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Check back later this morning for today’s Mornings Musings.

1. Gold premiums in China held near 3-year highs this week, around $28 to $30, amid fears of limited supply of the precious metal due to import curbs, while demand in India remained subdued despite lower prices related to a severe cash crunch…the import restrictions in China are part of the country’s efforts to limit outflows of the yuan after the currency’s slide to its weakest in more 8 eight years, a fact that has not gone unnoticed by the incoming Trump administration…Gold demand in India remained subdued despite a drop in prices as retail demand was squeezed by a cash shortage, while jewellers were delaying purchases in anticipation of lower prices…

2. Gold is on track for its 5th consecutive week of declines in advance of what’s almost certain to be a rate hike next week from the Federal Reserve…Gold demand in India remains subdued despite a drop in prices as retail demand has been squeezed by a cash crunch brought about by Prime Minister’s Modi’s demonetization scheme…dealers in the world’s No. 2 consumer of the metal were offering a discount of up to $5 an ounce this week over official domestic prices that include a 10% import tax…

3. Base metal prices are steady this morning with Nickel leading the way with a gain of 13 cents per pound or nearly 3%…the Philippines’ output of Nickel ore fell 16% in the 3rd quarter from a year earlier, government data show, after the world’s top supplier of the metal suspended some mines in a clampdown on so-called environmental violations…the Southeast Asian nation has already stopped work at 10 of its 41 mines in a campaign backed by President Rodrigo Duterte against what the government says is irresponsible mining…a group of a further 20 more faces possible suspension…Environment and Natural Resources Secretary Regina Lopez, an anti-mining zealot, told Reuters there will “definitely” be more mine suspensions when the ruling on the 20 facing suspension is released, possibly within a few days…

4. Oil prices are a higher for a second consecutive session on hopes that non-OPEC producers meeting in Vienna would agree to cut output to bolster the group’s own agreement to limit production…Oil ministers from OPEC countries will meet non-OPEC producers in Vienna tomorrow to seek help in curbing a global glut…WTI is up 69 cents at $51.53 as of 7:00 am Pacific while the HOU on the TSX (double bull Crude ETF) is 18 cents higher at $8.50…updated Crude chart in today’s Morning Musings…

5. Altai Resources (ATI, TSX-V) has been one of the Venture’s big movers this week, jumping more than 50% with the stock trading at 10 cents after the first 30 minutes of trading today…2.7 million shares traded yesterday…technically, the stock’s 500-day moving average (SMA) has reversed to the upside, ending a long decline…

6. Morumbi Resources (MOC, TSX-V), a subscriber recommendation at 9.5 cents in October, has hit a new multi-year high of 28 cents this morning…the company has acquired the producing El Mochito Zinc mine in Honduras, pending final authorization for the deal (expected shortly) from the government in Honduras…we’ll be highlighting another strong Zinc play over the weekend…

7. Clean Commodities (CLE, TSX-V) announced this morning that results of its inaugural soil/till sampling program at its Labrador Trough Project have revealed several distinct and prospective Ni-Cu-PGE targets on the property…of high importance is Cluster A1 located immediately north of the SQ8 VTEM anomaly on Northern Shield Resources‘ (NRN, TSX-V) Sequoi Property where drilling commenced late last month…the anomalous cluster hosts several samples over 200 ppm Ni and 100 ppm Cu, with coincident anomalous PGE’s and Co…the Ni and Cu values are several times higher than those reported from the area of the SQ8 anomaly by NRN in its November 22 news release…the drill rig is the truth machine and we’ll soon find out if massive sulphides exist at Sequoi…