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Gold has traded between $1,244 and $1,251 so far today as bullion confirms a breakout above important resistance in the mid-to-upper $1,230’s…as of 9:15 am Pacific, the yellow metal is up $4 an ounce at $1,248…Silver is flat at $17.52…Copper is up slightly at $2.61…Nickel is off its lows but down 5 cents to $4.52…Crude Oil is 43 cents lower at $47.81 while the U.S. Dollar Index is flat at 99.68…

Holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose 0.50% to 834.40 tonnes yesterday from 830.25 tonnes on Monday as equity markets fretted over whether the Trump administration will be able to deliver on its economic agenda in a timely manner…there’s no question the alt-left propaganda press, in collusion with parts of the “deep state”, are pulling out every trick in the book to delegitimize the Trump Presidency…the media’s efforts to derail Trump during the election didn’t work but that hasn’t stopped them from intensifying their opposition campaign now that Trump is in the White House (sometimes tweeting too much) and Republicans control Congress (thanks to the Russians, of course, if you believe the mainstream media’s false narrative)…

The House of Representatives votes tomorrow on the bill to replace ObamaCare in the Trump administration’s first big legislative test that it really needs to pass ahead of its next big challenge – tax reform…

Crude Oil Update

Oil prices slipped to nearly 4-month lows today after data yesterday showed U.S. Crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June…the American Petroleum Institute (API) said U.S. inventories climbed by 4.5 million barrels to 533.6 million last week, outpacing analysts’ forecasts of 2.8 million…moments ago the Energy Information Administration (EIA) reported numbers consistent with the API, stating that Crude inventories rose by 5 million barrels in the last week…

World Bank Tribunal Rules That Pakistan Unlawfully Denied Reko Diq Mining Lease

Another example of a government violating the legal rights of mining companies…an arbitration tribunal of the World Bank’s International Center for Settlement of Investment Disputes (ICSID) has rejected Pakistan’s final defence against liability, confirming earlier this week that the government had violated several provisions of its bilateral investment treaty with Australia where Tethyan Copper Company Pty. Ltd. (TCC) is incorporated…TCC is a joint venture between Antofagasta and Barrick Gold and their case was field against Pakistan in relation to the unlawful denial of a mining lease for the Reko Diq Project in 2011…the damages phase of the proceedings begins today, during which the tribunal will consider submissions from the parties to determine the amount that Pakistan must pay TCC…a ruling on the quantum of damages is expected in 2018…the Reko Diq Project, located in the Balochistan province of Pakistan, was expected to require an initial capital investment of more than $3 billion…it’s one of the world’s largest undeveloped Copper and Gold deposits with a potential mine life of more than 50 years…

In Today’s Morning Musings…

1. Gold’s next stop…

2. The advanced Gold junior that remains on track to be bought out…

3. A 10-bagger and an up-and-coming 10-bagger…

4. Daniel’s Den – the coolest commodity that jumped 100% last year (and no one is talking about it)…

Click here to receive, via email, BMR’s “Who’s Who” List of the Greater Cobalt Camp – the top dozen or so companies active in the district.

Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere?  Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017.  BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends.  BMR is daily information that puts you ahead of the crowd!

We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee.  If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!

Sign up NOW or login as a current subscriber with your username and password.

Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,244 and $1,250 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,249…the yellow metal is clearly in the midst of a breakout above key resistance around $1,235 and the next target area is in the $1,260’s…Silver is relatively unchanged at $17.52 while the U.S. Dollar Index has recovered one-tenth of a point to 99.80…

2. Crude Oil prices have hit their lowest levels since November on expanding U.S. inventories but are still holding above key technical support at $46…WTI is down 54 cents at $47.70 as of 7:00 am Pacific…energy stocks are the S&P 500’s worst performing sector this year, down nearly 8% through yesterday…

3. The broader markets are under pressure again in early trading following’s yesterday’s sharp drops in New York and Toronto…the Dow is off 64 points while the TSX has lost 61 points through the first 30 minutes of trading…it’s Budget Day in Ottawa…rumors are circulating of a possible increase in capital gains taxes which would be an atrocity against investors given the federal government’s wasteful spending that has turned a budget surplus into a substantial deficit…the Venture has retreated 3 points to 801 as of 7:00 am Pacific…

4. Atlantic Gold (AGB, TSX-V) is one of the Venture volume leaders this morning after hitting a new multi-year intra-day high of $1.22 yesterday…last Thursday the company released positive assay results from a further 34 holes of resource definition diamond drilling being undertaken at its Fifteen Mile Stream Gold Project in Nova Scotia as the company aims to move Inferred resources to Measured and Indicated…a single rig is presently drilling on the property with 110 holes for 10,220 m of the planned 25,000 m having been drilled to date…AGB is up 4 cents at $1.15 as of 7:00 am Pacific in trading that included a 1.5 million share cross…

5. Bonterra Resources’ (BTR, TSX-V) was halted pre-open, pending news…yesterday the company released more encouraging drill results from its Gladitaor Gold deposit in Quebec, outlining additional high-grade Gold zones near surface on the west side Rivage Gap extension…3 drill rigs are currently operating at Gladiator with a 4th drill rig being considered for the on-trend Coliseum Gold Property…BTR closed up half a penny yesterday at 36 cents…

6. Integra Gold (ICG, TSX-V) has completed an updated resource estimate for its Triangle deposit at its 100%-owned Lamaque Gold Project in Val d’Or…the update incorporates 118,000 m of new drilling into the resource estimate for Triangle where Indicated resources have doubled from 737,590 Au ounces to 1,473,530 Au ounces grading 7.3 g/t Au while Inferred resources have decreased 1% from 1,004,170 Au ounces to 991,800 Au ounces at an average grade of 5.7 g/t Au..in total, the Lemaque deposits feature 8.4 million tonnes @ 7.09 g/t Au in the Indicated category (1.9 million ounces) and 7.1 million tonnes @ 5.9 g/t Au in the Inferred category (1.3 million ounces)…with a robust market cap of $370 million, ICG’s Gold in the ground is being valued at about $115 per ounce…

7. Someone with deep pockets has made a major investment into Canopy Growth (WEED, TSX)…the company announced this morning that it has completed a private placement with 1 investor for 2.5 million shares at $9.50 per share, raising aggregate net proceeds of $24.5 million…meanwhile, Aphria (APH, TSX) began trading on the TSX this morning as the Venture loses one of its high-flying plays…Aphria is one of the lowest-cost producers in the cannabis industry…in January this year, the company announced that its board approved a $137–million capital project to increase Aphria’s capacity greenhouse growing footprint capacity from 300,000 sq. feet to 1 million sq. feet, positioning the company to support continued mid-term demand expectations and growth as the market for cannabis expands….

The 3 most popular recent BMR articles…

BMR Morning Market Musings:  Gold Is Showing That It May Soon Take Many Traders By Surprise

Update:  Who’s Who In The Northern Ontario Cobalt Camp

The Drone Revolution:  Deveron UAS Carves A Niche In The Booming AgTech Sector

Check back later today for at least one additional posting. BMR Morning Market Musings returns tomorrow.

1. Gold has traded between $1,227 and $1,239 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,238 as it attempts to overcome key resistance in the mid-to-upper $1,230’s…Silver has added 14 cents to $17.53…Standard Charter said in a note, “The previous two hikes marked cycle lows for Gold, and European election uncertainty, U.S. President Trump’s foreign policies, as well as seasonal demand in India materializing in April are likely to make Q2 the strongest quarter for Gold prices this year.”  The U.S. Dollar Index has fallen half a point to 99.84 as of 7:00 am Pacific…

2. Oil prices are now flat, having trimmed earlier gains which were fueled by expectations that an OPEC-led output deal would be extended beyond June…advances have been capped by concerns about persistently high Crude inventories…according to Reuters, OPEC sources have indicated the group’s members increasingly favour an extension but want the backing of non-OPEC producers who have yet to deliver fully on existing cuts…meanwhile, Crude prices will likely be impacted, positively or negatively, by data to be released later today on U.S. inventories from the American Petroleum Institute (API)…

3. The NASDAQ has hit another record high in early trading as it closes in on the 6,000 level…the Dow and TSX are in the green after the first 30 minutes of the trading but the Venture is flat at 811…the last band of resistance the Index must overcome before a potentially strong new uptrend gains traction is between 817 and 824…

4. Robert Friedland reported this morning that a new step-out hole, drilled 5.4 km west of the present boundary of Ivanhoe Mines‘ (IVN, TSX) rich Kahula deposit, has intersected a relatively shallow, 16.3-m zone of typical Kakula-style, chalcocite-rich Copper mineralization similar to holes drilled in the center of Kahula (assay results expected within 2 weeks)…the discovery hole is 3.8 km west of the current limit of Kakula drilling and 4.1 km west of the last drill hole with returned assays announced January 23 (11.10 m true width of 5.82% Cu beginning at a downhole depth of 993.0 m). “In the mining exploration business, the very idea that a crew would drill a step-out hole almost 4 km away from the last known mineralization is virtually unheard of,” Friedland said.  “Bear in mind that the Kakula Discovery now is vastly larger and more important than it was last year when Kamoa-Kakula was independently ranked among the 10 largest Copper deposits in the world. In fact, the resource estimate that we announced for Kakula last October only covers approximately 40% of the presently defined 10.1-km strike length of Kakula’s mineralized trend.”  IVN has climbed 28 cents to $4.58 as of 7:00 am Pacific, 53 cents below its multi-year high from late last month…

5. Bonterra Resources’ (BTR, TSX-V) recent drilling in the 2017 resource development program at its Gladitaor Gold deposit has identified additional high-grade Gold zones near surface on the west side Rivage Gap extension…drill hole BA-17–05 intersected 5 distinct Gold zones including 2 new zones, and a notable western extension of the FW Zone which intersected 6.0 m grading 41 g/t Au at a depth of approximately 60 m below surface, as announced this morning…the Gladiator deposit remains open in all directions…its drilled dimensions have been outlined to a depth of 800 m below surface with a strike length of 1,200 m…3 drill rigs are currently operating at Gladiator with a 4th drill rig being considered for the on-trend Coliseum Gold Property…BTR is up slightly at 36.5 cents in early trading…

6. Great Gold Thunder (GTG, TSX-V) is active this morning, gaining half a penny to 5.5 cents (31 million shares outstanding) after announcing that it has optioned 52 sq. km in the Urban area of Quebec…the ground adjoins Osisko Mining, Beaufield Resources and Melkior Resources‘ properties along strike and is adjacent to Osisko’s Black Dog Project in the Urban-Barry Gold Camp…GTG has also cancelled its private placement announced in February, announcing a new one at a higher price (5 cents) to raise up to $600,000…

7. Aphria Inc (APH, TSX-V) makes the jump to the “big board” tomorrow as its common shares begin trading on the Toronto Stock Exchange…the symbol (APH) will remain the same.  “Aphria’s listing on the TSX represents a major milestone in our strategic growth plan, helping to increase trading liquidity, access a growing investor base interested in the cannabis industry and raise capital for further investments,” said Vic Neufeld, Aphria CEO.  “As one of Canada’s leading cannabis companies, we are excited about the opportunities in this rapidly growing market to drive shareholder value and continue Aphria’s success story. The TSX is the premier listings destination and this achievement highlights the strength of our experienced management and team, our commitment to providing safe, quality products, and our positive growth trajectory.”

The 3 most popular recent BMR articles…

Update:  Who’s Who In The Northern Ontario Cobalt Camp

The Drone Revolution:  Deveron UAS Carves A Niche In The Booming AgTech Sector

7 @ 7:00: Respected Gold producer CEO: “I don’t think, in my 20 years, I’ve ever seen the stars so aligned for a better Gold price”

Gold has traded between $1,230 and $1,236 so far today…as of 11:15 am Pacific, the yellow metal is up $5 an ounce at $1,234…Silver is 4 cents higher at $17.41…Copper is flat at $2.66…Nickel is off slightly at $4.61…Crude Oil has dipped 43 cents to $48.35 while the U.S. Dollar Index has gained one-tenth of a point to 100.41…

A major decline in net-long positions by large speculators in the week ending March 14, just a day before the Fed statement, is additional evidence that Gold prices found a bottom just below $1,200 an ounce…nearest key resistance is $1,235…

Interestingly, the Gold Volatility Index, which measures implied volatility calculated through call and put options, is trading at historically extreme lows…prepare for an upside surprise!…

Holdings of SPDR Gold, the world’s largest Gold-backed exchange-traded fund, fell 0.35% to 834.10 tons Friday…

Silver Update

Silver backed off abruptly from its late February high around $18.50, not surprising as that was just below resistance pointed out by John on the short-term chart following an almost non-stop run from a low of $15.70 in late December…

Note the inverted head-and-shoulders bottom late last year/early this year…

We indicated a week ago that where Silver needed to hold price support was somewhere between $17.25 and $16.50, and indeed that is what has occurred…RSI(14) has bounced off its traditional support at 30%…

Next challenge for Silver is to conquer its 50-day SMA at $17.45…

Outlook has to be considered bullish…

In Today’s Morning Musings…

1. Two highly attractive Gold juniors with emerging multi-million ounce deposits…

2. Canadian Zeolite (CNZ, TSX-V) takes action to ramp up sales…

3. Updates on BLO, BEX, CDG and CNX…

4. Daniel’s Den – Apple, “Augmented Reality” and what it means for YOU and Kopin…

Click here to receive, via email, BMR’s “Who’s Who” List of the Greater Cobalt Camp – the top dozen or so companies active in the district.

Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere?  Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017.  BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends.  BMR is daily information that puts you ahead of the crowd!

We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee.  If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!

Sign up NOW or login as a current subscriber with your username and password.

Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded in a narrow range between $1,230 and $1,236 so far today…key resistance is $1,235…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,232 while Silver has slipped 2 cents to $17.35…Commerzbank noted this morning how Fed rhetoric has not gotten ahead of the pace of future rate hikes, though several Fed officials are speaking today:  “The dovish outlook painted by Fed Chair Yellen at the press conference following last Wednesday’s Fed meeting is clearly still having an impact. This is likely to lure a number of speculative financial investors back into Gold after this group of investors massively reduced their net-long positions in the run-up to the FOMC meeting, thereby contributing to the slide that saw the price dip for a time to below $1,200 per troy ounce.”  The U.S. Dollar Index is down slightly at 100.24 as of 7:00 am Pacific while Oil prices have fallen 60 cents to $48.18…very strong support for WTI around $46 a barrel…

2. The Dollar Index hit a 6-week low this morning after the G20 weekend summit failed to agree on a joint communication that supported free and open trade…G-20 officials warned the U.S. risks starting a tit-for-tat trade war if it acts too aggressively, but Treasury Secretary Steve Mnuchin pointed out that Washington wants to avoid trade wars while seeking to rebalance off-kilter economic relationships…

3. North American equity markets are in the green to begin the new week…the Venture, which rebounded 12 points last week after its worst 2 weeks of the year, has added 4 points to 815 as of 7:00 am Pacific…the last band of resistance the Index must overcome before a potentially strong new uptrend gains traction is between 817 and 824…the TSX and Dow are up slightly in early trading…

4. Enforcer Gold (VEIN, TSV-V) has contracted Geotech Ltd. to carry out a high resolution aeromagnetic survey over the entire high-grade Montalembert Gold Project in northern Quebec in the coming days…the new high resolution magnetic plus VLF EM data will be a key tool used by VEIN’s exploration team to map out folding, shearing and faulting in detail at this structurally-controlled Gold project…VEIN is up half a penny at 23 cents on light volume through the first 30 minutes of trading…

5. Southern Silver (SSV, TSX-V) continues to release encouraging drill results from its Cerro Las Minitas Project in Durango State, Mexico…this morning the company reported intersections of heavily disseminated to massive sulphide mineralization at the Blind Shoulder zone with highlights including 7.3 m (6.5 m true thickness) averaging 737 g/t Ag, 21.8% Zn and 8.6% Pb in drill hole 17CLM-094 at a depth between 693 m and 700.3 m…exploration at Cerro Las Minitas is being funded by Electrum Global Holdings L.P. which has earned a 60% interest in the project through a $5 million (U.S.) earn-in on the property with Southern Silver acting as operator…with approximately 4,280 m now completed of the planned 10,000 m program, further drilling with 2 core rigs will focus on continuing the systematic expansion of the Blind Shoulder mineralized zone…Cerro Las Minitas  contains significant Inferred and Indicated resources…SSV is up 2 pennies at 53 cents as of 7:00 am Pacific…

6. Macarthur Minerals (MMS, TSX-V) has opened its Australian Securities Exchange (ASX) IPO of Macarthur Australia Ltd. to raise up to $10 million (Australian)…MMS will retain 66% to 76% ownership of Macarthur Australia…the IPO is scheduled to close on May 2, 2017, and begin trading on the ASX May 17…David Taplin, President & CEO of Macarthur Minerals, stated: “We believe that an ASX IPO of our Australian Iron Ore and Lithium projects will provide improved price realization for those projects more consistent with our ASX listed peers.”  MMS is unchanged at 13 cents as of 7:00 am Pacific…

7. TAG Oil (TAO, TSX) announced this morning that it has successfully completed a previously announced $15 million offering, issuing 23 million units at 65 cents per unit…TAG is a development-stage international Oil and Gas producer with established high-netback production, development and exploration assets, including production infrastructure in New Zealand and Australia…the company is poised for significant reserve and production growth with several Oil and Gas fields under development and high-impact exploration opportunities in proven Oil and Gas fairways…

The 3 most popular recent BMR articles…

Update:  Who’s Who In The Northern Ontario Cobalt Camp

The Drone Revolution:  Deveron UAS Carves A Niche In The Booming AgTech Sector

7 @ 7:00: Respected Gold producer CEO: “I don’t think, in my 20 years, I’ve ever seen the stars so aligned for a better Gold price”