Check for more postings later today on BMR. BMR Morning Market Musings returns Friday following Roundup in Vancouver.
1. Gold has traded between $1,211 and $1,218 so far today…as of 7:00 am Pacific, bullion is down $1 an ounce at $1,217…yesterday, U.S. Treasury Secretary nominee Steven Mnuchin suggested the new administration believes the dollar is too high, following up on comments last week by President Trump that sent the greenback sharply lower…the Dollar Index is flat at 100.07 as of 7:00 am Pacific…base metal prices are firm this morning with Copper and Nickel leading the way while Zinc hovers near a multi-year high at $1.27 a pound (Daniel has an update on 3 Zinc exploration plays later today)…
2. Oil prices are back above $53 a barrel this morning as OPEC and non-OPEC producers start to “talk up” their recent output cuts and an “unprecedented depth of cooperation”…of the almost 1.8 million barrels per day (bpd) they had agreed to remove from the market starting on January 1, 1.5 million bpd has already been trimmed…rising U.S. drilling activity and production has been acting as a bit of a counterweight this month against Oil prices, but Crude also needed to consolidate its sharp gains from December…
3. NBC News is reporting this morning that President Trump will sign an executive order today that will make it easier for TransCanada to construct the Keystone XL pipeline and for Energy Transfer Partners to build the final uncompleted portion of the Dakota Access Pipeline…
4. After closing at its highest level yesterday since September 27, the Venture is flat at 805 as of 7:00 am Pacific…the TSX has added 22 points while the Dow is up 23 points…we’ll have an updated Venture chart in a separate posting later today (no regular BMR Morning Market Musings today due to Roundup), showing the second major breakout during this new bull market cycle…
5. Cordoba Minerals (CDB, TSX-V) hit a new multi-year high of $1.32 this morning in follow-up to yesterday’s news of a bonanza-grade intersection at its San Matias Project in Colombia…drill hole ACD036 at Alacran returned a 0.90 m section of 4,440 g/t Au plus 10.25% Cu, 24.70% Zn and 347 g/t Ag…the high-grade vein is similar to carbonate base metal (CBM) vein systems found globally…earlier this month, CDB issued a maiden resource for its Gold-Copper deposit at Alacran which is surrounded by multiple other targets…CDB is up a penny at $1.30 as of 7:00 am Pacific (nearest Fib. resistance is in the $1.50’s after a confirmed breakout above $1)…
6. Another junior with a confirmed breakout is Tinka Resources (TK, TSX-V) which touched its highest level yesterday (34 cents) in nearly 2 years…TK is off a penny at 31 cents as of 7:00 am Pacific…the company is preparing to commence a major drill program at its 100%-owned Ayawilca Project, a large Zinc sulphide system in the world-class central Peru Zinc-Silver belt…
7. On the CSE, MGX Minerals (XMG, CSE) hit a new all-time high of 91 cents in early trading after yesterday’s news that it has formed PetroLithium Corp. of America, a 100%-owned U.S. subsidiary of the company…MGX has mandated PetroLithium Corp. to acquire Oil field assets, including brine-bearing Lithium resources, Oil wells, and existing Oil and gas infrastructure…meanwhile, MGX continues to work with partners LurLucid Treatment Solutions Inc. and the Saskatchewan Research Council on multiple fronts pertaining to the company’s recent extraction of Lithium from heavy Oil waste water…
Dave – VP on the CSE.. would you consider them a real estate AND a pharma producer/company?? I am trying to wrap my head around their biz model.
the stock went from 60+ to 30 then back up AFTER a NR… guess noone knew the NR was coming eh!!??? yeh like fack!!!
TIA Dave or anyone who has some insight that I seem to be missing:) cheers
Comment by Jeremy — January 24, 2017 @ 10:41 am
XL – a renegotiation will be req’d (remember Donnie said he wanted $$ for allowing them to build it) , and I’m guessing a blockade is coming since it was so successful w the Dakota (?) Line. A step in positive direction, but just a step. Now to negotiate on the trade balance plan, because a successful pipeline will likely upset the trade balance w CAN+US, which is a no-no going fwd
Comment by david — January 24, 2017 @ 11:25 am
Jeremy – I don’t follow them but it looks like they are trying to do weed among other things.
I bought FGD yesterday at .26 on the bollinger band squeeze.
Comment by dave — January 24, 2017 @ 12:17 pm
Something up with CLE. the bids have grown and the chart is dictating upward bound.
Comment by dave — January 24, 2017 @ 12:32 pm
Dave – CLE, I noticed that chart also, the 30 day average is crossing the 90 day simple moving average. Up from here I hope. Today’s volume has not been this high since early August last year. Something must be brewing. We need all those on the bid hit the ask and to close at 8.5-9.5 cents tomorrow.
Comment by Vepper — January 24, 2017 @ 2:52 pm
CLE and OX both looking good today. I think we are getting a rising tide. I think Trump signing off on Keystone will have a positive spin off effect in the resource sector, less worry about environmental concerns and special interest groups.
Comment by Danny — January 24, 2017 @ 3:16 pm
Dave – true enuff.. but I cant seem to discern how they are playing it.. seems they have a tenant.. but not dong stuff themselves.. hard to pin down.
oh well thx for your input
Comment by Jeremy — January 24, 2017 @ 7:31 pm
Jon
I realize you are busy with Round Up this week, but any time frame for the Makela interview or any other GGI updates?
thanks
Comment by greg — January 24, 2017 @ 8:39 pm