Mt. Hope Loop #1, Eureka, Nevada
*** GENERAL MOLY NEWS ***
General Moly Announces Results of Annual Meeting (6/14/2013)
Mt. Hope construction continues despite financial issues (by Marianne Kobak McKown, Elko Daily Free Press, 5/31/2013)
General Moly Provides Finance Update (5/15/2013)
General Moly Quarterly Report (Released 5/3/2013)
A very detailed General Moly briefing for investors on the status of Mt. Hope molybdenum project:
General Moly Investor Presentation
See earlier March 22 and March 29 reports for a full chronology of the $665 million Hanlong loan suspension.
Latest Nevada Gas Prices (click this link)
My latest Kitco commentary: Oil, Copper & $1,100 Gold - The Seven Year Itch (07/22/2013)
Paintings by Mariana Titus, The Three Anas & The Three Moon Anas, are presently at Lafitte Guest House & Gallery, New Orleans
Friday's morning prices...
Below are the morning prices used for today's analysis:
COMEX Gold price = $1,291.4/oz (August contract most active)
COMEX Silver = $19.420/oz (September)
COMEX Copper = $3.1335/lb (September)
NYMEX WTI crude = $107.98 (September)
ICE Brent crude = $108.77/bbl (September)
Eureka Miner’s Gold Value Index© (GVI) = 86.94 (gold value is trading at a discount to oil and near fair value relative to copper)
Value Adjusted Gold Price© (VAGP) = $1,241.1/oz
COMEX - VAGP = $50.3/oz; gold is trading at a declining premium to key commodities.
General Moly (GMO) = $1.92 down 1.54%
Barrick Gold (ABX) = $16.28 up 3.43%
Newmont Mining (NEM) = $28.81 up 2.67%
Gold has had a pretty good week but fell short of breaking the $1,300 per ounce-level. Gold miners are also seeing a few rays of light after brutal fall down the mine shaft this spring. Please checkout my input to the weekly Kitco News Gold Survey (below) and most recent Kitco News commentary for my latest thoughts.
This morning we kick off the first part in our summer story about Mt. Hope...
Mt. Hope - A Journey in Space and Time (Part I, The Very Beginning)
A multi-part series that circumnavigates the Mt. Hope molybdenum mine site on Eureka County back roads and highways. Starting with the creation of molybdenum in the early universe, this journey will cover the geology of the area as well as its colorful history. There will be two trips, Loop#1 and #2, which include ranches of early settlers, a portion of the Pony Express Trail, a challenging section of the old Eureka-Palisade Railroad and a mine site tour. If you'd like to visit Mt. Hope, please make arrangements beforehand with Zach Spencer, General Moly's Director of Media Relations. Like any mine site, there are both security and safety concerns at Mt. Hope, but Zach and the Mt. Hope team do everything possible to accommodate public interest in their project. You can contact Zach by e-mail: email@example.com
Having an atomic number of 79, gold is quit massive followed by silver at 47, molybdenum at 42 and copper at 29. In the 1940s and 50s, uranium mining was the vogue in the Silver State tipping the atomic scale at 92. In the early days of Eureka mining, lead was as popular as silver scoring a hefty 82. With increasing demand for such things as high tech batteries, operations are starting up 60 miles north of Winnemucca by Western Lithium to mine the mineral hectorite for the lightest metal lithium with an atomic number of three. Another element with high tech applications is vanadium which falls just below iron at 23. Vanadium pentoxide will be the ore extracted by American Vanadium from the Gibellini mine in the southeast corner of Eureka County. Vanadium is a steel strengthener like molybdenum and has a bright future in energy storage devices for power grids.
This is the point where things go really haywire and the iron core of the supergiant suddenly collapses into an energetic ball of protons, neutrons and alpha particles. Further compression ends with a violent rebound as a recoiling core collides with the collapsing outermost layers of the star. Two things happen that cause the rapid formation of heavier elements; temperatures skyrocket and a high concentration of neutrons from the core are captured by surrounding nuclei. These captured neutrons decay to a proton and electron plus a strange particle called a neutrino – each captured neutron bumps the atomic number up by one and we get a heavier element. The process repeats over and over and large atoms like Miss Moly are born -Voila!
Spot moly oxide prices have fallen far below the key $11 per pound-level. Here are the latest numbers compliments of moly benchmark miner Thompson Creek (TC):
Metals Week Weekly Average: US$9.669 as of July 15, 2013 (updated weekly)
Ryan's Notes Average: US$9.55 as of July 9, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts are ominously below spot prices this week. Remember that this is a thinly traded futures market and contract prices reflect developments in Europe probably more than the global spot price averages above.
3-month seller's contract $21,000 per metric ton ($9.526 per pound)
15-month seller's contract $21,720 per metric ton ($9.852 per pound)
The Colonel's Gold, Silver & Copper Prices for Next Week
Here is my weekly input to the weekly Kitco Gold Survey:
Photos by Mariana Titus
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Paintings by Mariana Titus, The Three Anas, are presently at Lafitte Guest House & Gallery, New Orleans
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