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Gold has traded between $1,151 and $1,167 so far today…as of 10:45 am Pacific, bullion is up $3 an ounce at $1,162…Silver, at $17.06, has climbed 25 cents…Copper is off a nickel at $2.60…Nickel is down slightly at $5.10…Crude Oil has shot up $1.68 a barrel to $53.18 while the U.S. Dollar Index has retreated two-thirds of a point to 100.97…

The latest data from the Commodity Futures Trading Commission show speculative interest in the Gold market has fallen to neutral territory, hovering around its 5-year average as hedge funds and money managers continue to liquidate long positions as the U.S. dollar strengthens and U.S. bond yields rise, according to commodity analysts (contrarians will like that)…

Gold’s net length is now at its lowest point since February, falling 23% from the previous week, and bullish speculative positioning has fallen almost 70% from its record highs seen in early July…

Holdings of SPDR Gold Trust, the world’s largest Gold-backed ETF, fell another 0.38% Friday to 857.45 tonnes and are down about 9% since the beginning of November…net outflows in global Gold ETFs continued for a 20th straight trading session Friday…doesn’t this sound like a reversal in Gold is right around the corner?…

Tweet Sends Lockheed Martin Spiraling

President-elect Trump is standing up for taxpayers, but nonetheless took criticism from some of the mainstream media this morning over an unconventional swipe at Lockheed Martin’s (LMT, NYSE) F-35 program, saying on Twitter that the cost was “out of control”…shares of the aerospace company dropped by as much as 6% in trading today, temporarily wiping more than $4 billion in value off the company’s market cap (currently down by about 2.5%)…CNBC noted that the impact of Trump’s tweet, per character, was more than $28 million…Trump tweeted, in part, that “billions of dollars can and will be saved on military (and other) purchases” once he takes office in January…

Meanwhile, Trump seems to have knocked China off balance, which might not be such a bad thing…China has warned that it’s “seriously concerned” after the President-elect questioned whether the United States should keep its long-standing position that Taiwan is part of “one China”…Trump has signaled a willingness to confront Beijing, and his latest comments in an interview with Fox News suggested that he won’t hesitate to anger China until the country comes to the bargaining table on trade and North Korea…

Oil Update

Oil prices surged today after more Oil-producing nations agreed to slash production, a move aimed at pushing the oversupplied Oil market into a rebalance to prop up a Crude market that crashed between late 2014 and early this year…over the weekend, a group of heavyweight producers outside of OPEC, including Russia, agreed to scale back their output by 558,000 barrels a day…the move would come on top of the cut of 1.2 million barrels a day agreed to by OPEC in late November…the total reduction represents almost 2% of global supply…significantly, it has been a long-term goal of the Saudis to get the involvement of Russia and the weekend deal represents a major geopolitical development…

Oil stocks are hot today and the HOU double long Crude ETF on the TSX climbed as high as $9.26 this morning…it’s up 60 cents at $9.11 as of 10:45 am Pacific…

In Today’s Morning Musings…

1. Signs that Gold’s thrashing has been overdone plus a fresh look at Silver…

2. Canadian Zeolite (CNZ, TSX-V) announces research deal, stock fights back after wild session Friday…

3. Three non-resource plays worthy of consideration…

4. Update on the Tahltan/Chad Day situation…

5. Daniel’s Den – more on Uranium plus a Gold junior ready for a rebound…

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…