Gold has traded between $1,209 and $1,218 so far today…as of 11:00 am Pacific, bullion is down $7 an ounce at $1,210…Silver is off slightly at $17.15…Copper are Nickel are unchanged at $2.59 and $4.58, respectively…Crude Oil has slid $1.22 a barrel to $51.26 while the U.S. Dollar Index has rallied half a point to 100.92 after yesterday’s big tumble…
Expect traders to buy the dip in Gold…there has been a big jump this week in open interest in Gold futures, another sign that this move in the yellow metal has some traction to it…in today’s Morning Musings, we examine the latest chart for the TSX Gold Index as producers are looking particularly bullish with any modest pullbacks a gift…
Global trade likely grew just 1.7% last year, lagging world economic growth for the first time in 15 years and for only the second time since 1982, according to data from the World Trade Organization. “Suffice it to say that weak growth or contractions in global trade are Gold-bullish,” stated HSBC, adding that globalization, trade and protectionism are the major themes at this week’s World Economic Forum in Davos…
Interesting – the popular Gold-tracking GLD ETF has risen in 13 of the past 15 sessions through yesterday, the first time it has done so since summer of 2011…
China’s Oil Production Enters Long-Term Decline
China needs Oil!! (lots of it for many more decades)..the country’s Oil production has entered a long-term decline, the government acknowledged yesterday, signaling that China will become increasingly dependent on imports…some of those, of course, would have been sourced from Canada’s Northern Gateway Pipeline had that important project not recently been rejected by the federal Liberal government…such a shame and thousands of good-paying jobs aren’t created!…
In releasing its latest 5-year plan for energy, a road map for the state-dominated industry, the government said domestic Oil production would fall 7% by 2020 versus 2015, to about 4 million barrels a day…the drop-off reflects a lack of recent investment in aging domestic fields by the country’s state-owned Oil producers, as well as their struggles to replicate the unconventional extraction techniques that have revived production in the United States…
Trudeau’s Town Hall Twilight Zone (And Racism)
As if his comments last week about how Canada needs to “phase out the Oilsands” weren’t bad enough, Prime Minister Justin Trudeau is treating English Canadians in Quebec like second-class citizens as his Canadian Town Hall “promo” tour continues…in a classic example of how liberal “tolerance” and “inclusiveness” has its limits, Trudeau refused last night to respond in English to several questions put to him in English in Sherbrooke, Quebec, telling the town hall meeting that because he was in Quebec he would speak French (Quebec is bilingual, is it not?)…ironically, one of the English questions put to Trudeau was about the availability of English-language mental health services…that person deserved an answer in English (in whole or in part) but didn’t get one…the Sherbrooke event was Trudeau’s 7th town hall question-and-answer session since last Thursday but it was the first one he’s held in Quebec (if Trudeau is asked a question in French when he comes out west, will he reply only in English?)…the incident actually probably scored him some net political points in his home province…for a Prime Minister who constantly warns against “Islamophobia”, and can’t say the words “radical Islamist terrorism”, he seems to have no problem playing to Anglophobia (racism!) in a sneaky way in Quebec…more hypocrisy from the left, but most of the mainstream media in this country – part of the liberal elite establishment – are “blind” to that…
Meanwhile, celebrity investor Kevin O’Leary today officially declared his intentions to run for the leadership of Canada’s Conservative Party…he also pledged to become proficient enough in French to debate Trudeau in French in 2019 if he wins the Conservative race…
In Today’s Morning Musings…
1. TSX Gold Index update – how to profit from this upswing…
2. Heart of Gold Camp 2017 official coverage begins…
3. Granada Gold Mine (GGM, TSX-V) drills 14.5 g/t Au over 4 m at depth…
4. Doubleview Capital (DBV, TSX-V) firms ahead of results…
5. Daniel’s Den – new discovery for Africa Oil (AOI, TSX) in Kenya…
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…
Fast tracking the e&l. GGI.
Comment by Laddy — January 18, 2017 @ 1:17 pm
What exactly does fast tracking mean? Fast track to drill sooner than this summer? It’s a new PDF on their website. Wonder if they will give us more details on the geophysics?
Comment by Dan1 — January 18, 2017 @ 3:34 pm
I suppose there are some answers coming shortly, Dan1…I have a guess, but I’ll save that for MM…
Comment by Jon - BMR — January 18, 2017 @ 4:06 pm
Laddy, any more details re ggi?
Comment by Johnz — January 18, 2017 @ 4:17 pm
I am guessing that fast tracking of the E&L has lots to do with the 3D model Makela has been preparing.
Does that sound right to you Jon.
Comment by pole — January 18, 2017 @ 7:53 pm
The pdf is maybe a hint of what’s coming, besides, with makela & Goldie in town,you would think regoci would want to give them something substantial to talk about going into next week.lots going on with GGI and the timing is good.
Comment by Laddy — January 18, 2017 @ 8:39 pm
JON: are you guys still following or recommending HIT? thanks.
Comment by STEVEN1 — January 19, 2017 @ 6:33 am
HIT is consolidating, Steven1, after tripling between late October and late November…check out the chart…strong support around current levels…no reason to believe it won’t push higher again…
Comment by Jon - BMR — January 19, 2017 @ 7:29 am