Gold has traded between $1,300 and $1,315 so far today…as of 7:00 am Pacific, bullion is up $19 an ounce at $1,310…Silver has jumped 23 cents to $17.72…Copper is off 3 pennies at $2.06…Crude Oil has fallen $1.04 a barrel to $46.97 while the U.S. Dollar Index has rallied half a point to 95.13…
After yesterday’s FOMC meeting, with dovish language in the statement and from Janet Yellen at her news conference, the market has almost entirely priced out a Fed rate hike at its next meeting in July, with the Fed fund futures showing less than a 10% probability…
During a week in which the Fed has lost more credibility, combined with Gold-bullish global events, bullion has hit its highest level in 2 years today while Gold ETF’s and Silver ETF’s tracked by Bloomberg have recorded inflows for 13 consecutive days (today will make it 14)…
Sterling-denominated Gold rose 2% today to a 3-year high of 928 pounds an ounce as “Brexit” fears mount…
Gold 6-Month Daily Chart
Awesome chart…the nervous nellies who foolishly sold Gold down to $1,200 an ounce during the last half of May had no idea what they were doing, especially since they were putting their faith in the Fed, the Obama economy and perhaps Obama national security, too, while also forgetting about the accelerating trend of negative bond yields around the globe and of course the upcoming British vote on EU membership… the EU, in many ways, has been a failure…perfect storm for Gold…
We’ll now see how Gold handles measured Fib. resistance at $1,320…RSI(14) on this 6-month chart is only 68%, so there’s certainly room for more upside…obviously an immediate or near-term breakout above $1,320 would be a fascinating development…refer to Monday’s long-term Gold chart for the “Big Picture” in terms of where bullion could be headed over the next couple of years…
In today’s Morning Musings…
1. Daniel’s Den – Klondex Mines (KDX, TSX), Strategic Metals (SMD, TSX-V), and crony capitalism on steroids…
2. The intriguing timeline of events involving Hecla, Auryn, Homestake and Dolly Varden as Kitsault district heats up…
3. What exactly is along the eastern border of Colorado Resources‘ (CXO, TSX-V) KSP in Heart of Gold Camp?…
4. Kiska kicks…
5. Gold Standard Ventures (GSV, TSX-V) increases stake in Battle Mountain Gold (BMG, TSX-V)…
6. Updated chart – will Venture turn into a runaway train?…
Plus more…click here to take advantage of our Spring Sizzler Subscription Special in effect for a limited time only, or login with your username and password to view the rest of today’s Morning Musings…
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GOLD – gotta love it.
Yes I own SEK, no I am not pumping it. I own it at .06 – look at the huge chunks of shares being accumulated. It’s day to move up is coming soon.
Cmon, CXO.
Oh, GGI is looking ripe for north. Lets hope my gut feeling to buy the other day was right.
Comment by dave — June 16, 2016 @ 7:55 am
wow,now that should make a person scratch your head,must be the establishment and Obama running for the hills.
Comment by Laddy — June 16, 2016 @ 9:35 am
Manipulation at its finest!
Comment by Sameer — June 16, 2016 @ 11:27 am
you got that right,they must have footage somewhere with yellen and Obama and the fed members in a armoured truck heading for the Mexican border,,i’ll go out on a limb, and say that was not a normal day.
Comment by Laddy — June 16, 2016 @ 12:11 pm
Just after market close, CXO announces start of drilling this weekend.
Comment by Jon - BMR — June 16, 2016 @ 12:17 pm
Mmm, is that the one adjacent to ggi’s e&L,,think I’m looking at the right map..
Comment by Laddy — June 16, 2016 @ 12:56 pm
I didn’t realize it had gotten that bad in Vancouver, Trudeau is holding a round table meeting there, calling it a ” very significant crisis “.. On housing.
Comment by Laddy — June 16, 2016 @ 2:36 pm
Cxo 2 drilling programs to start shortly
Inel and Heart Peaks
Comment by TheSkipper — June 16, 2016 @ 2:49 pm
Gezz, scrap that question about e&L , must be getting sometimers in my old age,gezz.
Comment by Laddy — June 16, 2016 @ 3:44 pm
Not just Vancouver Laddy.. also eastward.. and onward thru to the town of Hope My bro/ in / law listed his house yesterday morning.. “sold firm” the same day!!
Comment by GregJ. — June 16, 2016 @ 3:59 pm
PM Bieber to Hold Roundtable on BC Yacht Crisis
The Canadian Press reports that PM Justin Bieber is deeply concerned that B.C. residents cannot afford luxury yachts and must content themselves with rowboats. Bieber proposes to institute yacht price controls.
Once Bieber solves the yacht crisis he will hold another roundtable this time tackling the unaffordable luxury handbag crisis. PM Bieber was quoted as saying, “handbags like Gucci purses can cost over $2000! Canadians are going without!”
If I had nice gains on my real estate I would be concerned.
Fear for Canada
Comment by John — June 16, 2016 @ 6:19 pm
Agree with Gregj and John, just sold my house 3 weeks ago, 24h after listing… I’m in Montreal area. Not buying anything back, don’t like how the real estate market is behaving right now…
Comment by rgiroux — June 16, 2016 @ 7:01 pm
I don’t pretend to be a pro at knowing the markets,gold went up to hard to fast, but I know this,if the us$ stays high,they are digging them selves one hugh hole,the us will cut befour they raise.
Comment by Laddy — June 17, 2016 @ 4:58 am
Gold’s volatility yesterday wasn’t due to any kind of overbought conditions, Laddy…it was influenced by events surrounding the Brexit vote and the perception yesterday that the assassination of a British MP might either delay the vote or positively impact the Remain campaign…neither will happen IMHO…my bet is on a Brexit…
Comment by Jon - BMR — June 17, 2016 @ 5:03 am
Jon
It is now just a matter of time before the Fed will cut rates again , we are going to see negative interest rates just like Japan and Europe , there will be a run on the banks for cash once people realize what is happening and gold will have days like yesterday with desperate attempts to keep it under control
Unfortunately this world we live in will not be pretty, will be no fun enjoying the profits of gold when so many will go broke because they have no clue what is happening. Scary times ahead for sure. The financial system is broken and most people don’t have a clue.
Comment by GREGH — June 17, 2016 @ 5:24 am
It’s unfortunate that happened, just goes to show how far a people will go to get their point across, what a twisted world it is becoming.
Comment by Laddy — June 17, 2016 @ 5:29 am
All the more reason to buy Gold, Laddy—the world has gone nutty. I differentiate, however, what happened yesterday in the UK (some lunatic in an isolated incident) with the broader, much more serious problem of radical Islamist extremism/terrorism and its agenda, an existential threat which certain Western politicians simply underestimate…to suggest that climate change is our biggest threat, and not radical Islam, is nutty…
Comment by Jon - BMR — June 17, 2016 @ 6:31 am
If the brexit votes to leave the E.U. then the money will flow out of Britain into the U.S. and the $US will go up, up and away, the U.S.market will soar and I am hoping that gold will follow.
Comment by charleybarley — June 17, 2016 @ 6:48 am
Golden Goliath – having an awesome morning!!
Comment by GregJ. — June 17, 2016 @ 6:55 am
yes sir,i’m with you on that,grabbing what I can when I can in the heart of gold,with cxo starting to drill,all companys in the area are going to lite up.
Comment by Laddy — June 17, 2016 @ 6:57 am
Jon- GNG-v. Is that one of Larry Reaughs companys?
Comment by GregJ. — June 17, 2016 @ 7:00 am
That I don’t know, Greg, but they do have some interesting properties in the Chihuahua district of Mexico which is very prolific (GGI is also there with Iris)…exchange has halted GNG pending company contact given the activity in the stock thru the first 45 minutes…big jump on high volume, so something’s up…
Comment by Jon - BMR — June 17, 2016 @ 7:06 am
GGI waking up…!
Comment by rgiroux — June 17, 2016 @ 7:11 am
Game on for GGI.
Comment by Jon - BMR — June 17, 2016 @ 7:13 am
Just as you predicted..
Comment by GregJ. — June 17, 2016 @ 7:19 am
GGI – RBC is hungry
Comment by dave — June 17, 2016 @ 7:21 am
When you see that, Dave, you know something is up.
Comment by Jon - BMR — June 17, 2016 @ 7:29 am
I have been in hibernation as long as GGI’s share price, glad to be woken up for this. Finally! Dave, I bought SEK around the same time as you I think – same wavelength. Good luck
Foz
Comment by Foz1971 — June 17, 2016 @ 8:11 am
Now rbc selling…wtf?
Comment by Sameer — June 17, 2016 @ 11:57 am
Strange, Sameer…overall still a good day for GGI given the buy pressure (accumulation) and the volume, but very weird trading in the last hour.
Comment by Jon - BMR — June 17, 2016 @ 12:06 pm
Did the guy at RBC who was buying get chewed out or what. They buy and then sell the last hour. very strange, but GGI has an inverted hammer candle. This is bullish when at the bottom.
Foz, hold that SEK, its going to move up.
CXO – expected higher volume, but I will take it for now.
Comment by dave — June 17, 2016 @ 12:27 pm