*** GENERAL MOLY NEWS ***
General Moly Announces Preliminary Injunction Motion Denied, Without Prejudice, Related to Mt. Hope Record of Decision Appeal (8/26/2013)
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 the 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: A Bear Case For Lower Gold Price (With A Happy Ending) (09/03/2013)
Paintings by Mariana Titus, The Three Anas & The Three Moon Anas, are presently at Lafitte Guest House & Gallery, New Orleans
Friday's closing prices...
COMEX Gold price = $1,396.1/oz (December contract most active)
COMEX Silver = $23.510/oz (December)
COMEX Copper = $3.2330/lb (December)
NYMEX WTI crude = $107.65/bbl (October)
ICE Brent crude = $114.01/bbl (October)
Eureka Miner’s Gold Value Index© (GVI) = 86.45 (gold value is trading at a discount to oil and and a slight premium to copper)
Value Adjusted Gold Price© (VAGP) = $1,349.3/oz
COMEX - VAGP = $46.8/oz; gold is trading at a slightly rising net premium to key commodities.
General Moly (GMO) = $1.65 down 1.79%
Barrick Gold (ABX) = $19.15 down 2.74%
Newmont Mining (NEM) = $31.77 down 0.19%
This report is a bit delayed and falls in the middle of your Labor Day Holiday - I hope you are having a good one! The ole Colonel has been studying the geology surrounding Mt. Hope and it has become more of a challenge than originally anticipated. Thank you for your patience.
Fortunately, I've received great assistance from a respected local geologist and friend of the Eureka Miner. Part VI of our summer series (below) will look at a curious similarity between some of the forces that shape our basins and ranges and the deep bottom of the ocean floor.
Gold had an excellent week in the middle with Wednesday’s intraday Comex high of $1,434.0 per ounce but then dropped below the $1,400-level as some of the steam has come off the U.S. Syria response.
Note the latest General Moly (GMO) press release below today's headline photo if you missed it when it posted Monday.
Please checkout my input to the weekly Kitco News Gold Survey (below) and most recent Kitco News commentary for my latest thoughts on copper and gold, Copper & Gold - The Thin Red Line (08/12/2013). My comments below were before Saturday's announcement that the U.S. Congress will now be involved in the Syria strike decision but that doesn't materially change my outlook. I plan to have a new commentary posted Tuesday.
Mt. Hope - A Journey in Space and Time (Eureka and the Deep Blue Sea)
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
We’re now heading east on M-108A with Mt. Hope looming larger ahead (headline photo).
The NNR runs roughly south-southeast passing through the Roberts Range and then turns slightly just east of Lone Mountain. As far as I can tell, our picnic area is right in the middle of the zone and Mt. Hope lies on its eastern boundary. Further north, the Buckhorn mine in the Cortez Mountains is near its center. My geologist friend offers this description (“My” is a geologist’s abbreviation for the previously mentioned Miocene time scale; numbers are in millions of years ago):
Now you may better appreciate the comment “complex and puzzling.” A BIG PICTURE process of compressional and extensional tectonics explains much of what we see in Northern Nevada today (à la McPhee). It's left huge clues around Mt. Hope but still falls short of explaining the mountain’s unique geology and mineralization. It will take a few more episodes in granny-low to figure the rest of this puzzle out.
Spot moly oxide prices have stabilized above the $9 per pound-level. Here are the latest numbers compliments of moly benchmark miner Thompson Creek (TC):
Metals Week Weekly Average: US$9.29 as of August 26, 2013 (updated weekly)
Ryan's Notes Average: US$9.50 as of August 27, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts are above spot prices on the 3-month contract and slightly above $10 per pound on the longer contract. 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 $21,600 per metric ton ($9.80 per pound)
15-month seller's contract $21,300 per metric ton ($10.12 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
Write Colonel Possum at firstname.lastname@example.org for answers to your questions or to request e-mail updates on the market