Gold has traded between $1,088 and $1,096 so far today…as of 8:15 am Pacific, bullion is flat at $1,089…Silver has shed 14 cents to $14.60…Copper has slipped a penny to $2.26…Crude Oil is off 22 cents at $44.07 while the U.S. Dollar Index has retreated one-fifth of a point to 90.05 after last week’s sharp rise…
Frank Holmes, Chief Investment Officer for U.S. Global Investors, pointed out in his weekly update how the global PMI reading for the month of October climbed to 51.4, almost a point higher than September’s 50.7…not only does this represent the strongest monthly surge in nearly 2 years, but the index shot above its 3-month moving average for the 1st time since March…Holmes’ research has shown that in the 3 months following previous breakouts such as this one, Copper had an 81% probability of rising approximately 7%, while Crude Oil jumped 7% three-quarters of the time…so this bodes well for the Venture leading into the early part of next year…Holmes believes the real commodity liftoff should occur when the U.S., Europe, China and global PMIs all score above 50, with the 1-month readings above the 3-month trends…of those regions, China is the only one whose PMI still trails below the 50 level…for the month of October, it came in at 48.3, up from 47.2 in September…
China Boosts Gold Reserves Again In October
China likely boosted central bank Gold holdings yet again in October, raising them by about 14 metric tons, as it continues to diversify its foreign exchange reserves…the value of the bank’s Gold assets was $63.26 billion at the end of last month, up from $61.19 billion at the end of September, according to Bloomberg based on data released Saturday on the People’s Bank of China website…that works out to 55.38 million troy ounces or about 1,722.5 tons, based on the London Bullion Market Association afternoon price auction on October 30, Bloomberg calculations show…the stash was 54.93 million ounces a month earlier…
China’s Gold reserves rose by about 15 tons in September, 16 tons in August and 19 tons in July…it disclosed on July 17 that its holdings had surged 57% since 2009 (an average of just over 8 tons per month, so they’ve doubled their monthly purchases)…while the country has overtaken Russia to own the world’s 5th-largest hoard, it still has only about 2% of its reserves in Gold, compared with 74% for the U.S. and 68% for Germany, World Gold Council data show…
In today’s Morning Musings…
1. Venture long-term chart provides great insight into current conditions and where this market is likely headed…
2. Updated Gold chart in CDN dollars…
3. A Lithium play with increasing momentum…
4. Fresh Silver charts…
Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…
It looks like the letter “M” is taking place in the vulture chart which means downside pressure, so we may test that 510 low. As tax loss season has kicked in, it always represents some good buying opportunities in late November and early December. Aside from having to protect my daughter during the night hours right now, my tired body has been hard at work uncovering some great info on some stocks, and I will give these when the time is right.
For now, keep an eye on WLF.
Comment by dave — November 9, 2015 @ 10:28 am
Repost – Jon – lots of noise around various technical things like hurst cycles etc.. and of course Socrates… Edelson is calling for a NOV 12 turn.. not sure how any of this carves out an intelligent opinion, but IF between now and March 2016 an expected major bottom is anticipated, wouldnt the HUI lead the way months ahead of that trend transition???
The Venture has been a leading indicator as well if we view history. since we are in the absolute worst PM market in our generation, will this be different this time???
What should we be looking for that we havent already experienced such as capitulation volume in NUGT etc??
Thanks in advance mate
Comment by Jeremy — November 9, 2015 @ 10:46 am
Mmm, guess just a basic guy like me gets only one part of interview?? O well.
Comment by Tombc — November 9, 2015 @ 11:26 am
Yeper Tombc , there has to be some justification for all those paying the big bucks . It will all become known to everyone eventually ,we’ll just have to hang in there.
Comment by Les — November 9, 2015 @ 2:38 pm
No worries les, I’m in as Jon knows, that’s the main thing, sure ther will be lots to come.
Comment by Tombc — November 9, 2015 @ 3:07 pm
What’s the latest on WRR? Seems to be getting more volume and trading a little higher at 4 cents. News coming? Anyone?
Comment by Ed — November 9, 2015 @ 4:24 pm
In bullmarketruns defense….for a six month subscription it really isn’t much for the research gained. You have to figure what it is worth and then no complaining
Comment by weatheritout — November 9, 2015 @ 4:34 pm
EQT – Finally, the exchange has accepted the PP as closed. Geesh.
Comment by dave — November 9, 2015 @ 4:49 pm
GGI – may be news out tomorrow, if they stick to their plan. dog+pony shows are being lined up.
Comment by david — November 9, 2015 @ 6:14 pm
Ed we wait after the news that drilling is started !
Comment by Guy Delisle — November 9, 2015 @ 6:16 pm
I thought they would have posted more pics this evening confirming a large intersection of this quartz systems, Any thought Jon? What could be the gold grade for this photo?
Comment by Sylvain — November 9, 2015 @ 6:27 pm
Dave – no kidding…. I really feel like there may have been some underlying issue…. still something not feeling right but …
Hope u are well and ur daughter is feeling safe with you ‘enforcing’ the right stuff!! stay strong
Comment by Jeremy — November 9, 2015 @ 7:01 pm
Sylvain, there is clearly something in this core photo, and you’ll notice the intense quartz veining is in a dark (reddish) rock which is interesting. Could certainly kick in Gold. I’d be shocked if we don’t get more news this week, and that would be more helpful than more core photos at this point IMHO.
Comment by Jon - BMR — November 9, 2015 @ 8:54 pm
JON: this year feels like the Venture basically did nothing??? except keep testing these new lows, levels,etc…
Comment by STEVEN1 — November 9, 2015 @ 9:14 pm
i would even take 680 at this this point in time……here were your comments back in Dec/2014: Venture 10-Year Monthly Chart Update
The Venture’s 10-year monthly chart gives us comfort that an important low was hit intra-day last Tuesday at 637 as this occurred as the -DI indicator reached its 2008 and 2013 peak levels…in addition, the %K is now beginning to bounce off an all-time low…
RSI(14) is crawling out of oversold territory…the Index can be expected to meet some minor resistance around the 680 level, the 2008 Crash low that was breached this month…
CDNX1(2)
Comment by STEVEN1 — November 9, 2015 @ 9:17 pm
Copper has now broken support in both the spot and futures markets , it must reverse trend to the up side quickly or it’s a long way to the next support at about 1.50 . It appears the announcement of mine closures and cuts in production have not been enough to off set the dropping demand mainly from China.
Comment by Les — November 9, 2015 @ 9:56 pm
Copper producers have always shown a greater ability to respond with supply cuts than Gold producers, so it’ll be interesting if we see more cuts in the days ahead. Copper’s August low needs to hold.
Comment by Jon - BMR — November 9, 2015 @ 10:34 pm
good morning bmrboys I bring you the latest news release from HERON RESOURCES(HER TEXCH) 2015-11-09 20:22ET HERON ANNOUNCES WOODLAWN PROJECT:SHALLOW HIGH GRADE DRILLING RESULTS TO BOOST EARLY MINE PRODUCTION regards walter emond
Comment by walter emond — November 10, 2015 @ 1:34 am
Good morning guys, how about this!
November 10, 2015
Garibaldi Grizzly Central Drilling Update.
Comment by Sylvain — November 10, 2015 @ 4:00 am
We’ve got a very rich minable project here, Jon!
GGI is not the same company anymore.
Comment by Martin — November 10, 2015 @ 4:25 am
Great news this morning. By the looks of it, hole 3 may have that high-grade Gold kick. This is fascinating given the massive quartz and that 200+ m section of pyrite. Assays will tell the tale, but this has a warm and fuzzy feel to it. 200 m as well from Hole 1. That’s a significant step-out with bigger ones to come.
Comment by Jon - BMR — November 10, 2015 @ 4:29 am
Nice Jon, just red the alert, The signature of the golden bear mine, nice as well!
just the last intersection “Notably, throughout a 205.6-m intersection from 102.4 m to 308 m, pyrite occurs as very fine-grained polished shear surfaces in a black, strongly magnetic unit”
what can we speculate out of that?
Comment by Martin — November 10, 2015 @ 4:36 am
One hole at a time Jon! loll
Comment by Martin — November 10, 2015 @ 4:38 am
Great news from GGI this morning. Now all we need is someone out there besides us to take note. 🙂
Comment by Treb — November 10, 2015 @ 4:46 am