Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has traded between $1,196 and $1,216 so far today…as of 7:00 am Pacific, bullion is up $18 an ounce at $1,214 on “safe haven” demand while Silver has jumped to a 2-and-a-half-month high near $17.50…a key resistance band for Gold is between $1,216 and $1,236 as shown on John’s 9-month chart over the weekend…increasingly, as we have been speculating, Gold seems destined to challenge its 200-day moving average (SMA) in the $1,260’s at a minimum this quarter…the U.S. Dollar Index has plunged below 100, down nearly a full point at 99.53…
2. Eurozone inflation accelerated to its fastest pace in nearly 4 years, according to preliminary data published today by the region’s official statistics office, amid a surge in global Oil and energy prices…harmonized consumer prices in the single currency area rose at an annual 1.8% clip in January, Eurostat said, up from a 1.1% rate in December and the fastest pace since February 2013…so-called core inflation, however, which strips out volatile prices for food, energy, alcohol and tobacco products, was estimated at an annual 0.9%, unchanged from the final December reading…
3. The Venture is outperforming North American markets this morning with a gain of 4 points to 806 in early trading vs. modest losses on the Dow and TSX…Golden Predator (GPY, TSX-V) has hit a new multi-year high of $1.49 as it closes in on a resistance area while Nighthawk Gold (NHK, TSX-V) has touched its best levels since early October, up 3 cents at 56 cents…
4. Has a Voisey’s-Bay type deposit formed in the heart of the richly mineralized Eskay Camp in northwest British Columbia’s infamous Golden Triangle?…a 3D geologic model of the E&L deposit is nearing completion and will be released soon by Garibaldi Resources (GGI, TSX-V), as announced by the company late yesterday, with GGI providing more information yesterday that further bolsters the case for what has already been confirmed as the first massive sulphide Ni-Cu-PGE magmatic system (with Gold and Cobalt values) in the Golden Triangle…Hazelton Group shales are interpreted to be a critical source of sulphur for the historic deposit which is on the edge of a massive gravity high measuring 35 km x 15 km…the system features high tenors (4% to 8% Ni and 2.1% to 10.9% Cu in 100% sulphide), a pyrrhotite-chalcopyrite-pentlandite mineral assemblage, and a broad magnetic high immediately to the south of the original discovery that includes a 600-m-long conduit-shaped “keel” interpreted to be a feeder zone or magma chamber…geologist, Nickel expert and mining analyst Dr. Raymond Goldie, who wrote the book on Voisey’s Bay (“Inco Comes To Labrador“) in 2005, is calling the E&L the “most prospective property in Canada” for a major Nickel sulphide discovery in an interview with BMR that we’ll be releasing more excerpts of this week…GGI is up half a penny at 13.5 cents as of 7:00 am Pacific…
5. Drilling has returned multiple high-grade intersections at Bonterra Resources’ (BTR, TSX-V) Deep Eastern Zone of its Gladiator deposit in northwest Quebec..hole BA-17–01 intersected what is interpreted as the downplunge deep eastern extension of Gladiator with 5 m grading 20.7 g/t Au (Main zone) at about 425 m below surface and 8.5 m grading 15.7 g/t Au (Footwall zone) at about 300 m below surface…BTR is up half a penny at 25 cents as of 7:00 am Pacific…
6. Richmont Mines (RIC, TSX) has jumped 64 cents to $10.42, buoyed by higher Gold prices and the release of updated mineral reserves and resources at its Island Gold mine in northern Ontario and Beaufor Gold mine in northwest Quebec…
7. Cruz Capital (CUZ, TSX-V) has been a high-volume trader in recent sessions and is up 40% this month…CUZ is one of a number of Cobalt stocks with properties in northern Ontario’s rich Cobalt district we’ve followed closely since last summer…the Cobalt sector could easily become a flavor-of-the-month at some point in 2017, and we’ll have more on that this week…
