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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold touched a high of $1,210 overnight and is up $6 an ounce at $1,203 as of 7:00 am Pacific…in a sign of healing in the Gold market, holdings in SPDR Gold Trust, the world’s largest Gold-backed exchanged-traded fund, have increased for the first time since the U.S. elections in November while hedge funds and money managers have raised their net long positions in COMEX Gold contracts for the first time in 9 weeks (in the week to January 10)…

2. Oil prices are quiet today, hovering just above $52 a barrel…Saudi Arabian Energy Minister Khalid al-Falih said today that OPEC and non-OPEC producers are unlikely to extend their agreement to cut Oil output beyond 6 months.  “We don’t think it’s necessary given the level of compliance,” Falih said. “My expectations (are)…that the rebalancing that started slowly in 2016 will have its full impact by the first half.”

3. U.S. stock markets are closed today for Martin Luther King Jr. Day…the NASDAQ recorded its 6th record close of 2017 on Friday when it finished at 5,574…

4. The Venture is up slightly at 796 as of 7:00 am Pacific…Tinka Resources (TK, TSX-V) hit a 6-month high of 25 cents in early trading as the company prepares for the start of a major drill program at its 100%-owned Ayawilca Project, a large Zinc sulphide system in in the world-class central Peru Zinc-Silver belt…Purepoint Uranium (PTU, TSX-V) is up another half penny to 17 cents..

5. Marathon Gold (MOZ, TSX) has released results from the remaining holes of its 2016 drilling campaign at the Marathon deposit in the Valentine Lake Gold Camp, including a stellar intercept of 25.3 g/t Au (uncut) over 14 m that was highlighted by 310.35 g/t Au (uncut) over 1 m near-surface in drill hole MA-16–154…in addition, wide intervals of high-grade Gold were intersected in deeper sections of drill holes MA-16–153 to MA-16–156 and extended MA-15–034…best deep intercepts included 3.03 g/t Au over 18 m in MA-16–053, 2.64 g/t Au over 40 m in MA-16–154, and 2.84 g/t Au over 31 m in MA-16–156…MOZ is up a nickel at 71 cents as of 7:00 am Pacific…

6. Orex Minerals (REX, TSX-V) has exercised an option to earn a 55% ownership interest in the Sandra Escobar Project in Durango state, Mexico, and has formed a joint venture with Canasil Resources (CLZ, TSX-V) to move the project forward on a 55%-45% basis…interestingly, Orex has notified Canasil that it will not be proceeding with a second option to earn an additional 10% interest (for a total of 65%) which would have meant paying Canasil an additional $500,000 (CDN) and spending a further $2 million (U.S.) on exploration and development of the project over the next 2 years…

7.  Orca Gold (ORG, TSX-V) CEO Richard Clark commented this morning in a news release on Friday’s executive order signed by President Obama that lifted certain sanctions against Sudan.  “This announcement by the U.S. Government is a huge step for Sudan on its path towards political and economic re-integration with the West. The Government of the Sudan is to be congratulated for its efforts in working towards international acceptance and social and economic improvement for its people. We at Orca are pleased and excited to be part of that program of improvement. This move by the U.S. significantly changes the financial landscape for the development of our 2.2 million ounce Gold project at Block 14. We look forward to introducing our company to investors that up to this point have been restricted in investing in Orca and Sudan.”