*** GENERAL MOLY NEWS ***
General Moly to Attend the John Tumazos Very Independent Research Metals & Mining Conference (10/10/2013)
General Moly Announces Implementation of Cost Reduction Program While Actively Pursuing Mt. Hope Financing (9/09/2013)
The latest General Moly briefing on the status of the Mt. Hope molybdenum project: Bank of America Merrill Lynch Canada Mining Conference 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 price = $1,268.9/oz (December contract most active)
COMEX Silver = $21.280/oz (December)
COMEX Copper = $3.2400/lb (December)
NYMEX WTI crude = $101.26/bbl (October)
ICE Brent crude = $111.06/bbl (November)
Eureka Miner’s Gold Value Index© (GVI) = 82.60 (gold value is trading at a discount to oil and copper)
Value Adjusted Gold Price© (VAGP) = $1,283.6/oz
COMEX - VAGP = -$14.69/oz; gold is trading at a discount to key commodities.
General Moly (GMO) = $1.65 down 1.79%
Barrick Gold (ABX) = $17.27 down 3.20%
Newmont Mining (NEM) = $25.84 down 1.75%
S&P 500 = 1,701.73 up 0.54%
With market sentiment running high for some positive resolution to the government shutdown and debt ceiling debacle, investors are moving back into equity markets leaving gold the unloved safe-haven without a catalyst. Comex gold plunged all the way to $1,259.6 peer ounce earlier this morning (see my input to the weekly Kitco Gold Survey below).
I wish the ole Colonel could be more bullish about gold prices going forward but it could be a rough road for the yellow metal. My latest Kitco commentary, Copper & Gold – The Long Ride from Lehman Brothers, is a 5-year retrospective on copper and gold prices which both saw record highs and punishing lows during that turbulent time. It appears we are entering a time of less volatile metal prices that should return to the good old laws of supply and demand as global monetary easing begins to pull back next year. So far the red metal has proved resilient but gold may need to see $1,100 per ounce territory before sustainable price recovery is possible - a tough time for gold miners indeed.
Several weeks ago, 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 photos today are from Three Bars Road which passes by the historic Three Bar Ranch - one of the many early Damele family 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!
Spot moly oxide prices remain 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$9.35 as of October 7, 2013 (updated weekly)
Ryan's Notes Average: US$9.425 as of October 4, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts are above spot prices on the 3-month 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 $21,725 per metric ton ($9.854 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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