Thursday, January 19, 2006
Gold Futures Advance $15
A look at todays' metals action. "Gold futures climbed almost $15 an ounce Thursday, erasing the prior session's losses. Gold for February delivery closed up $14.50 at $559 an ounce after touching an intraday high of $559.70. The benchmark contract lost nearly $10 Wednesday."
"'We saw little evidence yesterday that the Godzilla-size footprints of funds bailing out of gold was present,' said Jon Nadler, an investment products analyst at bullion dealers Kitco.com. 'We did see evidence overnight that millions of tiny [individual-investor] footprints make for an equal-size impact on gold, in the opposite direction."
"For now, the 'path of least resistance continues to point uphill,' he added, noting that the immediate range to consider is $545 to $565 an ounce. 'Taking out $568 will signal another stage altogether.'"
"March silver closed up 23.5 cents at $9.108 an ounce and April platinum finished up $18.80 at $1,048.70 an ounce. March palladium rose $3.75 to close at $277.65 an ounce."
And Reuters reports on the coming Canadian gold mining giant. "Barrick Gold Corp. (ABX.TO) got ready on Thursday to bring Placer Dome Inc. (PDG.TO) employees and assets under its wing as the midnight deadline for its $10.4 billion takeover offer neared. he two Canadian gold mining giants shook hands on a friendly deal just before Christmas after duking it out for a couple of months."
"Barrick has already won antitrust approval in Canada, the United States, Australia, Germany, Switzerland and South Africa. The deal has also garnered support from the analyst community, who say the sweetened offer will likely succeed."
"If the deal succeeds, Barrick will sell Placer's Canadian assets to another Canadian producer, Goldcorp Inc. (G.TO), for $1.485 billion. The remaining Placer assets will make Toronto-based Barrick the world's largest gold producer, ahead of U.S.-based Newmont Mining Corp. (NEM.N) and South Africa's AngloGold Ashanti Ltd. (ANGJ.J), with 2005 pro forma production of 8.3 million to 8.4 million ounces."
"'We saw little evidence yesterday that the Godzilla-size footprints of funds bailing out of gold was present,' said Jon Nadler, an investment products analyst at bullion dealers Kitco.com. 'We did see evidence overnight that millions of tiny [individual-investor] footprints make for an equal-size impact on gold, in the opposite direction."
"For now, the 'path of least resistance continues to point uphill,' he added, noting that the immediate range to consider is $545 to $565 an ounce. 'Taking out $568 will signal another stage altogether.'"
"March silver closed up 23.5 cents at $9.108 an ounce and April platinum finished up $18.80 at $1,048.70 an ounce. March palladium rose $3.75 to close at $277.65 an ounce."
And Reuters reports on the coming Canadian gold mining giant. "Barrick Gold Corp. (ABX.TO) got ready on Thursday to bring Placer Dome Inc. (PDG.TO) employees and assets under its wing as the midnight deadline for its $10.4 billion takeover offer neared. he two Canadian gold mining giants shook hands on a friendly deal just before Christmas after duking it out for a couple of months."
"Barrick has already won antitrust approval in Canada, the United States, Australia, Germany, Switzerland and South Africa. The deal has also garnered support from the analyst community, who say the sweetened offer will likely succeed."
"If the deal succeeds, Barrick will sell Placer's Canadian assets to another Canadian producer, Goldcorp Inc. (G.TO), for $1.485 billion. The remaining Placer assets will make Toronto-based Barrick the world's largest gold producer, ahead of U.S.-based Newmont Mining Corp. (NEM.N) and South Africa's AngloGold Ashanti Ltd. (ANGJ.J), with 2005 pro forma production of 8.3 million to 8.4 million ounces."
# posted by Ben Jones @ 5:06 PM 
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If anyone wants to put a metals mining company in the spotlight, suggest it here and I'll dig out the financials.
What are all the debt-free, unhedged gold mining companies (if any)? (I only have the GLD ETF.)
This is my silver position:
SLW "Silver Wheaton is the only mining company with 100% of its revenue from silver production. Silver Wheaton is debt-free, unhedged and well positioned for further growth."
This is my silver position:
SLW "Silver Wheaton is the only mining company with 100% of its revenue from silver production. Silver Wheaton is debt-free, unhedged and well positioned for further growth."
My favorite little play right now is a small outfit in Argentina with some very big names behind it. Robert McEwen of Goldcorp fame ('nuff said) is a partner in Minera Andes (MNEAF). The amount of experience on that team is amazing, and today the initial exploration yielded extremely promising results.
I've also been thinking seriously about MAG silver in Mexico. If anyone has a scoop on them I'd love to hear it.
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I've also been thinking seriously about MAG silver in Mexico. If anyone has a scoop on them I'd love to hear it.
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