversification Authority), rancher Jimmy Elison with his sons Josh and Jared, local bikers "Biggin" and "ZZ", and Madame "Victoria".
Finally, I always gets a kick when an "East Coast" magazine features the wild West. Even though they picked the wrong best town, this Fortune article gets a Colonel Yee-ha!
Enough East Coast talk, let's walk the walk:
All lights are green on the Eureka Outlook Dashboard (upper right, what is this?)
Oil is down $0.42 in early trading to $72.52 (October contract); Gold is down $3.72 to $941.1 (December contract, most active); Silver is down $0.005 to $13.870; Copper is down $0.0135 to $2.7470 (September contract); Molybdenum is steady-eddy at $18.25
The DOW is up 49.05 points to 9328.21; the S&P 500, up 9.08 points to 1005.54. The miners are mixed:
Barrick (ABX) $34.00 up 0.53%
Newmont (NEM) $39.81 down 0.33%
General Moly (Eureka Moly, LLC) (GMO) $2.57 down 0.85%
Freeport McMoran (FCX) $63.65 up 2.51% (a bellwether mining stock spanning gold, copper & molybdenum)
Steel stocks are up, (a "tell" for General Moly):
Nucor (NUE) $46.80 up 1.56% - domestic steel manufacturing
ArcelorMittal (MT) $35.32 up 0.26% - global steel producer
POSCO (PKX) $93.66 up 1.84%- South Korean integrated steel producer
The Eureka Miner's Grubstake Portfolio is up 0.70% to $1,081,845.56