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1. Gold is once again attempting to conquer stiff resistance in the $1,260’s in the immediate vicinity of its 200-day moving average (SMA)…as of 7:00 am Pacific, bullion is up $11 an ounce at $1,265 while Silver has added 17 cents to $18.10…Palladium and Platinum are also both moving while base metals are steady…what continues to be impressive about Gold is how traders have consistently been buying into any dips…the current geopolitical climate is certainly helping to give Gold a “safe-haven” bid…U.S. Secretary of State Rex Tillerson arrives in Moscow today amid tensions over Syria…Tillerson has been mandated by foreign ministers from the G-7 to put pressure on Russia to break ties with Syrian President Bashar Assad…

2. The Venture is trying to make 824 resistance new support on a breakout…through the first 30 minutes of trading, the Index tested 824 but is now 2 points higher at 827 despite some downward pressure on heavy volume in some marijuana plays, triggering circuit breakers and brief trading halts…in Toronto, the TSX is down 22 points while the Dow is off 39 points as of 7:00 am Pacific…

3. American Manganese (AMY, TSX-V) is one of the top Venture performers in early trading, up 2.5 cents to 23.5 cents after reporting that Kemetco Research Inc. has successfully extracted Nickel, Manganese, Cobalt and Lithium from an NMC cathode material chemistry using AMY’s proprietary hydrometallurgical process…7 leach tests were conducted with a range of conditions and extractions of 100% for Nickel, Manganese, Cobalt and Lithium were achieved from cathode powders used in Lithium ion batteries…

4. Osisko Mining (OSK, TSX) released more high-grade drill results this morning from its continuing 400,000-m program at its 100%-owned Windfall Lake Gold Project in Urban township, Quebec…new assays are highlighted by 585 g/t Au over 2.8 m (796.2 m to 799 m) in drill hole OSK-W-17–743-W4 in the Caribou zone which included 5.45 kilogram/t (5,450 g/t) over 0.30 m containing what the company called “spectacular visible Gold veinlets“…the drill program combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry Project area…OSK is up a nickel at $5.50 through the first 30 minutes of trading…

5.  The new Yukon Gold rush is intensifying – Barrick Gold (ABX, TSX) is the latest major (and the biggest) to enter the region, joining 3 others, after announcing a deal yesterday with ATAC Resources (ATC, TSX-V) that translates into a potential total investment by Barrick of approximately $63.3 million…this includes a private placement in ATAC of $8.3-million and a 2-stage, $55 million exploration earn-in option to acquire up to 70% of ATC’s Orion Project…Barrick is the 2nd major producer in as many months to announce an investment in the Yukon…Newmont Mining (NEM, NYSE) recently said it would spend $39.5 million to explore and develop Goldstrike Resources’ (GSR, TSX-V) Plateau property…ATC is up 3.5 pennies at 53 cents as of 7:00 am Pacific…keep in mind that Strategic Metals (SMD, TSX-V) holds a large share position in ATAC and SMD also owns a massive land package in the Yukon…

6. The National Post reported today that Gran Colombia Gold (GCM, TSX) has filed a $700 million (U.S.) lawsuit against Colombia under the Colombian- Canadian free trade agreement after the government ordered it to cease operations at the El Burro site in Marmato until it has further consulted with local residents…the Post outlined how the Marmato Project has been plagued by controversy ever since operations began 10 years ago and stated the company has been unable to remove illegal miners from the area – by some reports, illicit mining is a $2.5 billion (U.S.) industry in Colombia…GCM is steady at 9.5 cents as of 7:00 am Pacific…

7. Gatekeeper Systems (GSI, TSX-V), a company we’ve been tracking as an ideal trade for the “Trump era”, climbed as high as 34 cents in early trading today…GSI announced yesterday that its non-brokered private placement offering as announced on April 3 and April 6 has been further oversubscribed…GSI now proposes to raise up to a total of $4.3 million at 20 cents per unit…Gatekeeper provides innovative, end-to-end video safety and security solutions for mobile applications, including body cameras, in-car police video systems, school bus video and stop-arm camera video enforcement systems, transit bus video systems, and airborne digital recording systems for military applications…

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Gold has traded between $1,246 and $1,258 so far today…as of 11:00 am Pacific, the yellow metal is off its lows of the day and down just $2 an ounce at $1,252…Silver is off slightly at $17.90…Copper is down 3 pennies at $2.60…Nickel is unchanged at $4.60…Crude Oil has surged 76 cents to $53.00 while the U.S. Dollar Index has retreated one-quarter of a point to 100.96…

For the 3rd week in a row, hedge funds continued to buy Gold and Silver, according to the latest trade data from the Commodity Futures Trading Commission…net bullish positioning in Gold, however, remains modest and is down 29% compared to last year at this time…we interpret that, however, as good news since there’s still lots of space available for traders to hop on the Gold bandwagon when the time is right…

G-7 foreign ministers began a 2-day meeting today in Italy with Syria and the broader Middle East at the top of the agenda…

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

1. Gold has traded between $1,246 and $1,255 so far today…as of 7:00 am Pacific, bullion is down $4 an ounce at $1,250 while Silver has slipped 17 cents to $17.79…Gold is now back below its 200-day moving average (SMA), which has been providing stiff resistance since February, after briefly shooting above $1,270 on Friday for the first time in 5 months following much weaker than expected U.S. jobs data and a U.S. missile strike on a Syrian air base…India’s Ministry of Commerce and Industry reported today that Indian Gold imports dropped 24% during the 2016–17 fiscal year…

2. Crude Oil continues to strengthen, supported by another shutdown at Libya’s largest Oilfield and heightened tension over Syria following last week’s U.S. military action…the Middle East is home to more than a quarter of the world’s Oil output and traders could be building a risk premium back into the market…WTI is up 47 cents at $52.71 as of 7:00 am Pacific…meanwhile, there’s a growing belief that global Oil inventories are drawing down and the market is no longer in massive surplus, while the demand side appears robust…

3. The Venture, which will benefit from firmness in Oil, is trying to gain traction above important resistance at 824…through the first 30 minutes of trading, the Index has gained 2 points to 826…marijuana stocks are showing strength to begin the new week…ATAC Resources (ATC, TSX-V) was halted just prior to market open, pending news…in Toronto, the TSX is up 11 points while in New York the Dow has climbed 58 points…Tesla’s (TSLA, NASDAQ) market capitalization is now bigger than General Motors‘ (GM, NYSE), making it the largest U.S. based automaker by that metric…Tesla sold about 76,000 cars in 2016 whereas GM sold around 10 million…

4. Constantine Metal Resources (CEM, TSX-V) hit a more than 2-year high of 17 cents in early trading, its 2nd straight session of higher than usual volume…the company is advancing its 51%-owned Palmer Copper-Zinc-Gold-Silver Project in Alaska with Japanese partner Dowa Metals & Mining (49%)…technically, CEM is overcoming strong resistance at 14 cents as per John’s charts…

5. EnGold Mines‘ (EGM, TSX-V) has intersected high-grade Copper in 2 step-out holes at its Lac La Hache Property discovery in B.C.’s Cariboo region…holes G17–03 and G17–04 returned assay values of 21.7 m (true width) grading 1.2% Cu, 0.17 g/t Au and 6 g/t Ag, and 12.2 m (true width) grading 1.8% Cu, 0.41 g/t Au and 10 g/t Ag, respectively…hole G17–03 was collared 50 m east of discovery hole G16–01 while G17–04 was collared 50 m west of G16–01…the mineralized intercepts occur at the same stratigraphic levels at 337.3 m and 336 m downhole…assay results from hole G17–02, collared 71 m north of hole G16–01, are still pending…drilling at the property is expected to recommence with 2 drills in approximately 10 days…1 of the drills will be deployed to test the previously reported new, highly intense gravity anomaly to the northwest of the discovery hole…the other drill will step out to the south of the discovery hole, where new gravity data indicates increasing potential for mineralization…EGM has pushed higher on the news, adding 4 pennies to 58 cents as of 7:00 am Pacific…

6.  Assay results received from Ivanhoe Mines‘ (IVN, TSX) Kakula West discovery hole DD1124 have verified a high-grade interval of 5.8% Cu over 8.9 m at a 2.5% cut-off, including 6.2-m grading 6.8% Cu…DD1124 was drilled 3.8 km west of the current limit of resource delineation drilling on the central section of Kakula…meanwhile, 2 new step-out holes at Kakula West, drilled 400 m and 800 m respectively west of hole DD1124 and along the strike of the mineralized trend, also have intersected relatively shallow, Kakula-style, chalcocite-rich Copper mineralization with assays pending…this further extends the overall length of the known Copper-rich mineralized system at Kakula to approximately 11 km…the mineralization encountered in the 2 holes west of DD1124 is similar to the mineralization intersected in earlier drilling into the high-grade core of the Kakula discovery, which is approximately 10 km to the east…a total of 14 rigs are drilling at Kakula…3 rigs are extending the Kakula West discovery area; 1 is working in the far southeastern area of Kakula; 6 are extending resources at the northwestern extent of the Inferred resource area; 2 are drilling infill holes close to the centre of Kakula; and 2 are drilling wedge holes for metallurgical testwork in the Kakula Indicated resource area…more than 69,000 m have been drilled at Kakula since May of last year…a new resource estimate for the eastern section of Kakula, covering a strike length of approximately 6.3 km, is expected to be ready next month…

7. What’s Manitou Gold (MTU, TSX-V) up to?…the company announced this morning that Pat Dubreuil, named 2016 Northern Ontario business entrepreneur of the year, has been appointed President while Richard Murphy, who previously held the roles of both President and CEO, remains as CEO.   “I am very impressed with Pat’s energy, tenacity and professionalism. I look forward to working closely with Pat in advancing our Kenwest and Gaffney projects, as well as growing our company through new business development opportunities.”  Dubreuil currently serves as research and development director for the Centre of Excellence for Mining Innovation (CEMI)…he’s also the founder and President of Let’s Roll ‘Ideation’ Consulting which specializes in business development for regional and international markets…

The most popular recent BMR articles…

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

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

TSX Venture Exchange and Gold

The Venture closed exactly at the top of a resistance band Friday, so what’s next?

Click here to receive, via email, BMR’s updated “Who’s Who” List of the northern Ontario Greater Cobalt area – the 15 or so companies active in the district, and our top picks within that group.    

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Gold has traded between $1,254 and $1,272 so far today…as of 10:30 am Pacific, the yellow metal has shed most of its gains since last night and is now up just $3 an ounce at $1,255…resistance in the $1,260’s around the 200-day moving average (SMA) continues…Silver has retreated 29 cents to $17.95…Copper is up a penny at $2.64…Nickel has climbed 6 cents to $4.61…Crude Oil is 47 cents higher at $52.17 a barrel while the U.S. Dollar Index has rallied half a point to 101.17 which helps explain the pullback in precious metals…

Geopolitical risks are back on the radar following last night’s U.S. cruise missile strike against a Syrian air base in response to a chemical weapons attack on civilians carried out by the Assad regime earlier this week…the Kremlin said in a statement today that the airstrike was an “aggression against a sovereign state in violation of international law” and that President Putin believes the U.S. authorized the strikes under a “far-fetched pretext”.  Kremlin spokesman Dmitry Peskov stated, “Washington’s move deals a significant blow to the Russia-U.S. relations, which are already in a deplorable shape.” Iran, Syria’s other ally, also condemned the attack as Middle East tensions intensify…President Trump and Putin could be a collision course – the coming days and weeks will prove interesting, indeed…

Intra-day moves are one thing, closing prices are another!…back-to-back closes above Gold’s 200-day, currently $1,261, are required to open a technical move toward $1,300 with new support between $1,250 and $1,260…while Gold bugs may find today’s action disappointing given the swift retreat from the $1,272 high – especially after U.S. military action and a weak jobs report – there are far too many technical and fundamental indicators that support the contention that Gold is going to experience a powerful breakout…patience, as always, is key…

Strong Gold ETF buying will be essential in driving the yellow metal higher – that’s a trend to watch closely…Gold demand in Asia has remained soft this week, with premiums in China notching a slight uptick and those in India remaining unchanged, as higher prices kept physical buyers at bay…

Oil Update

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

1. Gold suddenly surged to a 5-month high last night as President Trump ordered a targeted military strike against a Syrian air base with 59 Tomahawk missiles…the strike was in response to the Assad regime once again using chemical weapons against its own people, including children, earlier this week…since a bloody civil war erupted in that country in 2011, Assad was able to act with impunity during the Obama years and also enjoys the support and protection from ally Russia…Syria is a “powder keg” with multiple countries and radical Islamist terrorist groups active on the ground, including 1,000 American troops, so it’s no surprise that Gold has reacted bullishly to Trump’s Tomahawks that were meant to send a message to not only Assad but Russia, China and North Korea…Russia and Iran, not surprisingly, have condemned the attack…

2. As of 7:00 am Pacific, bullion is up $14 an ounce at $1,266, attracting fresh interest after this morning’s U.S. jobs report came in well below expectations (98,000 vs. the consensus estimate of 180,000)…that news briefly took Gold to a high of $1,272…Silver has added 9 cents to $18.33 while Crude Oil has responded to the flair-up in Middle East tensions by adding 18 cents to $51.88, though it’s off its highs of the day…traders will be closely monitoring what comes out of the second and final day of meetings between President Trump and Chinese President Xi Jinping in Florida…it appears that right after a dinner meeting with Trump, Xi returned to his quarters last night having just learned of the U.S. military strike against Syria…he likely got the message that China needs to reign in North Korea…

3. The U.S. 10-Year Treasury Yield briefly hit its lowest level since November this morning (Gold bullish) following the jobs report…the disappointing headline numbers could be just a one-off due to weather-related issues – next month’s report should confirm if that’s the case…the jobless rate fell two-tenths of a percentage point last month to 4.5%, the lowest level since May 2007, while the average hourly paycheck of private-sector workers grew 5 cents from a month earlier and 2.7% from a year earlier…that suggests wages continue to rise a bit more quickly than earlier in the recovery, another sign of a tightening labor market…

4. The Venture is attempting to bust through a key resistance band between 817 and 824…higher Gold and Oil prices help put the wind at the Venture’s back…the Index has climbed 5 points to 827 as of 7:00 am Pacific…the TSX and Dow are both down slightly in early trading…

5. An extensive analysis by BMR has revealed that with more than 40,000 m of fresh drilling data (including historical) to be factored into a new resource estimate for Granada Gold’s (GGM, TSX-V) LONG Bars Zone, there’s a strong likelihood that the soon-to-be announced updated global resource at this Cadillac Trend deposit will reach a staggering 5 million ounces…this would represent an approximate doubling of the maiden resource from late 2012…one key area contributing to the expansion is north of the existing resource and historic pits where a high-grade discovery has been made at depth…this information may help explain DRA Global’s interest in the project as the vertically integrated engineering firm is currently finalizing technical and financial proposals for GGM that could dramatically reshape the mining dynamics at Granada…just one such example is a proposed 12,000 tonne-per-day pre-concentration ore sorting facility that would “upgrade” material for downstream processing, potentially sharply reducing costs per tonne…with the stock at just 6.5 cents and a breakout in Gold, the risk-reward ratio is exceptional as we haven’t seen an opportunity like this in GGM since late 2015/early 2016 when the stock was in the midst of a 10-fold move to the upside…GGM is unchanged at 6.5 cents in early trading…special video presentation outlining our research early next week…

6. Almadex Minerals (AMZ, TSX-V) is gaining technical momentum after releasing impressive results earlier this week from the first hole of its 2017 drill program at El Norte in Mexico…hole EC-17–018, which returned 342 m grading 0.60 g/t Au and 0.27% Cu (including 115 m @ 1.33 g/t Au and 0.48% Cu), represents a significant up dip step-out and intercepted mineralization up to 200 m vertically above that in hole EC-16–010…AMZ is up 4 pennies at $1.25 as of 7:00 am Pacific…

7. Assay results are pending for 2 step-out holes at EnGold Mines’ (EGM, TSX-V) high-grade skarn-type discovery at its 100%-owned Lac La Hache Property in British Columbia’s Cariboo region…this early-stage discovery became increasingly interesting Wednesday on news of strong gravity signatures over a broad area around hole G16–01 (26.6 m grading 1.76% Cu)…the most significant of the new anomalies is located approximately 2.5 km northwest of G16–01 and returned values exceeding 3 milligals, which is 3 times higher than values reported to date, and is approximately 1,000 m by 500 m at the 2.5-milligal level and higher…another strong gravity anomaly has been identified 1.2 km southeast of the discovery hole…this could imply multiple deposits…meanwhile, both step-out holes (50 m to the east and 50 m to the west) were reported to be as visually impressive as G16–01…watch closely…EGM is off 2 pennies at 52 cents as of 7:00 am Pacific…updated chart for EGM in today’s Morning Musings…

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Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

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