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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,248 and $1,255 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,253 while Silver is off slightly at $18.13 as the U.S. Dollar Index recovers modestly after touching a nearly 4-month low..traders report that physical demand for Gold appears to be improving in India…meanwhile, yesterday’s big rebound in equities didn’t cause much of a retreat in the yellow metal even though holdings of SPDR Gold Trust, the world’s largest Gold-backed ETF, reported an outflow of 1.8 tons…bullion continues to have geopolitical factors in its favor…British Prime Minister Theresa May filed formal Brexit divorce papers today, pitching the United Kingdom into the unknown and triggering uncertain negotiations that will test the endurance of the EU…elections are also coming up in France while analysts are also keeping a close eye on political trends in Italy in the lead-up to an election there…in the U.S., the increasing probability of rising federal budget deficits should further underpin Gold…

2. One of the Federal Reserve’s most consistent supporters of low interest rates said today that he’s with the majority of his colleagues in supporting further rate hikes this year, given progress on the U.S. central bank’s goals of full employment and stable inflation.  “My current dual mandate outlook allows me to support another one or two increases this year,” Chicago Fed President Charles Evans said in remarks prepared for delivery at a conference in Frankfurt.  “For the first time in quite a while, I see more notable upside risks to growth,” he added…

3. The Dow rebounded yesterday – not surprisingly – given certain extreme oversold technical conditions that emerged over an 8-session losing skid…a good rally into month-end seems very possible even though the Dow is off 50 points in early trading…in Toronto, the TSX has shed 20 points while the Venture is 1 point lower at 803…a key Fib. resistance band for the Venture runs from 817 to 824…a breakout above that band would set the market up for a strong upside move…

4. Granada Gold Mine (GGM, TSX-V) announced in a post-market news release yesterday that it’s making quick progress with DRA Americas Inc., a subsidiary of DRA Global, a leading international and vertically integrated engineering firm, toward a plan to put the Granada Gold mine in northwest Quebec into production on a ramped up scale that would incorporate a planned 12,000 tonne-per-day pre-concentration ore sorting facility…meanwhile, GGM says it’ll soon be releasing an updated resource estimate for the Granada LONG Bars Zone (early in Q2)…this would replace the maiden NI-43–101 resource from late 2012 (1.6 million ounces M&I, 1 million ounces Inferred) and supersede the 2014 Pre-Feasibility Study for Granada…since then, additional drilling – including this quarter – has confirmed a new high-grade discovery at depth north of the existing resource while a new near-surface discovery has been made on the western side of the property…geologists have also uncovered data on several hundred historical holes that were not included in the original estimate…GGM is up a penny-and-half at 7 cents in early trading, meaning it has a market cap of only $27 million for a potential multi-million ounce Gold resource with a mining permit on the prolific Cadillac Trend…only about 20% of the LONG Bars Zone 5.5 km strike length has been actively explored and drilled (approx. 100,000 m)…

5. EnGold Mines (EGM, TSX-V) appears to have “hit” on 2 step-out holes, 50 m to the east and 50 m to the west of discovery hole G16–01 at its Lac La Hache Property in the B.C. Cariboo that returned a strongly mineralized section highlighted by 1.76% Cu over 26.6 m…as reported by the company yesterday, 2 drills exploring this Cu-Au-Ag discovery have both intersected broad intervals of intensely mineralized material that is visually similar to hole G16–01…holes G17–03 and G17-04 intersected 24 m and 13 m, respectively, at the same stratigraphic levels as the discovery hole at approximately 335 m downhole…the holes are vertical and intercepts are believed to be true width…the mineralized core will be logged and assayed on a rush basis…both drill holes will continue to their target depth of approximately 450 m…EGM is off slightly at 40 cents through the first 30 minutes of trading…

6. Kirkland Lake Gold (KL, TSX) is up 38 cents at $9.83 as of 7:00 am Pacific after reporting very positive 2016 financial results this morning highlighted by consolidated record revenue of $407 million (U.S.) and net earnings for the full year of $42.1 million (U.S.) or 35 cents U.S. per basic share (46 cents CDN per basic share)…increasing grade profile and improved recoveries continue to drive record production at the flagship Macassa and Fosterville Mines…KL, with a cash balance of $235 million (U.S.), has also announced it’s introducing a quarterly dividend of 1 cent CDN per common share…

7. “Meet Tweed Main Street: A New Standard In Cannabis Variety”…Canopy Growth (WEED, TSX) announced this morning that Canadian medical cannabis users are about to have a better way to shop for their medicine…starting in early April, Tweed’s ‘s new on-line store, Tweed Main Street, will be the go-to place for the over 50,000 Canadians who are registered with Canopy Growth’s Tweed Inc., Bedrocan Canada Inc. and Mettrum Health Corp., 3 of Canada’s most established cannabis brands…

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