*** GENERAL MOLY NEWS ***
***BREAKING NEWS*** General Moly (GMO) stock surges on high volume trading up 7.4% to $1.88 per share. 1,346,652 shares - 6.5 times 90-day average volume.
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: Copper & Gold – The Long Ride from Lehman Brothers (10/08/2013)
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 used for this morning's analysis (Comex gold has since slumped further, down $34.1/oz at $1,335.2/oz):
COMEX Gold price = $1,353.0/oz (December contract most active)
COMEX Silver = $22.640/oz (December)
COMEX Copper = $3.3345/lb (December)
NYMEX WTI crude = $105.90/bbl (October)
ICE Brent crude = $109.29/bbl (November)
Eureka Miner’s Gold Value Index© (GVI) = 84.20 (gold value is trading at a discount to oil and and a slight premium to copper)
Value Adjusted Gold Price© (VAGP) = $1,342.7/oz
COMEX - VAGP = $10.33/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 has had a wild ride this week getting a solid boost higher with Wednesday's U.S. Federal Reserve announcement of "no taper" to a broad sell-off this morning. Comex gold went from a pre-announcement intraday low of $1,291.5 per ounce to close Thursday at $1,369.3 - a nearly $78 move up. Today, almost half of that has been given back with gold now trading at $1,335.2 per ounce.
We can expect more volatility ahead as I explain in my input to Kitco's Weekly Gold Survey (below) and latest commentary, Gold Trapped In A Value Wedge.
Although I expect to see lower prices later this year and into the first quarter of 2014, the contentious debt debate in Washington could give the yellow metal some safe-haven "levitation." I believe moves higher will be capped around $1,450 per ounce. Later this year gold could revisit the $1,250-level.
Many moons ago the Eureka Miner used this seesaw photo to illustrate the plight of gold price then; the same metaphor and image is appropriate today.
Last week we wrapped up an eight-part summer series on Mt. Hope. You can access the series with the links in the column to your right. We'll be back with a second series on Mt. Hope later this year or next. The second road trip is longer (110 miles) and will include ranches of early settlers, a second portion of the Pony Express Trail and a challenging section of the old Eureka-Palisade Railroad. The headline photo today is of the Damele family's Willow Creek Ranch looking north to Pine valley - one of the many ranches we will visit.
Loop # 1 (65 miles) was a fun trip - I hope you enjoyed the Mt. Hope journey in space and time and look forward to the next trip too!
General Moly (GMO) got a nice 5% pop today to $1.84 per share. Gold miners are down on plunging gold price: Barrick, $18.88 and Newmont, $28.43 per share.
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$9.475 as of September 13, 2013 (updated weekly)
Ryan's Notes Average: US$9.852 as of September 17, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts are above spot prices on the 3-month contract but fallen below $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 $21,000 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 Weekly 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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