Gold has traded between $1,264 and $1,280 so far today…as of 11:15 am Pacific, with the Fed having just increased interest rates for the 4th time since late 2015, bullion is up $5 an ounce at $1,271…strong new support around $1,260 as demonstrated in recent days…Silver has jumped 32 cents to $17.13 after successfully testing nearest support around $16.80…Copper is off 2 pennies at $2.55…Nickel has reversed higher, up 4 cents at $4.01…Crude Oil has tumbled $1.70 a barrel to $44.76 while the U.S. Dollar Index has plunged half a point to 96.45…
Commerzbank’s latest interpretation of the Gold market, released this morning: “The Gold price has recently profited from ebbing Fed rate hike expectations and heightened political risks. We see a correction near-term, followed by rising prices in the further course of the year and a Gold price of $1,300 per troy ounce by year-end.”
According to John’s TA, which has been as accurate as any of the top analysts covering the Gold sector, bullion is unlikely to fall below the mid-$1,230’s IF there is a correction anytime in the near future…$1,300, of course is the nearest resistance, but measured Fib. resistance just above $1,400 is our minimum target for 2017…
In addition to the second rate hike of 2017 announced just moments ago, the Fed provided more detail on how it will unwind its $4.5 trillion balance sheet, or portfolio of bonds that includes Treasurys, mortgage-backed securities and government agency debt…a statement on the program said the roll-off is targeted to start this year, though no specific date was provided. “The committee currently expects to begin implementing a balance sheet normalization process this year, provided the economy evolves broadly as anticipated,” the post-meeting statement said…Yellen started a news conference at 11:30 am Pacific…
Atlantic Canada Reaps Oil Investment
Capital goes where it is welcome, and it began leaving Alberta as soon as the NDP was elected nearly 2 years ago…it’s interesting to note, from a Financial Post report this morning, that bids to explore in the Atlantic off the Newfoundland and Labrador coast have soared – in the last couple of years, the province has received nearly half of the $5.2 billion in exploration spending commitment made in that area since the late 1970’s…
America’s Loony Left Has Become VERY Dangerous
The level of hatred in America is at intolerable levels and most of it is being spewed by the political far left…this sprawling group, still deeply bitter over the events of last November, is devoid of positive ideas to move the country forward and is only interested in trying to obstruct and delegitimize President Trump…just 2 weeks ago, “comedian” Kathy Griffin, the long-time co-host for CNN’s annual New Year’s Eve show, posed with a decapitated dummy head made to resemble Trump in a photo shoot…appropriately, condemnation of Griffin’s idiotic attempt at humor was immediate, she apologized (though tried to play the ‘victim’ card by suggesting her career is being destroyed), and CNN rightly severed its ties with her…but it was yet another great example of how the alt-left, supported and encouraged by a majority of the biased mainstream media, has gone completely bonkers and has been rattled to craziness by the Democrats’ loss last November and the Trump and Republican agenda of change…recent studies have shown that more than 90% of CNN’s coverage of Trump is negative…the vitriol spewing from the likes of Griffin, CNN, the New York Times, MSNBC and others is fueling hatred across the country, and this morning’s tragic shooting in Virginia is a possible consequence of that…
Republican House Majority Whip Steve Scalise, a congressional aide and members of the congressional police were shot by a rifle-wielding gunman who sprayed a hail of bullets at a GOP baseball practice in Virginia before U.S. Capitol Police took the gunman down…the suspect, 66 year-old James Hodgkinson of Illinois, died of his injuries…Scalise, apparently shot in the hip, was badly injured but at the moment is reported to be in stable condition…while it’s still very early in the investigation, certain media outlets have reported that Hodgkinson’s social media account has revealed considerable anti-Trump rhetoric…it appears he maintained 2 Facebook pages, each replete with profane anti-Trump posts and glowing praise for Senator Bernie Sanders…there is also a photo of Hodgkinson circulating on the Internet where he’s holding up a “Tax the Rich” sign at a political rally (it’s believed he was a Sanders’ volunteer)…
Below is a Facebook post from Hodgkinson just 2 days ago…
The alt-left has gotten so out of control, it’s actually threatening the political stability of the United States…
U.S. Dollar Index Update
The United States is wasting far too much time on Russia, thanks to the hate Trump crowd, and the distraction is delaying efforts to fully re-energize the American economy through major tax reform and a much-needed overhaul of ObamaCare (among other measures)…
We’ve stated all along this year that the Dollar Index is in trouble – that’s even more apparent now…there was an important top in the Dollar Index late last year at 103.82…the trend has been negative since then with no indication that it’s going to reverse until perhaps sometime next year…huge resistance has built up between 98 and 100, so any rallies – if they get that far – are doomed to fail within that zone…
The 50-day moving average (SMA) has crossed below the 200-day, a technical event known as the “Death Cross”…by August, if not sooner, the 200-day can be expected to reverse to the downside which will put more pressure on the greenback…
A weakening U.S. dollar, or a greenback in a bear market, can only be positive for Gold prices and the Venture…
A Canadian Dollar Rebound?
It’s worth noting that the Canadian dollar has been firming up recently, in part due to the struggling greenback…
Significantly, there has been an RSI(14) breakout above a downtrend line on this weekly chart going back to the 2nd quarter of last year…this increases the odds of a summer rally in the loonie…
Key resistance is 77 cents…loonie is at 75.67 this morning…
CRB Index Update
The CRB Index has pushed below the key 177 level this week, thanks a further drop in Oil…what this could be is a “false” breakdown…will have to watch closely…Friday’s close will be important…
It’s encouraging that RSI(14) is very close to its long-term uptrend support on this 3-year weekly chart…
The CRB is off nearly 3 points at 173 as of 11:15 am Pacific…
In today’s Morning Musings…
1. Nearly 20 million tonne Zn-Pb-Ag resource for $6 million…
2. A junior stock up 250% this year that serves as a model for others…
3. Daniel’s Den – rediscovering 3 quality opportunities…
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
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High Volume Alert(s)! …TXR +1200% …EU +500% …PRG +380% (sell pressure as SMD unwinds some of +20 million share position) …POE +300% …MAX +300% …RRI +200%
Comment by Daniel — June 14, 2017 @ 2:20 pm
Jon
Will BMR be putting out the Heart of gold special soon now that the ground conditions are getting close to being ready? Also have you heard anything at all re: Metallis and their border with GGI?
Thanks
Comment by Greg — June 14, 2017 @ 4:36 pm
Jon, there is a lot to like about Blind Creek (good deposit, excellent share structure, tightly held) etc. My only concern is the remote location which means infrastructure costs will be high. I don’t think there is much in the way of infrastructure in the area. Your thoughts on that?
And yes there is a lot of hate in the U.S. but there is a lot of blame to go around on all sides. I would venture to say there have been far more crimes committed by people on the far right. No need to try and score political points on an issue like this. A nice speech by Paul Ryan, he is the one who should have run for president, seems like a really decent man.
Comment by Danny — June 14, 2017 @ 6:18 pm
Jon,
what you said above is exactly right on… never ever has the right done anything like what is going on now in the political arena, we actually have no idea what crimes the left has done when Obama was in office, because the left wing media either wont cover it or they cover it up… Hillary and all her deals, the IRS scandal that just went away, the list goes on and on… they need to stop the Russia fiasco now but they realize that is their only hope of trying to get Trump impeached and distract him from accomplishing what he campaigned to do…
“The alt-left has gotten so out of control, it’s actually threatening the political stability of the United States…
The United States is wasting far too much time on Russia, thanks to the hate Trump crowd, and the distraction is delaying efforts to fully re-energize the American economy through major tax reform and a much-needed overhaul of ObamaCare (among other measures)…”
Comment by GREGH — June 14, 2017 @ 10:55 pm
Note to readers: Kitco Gold and Silver charts on BMR are out of whack this morning, they’ve gone “back in time” – problem being addressed and we should have it fixed later today.
Comment by Jon - BMR — June 15, 2017 @ 5:54 am
JAXON ANNOUNCES NEW DISCOVERIES AT HAZELTON AND ANNOUNCES FINANCING
Jaxon Minerals Inc. has provided an update on its exploration program at its 100-per-cent-owned Hazelton Ag-Au-Zn-Pb (silver-gold-zinc-lead) project. Jaxon will be issuing regular reports on this field program for the benefit of its shareholders.
Jaxon’s field team, led by the company’s exploration project manager, Bruce Ballantyne, was mobilized to the field on June 3. The following is a summary of work being carried out.
Highlights:
Rehabilitation of trails and trenches;
Preliminary reconnaissance;
Sampling and new discovery at trench 742 south;
New discovery near 550 trench;
Hydrogeochemical sampling.
Preliminary reconnaissance
Preliminary reconnaissance was carried out over an area of approximately 1,000 by 300 metres in and around the known mineralization at the Max zone. Max zone target mineralization has been identified over roughly 1,000 metres, down a moderately to steeply inclined slope from 800 m to 550 m elevation (a 250-metre vertical difference).
Sampling and new discovery at trench 742 south
Sampling work has been focused on trench 742 south, which yielded historical values of up to 2,171 grams per tonne silver, 3.89 g/t gold, 18.8 per cent zinc and 39.5 per cent lead in grab samples, as previously reported. Rehabilitation and new channel sampling at two locations (seven- and six-metre channels, respectively) across the historical trench have revealed a massive sulphide unit overlain by a massive silver sulphosalt bed which has never been sampled continuously over its entire width.
Approximately 30 metres north and upslope from trench 742 south, the exploration team discovered a new, similar, silver sulphosalt lens showing, named occurrence 742 north. This discovery has been expanded and trenched to expose a 30-metre high rock wall showing multiple previously unidentified lenses and beds of silver sulphosalts hosted by a marine volcanosedimentary sequence.
New discovery near 550 trench
The 550 trench, which yielded historical values of 937 g/t Ag, 2.78 g/t Au, 4.31 per cent Zn and 3.83 per cent Pb, was previously identified as float adjacent to a well-maintained trail. The in situ source of the 550 trench has been discovered in a five-metre-wide rock wall exposure comprising a silver sulphosalt and gold-bearing massive sulphide vein or unit. The exposure will be continuously channel sampled in the coming weeks.
Along a trail extending from the 550 occurrence, the team also conducted geological mapping over 1.5 kilometres to the south-southeast of the known mineralization at the Max zone.
Hydrogeochemical sampling
In conjunction with the bedrock cleaning and sampling efforts, a hydrogeochemical sampling program is being undertaken at both the Max zone target area and along regional strike in similar-aged Skeena group rocks. Many of the drainages to be sampled have historically reported anomalous B.C. Department of Mines reconnaissance geochemical survey (RGS) stream sediment samples, anomalous in diagnostic elements indicative of volcanogenic massive sulphide (VMS) mineralization. Hydrogeochemical data tracking these elements will help to identify anomalous drainages for future VMS targets.
Summary
The field team has begun the first phase of exploration on the Hazelton property. The company’s goal in this first phase is to establish the continuity and extent of previously identified high-grade, stratified massive sulphide beds, which have been historically mapped over an area of roughly one square kilometre.
Bruce Ballantyne, exploration project manager, stated: “This past week has been highly encouraging for the exploration team. These new discoveries, in conjunction with confirmation of historical showings, confirms the enormous potential of this project. We will continue systematic exploration of the property in the coming weeks and will be providing regular updates as the program progresses.”
Financing
The company also announces that it has arranged a non-brokered private placement of up to four million units at a price of 25 cents per unit for gross proceeds of up to $1-million. Each unit will comprise one common share and one-half common share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at 35 cents per share with an expiry date of two years from the closing of the private placement. A finder’s fee commensurate with TSX Venture Exchange policies will be paid where applicable.
The funds raised will be used to continue field exploration of the company’s Hazelton project (formerly Price Creek) and continue data compilation in anticipation of fieldwork on the company’s Wishbone/Foremore project and for general working capital purposes.
Technical information in this news release has been reviewed and approved by Derrick Strickland, PGeo, a qualified person as defined in National Instrument 43-101.
About Jaxon Minerals Inc.
Jaxon is a base and precious metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton project in north-central British Columbia and the Wishbone/Foremore property in B.C.’s Golden Triangle.
Comment by Jon - BMR — June 15, 2017 @ 6:20 am
Thankfully, the right never tried to undermine a president (birther movement), obstruct a government (supreme court judge),had a news channel dedicated to criticising a government (Fox), or incite violence in any way (Trump rallies). Willingly blinding ourselves helps no one, but it sure does show what kind of people we are.
Comment by Johnz — June 15, 2017 @ 7:42 am
Any one else’s (politically centred) comments being denied?
Comment by Johnz — June 15, 2017 @ 8:29 am
Danny – I have not been to the Yukon, but I have been to Tinka (TK). I do not think there is much of a difference. Just my guess. through some phone calls, I can say that more eyes are watching for the right moment than people think. Why are they not buying now, because the PP is not closed. The small float could send this to a buck easy. You hear the magic buck all the time, but it could become reality with this one. A 25 million market cap will put it there. TK is at 120 mil market cap. BCK has a bigger resource. Now, this is the time to think about this.
Sorry Jon, not trying to interrupt, but BCK will be a rocket when ignition starts.
Comment by dave — June 15, 2017 @ 11:15 am
Danny, the infrastructure part with the Blende Property (BCK, TSX-V) doesn’t concern me at this point. The biggest issue would be power, and that’s a common theme for everyone in the Yukon. The majors who are moving into the Yukon aggressively see strong potential for positive developments as far as the power grid is concerned, or the fallback position of course is to produce your own power (natural gas or diesel – a more expensive option but an option nonetheless which has been used effectively in this region). There’s a winter accessible road into the Blende deposit and a nearby water source. They’ll generate their own power for exploration activity.
The Blende deposit is “the real thing”, and that’s also confirmed by my cousin who’s been a very successful geologist in the Yukon for 4 decades. Lots of room for expansion of the resource and for higher grades. If robust economics can be shown, it’s amazing how some infrastructure issues quickly get taken care of.
First order of priority is to revisit this significant and intriguing deposit and prove up an even better resource. Everything else will flow from that.
Comment by Jon - BMR — June 15, 2017 @ 11:22 am
dave/Jon – thanks for your comments regarding BCK, much appreciated!!
Comment by Danny — June 15, 2017 @ 11:49 am