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BMR Morning Market Musings returns tomorrow. In the meantime, visit our comments section during the day and watch for a separate new post later today.

1. Gold has traded in a narrow range between $1,250 and $1,256 so far today…as of 7:00 am Pacific, bullion is off $3 an ounce at $1,253 while Silver has slipped 9 cents to $18.18…base metals are generally slightly higher today after a strong performance yesterday while Crude Oil has climbed 34 cents to $51.49…Gold’s short-term chart continues to show a constructive pattern for an eventual breakout above stiff resistance at the 200-day moving average (SMA), currently $1,261…traders will be closely monitoring what comes out of meetings today and tomorrow between President Trump and Chinese President Xi Jinping in Florida…potential U.S. military action in Syria, following a chemical gas attack by the Assad regime, and tomorrow’s jobs report from the Labor Department are also in focus…

2. Turkey’s Gold imports increased by 17 times in March compared to a year ago, reaching 28.2 tonnes, amid political uncertainty and rising demand for the yellow metal ahead of the country’s upcoming constitutional referendum on April 16…in March 2016, Gold imports were only at 1.68 tonnes…the surge in imports also comes after Turkish President Tayyip Erdogan urged his citizens to exchange any foreign currency they have saved up for Gold…

3. Minutes from the Fed’s March policy meeting released late yesterday showed officials agreeing that they would likely begin shrinking a $4.5 trillion portfolio of Treasury and mortgage securities later this year which came as a surprise to some market participants and turned a 200-point Dow gain during the day to a 41-point loss at the close…meanwhile, Fed minutes also included this statement: “Participants continued to underscore the considerable uncertainty about the timing and nature of potential changes to fiscal policies as well as the size of the effects of such changes on economic activity. However, several participants now anticipated that meaningful fiscal stimulus would likely not begin until 2018. In view of the substantial uncertainty, about half of the participants did not incorporate explicit assumptions about fiscal policy in their projections.”

4. The Venture is off 1 point at 819 as of 7:00 am Pacific as it remains within a resistance band between 817 and 824…however, as John’s chart showed yesterday, there is an increasing probability of a near-term breakout above 824…the TSX and Dow are both up slightly in early trading…

5. 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 yesterday 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 unchanged at 52 cents as of 7:00 am Pacific…

6. Gold in the ground valued at just $6 an ounce with a mining permit?…approximately 130,000 m of drilling, including 30,000 m of historical data, are being incorporated into a near-term updated global resource for Granada Gold’s (GGM, TSX-V) LONG Bars Zone featuring an extensive near-surface deposit and increasing potential for a significant high-grade system at depth (4 m grading 14.5 g/t Au, Jan. 18, 2017)…DRA Global, one of the world’s leading vertically integrated engineering firms, is proposing a production scenario at Granada that includes a 12,000 tonne-per-day pre-concentration ore sorting facility and a 1,200 tpd mill which would put GGM on the path to becoming a 100,000 ounce-per-year producer…GGM is unchanged at 6.5 cents as of 7:00 am Pacific with a chart that shows a strong likelihood of a move into the teens this quarter…the last time we such a comparable opportunity in GGM was early last year when the stock confirmed a breakout above a long-term downtrend line and tripled in less than 2 months…

7. The world’s first marijuana ETF traded 3.5 million shares with a price range of $10.11 to $10.50 in its debut on the TSX yesterday…it’s up 7 pennies to $10.32 through the first 30 minutes this morning…Horizons Medical Marijuana Life Sciences ETF offers direct exposure to North American-listed stocks that are involved with medical marijuana bioengineering and production…

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