*** GENERAL MOLY NEWS ***
General Moly Announces Second Quarter 2013 Results (8/2/2013)
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)
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 = $1,307.7/oz (December contract most active)
COMEX Silver = $20.270/oz (September)
COMEX Copper = $3.3060/lb (September)
NYMEX WTI crude = $104.52 (September)
ICE Brent crude = $106.90/bbl (September)
Eureka Miner’s Gold Value Index© (GVI) = 85.45 (gold value is trading at a discount to oil and near fair value relative to copper)
Value Adjusted Gold Price© (VAGP) = $1,278.7/oz
COMEX - VAGP = $29.0/oz; gold is trading at a declining premium to key commodities.
General Moly (GMO) = $1.77 up 2.91%
Barrick Gold (ABX) = $17.63 up 3.07%
Newmont Mining (NEM) = $29.28 up 1.74%
Gold had another volatile week with a drop below the $1,300-level plunging to an intraday low of $1,271.8 per ounce Wednesday. The yellow metal is back up to $1,307.1 this morning but down again for the week joining the pooches on the porch as they laze through the dog days of summer. Fortunately, the Big Dogs are enjoying a 2-day rally as both Barrick Gold (ABX) and Newmont Mining (NEM) are on their way to being positive for the week (ABX $17.63, NEM $29.28).
Please checkout my input to the weekly Kitco News Gold Survey (below) and most recent Kitco News commentary for my latest thoughts on gold, Oil, Copper & $1,100 Gold - The Seven Year Itch.
This morning we continue our summer story about Mt. Hope...
Mt. Hope - A Journey in Space and Time (Part IV, Giants in Our Land)
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
Almost directly ahead is Roberts Creek Mountain (10,133 feet) in the Roberts Mountains. The Roberts Range is named for Bolivar Roberts, a Division Superintendent of the Central Overland Pony Express. The Pony Express Trail followed much of Captain Simpson's route. We'll travel a portion of this trail and learn more about these two gentlemen in later episodes. Today's trek is about a different Roberts who was one of the first to examine these great tectonic collisions of yore.
Accident Scene Investigators
American geologist Ralph J. Roberts (1911–2007) is credited for first defining the ancient mountain-building episode called the Antler Orogeny. He identified the trends illustrated in the Midway map without the benefit of what is now accepted as plate tectonics and terranes. In 1960, Roberts published Alignment of Mining Districts in North-Central Nevada that predicted the existence of important mineral-bearing rocks in Nevada and set the stage for a modern day gold rush.
The Summer 2013 Mining Quarterly did a terrific memorial series on John Livermore. If you don't have a hard copy handy, you can access the online version with this link:
When the cover appears there is a ">" arrow to the right that allows you to page through the edition. "Remembering a Legend" by Mining Editor Marianne Kobak McKown is on page 44. There is also a reprint article by Adella Harding, "A Glimpse of the Past," from Nov. 16, 2003 on page 50.
A respected local geologist and friend of the Eureka Miner submitted this memory of John Livermore which is particularly interesting because it ties to the nearby Ruby Hill Mine:
Hats off to all those that pay tribute to both of these two giants in our land.
Spot moly oxide prices have stabilized at the $9 per pound-level. Here are the latest numbers compliments of moly benchmark miner Thompson Creek (TC):
Metals Week Weekly Average: US$9.335 as of August 5, 2013 (updated weekly)
Ryan's Notes Average: US$9.275 as of August 6, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts remain above 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 $20,600 per metric ton ($9.34 per pound)
15-month seller's contract $21,340 per metric ton ($9.68 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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