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Check back later today, after the close, for Daniel’s Den. BMR Morning Market Musings returns Monday.

1. Gold has traded between $1,216 and $1,224 so far today…as of 4:30 am Pacific, in this early edition of 7 @ 7:00, bullion is up $5 an ounce at $1,222 while Silver has added 11 cents to $15.78…base metals are mixed but Nickel has climbed 8 cents or 2% to $4.24…the U.S. Dollar Index has slipped one-tenth of a point to 95.65 and continues to look vulnerable given the likely prospect of a soon declining 200-day moving average (SMA)…

2. Gold has a chance to snap a 2-week losing skid today after closing last Friday at $1,212…keep an eye on a slew of U.S. economic data due later this morning, which will impact markets including Gold, including important CPI and retail sales data along with consumer sentiment and business inventory figures…holdings at SPDR Gold Trust, the world’s largest Gold-backed ETF, fell 0.43% to 828.84 tonnes yesterday from 832.39 tonnes on Wednesday…

3. Another strong week for the Canadian dollar which has much improved technicals these days and is closing in on near-term resistance at 80 cents after dipping as low as 73 cents in early May…the Bank of Canada’s decision on Wednesday to tighten monetary policy was supported by the central bank’s confidence that above-potential growth will absorb excess capacity in the economy…the central bank also raised its real GDP growth forecast for 2017 to 2.8% (from 2.6%) and for 2018 to 2% (from 1.9%)…not so positive is that after so many years of record low interest rates, Canadians have been borrowing at record amounts…this has pushed the ratio of debt to GDP to what some consider a precarious level…overall, Canadians’ debt-to-GDP ratio climbed to 354.5 in 2016, up 102 percentage points in just a decade…it has surged 36.3 percentage points in just the last 2 years as all domestic sectors borrowed more and saved less to sustain spending, even as low Oil prices dampened incomes…

4. WTIC prices are up 41 cents a barrel to $46.39 as of 4:30 am Pacific but concerns over supply continue to act as a cloud over positive news on demand…the International Energy Agency (IEA), in its closely watched monthly report released yesterday, says it now expects global demand to rise by 1.5% this year to 98 million barrels a day…the Paris-based adviser to governments and companies raised its 2017 demand forecast by 100,000 barrels a day, compared with a previous estimate last month, while predicting “similarly paced” growth for next year…investors remain more focused on the continuing global glut, however, and many analysts say this will continue to keep a lid on prices…in its report, the IEA also noted that output in June had increased from OPEC countries and other producers such as the United States…

5. The Venture continues to be restrained by its declining EMA(8), currently 757, as evidenced yesterday when the Index pulled back 5.5 points to 754 after enjoying its best session since late May on Wednesday…there are indications, though, that the recent bearish trend has peaked according to John’s latest short-term chart…a climb above the EMA(8) would confirm that…Jaxon Minerals (JAX, TSX-V), expected to release more sampling results shortly from surface exploration at its Hazelton VMS Property near Smithers, is up nearly 30% so far this week as it trades at multi-year highs…First Cobalt (FCC, TSX-V) just announced that it expects to be trading again in approximately 4 weeks following further Venture review of its acquisition of Australian-listed Cobalt One…FCC has also posted an interesting new video on its web site…today marks the official beginning of U.S. earnings season…JPMorgan Chase, one of multiple banks to report today,  has just smashed Wall Street estimates…

6. GoldQuest Mining (GQC, TSX-V) jumped 7 cents yesterday to 42.5 cents after reporting 31.6 m grading 3.9 g/t AuEq in drill hole TIR-17–32, collared within approximately 100 m of discovery hole TIR-17–28 at its Cachimbo VMS target in the Dominican Republic…TIR-17–32 intersected strong Gold and base metal grades of 2.7 m grading 22.3 g/t Au, 52.8 g/t Ag, 3.1% Zinc and 0.46% Cu within a wider mineralized interval (discovery hole TIR-16–09 returned 5 m @ 14 g/t Au, 74 g/t Ag, 12% Zn and 1% Cu)…the VMS horizon is open along strike to the northwest and to the southeast as well as down dip to the east.  “These results from the Cachimbo discovery follow-up holes are extremely encouraging and support the thesis that our Tireo belt land package has the potential to materialize into a multi-deposit mining district as these VMS systems often occur in clusters,” stated Bill Fisher, GoldQuest’s Executive Chairman. “These results are very important in advancing our understanding of this new discovery zone and will help us further explore this area.”

7. One company not affected so far by the severe fire situation in the southern interior of British Columbia is Happy Creek Minerals (HPY, TSX-V) which has mobilized for drilling at its 100%-owned Fox Tungsten Property 90 km northeast of 100 Mile House…at this point, fires are over 90 km away to the west of the Fox Property and no disruption of work has occurred…in late January, the company announced resources for 2 of 7 known zones that occur within the 10-km x 3-km mineral system…together, the Ridley Creek and BN zones contain 486,000 Indicated tonnes grading 0.82% WO3 (tungsten trioxide) and 361,000 Inferred tonnes grading 1.57% WO3…for a portion of the Ridley Creek zone, there are 329,000 Indicated tonnes of 0.76% per cent WO3 having a strip ratio of 3.3:1…the resources are open to expansion and the grades are comparable with the Cantung mine located in the Yukon/Northwest Territories, regarded as the highest-grade Tungsten mine in the Western world until it closed a few years ago…HPY closed at 17 cents yesterday and just completed $3 million in financings at 20 cents (hard dollar) and 26 cents (flow-through)…

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