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A wild day for Gold as technical selling intensified after the yellow metal broke below $1,300 for the first time since Britain voted to leave the European Union…as of 8:55 am Pacific, bullion is down $36 an ounce at $1,276 in a healthy washout as it threatens to test its 200-day moving average (SMA) around $1,250…Silver has tumbled 80 cents to $17.99…Copper is off slightly at $2.16…Crude Oil is relatively unchanged at $48.88 while the U.S. Dollar Index has added nearly half a point to 96.20…

The pound fell to a 3-decade low against the dollar today, trading below the levels it hit after the Brexit vote…

Chinese markets are shut for national holidays until next Monday, meaning lack of Chinese participation has provided an ideal opportunity for powerful players to engage in some Gold price manipulation…

Famed investor Rick Rule on Gold:  “The catalyst for it going higher is simple: zero interest rates and negative interest rates,” the chairman of Sprott U.S. Holdings told Kitco News at the Mines & Money event. “Frankly, I think interest rates will be more important to the Gold market than either Clinton or Trump.”

Rule noted that the Fed is “trapped” and continues to be “addicted” to low rates, which will bode well for Gold…

Speaking of the U.S. election, it’s unfortunate that tonight’s Vice-Presidential debate between Republican Mike Pence and Democrat Tim Kaine won’t draw nearly the same viewership that the recent Trump-Clinton showdown did (their next battle is Sunday)…substantive policy issues should dominate the Pence-Kaine debate, given the nature of the two candidates, which should help to draw some clear distinctions on the major issues of the day…

Money Managers Upped Their Bets In Gold After Recent Fed Decision

The latest trade data shows that bullish speculative interest in Gold once again recently approached its all-time-highs after hitting its lowest point in 3 months…the latest COT data for the week ending September 27 showed money managers increased their speculative gross long positions in Comex Gold futures by nearly 15% while decreasing their short bets by almost 20%…this developed at the time of the Fed’s latest policy statement…how many money managers got spooked by today’s price action will be interesting to know when fresh COT data is available in a few days…

U.S. Mint Gold & Silver Sales Pick Up In September But Down Year-Over-Year

The U.S. Mint saw renewed interest in its Gold and Silver bullion coins with sales last month hitting their highest level since April…however, demand for physical precious metals was down compared to last year…according to sales data on its web site, the U.S. Mint sold a total of 67,500 ounces in various denominations of American Eagle and Buffalo Gold coins last month, an increase of 65% from August, but down more than 24% from September 2015…so far this year the Mint has sold 782,000 ounces of Gold, down from 840,500 ounces sold during the same time frame as last year…

The same trend can be seen in Silver demand…the Mint sold 1.675 million ounces of Silver last month, up nearly 24% from August but down almost 56% from September 2015…so far this year the Mint has sold almost 30.6 million ounces of Silver, down 15% from the total sold over the same 9-month period last year…

Pro-Pipeline First Nations Groups Speak Up

A groundbreaking conference in Calgary started yesterday and wraps up today…the “Pipeline Gridlock Conference” features members of Canada’s aboriginal business elite who are meeting for the first time to find ways to help improve dialogue on pipelines and support approvals…

Stephen Buffalo, President and CEO of the Indian Resource Council, the conference’s organizer, said the meeting is hopefully the first of many and aims to come up with recommendations for Prime Minister Justin Trudeau.  “We are depending on these pipelines for the success of the Canadian economy,” he said…

Trevor McLeod, director of the Centre for Natural Resources Policy at the Canada West Foundation, stated:  “There is a sense among a number of the First Nations leadership that they have been co-opted by environmental groups and that there is a need to stand up for their economic interest.  What distinguishes this from previous conferences and discussions is that some of the key First Nations leaders in Canada who have energy assets on their reserves and lands are stepping out and actually saying something, whereas typically they haven’t been keen to do so.”

Crude Oil Update

One of the top commodities’ analysts, RBC’s Helima Croft, told CNBC that her firm expects the OPEC pact to hold with a belief that the Saudis are willing to bear the lion’s share of the reductions needed to get down to 32.5 million barrels of Oil produced each day globally by OPEC members…

“This speaks to the economic realities of lower Oil prices that are really biting Saudi Arabia,” said Croft.  “Saudi Arabia really had to give considerable ground to accommodate the Iranian demands to get the deal done.  This is more than just a freeze. It’s actually cutting from current levels.”

“It (Crude Oil) can continue to be choppy based on weekly stats, rig count numbers and broader macro trends,” she added. “But we think we are done with sub-$40, barring a major macro meltdown panic, and firms the case for $50’s by year end and trending into the $60’s next year.”

In Today’s Morning Musings…

1. Wild trading action today in Cannabix Technologies (BLO, CSE)…

2. Two-cent stock comes out of long hibernation – a play to watch…

3. When is it time to jump in on this Gold stock ETF?…

4. Bayhorse Silver (BHS, TSX-V) update…

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…