Genius. Thanks.
McEwen Mining Announces Q1 2017 Operating & Financial Results
TORONTO, May 04, 2017 (GLOBE NEWSWIRE) ā McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to report consolidated financial results for the first quarter ended March 31, 2017. Increased investments in exploration and project development, particularly related to our Los Azules copper project, were the key feature of the quarter. As a result, the Company reported a net loss of $3.0 million or $0.01 per share and negative cash flow of $8.6. million or $0.03 per share. During the quarter McEwen Mining achieved consolidated production of 29,733 gold equivalent ounces(1). The Company remains on track to meet production and cost guidance for 2017. The El Gallo mine produced 9,808 gold equivalent ounces(1) and reported earnings from mining operations of $8.2 million(2)(4) and the San JosĆ© mine produced 19,925 gold equivalent ounces(1) and reported earnings from mining operations of $5.7 million(2)(4).
https://www.otcmarkets.com/stock/MUX/news
MUX down to $2.50 is a buying opportunity, but production numbers being lower and extraction costs up are both cause for caution. I will probably begin dollar cost averaging on MUX.
For those that use StockCharts, John Murphy commented this morning along with many posted charts:
RISING RATES PUNISH GOLD ā BASE METALS AND MINERS ARE ALSO FALLING ā CHINA WEAKNESS MAY EXPLAIN WHY ā FALLING COMMODITIES AND WEAK CANADIAN DOLLAR PUSH CANADA ISHARES BELOW 200-DAY AVERAGE ā INSURANCE ETF GETS A BOOST FROM RISING BOND YIELDS
GOLD ASSETS ARE ALSO FALLINGā¦ Add gold and gold miners to the list of former safe havens that are weakening ā¦
By John Murphy
Miners getting punished today. TAHO was up 15% yesterday on earnings, down 6% today on sentiment. MUX faring even worse today, even though oversold. Time to cost average down, or just be patient?
Patient, imo.
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all my mining stocks are bouncing back today.
MCEWEN MINING SHOOTING FOR S&P 500 IN 2-3 YEARS, CEO SAYS
05/09/2017 EDITOR
Chairman and CEO Rob McEwen aims to get McEwen Mining (NYSE:MUX) on the S&P 500 in 2-3 years to meet a rise he predicts in demand for gold as part of investor portfolios, he tells Reuters.
Well known as a bull on gold prices, McEwen says gold at $5K/oz. is possible over the next four years, driven by increased demand for gold as a substitute for cash, but the CEO also says MUX has āa hedgeā in the form of copper assets, which many miners and analysts predict will see greater demand as China and India shift towards electric vehicles and improve their grids.
For now, shares are down more than 9% YTD, and āweāll have negative cash flow and probably post losses through the year as we invest in our new projects,ā including an open pit gold mine in Nevada and copper assets in Argentina, McEwen says.
https://www.postnewsreport.com/mcewen-mining-shooting-for-sp-500-in-2-3-years-ceo-says/
Also, other stocks with news: NAK, FNV Dividend 0.23, SLW Dividend 0.07
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This is not directly related to mining stocks but certainly indirectly. The following is a weekly interval chart of the S&P 500 futures contract, symbol (ES). Take note in the upper right of the chart where I drew two little white lines that look like dash symbols over two candles. Those lines indicate where two new consecutive price highs occurred. Now if you look down at the red RSI indicator at the bottom of the chart youāll see where I drew two more little dashes corresponding to the above two. Note that although new price highs were set under those dashes, new RSI highs were not set. This is called divergence, and in every instance that it has occurred on this chart over the last 5 years there has been a significant pullback in price.
The next chart is the same symbol but a daily interval showing the same occurrence. Iām using this chart to watch for areas of support on a pullback if it occurs. I do believe that there is a very good possibility that at some point this year, probably later into autumn, that this market could begin a significant retracement, even becoming a bear market. (I certainly hope that nobody chooses to trade this pure hunch without doing their own DD).
I do believe that eventually we are going to experience a very unpleasant bear market that will give us MDMN/CDCH holders an opportunity to watch our stocks do something we havenāt seen for years, and maybe even allow those of us at a dime basis to actually make a profit. Still may have to wait a couple years but Iāve become a very patient guy.
Hope all are well.
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You are not the only one saying this, I have heard a few times, that there is a crash coming soon.
Just look at rising debt levels around the world, itās unsustainable. When the music stops, its going to get ugly
Hey TR - thanks for the charts. OT any idea what happened to the history Professor? He always said nothing was going to happen for a couple of years and from time to time would say scoot to the edge of your chair. He had been here for years.
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Youāre welcome Ktown. To be honest, I donāt even remember who that is. So much of my attention has been away from here for so long now that a lot of the past has slipped my memory (happily so for the most part).
Handshakeā¦
Ah ok. Iām not certain, but I believe I heard that he was in a group that sold their MDMN and put it into another pinky that was a sure thing. I donāt know how he made out on it or even if he got into it, but I heard that some people lost about everything in that investment. Had something to do with organizing concerts or something. Thatās about all I remember and I really donāt know if he was involved in that or not.
The stock was MPIX and yes a lot of people from here were somehow sidetracked and went to invest in MPIX and lost it all.
Yes, that was the one. I have a friend that I met from here who used to talk to me about MPIX and how excited he was based on the info he was hearing. Concert promoting for groups I hadnāt heard of didnāt seem to me like a winner. I never understood why he and others were so enthusiastic about it.
Regarding silver production, TDK posted an interesting link on the main thread regarding Chileās silver production decline as a by product of the downturn in copper production. An interesting article relating to possible upturn (or NOT) in PM appeared today:
PAPER vs. PHYSICAL: The Amazing Amount Of Leverage In The Silver Market
While many precious metals investors realize the massive amount of paper trading leverage taking place in the gold market, they should see what is going on in the silver market.
https://srsroccoreport.com/paper-vs-physical-the-amazing-amount-of-leverage-in-the-silver-market/
Barkerville drills 8.25 m of 39.05 g/t Au at Cariboo
Drilling expands shaft zone mineralization to new depth
The deepest intersection to date in the shaft zone, drill hole
IM-17-097 intersected a 60-metre-wide (core length) interval of
sandstone hosted veining with subintervals grading 40.19 grams per tonne
gold over 3.10 metres, 39.05 g/t Au over 8.25 metres and 10.34 g/t Au
over 4.50 metres at an average vertical depth of 480 metres below
surface. No other drilling pierce points occur at this vertical level
and as such this new corridor is open for expansion in all directions.
Veining at Aurum Deeps extended
Veining intersected at a vertical depth of 400 metres below
surface in the footwall sandstones of the former Aurum mine has yielded
14.80 g/t Au over 11.30 metres in phase 2 drill hole IM-17-091. This
intersection is located at the same vertical depth as previously
reported phase 1 drill hole BGM-16-527 which intersected 10.34 g/t Au
over 11.50 metres, 60 metres along vein strike to the southwest. Again,
this vein system is open for expansion in all directions due to the
scarcity of drilling in this area.
Natalie Cook, senior geologist, commented: āThe results from our
recent drilling in the Aurum Deeps and Shaft zone on Island Mountain
confirms the confidence in our geological model. These newly highlighted
zones are open at depth, which is encouraging for the potential of
discovering additional mineralization along strike of the veins.ā
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A lot of buying going on.
Pretty cool story