Melman on Gold & Silver
February 2005 by Leonard MelmanMost American markets greeted the first few trading days of the new year with substantial selling. Compared to their 2004 year-end levels, by January 11, the Dow Jones Industrial Average had declined almost 300 points, the NASDAQ Composite had fallen from 2,185 to near 2,080 while the S&P 500 had dropped from 1,217 to 1,183.
The Washington Department of Natural Resources appeared at a recent dredge rally near Oroville to announce the closure of all state-owned aquatic lands to prospecting.
Platinum group metals (PGMs) have been noted at a few localities in Nevada, especially in Clark County. Unfortunately, some of these occurrences have been associated, in the past, with fraudulent schemes. The amount of PGMs found so far has not been enough for commercially important mining operations, but the mere fact that PGMs are present is worthy of note.
Perhaps the most important phase of our chart analysis work is to find indicators that have proven reliable in the past in terms of providing indications of future market direction. One of our favorites is the “Bank Index,” better known by its trading symbol, BKX.
There were some exceptional times in the far-flung history of the West. Rich finds of minerals that set men’s souls ablaze. From the rich gold fields of California, men who arrived too late to find riches went searching in every direction. The trail that we will follow leads east, past the shining silver district of the Comstock Lode.
Owning a mining claim is one of the greatest opportunities still available to American citizens. In last month’s article, we covered the basics of researching public lands and determining if the spot is open to claim.
The Bawl Mill • Shortage of Mining Engineers Projected • Ex-MarketWatch Mining Promoter Settles Charges • Carbonatites • Sage-Grouse Listing Denied • The Art of Finding Coarse Gold—Part III • Tongass Approves Kensington Mine Plan • PLP Interim Rule Raffle • California Miners Locate Rich Pocket of Specimen Gold • The Lucky Shot Mine • BC Premier Heralds "Golden Decade" in Forestry and Mining • Drywashing for Eluvial Gold in the Desert—Using a Portable Drywasher and Hand Tools • Claim Filings Up in the Northwest • Canadian Officials Foresee Little Impact From Mine • Coeur d'Alene Mines Sees Future in Bolivia • The Golden Highway—Nevada County • Mining Stock Quotes and Mineral & Metal Prices • Looking Back