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Check back later today for an additional post and visit the BMR comments section throughout the day for updates and helpful information. BMR Morning Market Musings returns after Labour Day.

1. Gold has traded between $1,302 and $1,311 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,310…holdings of Gold in physically-backed exchange traded funds jumped to 54.176 million ounces on Monday, up more than 2% since August 9, before some minor selling the last couple of days…Silver is relatively unchanged at $17.41…Copper has edged up another penny to $3.07…Nickel is 4 cents higher at $5.26…Crude Oil has gained 67 cents to $46.57 while the U.S. Dollar Index has rallied one-fifth of a point to 93.10 ahead of tomorrow’s non-farm payrolls report…

2. U.S. Crude Oil prices are on track to post the steepest monthly losses in more than a year as concerns spread over falling demand in the world’s top Oil-consuming country after storm Harvey knocked out almost a quarter of its refineries…prices have rallied in the Oil products markets, however, with U.S. gasoline futures hitting a more than 2-year high above $2 a gallon, buoyed by fears of a fuel shortage just days ahead of the Labor Day weekend that typically sees a surge in driving…Harvey, which brought record flooding to the U.S. Oil heartland of Texas and killed at least 35 people, has paralyzed at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters‘ estimates…

3. U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015, which could bolster expectations that the Federal Reserve will delay raising interest rates until December…the Commerce Department reported this morning that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.3% last month after an upwardly revised 0.2% rise in June…economists polled by Reuters had forecast consumer spending rising 0.4% in July after a previously reported 0.1% gain in June…the report still suggested the economy got off to a strong start in the 3rd quarter after GDP increased at a 3.0% annualized rate in the April-June period, the fastest in more than 2 years…

4. Copper prices have hit their highest level in almost 3 years, taking gains in August to 7.5% after an unexpected acceleration in Chinese manufacturing boosted the outlook for demand in the world’s top metals consumer…Copper is set to post its 3rd consecutive monthly gain with Aluminium, Nickel and Zinc on track for their biggest monthly increases in several years…supply side reforms and government policy supports to the private sector appear to be having a positive impact on China’s economy, and that’s certainly bullish for the entire base metals sector…

5. The Dow is up 69 points as of 7:00 am Pacific…the TSX is also stronger in early trading, up 42 points…the Venture has added 1 point to 774 as it continues to work through resistance in the 770’s entering September…GT Gold (GTT, TSX-V) remains halted pre-market, pending news…Maya Gold & Silver (MYA, TSX-V) has hit a new multi-year high of 36.5 cents…

6. Klondike Gold Corp. (KG, TSX-V) has closed the second tranche of its non-brokered private placement financing originally announced August 1 for gross proceeds of $2.1 million in flow-through funds…after closing a $2 million placement in early April, this additional $5 million private placement has allowed the company to expand this year’s drill program and is anticipated to fund an expanded program through all of 2018….Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, now owns and controls 11 million KG shares and 5.5 million share purchase warrants, representing approximately 12.6% of Klondike’s issued and outstanding shares…KG is up 3 pennies at 54 cents through the first 30 minutes of trading…

7. Castle Silver Resources (CSR, TSX-V) has completed 2,400 m of drilling at the past producing Castle mine near Gowganda, Ontario…22 holes mostly tested structures on the first and second levels of the mine from surface, targeting areas prospective for Cobalt mineralization ahead of further drilling from underground as well as bulk sampling…in addition, IOS Services Geoscientifiques recently deployed Niton XRF technology on the first level of the Castle mine which supported the potential for high-grade Cobalt…meanwhile, additional chip samples from underground have mysteriously returned significant Gold values from a second lab – an average of 3.7 g/t Au in 5 samples…another lab reported 5.7 g/t Au from an 82-kg sample earlier this summer (along with 1.08% Cobalt and 46 g/t Ag) that was crushed to minus 10 mesh and blended…Castle was mined exclusively for high-grade Silver in the 1900’s but clearly appears to have polymetallic potential…after a 300% price increase this year, CSR has corrected to its rising 200-day moving average (SMA) at 19 cents which represents the top of a very strong support band…

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