Gold has traded between $1,335 and $1,357 so far today…as of 9:30 am Pacific, bullion is up $3 an ounce at $1,341 as it retreats from its morning high…Silver is off 11 cents to $19.79…Copper has slid 4 pennies to $2.15…Crude Oil is 84 cents higher at $44.33 while the U.S. Dollar Index is down one-quarter of a point at 95.67…
Holdings of SPDR Gold Trust fell 0.03% to 972.32 tonnes yesterday…
Gold got a lift this morning from some weaker than expected U.S. economic data…retail sales for July disappointed traders – they came in unchanged after economists had forecast a 0.4% increase (the retail sales figure ex auto is even weaker)…meanwhile, the July reading of the Producer Price Index showed a decline of 0.4% vs. a consensus estimate gain of 0.1%…
Gold continues to draw strong interest despite the fact that the 3 major U.S. stock indexes each closed at record highs yesterday, something that has not happened since December 31, 1999…
Credit Suisse today has reiterated its late-June outlook that Gold will rise to $1,475 in the 4th quarter…
Above Average Monsoon Season Should Lift Indian Gold Demand
India’s Gold demand may rise in the 2nd half of 2016 after falling to the lowest in 7 years in the 1st half as beneficial monsoon rains will spur rural demand during the peak festive season, according to the World Gold Council…monsoon rains in India were 15% above average in the week ended August 10, the country’s weather office said yesterday…it’s maintaining its forecast for an above average monsoon this year, boosting hopes for a rise in farm output and income after 2 years of drought…the June-September monsoon is crucial for India’s rain-fed farm sector that accounts for nearly 15% of the country’s $2 trillion economy…
For investors who have missed Silver’s nearly 50% advance this year (hard to imagine that if you’re a BMR subscriber), it’s not too late to jump in according to the firm behind the world’s best-performing ETF…the main reason for investors piling back in to precious metals this year – low interest rates – isn’t going away anytime soon, said Andrew Chanin, CEO of PureFunds whose junior Silver miner ETF has delivered holders a 280% return this year…Silver has moved the most among commodities as about $9 trillion of debt tracked by the Bloomberg Global Developed Sovereign Bond Index offers yields below zero, meaning those who buy the debt and hold to maturity stand to lose money…
In Today’s Morning Musings…
1. Betting on Oil’s direction – why we’re bullish…
2. The growing case for a big-time discovery in the southern Labrador Trough (NRN and CLE)…
3. Daniel’s Den – 3 great values in Africa…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password.
Took a position in NRN this morning!
Comment by Dan1 — August 12, 2016 @ 8:45 am
Kilo Goldmines (KGL) from 12 to 18 this week. Doesn’t leave much time for waiting around.
Comment by Daniel — August 12, 2016 @ 11:19 am
What’s with the reversal in gold today?
Comment by Sameer — August 12, 2016 @ 12:00 pm
Just some old fashioned profit taking, Sameer, plus the dollar did manage to recoup a good chunk of its losses by the end of the day…
Comment by Jon - BMR — August 12, 2016 @ 1:15 pm
KGL 1.67 million oz gold trading at about 9 dollars an oz in ground pretty cheap for the people involved
Osisko Mining Corp., a significant shareholder of the company, acquired two million units under the first tranche of the offering. Prior to the offering, Osisko directly owned 15.6 million common shares and warrants to acquire a further 14.1 million common shares of the company. Following the offering, Osisko now owns 17.6 million common shares, representing approximately 22.3 per cent of the number of common shares issued and outstanding, as well as warrants to acquire up to a further 16.1 million common shares of the company. Assuming the exercise of all warrants by Osisko only and no other exercises, Osisko would own up to approximately 30.2 per cent of the common shares of the company.
1.67 Moz of Au @ 2.5 g/t Inferred Mineral Resource Estimate (NI 43-101-inferred) on our Imbo license covering the Adumbi, Kitenge, and Manzako prospects
•Multiple new targets being delineated within a 5 km radius of Adumbi
•New targets identified on other licences
•Eight mining licences – 606 km²
http://www.kilogoldmines.com/investors-media/presentations/
Comment by TheSkipper — August 12, 2016 @ 2:23 pm
WRR LOOKS GOOD, JON?
Comment by STEVEN1 — August 12, 2016 @ 6:56 pm
It looks ok, Steven1 – touched resistance this week at 10 cents, has pulled back a bit. Some additional very good drill results will be needed for this to really bust out IMHO.
Comment by Jon - BMR — August 12, 2016 @ 7:09 pm
There has to be a pull back in gold and the gold stocks at some point nothing hoes up forever I think Gold may be tired I’ve been waiting for the pull back to happen and it may be here… I hope
Comment by Greg — August 12, 2016 @ 7:17 pm
Everyone would love even a 10% off sale, Greg, but there just isn’t any indication of that yet in terms of technical evidence at this point, especially with the way the Venture has been trading.
Comment by Jon - BMR — August 13, 2016 @ 6:13 am
all FWIW, Doug Porter made a case in the Thursday Globe, that the POG and food, specifically sugar, tend to trend together. Not sure what his time frame was. certainly not one of the normal chart pairings that I have come across. the conclusion was that food had dipped recently. ergo gold should too?
Comment by david — August 13, 2016 @ 10:26 am