Metals and Oil Book Store Launched
Let’s bring out the party hats for the launch of the one and only “Metals & Oil Book Store“, serving you with the best selection of books at the cheapest prices! From stock investing to oil pumping to mineral prosecting guides… we have it all! Check it out by clicking here or by using the navigation button at the top of the page.
Mining Terminology Basics
Successful investing in gold stocks also means knowing something of gold mining. If you have no clue what a company actually does, you shouldn’t own its stock, and this is especially true for the mining sector! Press releases issued by miners or explorers often littered with technical terms which brings an expression to the readers face similar to a cow watching a train passing by - but - don’t despair! To the rescue comes Metals & Oil, yours truly, to give you more insight in the mining world. First things first, do you know the difference between placer gold and hard rock mining? Check back soon to discover the answer, this will be the first article in a series of articles on ‘Mining Terminology Basics’.
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Newmont first-quarter profit surges
Newmont Mining just reported today that it’s first-quarter earnings surged as gold prices were very strong the past quarter. Net income jumped to $370 million, or 81 cents a share, sharply up from $68 million, or 15 cents a share, in the first quarter of last year. Likewise, revenue for the period ended March 31 came in at $1.94 billion compare to $1.22 billion in the corresponding period in 2007. The average price per ounce of gold jumped to $933 from $649.
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Technical Analysis: AEM, Crucial Day
With Yamana seemingly having lost its crown of “Gold Producer Hottie” to Agnico Eagle Mines (AEM) lately, it’s time to check out the AEM chart. After a first glance on the chart, it is immediately clear that Agnico is standing at a crossroad. Will it head south of north?
As can be seen from the chart above (click the chart to see the big version), Agnico Eagle got into a strong support zone around 64 - 64.5 . Several things suggest this: low end of the bollinger band, 50% retracement zone from the recent run and last but not least a horizontal support line which was twice a resistance point and 3 bounce points so far. Also it AEM got oversold after a few red days, show by the RSI also getting into a support zone around 39. So I fully expect AEM to start a bounce today. However upside potential is rather limited to the 69.5 - 71.5 zone where the 50, 20 and 5MA’s (all three in that zone!) will provide very heavy resistance followed by a horizontal resitance line which already halted 3 small runs recently.
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