Yesterday, NEM tagged the top of the recent bull flag and sold off, validating it as resistance. If NEM can take out that high of 39.08, it could ignite a rally in the gold stocks.
We now have 3 hits to both the top and the bottom of the channel. The 500 lb. gorilla needs to get moving to the upside if we're going to have a gold stock rally.
Melf,,if there was a rally in Gold stocks ,do you think there would be a rally in uranium stocks also ...USU etc??
Quote from: Weightlifter on July 19, 2005, 06:42:41 AM
Melf,,if there was a rally in Gold stocks ,do you think there would be a rally in uranium stocks also ...USU etc??
I didn't know that there were uranium stocks. Let me find the "embarrassed face" on the toolbar >>> :-[
lol :)There are a couple...I have a position in USU,its pays a small dividend.I was going to turn it into a longer swing trade.Just I was curious to get some feedback on what other ppl views are on that sector :)I thought as oil went higher,,maybe this sector would also.??.These are a couple of others also ,,CCJ,USEC,.I always do things the unconventional way lol ;)
Quote from: Weightlifter on July 19, 2005, 12:53:31 PM
,.I always do things the unconventional way lol ;)
I never do anything in an unconventional way. Except climb down chimneys with Santa Claus at Chistmas time. You have to let loose
once in awhile! :D
Yesterday's high was 38.14. The top of this channel comes in today at about 38.18. NEM needs to take it out and CLOSE above it. Enough fooling around. If that horizontal red line gets taken out, we likely will revisit the lows.
NEM is indicated BID 37.95...ASK 38.00
The good news is that NEM had a channel breakout on a closing basis.
The bad news is that the high of the day was at DOUBLE RESISTANCE. :P
1. The horizonatal green line was a breakout that failed, and the high of the day was right there.
2. The high of the day also was at the bottom of the Andrew's Pitchfork, which was broken on July 13.
NEM has got some technical work to do. A pullback to the top of the channel that it just broke out of is fine, but we don't want to see it close back inside the channel, and then go down and take out that horizontal red line. That wouldn't look pretty (three red circles). :'(
If you look back at mid-June where NEM broke out above 38.85 then failed at gap resistance, we're right back there at that 38.80-ish area. It's resistance again, and we're chasing the bottom of the broken Andrews' Pitchfork from below it.
Friday's candle is a doji star hangman if we take out 38.19, the low on Friday. The technicals are looking weak. MACD, for example, is below the signal line ... is below zero ... and is headed up for a back-test of the signal line. If the MACD turns back down from here, that's usually a good signal of at least a short-term failure.
If NEM acts weak here, I might short it for a quick trade, especially if it takes out Friday's low of 38.19. It closed at 38.43.
Here's the MACD set-up:
http://ts-lc.sc8.finance.lycos.com/1122193279625?User=demo&Pswd=demo&DataType=GIF&Symbol=NYSE:NEM&Interval=D&Permission=1000&Ht=400&Wd=600&Display=2&Study=MACD&Param1=12&Param2=26&Param3=9&FontSize=10&LocaleID=0x0409
QuoteFriday's candle is a doji star hangman if we take out 38.19, the low on Friday. The technicals are looking weak. MACD, for example, is below the signal line ... is below zero ... and is headed up for a back-test of the signal line. If the MACD turns back down from here, that's usually a good signal of at least a short-term failure.
Two days of stalling at DOUBLE resistance proved too difficult for NEM to overcome. It went down yesterday on the price and technical weakness that it was showing at the end of last week, making it difficult for a rally in this sector.
After failure at DOUBLE resistance, NEM continues to take the path of least resistance ... down ... dragging the sector down with it.
Looks headed to next support area at 36.38 - 36.55.
Given the lack of response to this thread for the last two weeks, other than a question about uranium stocks from Weightlifter, I'll make this my last post on NEM. Per Adam's thread "Observation," and several of the comments made in that thread, we all have far too many threads to read and stocks to study. One less thread might help that situation a little.
Most gold stocks have outperformed NEM by 100%-200% over the past three months, but it wouldn't hurt the sector any if NEM finally could establish support at 38.80ish, which twice has proven to be resistance.
Quote from: Melf Elf on August 07, 2005, 06:59:39 AM
... it wouldn't hurt the sector any if NEM finally could establish support at 38.80ish, which twice has proven to be resistance.
NEM is acting alot better. The 38.80 area, which twice was resistance, was support on the re-test. NEM now needs to move through the gap area near 40.23, which could help the gold/silver stocks move higher.
"Possible" Bullish Ascending Triangle forming, but it's a very weak pattern, sitting right next to a larger, broken Bearish Rising Wedge, and a much larger, broken Symmetrical Triangle, to the left of that.
AP
Newmont to Acquire Miramar for $1.53B
Tuesday October 9, 10:30 am ET
Newmont Mining to Acquire Canadian Gold Miner Miramar for $1.53B
DENVER (AP) -- Newmont Mining Corp., one of the world's largest gold mining companies, on Tuesday said it has agreed to buy Canadian rival Miramar Mining Corp. about $1.53 billion.
The offer of 6.25 Canadian dollars ($6.36) per share represents a 24 percent premium over Miramar's closing stock price of $5.15 on Monday in New York.
In a joint statement, the companies said the acquisition will be in the form of a takeover bid, with full details being disclosed to shareholders by the end of October.
Miramar's board has unanimously agreed to the bid, and is expected to recommend the deal to shareholders, the companies said.
In 2005, Newmont acquired a 9.9 percent stake in Miramar by investing $36.4 million in a then-undeveloped Canadian gold field known as the Hope Bay gold belt.
Newmont said the acquisition will allow for construction of a new mining district in Canada's Nunavut territory, and give it more opportunities to expand existing projects in the country.
In premarket trading, shares of Miramar surged 88 cents, or 17.1 percent, to $6.03, while Newmont added 16 cents to $44.99.
Don't let go of this pup...
They will try to shake the tree on this one every so often, buy on pullbacks!
Rumor has it that the world's largest gold miner by market cap,
might be making a move soon...
Newmont Releases Information Correcting Inaccurate Claims Regarding Alleged Rights in Divestiture Shares
JAKARTA, Indonesia, Aug 26, 2010 /PRNewswire via COMTEX News Network/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today released information correcting a number of inaccurate claims by PT Pukuafu Indah ("PTPI"), an Indonesian shareholder in PT Newmont Nusa Tenggara ("PTNNT"). PTNNT owns and operates the Batu Hijau gold and copper mine on the island of Sumbawa.
Recently, PTPI issued public statements claiming the right to acquire previously divested shares in PTNNT. Newmont's and Sumitomo Corporation's subsidiaries (the "Subsidiaries") divested these shares to another Indonesian company as required under PTNNT's Contract of Work with the Indonesian Government and in accordance with a 2009 ruling of an international arbitration panel.
"PTPI has long wished to have a right to acquire the divestiture shares," said Blake Rhodes, Vice President & Deputy General Counsel. "The Indonesian Government, however, has an explicit right of first refusal under the Contract of Work. PTPI's claims are contrary to the Government's priority rights." The Contract of Work expressly provides that PTNNT "...shall ensure that its shares owned by the Foreign Investor(s) are offered either for sale or issue firstly, to the Government...."
At all times relevant to fulfilling the divestiture obligations, PTPI did not, and presently does not, have any right of first refusal to acquire the divestiture shares. Furthermore, in fulfilling its divestiture requirements, Newmont did not breach any obligations to PTPI. Certain of PTPI's public assertions - including that PTPI paid Newmont for some or all of the divestiture shares - are patently false as Newmont did not receive any such payments. If it had, the Company would have been required to disclose the payments.
In addition to its recent public assertions, PTPI has continued to pursue litigation in Indonesian courts against the Subsidiaries and other parties despite signing a full release and agreement to discontinue its proceedings. As a condition of providing financing to PTPI in late 2009 to enable PTPI to repay its third-party bonds, PTPI agreed to cease with claims contending that it had pre-emptive rights to acquire the divestiture shares and not to assert new claims. PTPI has breached its contractual obligations by failing to dismiss the legal proceedings and by commencing new ones, the first of which is expected to be decided by an Indonesian district court in September. The Company through its subsidiaries has taken a number of additional actions to protect its legal rights and enforce the release.
To date, a 24% interest in PTNNT has been sold by the Subsidiaries, at the direction of the Indonesian Government through exercise of its priority purchase rights, to PT Multi Daerah Bersaing, an entity indirectly owned by PT Bumi Resources and the local governments in the region where the Batu Hijau mine is located. The divestment of the final 7% stake in PTNNT is in progress.
Cautionary Statement:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, expectations related to government and contractual relations, judicial outcomes, dispute resolution and future divestitures of shares in PTNNT. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, political, judicial and operational risks in Indonesia. As a result, there can be no assurance that the Company and its subsidiaries would prevail in any arbitrations or judicial proceedings and that the Company will not experience a diminution in our ownership interest or the value of our interests in PTNNT in the future. For a more detailed discussion of risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on February 25, 2010, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Continued reliance on "forward-looking statements" is at investors' own risk.
SOURCE Newmont Mining Corporation
Copyright (C) 2010 PR Newswire. All rights reserved
Newmont Announces 50% Increase to Regular Quarterly Dividend
DENVER, July 28, 2010 /PRNewswire via COMTEX News Network/ -- The Board of Directors of Newmont Mining Corporation (NYSE: NEM) today declared an increase in the Company's regular quarterly dividend from $0.10 per share of common stock to $0.15 per share of common stock, payable September 29, 2010 to holders of record at the close of business on September 8, 2010.
In addition, Newmont Mining Corporation of Canada Limited (TSX: NMC) today declared a regular quarterly dividend of Cdn $0.1554 per share on its exchangeable shares, payable September 29, 2010 to holders of record at the close of business on September 8, 2010. This dividend is designated as an "eligible dividend" for Canadian tax purposes.
SOURCE Newmont Mining Corporation
Copyright (C) 2010 PR Newswire. All rights reserved
Newmont Second Quarter 2010 Adjusted Net Income Increases 79% to $377 million ($0.77 per share); Increases Quarterly Dividend by 50%
http://investor.shareholder.com/newmont/releasedetail.cfm?ReleaseID=493188
Quote from: setravis on September 03, 2010, 04:20:57 PM
Don't let go of this pup...
They will try to shake the tree on this one every so often, buy on pullbacks!
Rumor has it that the world's largest gold miner by market cap,
might be making a move soon...
•Gold Prices Pop to New Record Highs!!
Technicals
Last Price Quote is:
0.27%above 13-day MA
2.99%above 50-day MA
RS Rating: 40
NEM Newmont Announces Third Quarter 2010 Earnings Call .......
DENVER, Oct 12, 2010 /PRNewswire via COMTEX/ -- Newmont Mining Corporation (NEM, Trade ) announced it will report Third Quarter 2010 results before the market opens on Tuesday, November 2, 2010. A conference call will be held that day at 11:30 a.m. Eastern Time (9:30 a.m. Mountain Time); it also will be carried on the Company's website.
The Third Quarter 2010 results and related financial and statistical information will be available prior to market open on November 2, 2010 in the "Our Investors" section of the Company's web site, www.newmont.com . Additionally, the conference call will be archived for a limited time on the Company's website.
SOURCE Newmont Mining Corporation