Gold has traded between $1,264 and $1,281 so far today…as of 9:45 am Pacific, bullion is down $7 an ounce at $1,2679..Silver has retreated 34 cents to $17.06…Copper has slid 4 cents to $2.11…Crude Oil has lost 20 cents to $46.03 while the U.S. Dollar Index has rallied one-quarter of a point to 94.13…
Holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, stood at 27.07 million ounces yesterday, the highest since December 2013…
It was the culmination of 5 factors that helped the Gold market enjoy its strongest first quarter on record, according to the World Gold Council (WGC)…in its first quarter Demand Trend Report, released today, the WGC said that Gold demand totaled 1,289 tonnes, an increase of 21% from the first quarter of 2015…the biggest factor behind bullion’s unprecedented performance from January to March was a resurgence of global investment demand, specifically in exchange-traded funds…the report highlighted that ETFs saw inflows of 363.7 tonnes, more than reversing the total outflows seen in 2014 and 2015…
The 5 factors that led to the Gold marketâs 16% rally in the first 3 months of the year, according to the WGC, are 1) Growing instability in equity markets; 2) Weaker U.S. dollar; 3) Implementation of unorthodox monetary policy (including the introduction of negative interest rates); 4) Return of pent-up demand; and 5) Strong price momentum…
Demand in India, the world’s second-biggest Gold consumer, could rise as much as 10% in 2016 on a good monsoon rainfall, according to the WGC…
Gold’s Continued Strength In Canadian Dollars
Gold has been in a new bull market in Canadian dollars since 2004, and the technical turning point came during extreme oversold conditions in the 2nd quarter of 2013 followed by a reversal to the upside in the 200-day moving average (SMA) in early 2014…
Note the 3-year upsloping channel and the next Fib. resistance at $1,888…the bullish trend is firmly intact and up momentum, demonstrated by the SS, is increasing…
Oil Update
The International Energy Agency says global Oil stocks will experience a âdramatic reductionâ in the second half of the year on the back of strong demand and falling supply by some major producers…a series of production outages around the globe have also taken barrels out of the market in recent weeks, providing support to prices…still, in its closely watched monthly report the Paris-based agency said that global Oil stocks will continue to increase in the first half of the year as Iran ramps up its production, adding to the nearly 2 years of oversupply that saw prices dropping to decade lows…
The IEA said that the rise in Iranâs Oil production and exports after the lifting of international sanctions has been âfaster than expectedâ…Iran increased daily Oil output by 300,000 barrels in April to 3.56 million barrels a day, a level last achieved in November 2011…that helped to raise the combined output of OPEC last month to 32.76 million barrels a day, the highest since April 2008….production outside the Oil cartel continues to decline, the IEA said, led by a falling output in the U.S….
In todayâs Morning Musings…
1. Part 3 of our interview series with Lithium X Energy (LIX, TSX-V) CEO Brian Paes-Braga…
2. A TSX-listed Cobalt play (emerging producer) with potential to be a market darling…
3. What John’s latest Venture chart is saying…
Plus more…click here to take advantage of our Spring Sizzler Subscription Special in effect for a limited time only, or login with your username and password to view the rest of today’s Morning Musings…Â
SAVE 25% with a risk-free subscription (as little as $1 per day) as you gain full access to this and other exclusive BMR content and features including our upcoming new Top Opportunities List…
So what is going on with GGI? If you guys thought this was a buy at 16 cents you must really think this is a HUGE buy at 8 cents? And What about WRR? these stocks are wallowing in the mud.
Comment by Ed — May 12, 2016 @ 10:11 am
Jon, you mentioned Macarthur Minerals a few days ago and mentioned that there were 25 millions warrants at .05 (I checked and there are also some options at .05), obviously a drag on the share price. However the volume has been terrific the last week, it seems like these warrants may become absorbed pretty quickly. Do you like the potential Macarthur has?
Comment by Danny — May 12, 2016 @ 10:12 am
Ed, I think it’s a huge buy at .08, had an order for 100,000 at .08 that was fully filled today. I like GGI, lots of irons in the fire. I am pretty confident I will make money with this one but also realize it may take some patience.
Comment by Danny — May 12, 2016 @ 10:21 am
It’s doing great volume, Danny, and it looks like speculation could certainly drive it higher. Look at John’s last chart. Resistance at 15 cents – no confirmed breakout yet, but perhaps imminent. After that, next major resistance is 23 cents. Of course they’re chasing Lithium in Western Australia, so it’s not surprising momentum players have moved in. There are other plays I prefer but I can see a path higher on this one.
Comment by Jon - BMR — May 12, 2016 @ 10:22 am
Jon you are correct in this statement regarding the Golden Triangle” The masses havenât jumped in yet because many arenât even aware at the moment. This hasnât hit critical mass yet, but when it does â look out.”
There is only 1 post on the MTS Stockhouse board and its back from Feb, so no one really following it yet…usually when a stock starts to take off you get all sorts of idiots on that board, so maybe that is a good sign, lol
Comment by GREG — May 12, 2016 @ 12:43 pm
I’m sure even bmr is getting tired of answering to ggi, it seems to be going the wrong way at this moment, same houses in and out day after day isn’t helping either, hope the lack of info is about something big on the way…
Comment by Laddy — May 12, 2016 @ 1:36 pm
All that is Laddy is Secutor playing games. Almost over.
Comment by Jon - BMR — May 12, 2016 @ 1:38 pm
Kinda thought that, sounds good. Just trying to get the weak to jump I guess, good luck with that.
Comment by Laddy — May 12, 2016 @ 1:51 pm
What do you mean, almost over, Jon? Do you know something of the number of shares that have been churned through, or is just some hand holding for frustrated GGI investors.
Comment by PaulH — May 12, 2016 @ 4:57 pm
Treaty Creek Property in Golden Triangle supporting over 55 million market cap today
Tud 60% Amk 20% Tuo 20%
How things change when you give away 30% x2 to another company to earn 60%
Golden Triangle is heating up this summer should prove explosive
Comment by TheSkipper — May 12, 2016 @ 4:59 pm
I’ve done the math, Paul, on the # of shares they have left and their games will be over after next week is what I’m expecting. 75% gone.
Comment by Jon - BMR — May 12, 2016 @ 5:18 pm
Jon, regarding GGI, I assume you are referring to the flow through shares that became free trading April 24th?
Comment by Danny — May 12, 2016 @ 5:37 pm
Yes, Danny. Officially they became free trading April 24. There is strong evidence some of them went out before that time.
Comment by Jon - BMR — May 12, 2016 @ 5:40 pm
I know it’s frustrating as a GGI shareholder to watch the slide in share price but when the share price slides for reasons other than fundamental reasons (ie. investors selling flow through shares simply so they can claim the expense) then it provides a buying opportunity. Hard to predict when the slide will end but I will suck it up and continue buying. Macarthur does look interesting, hard to ignore the volume.
Comment by Danny — May 12, 2016 @ 5:52 pm
We’ll have an updated chart on MMS tomorrow, Danny. GGI slide ends next week based on Secutor trading behavior and another ramp up in the Heart of Gold camp.
Comment by Jon - BMR — May 12, 2016 @ 6:08 pm
Thanks Jon, just finished looking through the recent corporate presentation for MMS, they certainly own a huge land position in Australia and have an experienced team and I am guessing that unlike Canada you can drill and explore any time of year.
Comment by Danny — May 12, 2016 @ 7:07 pm
True, Danny. It’s an interesting speculation and Lithium will continue to be a hot space, but Aussie land is a little too far away for my personal comfort level. Prefer closer to home. I’d rank CXO ahead of MMS.
Comment by Jon - BMR — May 12, 2016 @ 7:42 pm
Jon
What or who are you referring to when you mention another ramp up in the ” Heart of Gold Camp”
Are you saying GGI is getting ready to do something with their King property?
Comment by Greg — May 12, 2016 @ 8:11 pm
Macarthur Minerals up again this morning.Test results possibly Monday morning.Then,the big news to come.
Comment by robinandthe7hoods — May 13, 2016 @ 6:07 am
ELT ?? someone knows something? +2M shares traded, +33%…
Comment by rgiroux — May 13, 2016 @ 6:15 am
Hi Greg, I’m referring to the area in general. We picked up some important and revealing info today, will share Sunday.
Comment by Jon - BMR — May 13, 2016 @ 1:17 pm
Thanks Jon
Looking forward to it
Also having trouble getting filled on MTS anyone else having that problem?
Comment by Greg — May 13, 2016 @ 1:52 pm