*** Local Mining News ***
Barrick Reports Fourth Quarter and Full Year 2013 Results (Press Release, 2/13/2014)
Barrick Gold's CEO Discusses Q4 2013 Results - Earnings Call Transcript (Seeking Alpha, 2/13/2014)
Timberline could potentially be de-listed by the NYSE and has cut the cord with RockStar Resources:
Form 8-K Timberline Resources For: Feb 05
Latest Nevada Gas Prices (click this link)
My latest Kitco commentary:
From Gold Bear to Gold Bull (Kitco News, Feb.18,2014)
My latest column in the Mining Quarterly:
Copper & Gold - The Long Ride from Lehman Brothers (p. 90-91 online, p. 84-85 printed copy, MQ Winter Edition 2013)
Paintings by Mariana Titus, The Three Anas & The Three Moon Anas, are presently at Lafitte Guest House & Gallery, New Orleans
Monday's AM prices used for this morning's analysis:
COMEX Gold price = $1,318.9/oz (April contract most active)
COMEX Silver = $21.225/oz (March)
COMEX Copper = $3.2640/lb (March)
NYMEX WTI crude = $99.52/bbl (March)
ICE Brent crude = $107.91/bbl (April)
Eureka Miner’s Gold Value Index© (GVI) = 86.05 (gold value relative to a basket of commodities that include oil, copper and silver; 100 is a high value)
Value Adjusted Gold Price© (VAGP) = $1,280.7/oz
COMEX - VAGP = +38.15/oz; gold is trading at an increasing premium to key commodities (bullish implication - bottom is in for gold)
As of 9:12 AM:
Barrick Gold (ABX) = $20.20 up 0.50%
Newmont Mining (NEM) = $23.43 down 0.42%
Midway Gold (MDW) = 1.38 up 3.67%
General Moly (GMO) = $1.27 up 3.25%
Timberline Resources (TLR) = $0.145 up 11.45%
S&P 500 = 1,834.21 down 0.24%
The ole Colonel has been AWOL for several weeks with travel and preparing an article on Eureka's Major W.W. McCoy for the upcoming Spring 2014 Edition of the Mining Quarterly. It includes recent field work that sheds new light on this most remarkable mining entrepreneur from Eureka's booming lead-silver days. Don't miss it!
On January 14, I predicted the lows were in for gold and the yellow metal was heading for higher ground (Gold’s Wild Ride Down May Soon Be Up). Comex gold was around $1,240 per ounce then and this morning it briefly topped $1,320. Although the Lustrous One settled back to trade at $1,318.9 when I did my morning analysis, there is enough shine left for Valentine's! Read my full gold report below for reasons to be bullish.
Local gold miners have a lot to be happy about too. There is buzz that Barrick's Ruby Hill may re-open as soon as May. The giant gold miner is putting emphasis on North America and especially Nevada targeting a low-ball gold price of $1,100 for planning. As reported yesterday:
Barrick calculated its reserves for 2013 using a conservative gold price assumption of $1,100 per ounce, compared to $1,500 per ounce in 2012. While this is well below the company's outlook for the gold price and below current spot prices, it reflects Barrick's focus on producing profitable ounces with a solid rate of return and the ability to generate free cash flow. Gold reserves declined to 104.1 million ounces(4) at the end of 2013 from 140.2 million ounces at the end of 2012. Excluding ounces mined and processed in 2013 and divestitures, all of these ounces have transferred to resources, preserving the option to access them in the future at higher gold prices (Barrick Reports Fourth Quarter and Full Year 2013 Results, 2/13/214)
After a dismal 2013, Barrick's share price is up 31% from its December low presently trading at $20.20. Midway (MDW) is faring well too up 89% from its low, now a respectable $1.38 per share.
Unfortunately, Timberline Resources (TLR) hasn't joined the bullion party and is on shaky timbers with the NYSE (see Local Mining News above).
Don't forget to treat your sweetheart on Valentine's Day - an ounce of Nevada gold will do nicely!
Kitco Gold Survey
Here is my input for 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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