Check back later this morning for today’s Morning Musings.
1. Gold traded as high as $1,307 overnight but reversed lower after the UK High Court ruled that the British Prime Minister can’t trigger the country’s exit from the EU without approval from Parliament (despite the June referendum)…the judgement does not mean Britain will not be leaving the EU…it could throw into chaos, however, the timing and method of Britain’s departure…the government will appeal to the Supreme Court which could overturn today’s decision…it then has the option (how ironic) of turning to the European Court…although the majority of British MP’s voted for Remain, few believe the Commons would block Brexit entirely in any vote on the timing of Article 50 as that would go against the will of 17.4 million people who voted to leave in the referendum…they could add amendments, though, to any legislation that would put constraints on those seeking a hard Brexit…Gold fell as low as $1,285 but has since recovered to $1,296, even on the day as of 7:00 am Pacific…
2. The Bank of England said today there were limits to its tolerance of higher prices as it forecast the biggest sustained overshoot of inflation since the central bank gained independence to set interest rates in 1997…
3. On the move…Hit Technologies (HIT, TSX-V), which develops and markets a portfolio of products for Apple iPhones, is the volume leader in early trading on the Venture, up a penny-and-a-half at 6.5 cents through the first 30 minutes of trading (4.8 million shares)…
4. Teuton Resources’ (TUO, TSX-V) technical discovery in the Golden Triangle – will the core run?…3 holes drilled by Teuton at its Del Norte Property adjacent to IDM Mining’s (IDM, TSX-V) Red Mountain Project have hit at least the edge of a Copper-Gold porphyry system, a new find on the property…
5. Calibre Mining (CXB, TSX-V) has just announced that it is acquiring all of the interest held by B2Gold (BTO, TSX) in the Borosi concessions in Nicaragua and comprising the Primavera Gold-Copper Porphyry Project and the Monte Carmelo Gold deposit in exchange for 23.5 million CXB shares and a 1% NSR…
6. Kinross Gold (K, TSX), the world’s 5th-biggest Gold miner, reported better-than-expected Q3 earnings following yesterday’s market close on the back of a stronger Gold price and slightly higher production…the Toronto-based miner said it was “tracking” toward the lower half of its 2016 production forecast of 2.7 million to 2.9 million Gold equivalent ounces…at the same time, its 2016 all-in sustaining costs were headed toward the upper half of its forecast range of $890 to $990 (U.S.) per ounce, it said…K is up 25 cents at $5.44 as of 7:00 am Pacific…
7. Election update – FiveThirtyEight has further boosted Donald Trump’s chances of winning the Electoral College to 33%, and the Republican has “many paths to victory” if he’s within at least 2 percentage points of Hillary Clinton in the popular vote…FiveThirtyEight shows Clinton’s lead over Trump in the polls has narrowed to 3.2 percentage points…
Jon: do you still 1000 on the Venture by yearend?? Thanks!
Comment by STEVEN1 — November 3, 2016 @ 6:15 am
Next measured Fib. resistance is 978, Steven1, so that is still within the realm of possibility…it will depend at this point on external events, mainly the U.S. elections and how markets play out as a result…it’s quite possible there could be a huge Venture move over the last couple of weeks of December (this has occurred before) following the Fed meeting, but the key will be where that move starts from…historically without fail in bull market years, the Venture has made a big Q4 jump which in this case would be consistent with reaching that 978 target by year-end (we’ll see)…
Comment by Jon - BMR — November 3, 2016 @ 6:20 am