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Gold has traded between $1,202 and $1,212 so far today…as of 10:50 am Pacific, the yellow metal is flat at $1,204…Silver is off slightly at $16.95…Copper has added 3 pennies to $2.62…Nickel has jumped 13 cents to $4.58…Crude Oil is down another 15 cents to $48.34 while the U.S. Dollar Index is unchanged at 101.28…

A Fed rate hike on Wednesday is fully discounted by the market…the only thing that might prompt temporary further weakness in Gold and a move up in the dollar is if FOMC members lift the number of rate hikes they expect this year from 3 to 4…Fed statement at 11:00 am Pacific Wednesday followed by Ma Yellen’s news conference…

Wednesday’s a big day…the latest U.S. CPI data will also be released while traders will be keeping an eye on elections in the Netherlands…meanwhile, President Trump is expected to unveil his fiscal 2018 budget outline on Thursday…rising deficits would definitely be bullish for bullion…Trump has promised to “do a lot more with less“, though defense will get a big boost after years of cuts under Obama, but his blueprint faces a reality test with many Republicans…

Venture 16-Year Monthly Chart

Why the 850 level for the Venture has proven to be such stubborn resistance, we’re not exactly sure…however, around 850 is where the Index found support during the spring of 2013 and then proceeded to gradually rally over the next year-and-a-half until it hit a wall around 1,050 and plunged steeply during the last leg of the bear market…

This long-term chart shows the bull market still in its early stages with RSI(14) continuing to attempt to break out above a long-term downtrend line…how soon that will occur is impossible to say, but when it does – look out…this market will really take off…

Buy pressure is still very modest, well below the peaks of previous bull markets…the overall pattern of this new 1-year-old bull market suggests we’re likely to see an extended, multi-year bull phase as opposed to a 24-month blow-off like 2009–2010…

Previous bull markets have all retreated on various occasions to the rising 300-day SMA, currently 720…the 300-day could move up quite a bit higher before it gets tested for the first time in this bull cycle…

In Today’s Morning Musings…

1. Firesteel gives up on resource sector, Colorado eagerly grabs ROK-COYOTE to double the potential strike length of North ROK…

2. “Tenor is King”:  Geologist Everett Makela on Garibaldi’s E&L…

3. Follow the VEIN!…

4. Daniel’s Den – KOPN scores again with its technology, stock hits new 2-year high…

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 Morning Market Musings.

1. Gold has traded between $1,202 and $1,212 so far today…as of 7:00 am Pacific, bullion is unchanged at $1,204 while Silver has slipped a few pennies to 16.97…updated Silver charts in today’s Morning Musings…Gold has strong support in a band between $1,180 and $1,200…investors are focusing on Wednesday’s Fed statement, with a rate hike all but guaranteed, while Dutch parliamentary elections on Wednesday are also in the spotlight this week…traders’ concerns over the outcome of European elections this spring should help limit Gold’s downside…hedge funds and money managers slashed their net long positions in COMEX Gold from the highest in 3 months in the week to March 7 according to Friday’s U.S. Commodity Futures Trading Commission data…

2. Crude Oil prices will try to bounce back this week after last week’s 9% drubbing that took WTI to its lowest levels in 3 months…Goldman Sachs said in a note it remained “very confident” about commodity prices and maintained its price forecast of $57.50 a barrel for WTI in the 2nd quarter…meanwhile, U.S. drillers added Oil rigs for an 8th consecutive week, Baker Hughes said on Friday, lifting spending to benefit from an earlier recovery in Crude prices since OPEC agreed to cut output…WTI is flat at $48.53 as of 7:00 am Pacific… key technical support is around $46…

3. North American markets including the Venture are mostly in the green to start the new week with the Venture following through on Friday’s best single day performance since January 5 with a gain of 4 more points to 803 as of 7:00 am Pacific…the Venture retreated to a strong area of support last week…getting an interest rate hike out of the way imminently should prove helpful for both the Venture and the overall commodities space…the TSX is 21 points higher while the Dow is off 13 points as of 7:00 am Pacific…U.S. chip giant Intel has agreed to buy Israeli driverless technology firm Mobileye for $15.3 billion, the largest ever acquisition of an Israeli high-tech company…the $63.54 per share cash deal is the world’s biggest purchase of a company solely focused on the autonomous driving sector…Mobileye accounts for 70% of the global market for advanced driver-assistance and anti-collision systems…

4. Toronto-Dominion Bank (TD, TSX) shares are rebounding modestly this morning after Friday’s worst single day plunge since the financial crisis over concerns of a “Wells Fargo moment”…allegations in a CBC report that the bank engaged in high-pressure sales tactics and unethical practices led to a 5.5% drop in the share price on a huge spike in volume…TD CEO Bharat Masrani was quoted by the Financial Post as saying that the environment described in the report “is very much at odds with how we run our business. We have a long history of providing great customer service…we’ll continue to do so.”

5. Colorado Resources (CXO, TSX-V) has entered into a purchase agreement with Firesteel Resources (FTR, TSX-V) to acquire a 100% interest in the ROK-COYOTE Cu-Au Porphyry Property 10 km northwest of the Red Chris mine…the ROK-COYOTE Property has shown significant potential and is on trend, immediately to the south and east, of Colorado’s North ROK Property which doubles the prospective strike along the North ROK porphyry trend toward the border with Red Chris…Firesteel, which appears to be exiting the resource sector (bullish contrarian indicator) as it searches for “alternative opportunities”, is surrendering ROK-COYOTE for 1.5 million units of CXO…each unit includes a 2-year full warrant exercisable at 45 cents, so CXO may also end up with a free financing out of the deal…

6. Marathon Gold (MOZ, TSX) has released another batch of solid assay results this morning from ongoing drilling at its Marathon deposit in the Valentine Lake Gold Camp…the latest intercepts include 2.9 g/t Au over 71 m (24 m to 95 m) and 1.88 g/t Au over 136 m (118 m to 254 m) in MA-17–165, 2.3 g/t Au over 19 m in MA-17–166 and 2.35 g/t Au over 29 m in MA-17–167…those drill holes were designed to penetrate down through the Gold-bearing en-echelon stacked quartz-tourmaline-pyrite (QTP) vein swarms and confirm the vertical continuity of the strong Gold mineralization within the 50 to 100-m wide structural corridor which is open both along strike and to depth…MOZ is up 2 pennies at $1.04 on the news as of 7:00 am Pacific…

7. Tinka Resources (TK, TSX-V), on our list of favorite Zinc plays late last year, hit a new multi-year high this morning of 57 cents in advance of more results from its Ayawilca Project in central Peru…the first hole of the 2017 campaign was a 400-m step-out to the south of the existing Inferred resource and returned 17.9 m grading 11.6% Zn within a broader interval of 62.4 m @ 5.6% Zn…results are pending from the bottom of that hole and a favorable limestone unit…

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”

TSX Venture Exchange and Gold

The Venture has experienced its 2 worst weeks of the year, tumbling 18 points February 27 to March 3 followed by another 19 points last week to close at 799 as both Oil and Gold came under pressure.

Is this a normal pullback that has reached its climax, or is the Venture bull market on shaky ground?

Today we examine some critical information that you can profit from.

Click here to receive, via email by tonight, BMR’s updated “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.

Gold has traded between $1,194 and $1,207 so far today…as of 11:00 am Pacific, the yellow metal is up $2 an ounce at $1,203…Silver is flat at $16.91…Copper is up slightly at $2.59…Nickel has retreated another 14 cents to $4.46…Crude Oil is off 60 cents a barrel to $48.68 while the U.S. Dollar Index has retreated two-thirds of a point to 101.33…

Anticipation of a March interest rate hike in the U.S. has put Gold on track for its biggest weekly loss in 4 months this week, but we’ve seen that movie before in the lead-up to the only 2 Fed meetings in the last decade that have resulted in rate increases…Gold has actually been more resilient this time around, so how March finishes for Gold could be quite different from how it has played out so far…

Overnight, Gold touched $1,195 Fib. support before a mild bounce took it slightly back above $1,200…the yellow metal could briefly dip below the $1,195 support, by $10 or $20, in the days ahead but chart patterns indicate to us that the $1,200 level is going to hold this month…

Oil Update

In Today’s Morning Musings…

1. Where WTIC may land after this week’s “Crude” surprise…

2. Another Nickel expert focuses in on the Eskay Heart of Gold Camp and GGI’s E&L…

3. The “fire sale” in Colorado Resources…

4. Time to Saddle up!…

5. Daniel’s Den – technology and the Oil business…

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 dipped as low as $1,194 overnight before rebounding as bargain hunters stepped in following the release of the U.S. jobs report for February which was a “sell on news” event for the greenback…as of 7:00 am Pacific, bullion is flat at $1,200 while Silver is also relatively unchanged at $16.91…ETF selling has been the key factor in Gold’s recent weakness, just like ETF buying was the catalyst for the push higher between late December and late February…holdings of the world’s largest Gold-backed exchange-traded fund, SPDR Gold Shares, fell 2.7 tons yesterday, bringing the total outflow for the week so far to 6.5 tons…

2. U.S. non-farm payrolls increased by 235,000 in February, topping expectations, and the unemployment rate was 4.7% in the first full month of President Trump’s term, the Labor Department reported this morning…significantly, average hourly earnings increased by a healthy 2.8%…this morning’s numbers set the stage for next week’s Fed meeting at which the FOMC is widely expected to approve a quarter-point hike in its target rate to 0.75% to 1%…there are clearly heightened expectations for economic growth as the new Preisdent and the Republican-controlled Congress push an agenda of tax cuts and regulatory rollbacks…the greenback sold off on the news this morning and is down more than one-third of a point at 101.61 as of 7:00 am Pacific…

3. Crude Oil prices recovered modestly earlier this morning but have since pulled back to even on the day after dropping to their lowest levels in 3 months yesterday, pressured by continued oversupply despite OPEC-led production cuts…in today’s Morning Musings we’ll have an updated chart for Crude which puts the current weakness into perspective…market confidence failed after news on Wednesday of another big rise in U.S. Crude inventories, which swelled by 8.2 million barrels last week to a record 528.4 million barrels…meanwhile, U.S. Oil and Gas drilling has also picked up with producers planning to expand Crude production in North Dakota, Oklahoma and other shale regions, while output has jumped in the Permian, America’s largest Oilfield…

4. North American markets including the Venture are in the green in the early going as the Index has added 4 points to 793 as of 7:00 am Pacific…the Venture has retreated to a strong area of support after declining in 8 out of the past 10 sessions, losing 5.6% during that time…getting an interest rate hike out of the way next week should prove helpful for both the Venture and the overall commodities space…the TSX and Dow are up 74 and 75 points, respectively, through the first 30 minutes of trading…

5. Internationally renowned Nickel expert Dr. Peter Lightfoot has joined the Garibaldi Resources‘ (GGI, TSX-V) Advisory Board following release of the company’s geologic model for the E&L deposit in the Eskay Heart of Gold Camp, the first magmatic Ni-Cu-rich massive sulphide system in northwest British Columbia’s Golden Triangle…Lightfoot enjoyed a distinguished 20-year career with Inco and Vale and was the chief geologist responsible for technical aspects of exploration programs at Voisey’s Bay, Sudbury and Thompson…last year, he published the first comprehensive textbook on the ore deposits of the Sudbury Igneous Complex.  “The opportunity at E&L comprises mineralization with unusually high Nickel tenor of the sulphide and value-added Copper in a mafic intrusion that has seen minimal previous exploration,” Lightfoot stated…

6. Pretium Resources (PVG, TSX) remains tight-lipped about exploration results outside of its Brucejack resource, though the company confirmed in a news release this morning that its 2016 grassroots exploration program, which concluded in October, was conducted to evaluate the broader regional exploration potential of the Brucejack Property outside the area of known mineralization…the Bowser regional project area, approximately 20 km southeast of the Valley of the Kings deposit, comprises approximately 800 sq. km…the 2015 program included airborne magnetic, radiometric and electromagnetic surveys over two-thirds of the project…the 2016 program covered the remaining areas with airborne magnetic and radiometric surveys, as well as a hyperspectral survey, regional ground MT surveys, property-scale mapping and prospecting over the entire area…a limited drill program was also completed to enhance geological interpretation…the significance of that extensive work will no doubt come to light in due course…

7. Cobalt Power Group (CPO, TSX-V) has completed the final tranche of a $1.5 million financing to further advance its Smith Cobalt Property in northern Ontario’s Greater Cobalt Camp…the company expects results from its recently completed IP survey shortly and will use the data to help finalize targets for a spring drill program at Smith which is contiguous to the past producing Deer Horn mine…CPO is up half a penny at 12.5 cents through the first 30 minutes of trading…

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”

Check back later today for fresh material at BMR while Morning Market Musings returns tomorrow.

1. Gold dipped as low as $1,203 overnight before rebounding slightly when the greenback started to come under pressure…as of 7:00 am Pacific, bullion is down $2 an ounce at $1,206 while Silver is flat at $17.19…Gold has been adjusting in advance of what’s expected to be an interest rate hike next week by the U.S. central bank, and tomorrow’s February jobs report from the Labor Department should be the deciding factor…yesterday, traders saw an 86% chance of a rate hike next Wednesday, compared with 82% at Tuesday’s close, according to CME Group’s FedWatch program…

2. As expected, the European Central Bank has left interest rates unchanged.  “The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases,” the central bank reiterated in its monetary policy statement…however, there has been a slight shift in thinking by the ECB as in his post-statement news conference, chief Mario Draghi said more steps to boost the recovery and inflation are less likely…the euro rose and the U.S. dollar declined following Draghi’s comments…

3. Crude Oil prices are under pressure again this morning, dipping slightly below $50 a barrel after yesterday’s 5% drop…traders have seen U.S. Oil stockpiles gain around 50 million barrels since the start of the year, raising some doubts over the effectiveness of OPEC cuts…WTIC still has excellent support around $50 a barrel and we’ll have an updated chart in tomorrow’s Morning Musings…

4. PDAC organizers say this year’s event which concluded yesterday featured 24,161 attendees, “a strong indication that confidence has returned to the mineral exploration and mining industry.”  Attendance was up almost 10% from 2016 when around 22,000 people attended the world’s largest mining conference.  “The mineral exploration and mining industry is cyclical in nature and has faced a variety of economic challenges over the past several years, but optimism has always remained and it’s fantastic to see this being reflected at the PDAC convention,” said PDAC President Glenn Mullan, referring to sold-out exhibitor space, investor meetings, short courses, mineral outlook luncheon, and awards gala. “There was an upbeat vibe throughout the convention – a positive sign for the sector going forward.”

5. The Venture, which has declined in 7 out of the past 9 sessions, bounced off the 789 level in early trading and is now up slightly at 793 as of 7:00 am Pacific…exceptional Venture support ranges from 800 to 770…the Venture’s rising 200-day moving average (SMA) is now just a few points below the Fib. 785 level which has held significance during this early part of the Venture’s new bull market cycle…

6. Further evidence of strong investor interest in parts of the Yukon – White Gold (WGO, TSX-V), which has been a top performer since last September, announced this morning that it intends to raise up to approximately $10 million in flow-through financing at $1.80 per share, co-led by GMP Securities and Clarus Securities…

7. Clean Commodities (CLE, TSX-V) and Skyharbour Resources (SYH, TSX-V) have executed an option agreement with AREVA Resources Canada Inc. which provides AREVA an earn-in option to acquire up to a 70% working interest in a portion of the Preston Uranium Project in the Athabasca basin, adjacent to NexGen Energy’s Arrow deposit…under the Agreement, AREVA will contribute cash and exploration program consideration totaling up to $8,000,000 (CDN) in exchange for up to 70% of the applicable project area over 6 years with a first option where AREVA may acquire an initial 51% working interest in the Preston Segment by funding exploration expenditures in the total amount of $2.8 million and making cash payments totaling $200,000 to Clean Commodites and Skyharbour…

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”