Check back later this morning for today’s Morning Musings.
1. Given the extent of the recent build in short positions and the proximity to year-end, UBS expects any further weakness in Gold, as an immediate reaction to a Fed rate hike, to attract short covering as market participants look to book profits to enhance performance for the year…as of 7:00 am Pacific, bullion is off $5 an ounce at $1,157…Silver, which has been outperforming Gold recently and has more than doubled the yellow metal’s gains in 2016, is off slightly at $16.95…
2. Oil prices are stable near $53 a barrel after yesterday’s robust gains…a report today showed strong Asian demand for Crude which is another bullish signal after a deal over the weekend among some non-OPEC producers to cut production…
3. The Venture’s new uptrend from its November low continues to gain traction with the Index up another 4 points at 757 as of 7:00 am Pacific…a key band of resistance exists between 770 and 784…it appears that 2016 will mark the first time in 15 years that the Venture’s December low (736) has occurred on the 1st day of the month…a common feature of bull markets is an early start to the Venture’s December seasonal strength…
4. Pioneering Technology (PTE, TSX-V), gaining market share with its cooking fire prevention products, hit a new multi-year high of $1.09 during the first 30 minutes of trading this morning…the company grew fiscal 2016 revenues by 55% while posting net income of nearly $1.1 million or 3 cents per share…4th quarter revenue was a record $2.6 million…meanwhile, Pennrose Properties LLC of Philadelphia recently specified the installation of PTE’s SmartBurner for all of its new building and redevelopment projects…
5. Altius Minerals (ALS, TSX), together with select strategic investors, is participating in the co-founding of a new company, Adventus Zinc Corp., that intends to become publicly traded and will focus on the acquisition and advancement of Zinc exploration and development projects…Altius is contributing an extensive portfolio of Zinc exploration projects in Ireland and Eastern Canada, which it has been opportunistically assembling over the past 4 years, and will be providing a portion of Adventus Zinc’s pre-IPO seed capital funding…in addition to advancing its exploration lands, Adventus Zinc intends to pursue the acquisition of advanced Zinc projects that range from resource delineation through to feasibility stage…
6. Calibre Mining (CXB, TSX-V) has announced a NI-43–101 Inferred resource estimate of 1.2 million Gold equivalent ounces for its 100%-owned Primavera Gold-Cu porphyry deposit in northeast Nicaragua…this includes 45 million tonnes grading 0.54 g/t Au, 1.15 g/t Ag and 0.22% Cu, containing 782,000 ounces of Gold, 1.7 million ounces of Silver and 219 million pounds of Copper (1.2 million AuEq ounces)…
7. Jaxon Minerals (JAX, TSX-V) has sampled 68.5 ounces per tonne Silver and 25% combined Pb-Zn from surface at its recently optioned Price Creek Property north of Smithers as announced this morning…the stock is up slightly at 7.5 cents as of 7:00 am Pacific…
