*** GENERAL MOLY NEWS ***
General Moly Announces Implementation of Cost Reduction Program While Actively Pursuing Mt. Hope Financing (9/09/2013)
General Moly Announces Preliminary Injunction Motion Denied, Without Prejudice, Related to Mt. Hope Record of Decision Appeal (8/26/2013)
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 morning's prices...
COMEX Gold price = $1,314.6/oz (December contract most active)
COMEX Silver = $21.840/oz (December)
COMEX Copper = $3.1970/lb (December)
NYMEX WTI crude = $107.53/bbl (October)
ICE Brent crude = $111.05/bbl (October)
Eureka Miner’s Gold Value Index© (GVI) = 83.95 (gold value is trading at a discount to oil and and a slight premium to copper)
Value Adjusted Gold Price© (VAGP) = $1,308.5/oz
COMEX - VAGP = $6.12/oz; gold is trading at a vanishing net premium to key commodities.
General Moly (GMO) = $1.64 up 1.73%
Barrick Gold (ABX) = $17.58 down 0.17%
Newmont Mining (NEM) = $28.22 down 0.05%
Gold and global commodities have had a lousy week with Comex gold touching $1,304.6 per ounce in the wee hours. Prices have since recovered some but it has been a long fall from August's highs. Please checkout my input to the weekly Kitco News Gold Survey (below) and most recent Kitco News commentary for my latest thoughts on gold, A Bear Case For Lower Gold Price (With A Happy Ending) .
Today we wrap up our eight-part summer series on Mt. Hope. We'll be back with a second series on Loop # 2 later this year or next - stay tuned.
Loop # 1 has been a fun trip - I hope you have enjoyed the journey in space and time too!
Mt. Hope - A Journey in Space and Time (Calderas and the Witches' Magma Brew)
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: firstname.lastname@example.org
Loop#1 then heads south on 278 over Garden Pass, past the mine site entrance to Mt. Hope and then back to Eureka. The distance from the Henderson intersection with HWY 278 to Eureka is 24 miles for a total travel of 65 miles – not a bad way to spend a spring afternoon in the country!
Putting all the puzzle pieces together…
At the risk of upsetting my geologist friend who has been so helpful in supporting this series, I will now try to put all of Mt. Hope’s puzzle pieces together. Oh-oh, I can hear him already, “It’s more complex and puzzling than that!” He is right of course but hopefully this is at least start in the right direction.
Mt. Hope, greater Rawhide and the mountains around Tonopah (Virginia City area, too) represent examples of mountains being more closely related (both space and time) to the forces that created the rocks. All have examples of plugs or shallower level intrusive bodies that now appears as everything from eroded stumps to nearly intact domes or cones.
Spot moly oxide prices have stabilized above the $9 per pound-level and are creeping higher. Here are the latest numbers compliments of moly benchmark miner Thompson Creek (TC):
Metals Week Weekly Average: US$9.579 as of September 6, 2013 (updated weekly)
Ryan's Notes Average: US$9.625 as of September 10, 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 may reflect developments in Europe more than the global spot price averages above.
3-month seller's contract $21,500 per metric ton ($9.752 per pound)
15-month seller's contract $22,230 per metric ton ($10.084 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 email@example.com for answers to your questions or to request e-mail updates on the market