Check back later today for an additional post and refer to the BMR comments section throughout the day for updates and helpful information. BMR Morning Market Musings returns Monday.
1. Gold has traded between $1,213 and $1,226 so far today…as of 3:30 am Pacific, in this early edition of 7 @ 7:00, bullion is up $2 an ounce at $1,222 while Silver is flat at 15.93…base metals are slightly higher with Copper trading at $2.68, Nickel at $4.17 and Zinc at $1.29…Crude Oil is 13 cents lower at $45.36 while the U.S. Dollar Index is unchanged at 95.75…
2. The latest IEA report on how the Oil market performed in June has been released…it found that Crude output rose by 720 million barrels a day in June across the world…within OPEC countries, output increased 340 million barrels…this was driven by higher production even in those countries subject to an OPEC-led deal to cut production…Saudi Arabia has increased its flows, the IEA said, as well as Libya and Nigeria who are not part of the production freeze. “Higher output from members bound by the production pact knocked compliance to 78% in June, the lowest rate during the first 6 months of the agreement,” the IEA said in the report.
3. A positive sign for the Oil market and the global economy, though climate change fanatics and fossil-fuel haters will cringe at this: China imported 212 million tonnes of Crude oil, or 8.55 million barrels per day (bpd), in the first 6 months of the year, up 14% vs. the same period in 2016, customs data showed today, making China the world’s biggest Crude importer ahead of the United States…the strong demand from China may help ease concerns about an ongoing fuel supply overhang (if only Canada could better serve the Chinese appetite for Crude, but most Canadian politicians are only interested in “saving the planet”)…
4. Fed Chair Janet Yellen expressed concern about the lack of inflation in the U.S. during her semi-annual testimony before Congress yesterday (she concludes today). “Temporary factors appear to be at work. It’s premature to reach the judgment that we’re not on the path to 2% inflation over the next couple of years. As we indicate in our statement, it’s something we’re watching very closely, considering risks around the inflation outlook.” The latest CPI data will be released Friday, and that’ll be an important number for the markets…
5. The Venture enjoyed its best session since late May yesterday, climbing 8.58 points to close at 758.48 – exactly at its EMA(8) which has provided stiff resistance since the beginning of June…significantly, the recent bearish trend appears to have peaked according to John’s latest short-term chart, and a climb above the EMA(8) would confirm that…Jaxon Minerals (JAX, TSX-V) enjoyed a powerful session yesterday, surging 7.5 cents to 39 cents to a new multi-year high on total volume (all exchanges) of 824,000…the TSX gave up an intra-day 150-point gain and fell 5 points while the Dow maintained its early gains and finished up 123 points at a new record high of 21,532…
6. Castle Silver Resources (CSR, TSX-V) may have made some interesting new surface discoveries in a 200-m radius around its past producing Castle mine in northern Ontario…the company is also targeting possible extensions of Cobalt/Silver veins noted underground from the first level of the mine where some bulk sampling has recently occurred, as an aggressive 2017 drill program has started from surface…underground sampling included values as high as 1.8% Cobalt and 8.6% Nickel…the Castle mine was the most recent richest Silver producer in the northern Ontario Silver-Cobalt Camp when it shut down around 1990 due to low Silver prices, not ore depletion…the Cobalt potential was never pursued despite ample visible Cobalt in the underground workings…CSR closed at 26.5 cents yesterday, just 3 pennies shy of its 2017 multi-year high…
7. Osisko Mining (OSK, TSX) released new results following yesterday’s close from its continuing drill program at its 100%-owned Windfall Lake Gold Project located in Urban township, Quebec…the current 400,000-m program combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, and expansion/definition drilling in the Lynx deposit located immediately to the northeast of Windfall…significant new assays from 30 intercepts in 17 drill holes focused on infill and expansion drilling in the Lynx deposit include 2 m grading 131 g/t Au (OSK-W-17–8510), 2 m @ 113 g/t Au (OSK-W-17–846) and 2.2 m @ 73.5 g/t Au (OSK-W-17–859)…the Windfall Lake Gold deposit is currently one of the highest-grade resource-stage Gold projects in Canada…the bulk of the mineralization occurs in the Main zone, a southwest/northeast-trending zone of stacked mineralized lenses, measuring approximately 600 m wide and at least 1,400 m long….
The most popular recent BMR articles/videos…
The Most Important Venture Development Since The New Bull Market Began
Cobalt cheapies ABJ and PAM are taking off on high volume and are up substantially on percentage basis. When a sector starts getting hot like cobalt speculators always go after these minnows and the gains can be really impressive as traders pile in.
Comment by John — July 13, 2017 @ 7:25 am
Gents, What is going on with the darlings, GGI and CSR? I keep hearing that they (GGI) are waiting for snow to melt for them to start drilling — guess what?? IT’S MID JULY!!!! If it ain’t melted now – it ain’t gonna be!!! Steve has a suspect track record IMHO, with regards to running an efficient, timely company; and with all the positive coming from BMR, he doesn’t seem to mind being the last out of the gate, and watch all the others around him get to work…
This company (Steve) has not deviated from this management style for years that I can remember. It has the potential to move on positive news, but sheesh….
Weren’t you expecting news on VTEM right after the long weekend? That was 10 days ago…
I know, I know… it’s going to blow my hair back when they release the news…. but come on… when?
It doesn’t look like a run for CSR is going to happen either hey? Might need to wait for drill results now I suspect.
Anyways, that’s my rant for the day… Thanks for always looking at life from a “cup half full” perspective – its always a choice, and one that I strive to make as well!!
Comment by Phil — July 13, 2017 @ 9:19 am
Man it’s been a long wait for GGI. I’ve been in this over two years and accumulated a substantial position. I hope everyone’s patience pays off with this one…. the volume levels are amazingly low.
Comment by Weatheritout80 — July 13, 2017 @ 9:31 am
Is. Csr drilling similar to 2011
Comment by donald — July 13, 2017 @ 11:12 am
2011 results were deeper but amazing.
Comment by donald — July 13, 2017 @ 11:18 am
GGI – I think this is going to be a ‘show me’ story before it will really take off. In part because of the long wait; no one wants to play speculation long term, everyone wants quick returns/trades and liquidity. But no one would argue with the guys who bought Bitcoin under $50 bucks and held. I originally started buying GGI because it smelled overlooked/undervalued and I keep buying it for that reason. Time will tell I guess.
Comment by Charles — July 13, 2017 @ 11:36 am
John – there is a ceertain section on cep.ca that picks stocks and PAM hit that section yesterday. It draws a big crowd, but they usually sell after a couple days. We shall see.
Comment by dave — July 13, 2017 @ 12:35 pm
Weatheritout80,,, the low volumes concern me as well, if this was a great play you would think the Howe Street boys would be all over it as the Venture Exchange is such an insiders game, everyone knows each other. Lack of promotion, lack of trust in Regoci, seasonal factors?? I am also surprised at how the volume on CPO has trailed off, it traded approx 14 million shares in 6 days and today almost no volume. Hard to figure.
Comment by Danny — July 13, 2017 @ 2:28 pm
It is getting a bit ridiculous. VTEM identified large conductors on May 25th. Plenty time to analyze them and get the drill on site. Middle of July already and before we know it October will roll around and we all know what that means in an area like E&L. Come on Regoci, it’s time you let the cat out of the bag.
Comment by Dan1 — July 13, 2017 @ 6:27 pm
Hi Dave,
Thanks for that. I tried cpa.ca but not working. Is there another link?
Comment by John — July 13, 2017 @ 6:41 pm
Cobalt minnow Supreme Metals (ABJ) revving up. This news out after close.
SUPREME METALS CORP. LOCATES THE SHAFT OF THE HISTORIC 14.7% COBALT BULK SAMPLING ON THE HELFRICK COBALT PATENT CLAIMS
Supreme Metals Corp. has commenced its 2017 field exploration program and has provided the following update on activities.
On the Helfrick Cobalt Patent Property a site examination was conducted. This work located the East Shaft which was approximately 15 feet by 10 feet on patent SSM2163 where several historic bulk samples were collected including a 3.7 ton bulk sample collected in 1912 assaying 14.7% Co, 9.2% Ni, and 9 oz/t Ag (as reported in the Ontario Ministry of Mines and Forests MDI file MDI41J11SW00055). Several other veins and old workings were also located while in the field on the Helfrick Property.
ABJ traded over 5 million shares yesterday at $.04 to $.045 with bid currently at only $.035. Let’s see if we don’t get double here sooner rather than later.
Comment by John — July 13, 2017 @ 11:12 pm
sorry John, typpo. meant ceo.ca
Comment by dave — July 14, 2017 @ 6:28 am