Well gold testing 960 .. probably see NCM drop 4% tomorrow!! If not could well crack the $40 for an all-time record high. Also watching SBM with interest tomorrow too - missed buying in again at 82... further down the track if you want a reserve upgrade SBM are expected to release one in their march quarterly reportNow need 945 to hold and NCM should have another good one. Imagine if NCM and LGL had have been bringing out upgrades??
Well gold testing 960 .. probably see NCM drop 4% tomorrow!! If not could well crack the $40 for an all-time record high. Also watching SBM with interest tomorrow too - missed buying in again at 82... further down the track if you want a reserve upgrade SBM are expected to release one in their march quarterly report
DJ Newcrest To Post Significant Gold Resource Upgrade Jun 30-CEO27/02/2008 01:25AM AEST
LONDON (Dow Jones)--Australia's biggest gold producer, Newcrest Mining Ltd. (NCM.AU) is poised to log a significant resource upgrade in its update June 30, Chief Executive Ian Smith said Tuesday.
The company has 33.2 million troy ounces of gold reserves, but findings in ongoing project areas have been greater than first estimated, said Smith via Web cast from a BMO Capital Markets conference in Florida.
The miner operates four mines in Australia and one in Indonesia, with a further four projects in development.
For example, Newcrest's Kenkana project is expected to deliver production in excess of 350,000 ounces a year for over six years, said Smith. The Marsden resource in New South Wales sits well in excess of 1 million ounces, up from 800,000 ounces given last estimate, he added.
Newcrest's Web site says these four projects comprise resources of 28 million ounces of gold and 3.5 metric tons of copper, with further reserves of 12.5 million ounces of gold and 1.1 tons of copper.
1239 [Dow Jones] Newcrest (NCM.AU) up 1.3% at A$38.52, one of few bright spots in gloomy market today with S&P/ASX 200 down 3.1%. Spot gold now US$978.90, up about US$5.00 since NY close. Spot gold looks headed for pysychological US$1000 level amid global financial markets turmoil. But apart from Newcrest, other gold miners are down today. Newcrest faces strong resistance from January peak at A$39.75. Median price target from brokers is A$37.00, based on Thomson ONE data. Question mark over how gold will react to US$1000 is another reason to be wary of profit taking on Newcrest. (DWR)
Made a nice profit on this one today... I think $40 will be a real test, let's see how it goes tomorrow!
Date: 20/2/2008
Author: Jamie Freed
Source: The Sydney Morning Herald --- Page: 20
Australian-listed gold producer Newcrest Mining has posted a 2007-08 interimprofit of $A208m. However, when the restructuring of its hedge book is takeninto account, Newcrest posted a loss of $A8m for the period. CEO Ian Smith notesthat the rising price of gold means it is costing Newcrest more to close out itshedge book. Meanwhile, Smith has signalled that Newcrest may pursueacquisitions, adding that it could make such a deal in the next four months orso
not bad for a day like this!
I know given that it was a blood bath, T/A had a big reason for me making a call on this... I hope others are doing ok and playing it safe
Has been smashed since reaching the psychological $40 and double top. There looks to be a nasty two headed H&S in there now too. eeeekkk!!!
Long term still up until those support confluences are broken.
Seems to me the market is factoring in a top in gold.
Should be very good support at those tops, but the DT target is about $20.Neckline support has been broken now, would you say the next support is the two double top reached in 2006, 2007 which was around $27 ?
I think this level $27-$28 will be a great buying opportunity if you are a firm believer of the Gold Mega bull story.
the DT target is about $20.
Sorry, Double Top. The target from a double top is the tip of the head to the neckline. Top at $40, neckline $30 = $10 downside. It's not really a DT until the necline is positively broken. Gold could easily correct further IMO. Maybe we even saw a top? I'm still holding as a hedge to the overall financial markets which are still suspect.Sorry what does DT stand for ?
I cannot see $20 to be reached here, unless Gold reaches sub-700 ??
Would love to get back into NCM but I would like to see consolidation and strong support around $27-$28 level first before diving in again.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?