Gold has traded between $1,157 and $1,166 so far today…as of 10:50 am Pacific, bullion is off $1 an ounce at $1,158…Silver is 12 cents higher at $15.50…Copper is off 3 pennies at $2.50…Crude Oil is 28 cents lower at $52.50 while the U.S. Dollar Index has fallen one-third of a point to 96.03…
“Bullion has been trading in lockstep with the euro despite the yellow metal’s appeal as a safe-haven asset,” stated a research note from HSBC metals analyst Jim Steel. “Consequently, a rally in the euro vs. U.S. dollar under the ‘no Grexit’ scenario may provide support for Gold, in our view.”
Copper is on track for a 3.5% weekly fall but has managed to bounce off a critical long-term uptrend support line…commodities have been under pressure this week as concerns about the health of China’s economy have intensified…
Crude Oil Update
Worries about oversupply and slowing demand offset support from a rebound in Chinese stock prices and hopes of a breakthrough in the Greek debt crisis…the International Energy Agency (IEA) said today that Oil prices are set to come under further pressure from easing global demand and an expanding glut of crude, while a re-balancing of the Oil markets may last well into next year…
Critical technical support for WTIC is $52…
Canadian Dollar Updated Chart
The situation with Crude Oil and commodities in general continues to put pressure on the Canadian dollar which has now hit key support, as we anticipated it would, at the 78.5 cent level…
Where to from here?…
The Canadian dollar likely still has further to go on the downside (the 70-cent area seems very possible) given its current technical posture in addition to fundamental factors…any further slump in Crude Oil, which could easily occur, would be a major factor influencing fresh weakness in the loonie…
What’s interesting about this chart is not only the loonie’s critical support around 78.5 cents, but how Gold (in U.S. dollars) has significantly outperformed the currency over the last few years, particularly since the beginning of 2014…in Canadian dollar terms, Gold continues to do very well (over $1,400 CDN) and that’s clearly bullish for Canadian Gold producers…lower Oil prices from here would also be positive for these producers…
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Claude Resources Inc. (CRJ, TSX) Update
Speaking of Canadian Gold producers, a quality one worthy of our readers’ due diligence, as we’ve mentioned before, is Claude Resources (CRJ, TSX) which earlier this week reported record-breaking 1st half production of 41,686 ounces from its operations in northeastern Saskatchewan…this has resulted in the company increasing its Gold production guidance to 68,000 to 72,000 ounces in 2015 from its original guidance of 60,000 to 65,000 ounces…over the last 4 quarters, the company has produced 74,584 ounces of Gold…the strong production performance and grades are a result of increased contribution from the higher-grade Santoy Gap deposit and from the implementation of the Alimak mining method at the Seabee mine…Q2 financial results will be reported in mid-August…
CRJ reported 1st quarter net profit of $5.1-million, or 3 cents per share, a $10.2 million improvement from the same period last year…this was due to improvements in Gold production, sales volumes, ore grades and operational efficiencies…
Technically, CRJ continues to hug an uptrend support line..a bullish “W” has also formed in the RSI(14) which has been trending higher since mid-2013…recently temporarily overbought conditions in the RSI(14), which emerged during the stock’s move to Fib. resistance at 80 cents, have been cleansed…
CRJ is off 2 pennies at 67 cents as of 10:50 am Pacific…
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Today’s Markets
Asia
China’s Shanghai Composite jumped another 170 points overnight to close at 3879 following a flurry of fresh regulatory support from Beijing…Japan’s Nikkei average was off slightly…
Europe
European markets were up sharply again today after investors took heart from a rebound in China and reforms proposed by Greece to its creditors…Greece is asking for 53.5 billion euros as part of a new bailout package…the Greek parliament will vote on the measures today…euro zone finance ministers will have their say tomorrow…for now, at least, it appears the likelihood of a Grexit has diminished significantly…
North America
The Dow has surged 184 points as of 10:50 am Pacific…Apple Inc. (AAPL, NYSE and NASDAQ) has jumped nearly 3%, reversing yesterday’s 2% drop that took the stock close to its rising 200-day moving average (SMA)…China has provided over half of Apple’s recent growth in revenue according to a report from UBS yesterday…according to Factset, the country makes up 16.2% of Apple’s total revenue…the success of the iPhone 6 has been driven largely in part by China…
In Toronto, the TSX is up 96 points while the Venture has added 4 points to 641 as of 10:50 am Pacific…
Doubleview Capital Corp. (DBV, TSX-V) Update
An eventful week, to say the least, for Doubleview Capital (DBV, TSX-V) which had to endure an illegal Tahltan blockade at the Hat Property in the Sheslay district – a Tahltan blockade against not only DBV, but Tahltan as well given that Tahltan Drilling was doing the work on holes H-24 and H-25…3 of the 4 men working the rig were Tahltan, BMR has confirmed…interestingly, as DBV reported Wednesday, the blockade started while hole H-25 was in a zone of Gold-Copper porphyry mineralization at a depth of 270 meters in the A-2 area, a whopping 1 km step-out northwest of the Lisle Discovery Zone…we’ll have more on the potential geological significance of that by Monday…
Meanwhile, we were able to reach DBV President and CEO Farshad Shirvani last night at the Hat Property and he offered these comments:
“We clearly stated our position in our news that was issued yesterday. My only commitment to Chad Day was that we would send him a notice prior to the resumption of drilling, so that he is not surprised. I also reminded him that I sent him a letter a few weeks ago stating our intentions to commence this new drill program and he never objected to that,” Shirvani stated.
“We have a multi-year drill permit for an area where exploration has been conducted without a single incident like this in more than half a century. We are excited more than ever by what we see at the Hat Property. Our aim is to resume drilling as quickly as possible and prove up a world-class deposit for our shareholders. The outpouring of support we’ve received from many shareholders and others is greatly appreciated,” he concluded.
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Doubleview President and CEO Farshad Shirvani with his “Golden Hat”.
Over the weekend, after conducting additional research and interviews the past couple of days, we’ll have much more on the Tahltan Tantrum at the Hat Property/Sheslay district…
DBV 2-Year Weekly Chart
Technically, DBV has shown exceptional support during this volatile week, suggesting that paper has been moving from weak hands into strong hands the last couple of days…recently, there has been a “Golden Cross” – the 50-day SMA has moved above the 200-day SMA, typically a bullish sign…
Note how the 11-cent Fib. level has held which is also at the bottom of a horizontal trading channel the stock has been in for an extended period…the 500-day SMA at 15 cents (not shown on this chart) continues to rise…
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BitGold Inc. (XAU, TSX-V) Update
Our last BitGold (XAU, TSX-V) chart July 3 showed how extreme overbought conditions had emerged in the RSI(2) with XAU trading as high as $6.72 the previous day…that was a warning sign, as John indicated, and since then RSI(2) has slipped to just 35%…
There’s important Fib. resistance at $5.84, a key area to watch…XAU is off 4 pennies at $5.81 as of 10:50 am Pacific…
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Natcore Technology Inc. (NXT, TSX-V)
Big move yesterday in Natcore Technology (NXT, TSX-V) which interestingly announced yesterday that it has developed a new solar cell structure that will simplify the production process, significantly lower costs and speed the path toward ultra-high efficiency cells…this new cell structure, according to the company, has the potential to completely eliminate high-cost Silver from mass-manufactured silicon solar cells, an achievement that has been a long-time goal of solar science…
Technically, this 3-year weekly chart shows how NXT yesterday hit the top of a downtrend line…what would be significant would be a confirmed breakout above the Fib. 50% resistance level and that downtrend line…worth watching closely…as always, perform your own due diligence…
NXT is unchanged at 75 cents as of 10:50 am Pacific…
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Note: John and Jon both hold share positions in DBV.