Gold has traded between $1,250 and $1,281 (a new 13-month high) so far today with the metal experiencing some brief profit-taking immediately following the release of a stronger than expected U.S. jobs report…as of 10:00 am Pacific, bullion is up $6 an ounce at $1,270…Silver has climbed 46 cents to $15.68…Copper is another 6 cents higher at $2.29…Crude Oil has surged $1.32 a barrel to $35.89 while the U.S. Dollar Index has fallen one-third of a point to 97.28…resistance was very strong around 98 as expected…
Gold had a brief “sell on news” moment this morning when the U.S. jobs report came out, but bullion quickly gained its footing as investors bought the dip and drove the price back up after new support at $1,250 was tested…a confirmed breakout has been confirmed above a pennant formation that lasted for nearly 3 weeks…we’ll examine some fresh upside targets over the weekend…
The U.S. economy added 242,000 jobs in February while the unemployment rate held steady at 4.9%…economists were expecting 190,000 new positions and no change in the jobless figure….revisions to previous months added 30,000 with December going from 262,000 to 271,000 while January was pushed up to 172,000 from 151,000…
Despite today’s strong headline number, the closely watched average hourly wages actually declined for the month, falling 3 cents and equating to a 2.2% annualized jump, down from 2.5% in January…Fed policy makers are looking at wages for evidence of inflation…the average hourly work week also declined 0.2 hours to 34.4…
The most job gains in February were in health care and social assistance, retail trade, food services/drinking places, and private educational services…mining employment fell by 19,000…since peaking in September 2014, the mining sector in the U.S. has shed 171,000 jobs with more than three-quarters of that loss attributed to support activities for mining…
Canada Reduces Gold Holdings To 77 Ounces
Canada is among the largest Gold producers in the world, but as of last month the government valued its official holdings of the precious metal at zero…the country sold off 21,851 ounces of Gold coins in February, the Finance Department confirmed yesterday, in a disclosure of its official international reserves…a footnote in the report said the government still has 77 ounces of the precious metal…by comparison, in February, the U.S. held about 8,133 tonnes of Gold, which made up 72% of its reserves, according to the World Gold Council…the WGC also said Germany had 3,381 tonnes for 66% of its reserves last month, while Italy and France each held more than 2,400 tonnes – over 60% cent of their respective reserves…Canada, for some reason, has to be different…
In today’s Morning Musings…
1. Next target area for the Venture…
2. Takeover activity in the Gold sector should intensify – Endeavour Mining (EDV, TSX) announces this morning that it’s acquiring True Gold Mining (TGM, TSX-V) in a friendly all-stock transaction…
3. A high-grade Silver discovery that should garner increasing interest this month…
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…
Equitas Resources Corp. Announces $1,000,000 Non-Brokered Private Placement to Acquire Alta Floresta Gold Ltd
Comment by Treb — March 4, 2016 @ 11:16 am
GGI – I have made a horrible mistake with this stock. I should have went with my gut and sold last month at 0.13. Could have thrown a dart at a stock and made money this year. What a waste and now instead of making I’m going to lose 50percent of my investment.
Comment by George — March 4, 2016 @ 11:56 am
Jon, you spoke to Regoci. Did he give any indication that the drill was turning at Rambo? After the long wait for Grizzly assays you would think they have learned that investors were not happy with no news for such a long period of time. You only have to look at the share price to know that. I thought you said Regoci expressed to you that he had to do a better job with it.
Comment by Dan1 — March 4, 2016 @ 12:31 pm
So DBV had an archaeological study done by Baseline Archaeological Services which concluded that there are no historical sites where DBV is drilling?
Would that (and the land use agreement and drill permits) do it for the courts…
Comment by ConcernedCitizen — March 4, 2016 @ 12:54 pm
Dan1- apparently Regoci told John that news release was “imminent”. We know what this means. For me this is the last chance. If they can’t get this right I have to move on, if I have any money left in this stock.
Comment by George — March 4, 2016 @ 1:24 pm
KGI – went short today.
Comment by George — March 4, 2016 @ 1:36 pm
Leopard’s can’t change their spots.There are a ton of good movers out there right now.Just sell GGI and buy one of BMR’s other recommendations which are doing well.
You have to just decide that IF GGI ever moves after you sell it,you either forget it and move on to the other 100 movers,or you can buy back in.
No one should be a slave to any stock.Everyone has losers.The trick is not to hold them forever to the detriment of the other possible winners you could be holding instead.
GGI is just a stock.Nothing more.It could stay at this level for many months yet,based on Regoci’s history.If it moves,who cares,just be holding a winner when it does and you won’t care.
KEK,GBB,LIX,PE,LAD,WRR,CLZ,BBI are all great buys with catalysts coming up,a stock that is being bought,and CEO’s who know how to help the stock move.Many more out there.The whole Sheslay Valley seems to be a in some sort of other dimension.Why focus on that when the entire world has plays better than that.Someday it might attract investors,but it isn’t right now.
Comment by robinandthe7hoods — March 4, 2016 @ 1:41 pm
Dan1, GGI will give us plenty to chew on next week, I’m sure, and all I have to say is look at John’s most recent chart. Look at it very closely. This is going to be a great month, and you only have to look at the history of this stock since 2013 to know why.
Comment by Jon - BMR — March 4, 2016 @ 2:27 pm
Robin7 I agree the Sheslay stocks are not attracting attention, and I insist that Chad Day is a major reason why. One can say it’s a Chad-Farshad thing, as if their beef takes place in a vacuum, but Chad’s actions have been negatively affecting every Sheslay company since the blockade stunt. New investors in PGX/DBV/GGI are weary of him, period. Of course PGX made their own bed and Regoci is on the slow side, those are major reasons too. I think if the Chadster loses the upcoming election, that will be a catalyst.
Comment by ConcernedCitizen — March 4, 2016 @ 2:51 pm
There really is a simple solution for each investor.
1. Always protect your principle.
2. Before you buy a stock do your DD, that includes collecting information from all sources you consider reliable, with both fundamental and technical analysis.
3. When you are satisfied that it is a good buy develop a plan(Different plan for each stock), including your entry and selling points.
4. Unless there is a fundamental or Technical change….KEEP TO YOUR PLAN.
5 Remember…it is YOUR PLAN and you are the only one to execute it.
So don’t try to put the blame on to others
Really…what is so difficult……….DISCIPLINE!!!!!!!!!!
Why have some investors created their own quicksand!!!!!!!!
Comment by John - BMR — March 4, 2016 @ 3:22 pm
Investors – when you listen to someone regarding a stock and it goes up then it was because of them, when it goes down its your own fault.
Comment by George — March 4, 2016 @ 3:34 pm
I am glad I didn’t pick up EQT. I had thoughts of picking a few at 5 cents and folks talked about a catalyst that would propel the stock upwards. The announcement today adds another 20 million dilution. The one thing and my opinion only that will help this stock right now is to get back at the Garland and get the drill turning again. They supposedly had enough funds to carry out further drilling and could have easily done so during the winter months as I know from first hand experience the type of weather this time of the year. Cold and clear with little fog.
Comment by Dan1 — March 4, 2016 @ 3:42 pm
Gold – lets see if my short on gold stocks here works out. I feel like the recent pennant is not a true pennant breakout and false breakout.
Comment by George — March 4, 2016 @ 4:00 pm
Excellent post Jon. Historically I have been good at picking stocks and not too bad at entry points but I am terrible at selling points. My greed and excitement making money has caused me to leave way too much money on the table over the years. I should go to Equador with Dave and make it back..LOL
Comment by Jamie — March 4, 2016 @ 5:37 pm
Well said..
Comment by Laddy — March 4, 2016 @ 5:45 pm
John: i wish I could put a “like” on your post #10…
Comment by rgiroux — March 4, 2016 @ 5:58 pm
Well said John. We all need to keep ourselves accountable as nobody makes us buy or sell anything. It sounds like we ended up with traders holding an investment rather than a trade, which would explain their frustration. Yup, I’m down a bit on a stock or two mentioned on this site as well, but I’m not blaming anyone let alone BMR. And if people feel they need to cut their losses, I wish them the best in their new trades and suggest that they not put all their eggs into one basket.
Comment by johnz — March 4, 2016 @ 6:24 pm
Dan1 – I agree with you on EQT. I almost picked up a few shares before the PP was announced. Seems quite dilutive, will they need too come back for more money? I guess we will see how it plays out.
Comment by George — March 5, 2016 @ 8:56 am
Well said John, I wish I could like the post also. Listen, filter it and trust no one. Although the court system would be less busy if everyone was just accountable to themselves. Live and learn. Buy and hold is dead imo.
Comment by George — March 5, 2016 @ 9:00 am
So many “liked” post today if you ask me. Well, here goes my credibility like it or not. If I don’t give credible information, I sometimes feel responsible though.
First, I want to start with EQT. Things have been severely delayed, It will be dead money for a bit. Looking at 5 weeks. It may run to .075, but the bigger move is 5 weeks away. I can’t go any further with this, so don’t ask.
I agree with all of robins stocks that he posted, although not an advocate of GBB. LAD should announce the closing of PP this week and the 700,000 gold is theirs. They want to be drilling by end of March so they can size up 1 million ounces and get bought out. Things going on behind the scenes with LAD that again I can not talk about. LAD is going to be huge. One stock that I will add to the list and Jon mentioned it in last Sunday sizzler is BFF.
I have done about 12 hours of hard digging research on this one and it is going to be huge. There is not much on the offers and this one carries the possibility of some major parabolic moves. There are things going on with BFF and it carries at least a 3 bagger, probably more during this year.
Professor Dave checking out – have a great weekend.
Comment by dave — March 5, 2016 @ 9:35 am
Hey Dave, I had been looking into LAD for a bit now – thinking of pulling the trigger on a few shares and see how it goes….what are your thoughts – if you had to chose b/w LAD or BFF (based on overall potential)?
Comment by ChetBaker — March 5, 2016 @ 10:37 am
Dave – I agree, I also feel responsible. I used to give “tips” out to friends like GGI for example. Will never ever do that again for any stock, anytime because now I feel like….and responsible. Well onward and upward
Comment by George — March 5, 2016 @ 11:07 am
George we all feel your pain but sometimes these things require patience. I still feel that our patience will pay off with both Ggi and Dbv. Hopefully we have a good week ahead with PDAC going on.
Comment by Sameer — March 5, 2016 @ 12:40 pm
George,I would say that the biggest lesson a person could learn about the stock market,is never buy stock that has no volume,ever.
Always buy a liquid stock so you can sell all you have in one shot if you so desire.GGI falls in the category of an illiquid stock.You can’t buy and sell with losing money,no volume.
I’d have to say,that with 400,000 shares,you’re basically stuck with the stock until something happens,or else you’ll lose half your money.
You can always try to sell at the highest bids you see over a period of time,but you’ll still lose a good 1/3.
Cross your fingers GGI hits and the market cares for a change.
Comment by robinandthe7hoods — March 5, 2016 @ 1:51 pm
Chet – This is a hard call. LAD may touch .09 this week, but there will be a line to get them. News will be this week and she should give a decent run here. It will obviously pull back and then slowly climb as they near the end of March. BFF on the other hand can run Monday, or meaning any day. The chart is primed. BFF is less liquid so be careful of any large positions. I agree with Robinhood about buying stocks without any volume. But it is picking up a bit on BFF and there are not many on the sell at this time. There is a very strong influence behind BFF and it is destined to succeed.
George – I know how ya feel. I took some heat with EQT when it did not sustain the .20 range. But I put it out there right after I bought at .07 and made comments when the chart started looping over to think about taking some off the table. But I will still be here giving my opinion and stocks that I feel are going to make a move big or small. Fundamentals will always abort TA, but I believe in it and have traded off it successfully for too long. Until those pesky fundamentals come along (NR), TA is a must to look at and is a good guide. I am fortunite that I have this uncanny gut feeling to know when one is going to run. One example is YFI, called it the day before it ran. I can’t always be that good or that right, but If I make 80% of my trades green, I’m going to be very happy.
LAD should run this coming week based on what I know, BFF should run soon based on the chart and a few other items evolving around this one.
There are many more I like, but some should be traded with caution. One example is CLZ. 2 great runs and 2 great assay results, but if the next batch does not live up to what is expected, the stock will suffer. The chart calls this one to go either way, so the way to trade it at this point is to wait on assays. Make sure they are good and make sure the stock is going to a 3rd leg up, most do, but….
PE should move up Monday. Many others out there I like, SCY is another.
Jon’s 50 picks have done well. As they say, look outside the bun.
Comment by dave — March 5, 2016 @ 4:16 pm
Oh, I wanted to comment on Robinhoods post #24.
I agree with you 100% buddy on buying stocks that are not liquid. I mentioned above the BFF was an exception but did not state WHY. Hopefully you all have level 2. The stock has very little to offer, but what ever you are able to scoop up you would have no trouble selling. LOOK at the bids. This was not a one day thing. As we know level 2 changes constantly, but those huge bids have been there all week. I do not see that changing, thus you are able to exit if you so desire easily.
Comment by dave — March 5, 2016 @ 4:22 pm
While I have a moment tonight, I wanted to comment on one more thing – LAD. As I mentioned earlier, this was my second pick a couple weeks ago but I held off because I wanted to announce it as it corrected to .07. Surprise, surprise, it never did nor do I expect it to at this point.It hit .075 for a couple trades with a mil there on the bid. I read a post from someone that had been following LAD for some time and they commented that the Rockford team was in on this one.This is true. Some on this board know about him on SH and yes he does get carried away. But I wanted to say that there are some posters on SH that talk about LAD going up regardless whether he is involved or not. I have to agree with those posters. This one is not going to matter that he is aboard. LAD has been working on this deal for 3 years in a bad market. Their stock has suffered, but those days are over. The deal is done and will be announced in the NR with the closing of the PP. Having 700,000 ounces of gold in their pocket is going to cause some noise. There is some low key buzz going around and as LAD proves up another 300k to top a million ounces of gold, it becomes a prime buy out candidate. My time frame is one year from now. After the PP closing, there will be some more news coming out the end of March or beginning of April with the drill plans among other things.Play the chart and TA, always take a little profit off the table. Buy it back on the dips, this is the way you accumulate more shares and increase your overall profit on any winner. ANY WINNER, don’t just hold it forever, PLAY it and it should make you happy.
Comment by dave — March 5, 2016 @ 4:42 pm