posted
dang, EDV.TO just keeps going and going - $8.92 close today (new high, also for NTO, just missed $5 today).
Posts: 1698 | Registered: Mar 2004
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posted
that was my super buy, NR. i was trying to enter 200 shares, but my daughter spilled jelly on the "0" on my keyboard so it stays stuck down.
i hope they take a check, or i can at least put my 1989 station wagon up as collateral until i can search under all the couch cushions for some more cash...
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quote:Originally posted by blue_in_MI: that was my super buy, NR. i was trying to enter 200 shares, but my daughter spilled jelly on the "0" on my keyboard so it stays stuck down.
i hope they take a check, or i can at least put my 1989 station wagon up as collateral until i can search under all the couch cushions for some more cash...
Heheh, I think the station wagon should cover it.... Keep your eye on ALL gold stocks today gold is sitting at 596/oz and is set to break 600/Oz today IMO.
Posts: 2430 | From: CA | Registered: Jun 2005
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the kitco chart (which is usually where i go for metals data) actually shows a peak of about 596 - a little confused about the slight differential.
GG and NXG with the best days today, NTO broke 5 early but pulled back, as did some other metals stocks. EDV yet another high but this time only up 2% instead of the usual 5% lately.
to me the most interesting day in the metals stocks discussed here was: ROK.V. tried to break out on 10x normal volume, but - couldn't quite make it, only ended up 7% on the day. ROK has doubled since i bought it, but actually underperformed some of the other moly plays like GPXM and adanac (or is it adenac?). will be interesting to see if roca can play catchup, i do like their project. a lot of these little moly plays seem to be about about getting the metals to market quickly. will be interesting to see how roca does this spring and summer in regards to getting the mining operation and mill set up. unlike other rising metals, moly has really stayed pretty flat the last month: pinned to 25.
some zinc stocks have really moved lately, including breakwater:
"Total annual operating costs (mine, mill and overhead) are estimated at US$7.2 million (approximately $100/tonne) and start-up capital of only US$12.5 million. Payback of start-up capital is approximately 9 months from construction startup or 4 months from mill startup."
that is really pretty good - 4 months from when they start up the mill, to when they've broken even. i haven't ever seen a number that low, part of why i am in roca.
by comparison, here is NTO's analysis of the economics of their agua rica project:
"Based on the assumptions outlined above, at current metal prices of copper US$1.55/lb, gold US$425/oz and molybdenum US$37.50/lb, Agua Rica would yield an NPV at an 8% discount rate of US$4.5 billion, a pre-production capital payback of 1.9 years..." so - 2 years based on these numbers (gold is of course now 600 instead of 425, but moly has dipped to 25).
basically for NTO - could hopefully pay off the $1B or so required to start up agua rica in hopefully a few years. then they still have the next 25-30 years to mine it after capital payback. of course - the economics of both are quite sensitive to metals prices.
needless to say, these are on ridiculously different scales: agua rica is one of the biggest untapped gold/copper/moly deposits in the world, ROK has a much smaller deposit and is a tiny company by comparison. NTO's market cap is about $700M larger than ROK's: ~$720M to $20M.
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posted
Great day for NXG, new 52wk high of $2.66 but closed lower at $2.63 and is holding steady in AH trading.
Those of you watching NXG please note that according to Lycos Finance there was a super sell message at open today of 40,000 shares at a price of ~ $2.60/Shr. ($100,000 USD).
Posts: 2430 | From: CA | Registered: Jun 2005
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posted
mild pullback in metals today, can't say it's suprising. the length and momentum of the latest run up in metals has really been amazing.
to help put it in perspective, EDV closed down a dime today, and it broke a stringe of twelve (!) straight up days, starting with the 5.68 close back on march 21, to the $9-even close today.
we'll see how things go next week, wouldn't surprise me if metals churned around for awhile and maybe consolidated some more. but - who knows, i admit that i'm lousy trying to predict broader market movements.
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posted
Gold isn't following the NORM. Its usually pretty cheap right now if you look at any GOLD stock and look at the charts. I have been swinging gold stocks for a few years now and this year is confussing. Normally gold stocks are at the lowest in march-may.....then come late october-january....they are at their highs. Now, I'm shocked that its breaking the trend but the economy is getting a little better. 9-11 was a long time ago now and people are forgetting about how scary the stock market was then, or maybe people are now getting comfortable with their new low income pay (concessions)....that is all I can think of that would make sence....unless there is a scarce supply of GOLD????
Posts: 2367 | From: Detroit | Registered: Mar 2005
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posted
very nice day for NXG - up 8%. have to admit - just sold my small share at 2.78, was overweight in metals with the recent runups, and i couldn't bring myself to part with any EDV or NTO.
NXG holders will be encouraged to hear: i am sure NXG will promptly go straight to $4, i ALWAYS sell too early!
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posted
Yep, oil going to record too...$1.20 to go to get to recent High..
I'm sticking with profitable small oil services companies like PMHH for now (due to soaring rig rates really), though NXG looks definitely worth a look...
Posts: 318 | From: UK | Registered: Mar 2006
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In other news, PCFG is up $0.13 (or 34.25%) today and GPXM reached a new 52wk high in intra-day trading.
GLTA, NR.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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I plan to hold my free shares for at least a year to see if this company can pull it off. Do your own DD and GLTA.
NR.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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quote:Originally posted by NaturalResources: NORTHGATE INTERSECTS 10.35 GRAMS PER TONNE GOLD OVER 40 FEET AT YOUNG-DAVIDSON
ha ha haha, see, i told you!! i always sell too early - this comes out just a few hours after i sell. amazing - you could make a mint buying whatever i sell, heh! ah well, such is life. should be a nice day for NXG. hope it hits 3 this week for you, NR.
silver pushing 13, gold at 602; really quite an amazing run particularly for silver - barely any pullbacks.
am working in germany this week so a little odd following the markets 6 hours later than usual...
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[ April 13, 2006, 23:37: Message edited by: NaturalResources ]
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
you're correct NR, very nice rebound by NXG, and nice to see it solidly above $3. clearly i should have lightened up 10% on my EDV, rather than selling my NXG too early (as usual) - ah well, the way it goes...
gold up a bit friday overseas with the US markets closed. will be interesting to see where it heads from here, now that it's hit the 600 range. if pressed to guess, i'd say that at least short-term, the "easy" money has been made for now in gold and metals, and that things might get choppy from here for awhile with metals bouncing around in an 8-10% trading range for awhile. i'm not too worried about major dips, because metals have entered enough people's radar that i think dips will be bought back up and not be overly severe. otoh, i also think that is going to take awhile for metals to step up to a new plateau: a lot of people have made nice gains on metals lately, and may be looking to lock them in on any upward surges. of course - who knows though, these are purely wild guesses on my part, and i frequently guess wrong, especially short-term.
long-term, much harder to say: depends on so many factors, from the US dollar to physical demand to the chinese pegging their currency to the trade defecit to pure momentum and psychology. who knows. my view is pretty much unchanged from the outset: imho it's a good idea to have a small % of one's portfolio in metals, just for diversity's sake, and will continue to do so. personally, i'm happy with 5%, but of course - who knows. 2 years out, gold could be at 400 or 800.
Posts: 1698 | Registered: Mar 2004
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posted
copper hasn't been discussed much here, this mainly being a gold thread. is of related interest though: many gold mining companies here also produce a ton of copper: ie NTO's agua rica is also a huge copper deposit.
really amazing the run copper has had, one year chart is a thing of beauty, almost going parabolic lately with yet another new high at the overseas close friday:
interesting about the "danger thin ice" comments - at some point you'd think there'd have to be a correction, but sure a lot of momentum for metals at least at the moment. reminds me a bit of oil a year or two back - technically it definitely looked due for a major correction, but was a scary proposition to contemplate going short on it.
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posted
gold 616, really amazing thing to me though is silver and copper: just gone parabolic lately. silver up almost a buck over the last few days to 13.65, copper up about 6% over the last 24 hours, now pushing 3. dang.
NXG beauty of a day yesterday - 3.54 close, NTO 5 bucks even. EDV.TO seems to be consolidating in the low-mid 8's after it's big run - actually closed even yesterday. they released their new NAV on friday and showed a 1-month jump from 6.98 to 8.39, nice.
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New 52wk high in intraday trading of $3.72/shr, but closed red at $3.45/shr.
According to Lycos Finance there was a "Buy Super" message today for 250,000 shares ($814,500 USD), along with a smaller "Buy Interest" of 100,000 shares ($362,000 USD).
Given that institutional investors are still interested at this price, I think we are still heading higher and could possibly see $4.50/shr within the next 2 weeks. If the Q1 results are as good as I think they are going to be, we might even see $5.00/shr by June.
Today's pullback was long overdue and nothing to worry about IMO, and I still plan to hold until at least after earnings on May 03.
GLTA and DYODD, NR.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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Also, for those of you interested, there will be a conference call tommorow at 10AM EST to discuss NXG's recent exploration results at Young-Davidson and its plans to accelerate the exploration phase of development of the project.
You can listen to the call by going to Northgate's web site at www.northgateminerals.com under Investor Info - Presentations page.
GLTA and DYODD, NR.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
I think WITM is worth keeping your eye on it's up 40% since monday. What do you guys think?
Wits Basin Announces Letter of Intent to Acquire Silver Interest; Former Mexico Silver...
Wits Basin Announces Letter of Intent to Acquire Silver Interest; Former Mexico Silver Producer to be Revitalized
MINNEAPOLIS--(Business Wire)--April 19, 2006-- Wits Basin Precious Minerals Inc. (OTCBB:WITM) today announced it has signed a letter of intent with Journey Resources Corp. (TSX-V:JNY) and its wholly-owned subsidiary Minerales Jazz S.A. de C.V., whereby Wits Basin may acquire an undivided 50% interest in certain mining claims comprising the Vianey Mine Concession located in the state of Guerrero, Mexico approximately 250 kilometers south of Mexico City and 160 kilometers north of Acapulco.
LOCATION
The property comprises approximately 5,022 hectares (12,400 acres) less than 2 kilometers from the town of Atzcala which hosts modern infrastructure and facilities as well as a sufficient labor pool. There is existing electrical power at the mine as a major power line passes near the property. On-site examinations by Journey personnel and available exploration data indicate a probability of discovering extensions to known silver-bearing veins on the property, both in the existing mine and the adjacent areas identified in the technical report, the Blakestad Report (dated of October 18, 2004 and revised March 10, 2005) by Rodney A. Blakestad J.D., C.P.G. Geological maps published by the Mexican Department of Mines identify a series of lead-zinc-gold occurrences approximately five kilometers northwest of the property. The new concessions have been staked to cover the projected extension of these known ore bodies and comprise part of the property package. The Blakestad Report confirms the potential that these known mineralized zones likely extend into the vicinity of the Vianey Mine.
EXPLORATION RESULTS TO DATE
A review of past calculations of potentially mineable tonnages of mineralization above the -75 meter level, including the most recent exploration activities completed in 1997, and as reported by Mr. Peter Hawley in his 2000 reserve and drill resource study, provides an estimated total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per ton, which at current metal prices would have an in-ground value in the order of US$250/ton. Mineralization at the Vianey Mine includes veins, breccias, lens and mantos of silver as well as poly-metallic (Pb-Zn) mineralization with local concentrations of gold and copper. Most of the veins are localized along NW-SE trending structures and E-W structures; the lenses occur in fault zones and as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in the limestone, which are associated with calcite-gypsum-quartz gangue minerals and important amounts of associated silver. Recommendations in the Minerales Jazz March 2005 report, which are being followed up, include lithological and structural mapping and aerial photography, or high-resolution satellite imagery interpretation of the area. The object of the work will be to locate and orient approximately 3,230 meters of diamond core drilling to test the grade, thickness and continuity of mineralization at depth and along the strike. Management believes that the Vianey Mine and immediately contiguous property could host millions of tons of ore grade material. "With silver trading at a new 25-year high and base metals also into new high ground, we feel the outlook is for continued strong demand and prices," said Vance White, Wits Basin's CEO. White continues, "Despite current prices of about $13/oz, silver remains at a much lower multiple to gold than has otherwise been true historically and we believe it is appropriate for the Company to expose itself to a project of merit and strong technical attributes in this arena."
DEAL TERMS
In order to earn the 50% interest Wits Basin must:
1. Issue 100,000 shares of its common stock to Journey, by April 20, 2006, which initiates a 45 day due diligence period in order to have Wits Basin's consultants carry out a site visit, review technical data and research title work to be completed no later than June 15, 2006;
2. On or before June 15, 2006, issue 500,000 shares of its common stock and initiate a Program of Work as outlined in the Blakestad Report, a minimum expenditure of US$500,000 is required to be completed on or before December 31, 2006 for which a 25% interest will be earned in the property; and
3. On or before January 15, 2007, issue 500,000 shares of its common stock and initiate a secondary Program of Work with a minimum expenditure of US$500,000 to be completed on or before September 30, 2007 for which an additional 25% interest will be earned in the property.
About Wits Basin Precious Minerals Inc.
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posted
WITM should be a great investment for the next 18 months. They already have permits in place for their Colorado mine and they should be able to prove the resources of this project by June or at the latest July. Once the mine is running they will create a huge amount of cash flow to fund the exploration of their other properties.
Posts: 24 | From: Winnipeg | Registered: Apr 2006
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Gold dropped from ~$645/oz to ~$615/oz and Silver dropped from ~14.30/oz to ~11.85/oz.
NXG took a hit today as well. I can only speculate this was a result of the sell-off of Gold today.
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posted
yup, ouch! silver in particular: just hammered. a 19% drop in less than a day, never seen a commodity make that kind of gigantic move before in such a short time span: about 16 hours.
guess it's not too surprising, honestly i've been amazed at the length and power of the metals run.
the interesting thing now of course is: to see the length and severity of the correction. will it be short-term and prices will bounce up a bit? or will gold dip to mid-upper 500's? or will gold stay in a holding pattern around 590-600 and bounce around a bit? i dunno!
ROK.V was in the process of a big 2-day breakout when the rug got pulled out from metals and fell back, still a new all-time high for roca today though: very nice week moving from .56 to .73.
Posts: 1698 | Registered: Mar 2004
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posted
From a post on Yahoo Message Board for NXG. Take it FWIW...
Desperate Act?
I heard from a very reliable source yesterday (April 19th) that the COMEX was meeting in emergency session. Knowing the reputation of this organization, I imagined that it certainly had to do with the current goings on in the precious metals market…especially silver.
It was obvious to just about everyone who knows about the massive short positions in gold and silver that a short squeeze of biblical proportions was underway. Bill Murphy over at Le Metropole Cafe had been shouting it from the rooftops for some time as the open interest numbers were indicating just that. Then Ted Butler’s latest commentary "A Cornered Rat?" put the icing on the cake.
The COMEX had been raising the margin requirements for silver at a pretty steady clip, with another one just announced for May…so I was wondering, as I sat at my computer terminal last night, what nefarious act they could come up with to put the kibosh on this parabolic rise in the gold and silver price. Well, I found out when I turned on the computer this morning…the dealers (commercials) had pulled their bids in the COMEX silver and gold pits.
Since Ted Butler won’t be writing for at least another week, I thought I’d comment for him. I could just see the dealers in the pits right now…standing there with their arms folded as the longs (including the tech funds) sold into a vacuum. Since there were no buyers…the price fell off a cliff immediately.
When the sellers did catch a bid, it was the desperate dealer shorts standing there with buckets to collect the equally desperate long positions that were being dumped. This is the engineered sell-off that Ted Butler had been waiting for for so long. This is brazen market manipulation at its worst…engineered by the very people are supposed to be preventing this sort of thing.
Is this the last desperate act of desperate men? I think it is. This is Cartel rearguard action at its finest. They are in a far better position to see things than we are. With the Iranian situation coming to a head within the next two weeks, the US is now in a position where it (probably in conjunction with a client state) must act against Iran or lose all credibility in the Middle East. The dealer shorts know that too. They also know all about peak oil, fiat currencies and the upcoming silver ETF…and want to be on the last stagecoach out of Dodge before everything comes unglued.
Hold onto your precious metals positions, boys…as this too shall pass!
Ed Steer, Director Gold Anti-Trust Action Committee, In
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
really quite a nice metals comeback today: gold 632, silver almost 13, copper and zinc also new highs (copper 3.10).
nice bounce for NXG - up 6+% today. heckuva week for ROK.V - up 35% this week, closed at .76. about time it got some respect, i admit is my favorite moly play and that i like their project even more than those of GPXM or AUA.V. still think roca could go quite a bit higher by the fall when they start production at MAX, we'll see.
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posted
Investors' gold dilemma: Buy on a dip, or wait.
Thursday's slide may continue, but so should the longer-term rally.
quote:NEW YORK (CNNMoney.com) - A plunge in gold prices and stocks Thursday may have been just the start of a needed correction in a sector that has surged substantially of late, analysts said.
As such, investors who are thinking of using the pullback as a point to get into gold through exchange-traded funds (ETFs), mutual funds and gold stocks may want to wait a bit longer.
That's not to say that the price of gold and the underlying stocks won't move higher again -- most analysts say the so-called 'gold bull market' is far from over. However, both the price of gold and the underlying stocks could see further declines before the next leg up, the analysts said.
Gold has rallied around $160 over the last six months through Wednesday's close, with more than $100 of that amount coming since January. Over the last few weeks, gold has settled repeatedly at levels not seen since 1980, when it peaked at $875.
Gold stocks have surged in tandem, with the Amex Gold Bugs (Research) index rallying 44 percent over the last six months through Wednesday's close.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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One of the things I like about Golden Phoenix is that its metal holdings are very diversified. They have Moly at Ashdown and Northern Champion, plus, Gold and Silver at Mineral Ridge.
Right now, Mineral Ridge has been idle due to winter since September, 2005 when gold prices were around $470/oz and silver was hovering near 7.50/oz.
IMO? With the Gold and Silver markets as hot as they are right now, any news of action at Mineral Ridge will send this one higher.
Per Company Website:
quote:The Company is preparing to idle the leach operations at some point in September, but will maintain personnel to look after the facility and assist in redevelopment of the mine plan over the winter. This will preserve the active status of the mine and its bonding while the Company seeks to modify the existing Plan of Operations to add a milling facility. It will also reduce company overhead. Engineering and planning for the modifications will be conducted through the winter months. This work will include preparation of an exploration plan to further identify mill-grade gold. Developmental work at Mineral Ridge will resume in the spring, following winter snow melt.
[ April 21, 2006, 20:03: Message edited by: NaturalResources ]
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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FWIW, IMO, NXG will get approval for KN. If not, then YD will provide an alternative, though with a little luck NXG will have both.
I thought this article did a good job of stressing the importance of getting the KN permits on schedule.
GLTA and DYODD, NR.
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