Check back later this morning for today’s BMR Morning Market Musings.
1. Gold, on track for its first weekly gain since February, has traded between $1,225 and $1,232 so far today as it tries to hold gains from the last 2 days following the Fed rate hike and statement…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,230 while Silver has added 4 cents to $17.32…we’ll have an updated Gold chart in today’s Morning Musings…holdings of SPDR Gold Trust fell slightly (0.28%) to 837.06 tons yesterday after 3 straight sessions of inflows…the U.S. Dollar Index is up less than one-tenth of a point at 100.32 as of 7:00 am Pacific while Oil prices have added 29 cents to $49.01…base metal prices are stronger across the board, while Cobalt has hit a new multi-year high of $24.27…
2. U.S. Secretary of State Rex Tillerson said today that Washington wouldn’t engage in negotiations with North Korea and that a pre-emptive military strike and tougher sanctions were among the options on the table in dealing with the ghastly regime. “Let me be very clear: the policy of strategic patience has ended,” Tillerson stated at a news conference in Seoul, South Korea, during his first trip to Asia. “We are exploring a new range of security and diplomatic measures. All options are on the table.” Tillerson also called on China to implement sanctions against North Korea and said there was no need for China to punish South Korea for deploying an advanced U.S. anti-missile system aimed at defending against the North Korean regime.
3. On the Oil front, the mainstream media has been obsessing with the Crude supply issue recently with little talk about the demand side of the equation where we’re likely to see some pleasant surprises…in recent years, Oil demand has consistently been revised higher by the International Energy Administration as well as the U.S. Energy Information Administration…the latter’s forecasts have underestimated consumption over the past 7 years with the annual figures being revised up by an average of 2.3 million barrels a day, according to an analysis by the Wall Street Journal…
4. Great news for British Columbia’s mining sector (and investors) with a provincial election just 2 months away – the staggering level of fiscal incompetence displayed by Alberta’s NDP government in its budget released yesterday should all but ensure that their socialist brothers and sisters and gender neutrals in B.C. don’t come close to stealing the reigns of power in a pro-business province running budget surpluses and enjoying the best jobs growth in the country…the Albertastan socialists, who have caused the province to plummet in the rankings for top global mining jurisdictions, are continuing their spending spree and will more than double the provincial debt to a whopping $71 billion in just 2 years…the sea of red ink expands to at least the mid-2020’s according to the NDP’S own estimates…former premier Ralph Klein is rolling over in his grave, but B.C. free enterprisers are smiling and enjoying the flight of capital (financial and human) from Alberta to the west coast…
5. The Venture is trying to start a new uptrend within a continuing overall bull market…the Index has rebounded strongly since Wednesday and is up 1 point at 812 through the first 30 minutes of trading today as it tries to overcome resistance at its rising 50-day moving average (SMA)…technically, a close above the 50-day (812) and the Fib. 816 level today would be significant…the TSX has climbed 19 points while the Dow is up 8 points as of 7:00 am Pacific…
6. Enforcer Gold (VEIN, TSX-V), which we highlighted in Monday’s Morning Musings, is up another 1.5 cents at 23.5 cents as of 7:00 am Pacific…we’ll have an updated chart in today’s Morning Musings…yesterday, VEIN appointed Dr. Mark Shore, a geoscientist with 30 years’ experience in the mineral exploration field, to the role of technical advisor for the company which is focused on its high-grade Montalembert Gold project in northern Quebec…
7. On Monday we’ll have an updated report on northern Ontario’s Greater Cobalt Camp and specifically Castle Silver Resources (CSR, TSX-V) which earlier this week completed an oversubscribed private placement for $952,000 to expand exploration efforts at its Castle and Beaver past producing Silver-Cobalt mines…distinguishing features of CSR include the extensive work carried out at these properties over the last 6 years, well ahead of the Cobalt boom, and its metallurgical prowess which will introduce a technology component to this play…
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CSR and BHS both looking good today, hopefully we get some news from GGI soon.
Comment by Danny — March 17, 2017 @ 11:46 am