Gold has traded between $1,197 and $1,206 so far today…as of 2:35 am Pacific, the yellow metal is down $1 an ounce at $1,200..
.Silver is off 2 cents at $16.20…Copper is up a penny at $2.66…Crude Oil is up 67 cents at $52.20 while the U.S. Dollar Index has added one-fifth of a point at 96.16 as it threatens to overcome yet another resistance level…
This is an abbreviated edition of Morning Musings as we make our way back up to Quebec to continue some coverage there before returning to the West Coast…
Gold traders will be keeping an eye on the European Central Bank’s policy meeting today…the ECB, which starts its bond-buying program of more than 1 trillion euros this month, is expected to detail the plan after the meeting…
Juniors Still Out-Muscle Seniors In Making Discoveries
Excellent article from PDAC by Kip Kean regarding discoveries by juniors (www.MineWeb.com, “Juniors Do It Better Than Seniors”) after a presentation by Richard Schodde, the principal at MinEx Consulting…juniors beat seniors at finding deposits, both by bang for buck and in the number of discoveries made. “In the last decade juniors did a 30% better job,” Schodde noted in his presentation covering the state of the Canadian exploration industry…
As Kean explained, “He (Schodde) broke down data covering 2005-2014. Seniors spent $12.5 billion on exploration in Canada, while juniors spent $14.6 billion. While they put roughly the same amount of money into the ground, seniors only made 21 discoveries while juniors made 66 over the past decade.”
Oil Update
There’s a record amount of bets against Oil right now, according to a commodity research firm, increasing the chances that the short Crude trade may have run its course…as John’s WTIC chart pointed out last night, Crude finally appears to be gaining some traction above resistance at $50 a barrel…U.S. government data showing commercial Crude stockpiles hitting a record high last night, rising twice as much as expected, failed to push prices down…
An effort by Senate Republicans to override President Obama ’s veto of a bill approving the Keystone XL pipeline failed yesterday, the latest twist in a lengthy saga over the contentious project…the 62-37 vote fell short of the required 67 yes votes needed to override the President’s veto of a bill that would have authorized construction of the 1,179-mile pipeline…8 Democrats joined all Republicans in voting to override the President…
Updated Gold Chart
Another critical week for Gold, and it’ll be interesting to see how it reacts tomorrow when the U.S. Labor Department releases the monthly jobs report…
Bullion continues to consolidate around support at the $1,200 level…encouraging is the series of higher lows since early November as you can see on this 6-month daily chart – $1,130, $1,142, $1,167 and $1,190…historically, March is 1 of the weakest months of the year for Gold…the extent of physical buying from Asia will be crucial over the next few weeks…
TSX Gold Index Updated Chart
The TSX Gold Index has declined in each of the 1st 3 trading sessions this month but still has a rising 50-day SMA at 173 and a cluster of Fib. support between 158 and 175…sell pressure has intensified since late February, but the downside risk at this point is limited in our view given the tremendous support around 160…
Today’s Equity Markets
Asia
China’s Shanghai Composite is trading about 1% lower overnight following news that the government has set the country’s GDP target at 7% for 2015 – the lowest growth target in more than a decade…
Japan’s Nikkei is bucking the trend on a slightly weaker yen…
Europe
European markets are higher in mid-morning trading overseas…yesterday, euro zone composite PMI data showed that euro zone business activity continued to expand in February, although at a slower rate than expected…
North America
The Dow today will try to snap a 2-session losing skid that has sent the index down nearly 200 points…in Toronto, the TSX finished 51 points lower yesterday to close at 15083 while the Venture slipped back below 700…it closed down for the 3rd straight session at 698…
Updated Venture Chart
The Venture reacted at Fib. and chart resistance at 707 and will try to reboot for another shot at that important area…the rising 20-day SMA at 696 is the first immediate support below current levels…note the general trend of higher highs and higher lows since late January…
RSI(14) will have to hold around the 50% level…
North Arrow Minerals Inc. (NAR, TSX-V) Update
North Arrow Minerals (NAR, TSX-V) is looking very solid as it consolidates near new support at 80 cents…this is an excellent Canadian discovery opportunity for 2015 given the prospects for the company’s diamond projects, specifically Qilalugaq and Pikoo (highly encouraging initial bulk sample results from Qilalugaq sent NAR northward last week while a 3,000 m drill program began recently at Pikoo in Saskatchewan)…
Technically, there were 3 key “takeaways” regarding this 8-month daily chart…
1. The breakout above the downtrend line
2. The breakout above the horizontal channel and Fib. resistance at 55 cents
3. The reversal to the upside last month in the 50-day moving average (SMA)
Canada Carbon Inc. (CCB, TSX-V) Update
Recently, Canada Carbon (CCB, TSX-V) reported that it was halfway through its first 1,500 m drill program at its Miller Property where it’s focused on expanding graphite mineralization and defining a resource…the company is also talking up the potential of Miller to host high quality dimensional stone…wide intersections of white marble were intersected in drill holes last year at the property, and this is being investigated further in the current program…
Technically, CCB is fighting resistance around 29 cents but the overall bullish trend is getting stronger (ADX indicator), so the likelihood of another breakout here is increasing…
Note: John, Terry and Jon do not hold share positions in NAR or CCB.
Relax everyone, i contacted the company WRR & they are in the process
of updating their website.
Comment by Bert — March 5, 2015 @ 6:28 am
Still waiting…………….
Garibaldi eagerly anticipates updating shareholders with regard to the latest exploration developments including assay results from ongoing work at Rodadero, its Mexican flagship project, during the week of March 2, 2015.
Recent corporate developments, including a Rodadero site visit by a second leading producer, and the recently announced bid for Paramount Gold and Silver Corp. by Coeur Mining Inc., have required management to weigh competing strategies to ensure maximum value for shareholders.
Garibaldi values and appreciates its shareholders’ loyalty and patience as the Company continues to work toward a breakthrough year in both Mexico and British Columbia.
Comment by Dan — March 5, 2015 @ 6:48 am
Dan, put a seat belt on your recliner and buckle up, or it will blow u right out of there!!!
Comment by freddy — March 5, 2015 @ 7:10 am
Bert- Thanks!! Was it you (joking) that was going to take over the BMR site,when they let it lapse?? Cheers!!
Comment by Greg J. — March 5, 2015 @ 7:11 am
Bert- WRR – That was my guess
Comment by dave — March 5, 2015 @ 7:33 am
GregJ
Yes it was me, but no more jokes, i have to try to please
all the posters all the time.
By the way, was it you who posted sometime ago that you had a
position in PRG ?
Comment by Bert — March 5, 2015 @ 7:44 am
WRR website back up and running – looks the same to me…
Comment by Paul — March 5, 2015 @ 7:48 am
Hey BMR – curious of your thoughts on the low volume trading with DBV since the PP announcement. Not sure what to make of it.
Comment by Steve A. — March 5, 2015 @ 7:49 am
WRR web page back in service.
Comment by Robert — March 5, 2015 @ 8:07 am
Freddy, strapped down for about 3 days now. Going to have bed sores soon….LOL
Comment by Dan — March 5, 2015 @ 8:12 am
Dan – And bedbugs
Comment by dave — March 5, 2015 @ 9:00 am
Bert- Yes, i still hold PRG.
Comment by Greg J. — March 5, 2015 @ 9:33 am
WRR – just got an email from Michal. He said program start ups and drilling to start soon and they will update as events take place. He also said that he was very familiar with PGLC and thier relief canyon project close to them, he has been following them closely. He said that he is very excited to get things going.
Comment by dave — March 5, 2015 @ 9:42 am
WRR……Thanks for the update Dave
Comment by Dan — March 5, 2015 @ 10:45 am
If i had to rate today’s trading, that is, the stocks i am
following, out of 10, i would rate it 97/8th.
Comment by Bert — March 5, 2015 @ 12:47 pm
NEWS BLO…..
Cannabix Announces Record Date of Plan of Arrangement
For immediate release. Vancouver, British Columbia, March 5, 2015:Cannabix Technologies Inc.(CSE: BLO, OTC PINK: BLOZF) (the “Company”) is pleased to announce that, further to the previously announced plan of arrangement (the “Arrangement”) with Torino Ventures Inc. (“Spinco”), a private British Columbia company and wholly-owned subsidiary of the Company, the Company has set the record date for the Arrangement as March 10, 2015. Refer to the Company’s Information Circular dated January 14, 2015, for additional information concerning the Arrangement.
The record date for the Arrangement has been set as March 10, 2015 (the “Record Date”), which is the date for shareholders of the Company (the “Shareholders”) to participate in the Arrangement. The Company anticipates that the effective date for the Arrangement will be on or about March 12, 2015 (the “Effective Date”). Shareholders of record on the Effective Date will receive one new common share and one Class 1 Reorganization Share of the Company. On the Effective Date, and pursuant to the Arrangement, all of the Class 1 Reorganization Shares will be automatically transferred by Shareholders to Spinco in exchange for 8,000,000 common shares of Spinco to be issued to Shareholders on a pro rata basis (resulting in approximately 0.16 common shares of Spinco being issued for every one Class 1 Reorganization Share based on the Company’s current number of issued and outstanding shares). Immediately following this, the Company will redeem all of the Class 1 Reorganization Shares by the transfer to Spinco of $10,000 cash and the Hazeur Gold Property, also known as the Monster Lake Property, and all assets related thereto.
Fractional shares of Spinco will not be issued and any fractional shares resulting from the Arrangement will be cancelled. As the rights and restrictions of the new common shares are identical to the current common shares, no replacement share certificates for the new common shares will be distributed to Shareholders. Share certificates for the Spinco common shares will be distributed or credited to Shareholders of record on the Effective Date.
The shares of the Company will trade ex-distribution on March 6, 2015, meaning that purchasers of the Company’s shares after March 6, 2015, will not receive Spinco shares pursuant to the Arrangement.
Comment by John BMR — March 5, 2015 @ 12:49 pm
Got it all wrong, i will try again
If i had to rate today’s trading, that is, the stocks i am
following, out of 10, i would rate it 1/10th.
Comment by Bert — March 5, 2015 @ 2:19 pm
GGI-Will I be sorry for buying more, or will I be blown out of my chair? That is the million dollar question. The delay? Why? Jon, are you a little tad worried?
Comment by Dan — March 5, 2015 @ 2:24 pm
Jon- do you know why H23 is still at the site instead of at the lab? Its been collecting dust for almost 2.5 months now and the PR said they eagerly await the results but if they really did I would think that getting the core to the lab would have been more of a priority. Many shareholders are starting to think that this is this due to incompetence/bad planning but I think this was done strategically. Have you spoken to Farshad on this and if not, what is your opinion on it?
Did he say anything on how the search for money is going?
Comment by d4 — March 5, 2015 @ 2:27 pm
Not at all concerned, Dan. Maybe there had to be some high-grade re-checks.
Comment by Jon - BMR — March 5, 2015 @ 2:33 pm
I loaded up on GGI late last week but now I am starting to get a bad feeling due to this never ending delay……just glad that I haven’t been waiting months like others.
Comment by d4 — March 5, 2015 @ 2:35 pm
Jon, that did cross my mind – high grade re-checks. Can only hope.
Comment by Dan — March 5, 2015 @ 2:43 pm
Let’s hope, indeed. I’m confident given the property we’re looking at here.
Comment by Jon - BMR — March 5, 2015 @ 2:52 pm
Jon – Not at all concerned, Dan. Maybe there had to be some high-grade re-checks.
Bert – Hello Dan, do you realize that no matter how hard we tried to pry information
from Jon, regarding GGI, you may have finally succeeded. Good job !
Comment by Bert — March 5, 2015 @ 2:54 pm
More like an educated guess, Bert. This is a high-grade project. There were obviously some re-checks in Phase 1, better have been some in Phase 2.
Comment by Jon - BMR — March 5, 2015 @ 3:01 pm
Bert, I tried very hard to pry the site visit information out him as well. He never gave in no matter how many times I tried, but his silence may have given that one away. Sorry Jon, having a bit of fun this evening.
Comment by Dan — March 5, 2015 @ 3:08 pm
GGI- how many holes are we expected to be announced? How many metres did they drill?
Comment by d4 — March 5, 2015 @ 3:08 pm
I guess we’ll find out soon, Pat—-Friday is fast approaching. They did say this week.
Comment by Jon - BMR — March 5, 2015 @ 3:16 pm
Jon- thanks. I was hoping that someone knew if we were anxiously awaiting 1 hole or many holes, shallow holes or deep holes.
do you have any comments on my earlier comment #19?
Comment by d4 — March 5, 2015 @ 3:20 pm
Ggi news
Comment by Tombc — March 5, 2015 @ 3:30 pm
Very impressive Jon, worth the wait…
Comment by Tombc — March 5, 2015 @ 3:42 pm
Powerful stuff, Tom. “Unofficially”, as they say, Silver Eagle is now a deposit…and growing (linked also now with Reales). Near-surface and high-grade. Plus the rest of Rodadero. This could be huge – and something significant at depth has to be driving this. Up she goes tomorrow.
Comment by Jon - BMR — March 5, 2015 @ 4:00 pm
Mr. Regoci – Significantly, after an extensive review of data,
Bert – No doubt, that caused some delay.
Comment by Bert — March 5, 2015 @ 4:07 pm
GGI – very well written PR, great grades at surface and huge potential. ….just need to drill deeper to find the feeders to the veins. Grizzly drilling in the works……exciting times over the next few months on various fronts.
Comment by d4 — March 5, 2015 @ 4:26 pm
If we don’t move much in this difficult market I will take the opportunity to accumulate more GGI.
Comment by d4 — March 5, 2015 @ 4:29 pm
GGI – NEWS
Comment by dave — March 5, 2015 @ 4:29 pm
Geez, if GGI actually gets to .205 tomorrow, I will be green in my entire portfolio. I should take a picture of it and frame it for rememberance.
Comment by dave — March 5, 2015 @ 4:40 pm
Gibson’s talking now, great sign. He has other large discoveries under his belt, he’s in early here. One should be able to sense where this is going. Completely different deposits in this comparison I have, but similar thing happening – Silver Eagle is a growing deposit at the edge of what looks like a very big system. Same situation with the Hat – the Lisle zone, the initial discovery zone, as big as it already is, 1 km x 500 m, looks like it’s just the southern tip of a very big system. Investors who can see these kind of situations unfolding in high quality properties can make a fortune. This is not about making just pennies on a stock.
Comment by Jon - BMR — March 5, 2015 @ 4:40 pm
GGI – Many companies only wish they had the quality projects GGI has. Excellent share struture, money in the bank, their own drill rig, 2 potential game changing projects – Rodadero and Grizzly plus a near term cash flow generating project. Not to mention top notch mangement and geologist that are moving these projects forward. Regoci said news will start to flow now. Anyone notice inthe NR mentioned another potential discovery 4 km north of SE?
Comment by Dan — March 5, 2015 @ 7:42 pm
Enormous scale to Rodadero, Dan, laterally and at depth. And that’s why this has already attracted interest from majors, and we’ll see where that leads in the next while. When you’re getting these kind of grades at and near surface, there’s a heat source somewhere driving this system. So the best is probably yet to come – like Dr. Gibson stated, this could be just the near-surface expression of something potentially much bigger. He knows Mexico well. There are models for this. Yes, what’s happening 4 km north of Silver Eagle? This stuff seems to be all over, from the northern tip to the southern tip, from the western border to the eastern border. Still early but this is looking really, really promising right now. 15 drill holes tell a lot so far.
Comment by Jon - BMR — March 5, 2015 @ 8:17 pm
GGI – yes their “hit rate” is truly remarkable. Very impressed! Really significant that they can say that two targets are connected (not standalone) …. they are going to be able to connect many more dots when this is said and done from the looks of things. Also happy to see that they are going to drill deeper. Now with the latest financing going to support drilling at Grizzly, where will the money come from to continue the Mexico drilling? I would think that we will see a share price appreciation from this news and then a subsequent financing at a higher price…..thoughts????
Congrats all.
Comment by Frank — March 5, 2015 @ 9:14 pm
GGI Addendum – I know they have their own drill and therefore can drill at a lower cost, just think they might need more resources (bigger and/or additional drills) to continue at Rodadero…
Comment by Frank — March 5, 2015 @ 9:32 pm
If you haven’t seen the interview with Regoci and David Morgan on the GGI website you should definitely take a look, 11 minutes long and very informative, more eyes on GGI the better and David Morgan has a pretty good subscriber base to bring GGI to the attention of…
Comment by Greg — March 5, 2015 @ 9:49 pm
Frank, this has become a major exploration play, u are correct in that analysis. Among other things, it appears GGI now has 2 Silver Eagles. The structure and silicification associated with that emerging deposit are confirmed to go thru Reales, and obviously to the north of the discovery hole for some distance. 4 km to the north – appears to be a distinct system trending east-west, very interesting.
Then there’s everything else at Rodadero including high-grade gold drill targets to the east of the SR Zone.
I’m speculating here but my head and my gut are telling me that there could be a Part 2 to this news that could really blow the lid off GGG imminently. We’re putting out an alert over the weekend with regard to that after further review of the news and a possible interview.
Comment by Jon - BMR — March 6, 2015 @ 3:44 am
It’s the signs that one has to look for, the foot prints,
the bits & pieces, for example, i would suggest that Jon
is really excited with GGI news. Notice how early he is
up this morning, as compared to days when news is just
not that good.
Comment by Bert — March 6, 2015 @ 4:22 am
Jon, I was thinking the same thing re GGI. Maybe more news to follow very soon.
Comment by Dan — March 6, 2015 @ 5:02 am
Don’t think money will be an issue frank, like Steve stated that at least 2 ca’s were signed and I’m sure there will be a few knocking on his door shortly. Well,hunk er down, the storm is about to begin.
Comment by Tombc — March 6, 2015 @ 5:20 am
I’m hoping that Patilla will generate sufficient cash to accelerate the drilling at Rodadero. That could mean no dilution.
Comment by Tom UK — March 6, 2015 @ 5:37 am
They’re in a strong enough position, Tom, to bang out multiple more hits at Rodadero, and that will open up all sorts of possibilities…the Phase 2 drill program continues…
Comment by Jon - BMR — March 6, 2015 @ 5:59 am
Although this is a silver play, the market may not be
kind to us today, especially since gold is down $17.00
as i type.
Comment by Bert — March 6, 2015 @ 6:20 am
GGI – A ton of sells from .20 down. So much for my .205 today. I don’t think the market is high on silver right now. The market wants the GOLD stocks more right now.
Comment by dave — March 6, 2015 @ 7:04 am
I realize that it’s only early yet, but it appears that
the market may see something that we don’t see & of
course, it is Friday & Gold being down $20.00, causes me
to ask, when will we get a break ?
Comment by Bert — March 6, 2015 @ 7:09 am
This is not uncommon on a U.S. jobs reports day…Venture is taking this pretty much in stride which is encouraging…look for some improvement in Gold toward the close or a turnaround next week…TSX Gold Index is finding its support around 160 which is positive and not totally unexpected…
Comment by Jon - BMR — March 6, 2015 @ 7:32 am
SLC – Any short term traders out there. WATCH for a close today of .72 or higher. IF she closes there, she is going to have about 3 good green days.
Comment by dave — March 6, 2015 @ 7:38 am
yes jon,this needs to soak in a bit,should gain some momemtum next week i would think,good start anyway.
Comment by tombc — March 6, 2015 @ 7:44 am
I wasn’t referring to GGI, Tom, just the Gold market, but you’re right in the sense that as the GGI news sinks in and spreads over the coming days, momentum can be expected to build…
Comment by Jon - BMR — March 6, 2015 @ 7:51 am
Two targets, one at each extreme, have been identified and they are now referred to as El Rey and Dolores. They are approximately 2 km apart and replace the previous name of La Guata for the general area. An update on the El Rey and Dolores targets will be provided shortly.
The above is taken from the NR. I wonder what the update will contain. Could there be some drill results already? 15 holes in 4 months is slow going unless they had some problems.
Comment by Tom UK — March 6, 2015 @ 8:20 am
GGI – .15 close maybe. Oh barather
Comment by dave — March 6, 2015 @ 8:21 am
GGI – I had a bad feeling on it with all the recent insider selling even if it was small and not being filed by management. Looks like a lot of it happening today and I wouldn’t be surprised to see it close red today.
Comment by d4 — March 6, 2015 @ 8:24 am
Hey Jon, any thoughts on d4’s comment#19? I’m curious too….
Comment by Steve A. — March 6, 2015 @ 8:44 am
Funny isn’t it, how the market can remove the halo from a stock.
I was a firm believer in GGI until today, now i am wavering, not
giving up, but wondering what i have been doing in this stock for
an extended period of time. It is obvious they didn’t have many
buyers lined up, but who am i, to know what is really going on,
when those much more knowledgeable with the situation than me,
had it wrong, that is so far today anyway.
Comment by Bert — March 6, 2015 @ 8:57 am
Welcome news on GGI. Jon, I am interested in your post 38. If the DBV hat drilling is the south tip of a system, does this not potentially put a focus on PGX.V,AIX.V,ABR.V etc.? Does grizzly central become another potential deposit? With the consolidation and management that is fleet of foot aix and abr could be very interesting.
Comment by richard l — March 6, 2015 @ 9:16 am
Personaly,and this is just from previous knowledge years back, AIX and ABR have terrible management. They have a history of selling thier stock off any time they have a run. Just my 2 cents worth.
Comment by dave — March 6, 2015 @ 9:27 am
What is the matter with you people.
This is a bad day for all the markets…Dow is down 200 points….GOLD is at 1172…plus the flock of sell on news “investors”
which always appear…and what happens….GGI sits at 18c bid 18.5c ask…what is wrong with that on the first day after the great news?
Looks good to me.
Comment by John BMR — March 6, 2015 @ 9:31 am
Steven, we addressed this issue before, and I believe it actually has bullish implications…it appears there has been paper moving from one fund to another, in GGI, one fund that is designated as an “insider” simply due to its holding percentage, and another that is not…that’s our interpretation…so there appears to be buying associated with the selling…if this accelerates and volume picks up even more, this could be quite bullish…anyhow, I would suggest to stay focused on the big picture here which is what is developing on the ground at both Rodadero and the Grizzly, and of course La Patilla is an important part of the mix as well…GGI is looking great today with the volume and holding up well in the face of the drop in the markets…ideal time for accumulation IMHO with the weakness in the overall markets as this story can’t help but intensify…
Comment by Jon - BMR — March 6, 2015 @ 9:35 am
Steve A- I give up…..lol
Comment by d4 — March 6, 2015 @ 10:01 am
JOHN – What is the matter with you people.
Bert – As to what is wrong with the people, i would suggest that
some bought this stock at it’s 52-week-high, that is 0.32.
Comment by Bert — March 6, 2015 @ 10:07 am
markets down but not all stocks. some having a very good day for a friday.
Comment by dave — March 6, 2015 @ 10:12 am
Lol! I’m not going to ask again!
Comment by Steve A. — March 6, 2015 @ 10:23 am