4. The Venture is up slightly at 801 as of 7:00 am Pacific with North American equity markets recovering from modest losses yesterday…the TSX is 52 points higher through the first 30 minutes of trading…in New York, the Dow has added 12 points as of 7:00 am Pacific while the NASDAQ has hit a new record high…the Dow, S&P and NASDAQ are coming off solid monthly performances in May…the S&P and NASDAQ posted monthly gains of 1.16% and 2.5%, respectively, while the Dow rose about a third of a percent on the back of a subdued volatility environment…the VIX, widely considered the best gauge of fear in the market, broke below 10 six times last month, hitting levels not seen in more than 20 years…
Check the BMR comments section throughout the day for updates and helpful information. 7 @ 7:00 and Morning Musings returns tomorrow.
1. Gold has traded between $1,261 and $1,270 so far today as a new month begins…as of 7:00 am Pacific, bullion is down $4 an ounce at $1,264 after a stronger than expected U.S. private jobs report…this only reinforces the near certainty of a Fed rate hike June 14 which should be viewed as bullish for Gold, contrary to what much of the mainstream media contends…Gold finished slightly positive for May, bucking an historical trend…ETF buying was subdued…Gold ETFs tracked by Bloomberg recorded inflows of only 1.7 tonnes last month while holdings in Silver ETFs increased by 710 tonnes…
2. U.S. private payrolls jumped by a whopping 253,000 last month, well ahead of expectations…economists surveyed by Reuters expected the report to show jobs growth of 185,000 in May, up from 174,000 in April…the ADP figures come ahead of the U.S. Labor Department’s more comprehensive non-farm payrolls report tomorrow which includes both public and private sector employment…meanwhile, the U.S. manufacturing index inched slightly higher last month, hitting 54.9, according to data released this morning by the Institute for Supply Management…economists had expected the index to slip to 54.5…
3. Crude prices have bounced higher this morning thanks to industry data from the American Petroleum Institute (API) late yesterday that showed that U.S. Crude inventories fell by 8.7 million barrels to 513.2 million in the week to May 26, a significantly larger drop than expected (the EIA reports its official figures within the hour)…yesterday’s bullish inventory data was welcome news after a Reuters‘ survey showed an increase in Libyan Oil production helped boost OPEC Crude output in May, the first monthly rise this year…
5. Jaxon Minerals (JAX, TSX-V) announced this morning that it has entered into a binding Letter of Intent (LOI) to acquire a 100% interest in the promising Foremore Property in the Eskay Heart of Gold Camp…the 155 sq. km property is 30 miles north of the Eskay Creek mine and adjoins Jaxon’s recently acquired Wishbone Property and Aben Resources‘ (ABN, TSX-V) Forrest Kerr Project…Foremore hosts an abundance of known precious and base metal-rich mineralized boulder fields, outcrops, as well as multiple geochemical and geophysical anomalies over a broad area…Cominco staked portions of the property after the original discovery of a 162 g/t Au quartz boulder and several massive sulphide boulder fields during helicopter reconnaissance in the late 1980’s, just prior to the Eskay Creek discovery…since that time, millions of dollars were spent by Cominco and, subsequently, Roca Mines, developing multiple target areas…the geology is complex but a compilation and reinterpretation of historical data, combined with today’s enhanced understanding of the district, will give Jaxon a good chance to develop Foremore into a market-moving project…JAX gapped up to 28.5 cents this morning and has added 7.5 cents to 30 cents on high volume as of 7:00 am Pacific…
6. News from the northern Ontario Cobalt Camp this morning, just prior to a BMR site visit that begins at CSR’s Castle mine in Gowganda…First Cobalt (FCC, TSX-V) has entered into a strategic partnership/option agreement with Australian-listed Cobalt One, allowing for a 50/50 JV on the Yukon Cobalt extraction refinery in the community of Cobalt…First Cobalt says this will give them access to a refinery and 40 acres of permitted property capable of processing the Silver-Cobalt arsenide concentrates historically produced in the Cobalt Camp…the refinery is one of only 4 fully permitted facilities in Canada capable of treating this type of ore and the only such facility in the district…FCC has gained a nickel on the news to 65 cents…meanwhile, Cobalt prices continue to rise and today have matched their 2017 and decade high price of $25.63…
7. MGX Minerals (XMG, CSE) announced this morning that it has made the maiden shipment of Lithium chloride 30% concentrate to the company’s Lithium compound upgrader…the samples will be analyzed for upgrading to 99% Lithium carbonate and suitability for direct to Lithium hydroxide upgrading…MGX is currently in discussions regarding global tolling and upgrading of Lithium chloride feedstock…the stock is up 4 pennies at $1.18 as of 7:00 am Pacific…
The most popular recent BMR articles…
How The Eskay Heart of Gold Camp Will Help Drive The Coming Venture Up Wave (Part 1)
“Beyond the Supercycle”: 15 Predictions About The Future Of Natural Resources
Tech-Savvy Junior Captures Cobalt Camp Advantage
Venture Update – The Surprise That’s Just Around The Corner!
GOOD MOVE ON THE COBALT PLAYS TODAY AGAIN! YEAR HIGH!
Comment by STEVEN1 — June 1, 2017 @ 7:47 pm