Gold has traded between $1,342 and $1,353 so far today…as of 9:00 am Pacific, bullion is down $7 an ounce at $1,342…Silver has retreated 33 cents to $19.71…Copper is up a penny at $2.10…Crude Oil is 52 cents higher at $45.35 while the U.S. Dollar Index, after a rough day yesterday, has recovered more than one-tenth of a point to 94.98…
Gold surged 1.7% yesterday, the biggest single-day gain since the results of the Brexit vote on June 24…
Holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose 1.52% yesterday in the biggest one-day jump since July 5…
China’s Gold reserves rose to 58.95 million ounces at the end of August from 58.79 million ounces at the end of July, the country’s central bank confirmed today…
Goldman Sachs‘ economists have suddenly stepped back from their bold call for a Fed rate hike this month…they lowered the odds this morning for a September rate hike to 40% (still astonishingly high) from 55% – the latter a call they made Friday even after the tepid August jobs report convinced many that the Fed was not likely to move soon… what’s with these economists?…
According to Fed funds futures tracked by Bloomberg, odds of the Fed raising rates this month slid to 24% as of yesterday (still 24% too high) from 34% at the start of September…U.S. services sector activity slowed to a 6.5-year low in August, according to fresh data released yesterday, amid sharp drops in production and orders, pointing to slowing economic growth that further diminished prospects for a near-term interest rate increase…
Still, Fed Bank of San Francisco President John Williams painted an upbeat picture of the U.S. economy in a speech yesterday, saying it made sense to get back to a pace of gradual rate increases, “preferably sooner rather than later,” he said…a few weeks ago, in his regional Fed bank’s Economic Letter, Williams noted, “There is simply not enough room for central banks to cut interest rates in response to an economic downturn…”
Is that why certain members of the Fed are in a “hurry up” mode when it comes to additional rate hikes?…are they afraid a recession might come sooner than expected, leaving them with very little wiggle room to tackle an economic downturn – unless of course they adopt a negative interest rate policy as in other parts of the world?…
In Today’s Morning Musings…
1. Sudden $2.2 million financing at 12 cents August 25, 86 m @ 1.1% Cu September 7…
2. 34 m @ 35% Zinc – why did that have to be on the doorstep of ISIS?…
3. TSX Gold Index – embrace any weakness!…
4. Daniel’s Den – more on Zinc with 3 high-quality stocks in that space…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
I know this isn’t the place but I have got a few freebies off you guys even though I have not subscribed as yet. KXPLF is moving and people like you on this site that apparently sort of know what you are doing should be taking a close look.
Comment by Carl Sundmacher — September 7, 2016 @ 2:54 pm
BayHorse about to take off today. They will be a producing HIGH GRADE silver very soon most likely by month end. Also just started drilling their 2nd silver mine in Idaho. Check out David Morgan indepth interview with the CEO….GiddyUP BayHorse!!
Comment by Jeff — September 8, 2016 @ 5:02 am
Hi Dan,
If you are interested in more zinc plays checkout future buyout candidate Arizona Mining (AZ). They just pulled a monster hole at Hermosa. See this mornings NR. Also AZ has a silver kicker.
Anyone who missed AZ should consider Inzinc Mining $.19 (IZN)who might just be sitting on a deposit similar to Hermosa. The drill will tell. Drills should be turning this fall for IZN.
Both are John Kaiser picks so anyone can read his analysis on AZ and INZ at http://www.kaiserresearch.com (just click on General Release Schedule)
I own both.
Comment by John — September 8, 2016 @ 5:04 am
By the way the American symbol BHS
Comment by Carl Sundmacher — September 8, 2016 @ 6:04 am
NIM around 22 cents (a filling of the gap) would be more appealing as a trade. Previous resistance (21 cents) should act as support.
Comment by Jon - BMR — September 8, 2016 @ 6:12 am
GBB News Release:
Gold Bullion Announces Plans for a New Exploration Program Targeting a Signifcant Expansion of the Granada Gold Deposit
V.GBB | 1 hour ago
(via Thenewswire.ca)
September 8, 2016 / TheNewswire / Gold Bullion Development Corp. (TSX-V: GBB) (OTCPINK: GBBFF) (Frankfurt B6D) (the “Company” or “Gold Bullion”) today announced that it will begin diamond drilling at its Granada gold property during September 2016 as part of a new exploration program which is aimed at expanding its gold mineral resources near surface. The program will focus on several high-grade targets in the unexplored part of the property and is expected to continue over a two-to-three-year period.
The first two drill holes will target the Aukeko West and Pontiac vein systems previously identified in historical maps but which so far haven’t been drilled by Gold Bullion. The veins are located in the western bound of the Aukeko Zone, about 500 metres west of the historical Aukeko shaft and 2,000 metres east of the historical Granada shafts.
The Company’s current plans include drilling another nine holes in three other locations that have not been drilled before. Three of the holes are scheduled to intersect the Syncline vein where a historical grab sample in 1992 averaged 0.357 ounces (11.1 grams) per tonne, four holes are scheduled to drill test a vein extension under the orphan tailings and two holes are scheduled to verify a possible north-east extension of the GR-10-73 vein intersection. Drilling in this first phase of the program is expected to total approximately 2,500 metres and be completed this year. Results will be disclosed once they are received and validated.
The planned drilling locations can be viewed on two maps below. The maps can also be accessed via the following links: exploration map 1; exploration map 2
“Gold Bullion actively explored the Granada gold property from 2009 to 2014 but we only drilled 20% of the potential vein structure, leaving 80% still unexplored and the deposit open in all directions and at depth. With market conditions improving, we believe the time is right for the Company to initiate another exploration program which could increase its mineral resources on the property,” said Frank Basa, President and Chief Executive Officer.
Based on almost 90,000 metres of drilling, the NI 43-101 estimate published in 2013 for the Granada property is as follows: measured resource is 946,000 ounces of gold (28.735 million tonnes grading 1.02 g/t), indicated resource is 659,000 ounces (18.740 million tonnes grading 1.09 g/t), and inferred resource is 1,033,000 ounces gold (29.975 million tonnes grading 1.07 g/t Au) using a cut-off grade of 0.40 g/t. This estimate is contained in NI 43-101 Technical Report Granada gold project Resource estimate update Rouyn-Noranda, Abitibi, Quebec, published January 3, 2013 with effective date of November 15, 2012. Claude Duplessis, Eng., and Gilbert Rousseau, Eng., are the independent qualified persons in accordance with National Instrument 43-101.
As part of the new exploration program, Gold Bullion is targeting a pit-constrained target of 88 to 93 million tonnes at 1 gram per tonne gold plus another 10 to 20 million tonnes at 3 grams per tonne gold underground. The potential quantity and grade reported as targeted exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
In addition, once permits are received, the Company intends to commence exploration in the historical Aukeko shaft area where a bulk sample in 1938 averaged 7.0 ounces of gold per short ton (239.9 grams per tonne). The plan calls for an initial five trenches up to 100 metres in length to define zones for subsequent diamond drilling.
The potential strike length on the property is 5.5 kilometres, beginning at the westernmost drill hole near the historical Granada shafts and extending eastward to the historical Austin Rouyn shaft where grab samples in 1940 showed up to 6.57 ounces of gold per short ton (225.2 grams per tonne). Note that there are two cross-cutting intrusive dykes of undefined width within that strike length. The potential strike length is conceptual in nature as there has been insufficient exploration to define the full length of the mineralized material and it is uncertain if further exploration will do so.
The new exploration program focuses on sections of the Granada property that were not included in the resource estimate in the 2013 technical report. Therefore, the drilling results, if successful, could potentially add to the numbers previously reported.
An updated resource estimate when it is published in a new 43-101 technical report would also include 400 historical holes that were drilled prior to the Company’s acquisition of the property in 2006, as sufficiently long sections of the core from the historical holes has been analyzed in work done since the publication of the 2013 technical report.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is developing the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold in the 1930s before a fire destroyed the surface buildings. The highly prolific Cadillac Trend cuts through the north part of the property. The Cadillac Trend has been the source of more than 50 million ounces of gold produced in the past century on a line running from Val-d’Or to Rouyn-Noranda.
The Company has obtained all necessary permits for the initial mining phase known as the “Rolling Start” for which stripping has already begun, and has agreements in place with First Nations. Additional information is available at http://www.goldbulliondevelopmentcorp.com.
Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, who is an independent qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144
Renmark Financial Communications Inc.
Steve Hosein: [email protected]
Tel.: (416) 644-2020 or (514) 939-3989
http://www.renmarkfinancial.com
Read more at http://www.stockhouse.com/news/press-releases/2016/09/08/gold-bullion-announces-plans-for-a-new-exploration-program-targeting-a#2X8EQeZO1tMlgeWU.99
Comment by Arjan — September 8, 2016 @ 6:24 am
Carl – bayhorse??
Comment by Jeremy — September 8, 2016 @ 9:09 am
Yes BAYHORSE the #1 silver play on the Venature. Soon to be a producer
GiddyUP!
Comment by Jeff — September 8, 2016 @ 10:12 am
Yes Bayhorse.
Comment by Carl Sundmacher — September 8, 2016 @ 12:01 pm