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Gold has traded between $1,221 and $1,233 so far today…as of 11:00 am Pacific, bullion is up $12 an ounce at $1,232…Silver has jumped 20 cents to $17.69…Copper is up 3 pennies to $2.64…Nickel, benefitting from the permanent closure of more mines in the Philippines, has gained another 10 cents to $4.71…Crude Oil is off 84 cents a barrel to $52.99 while the U.S. Dollar Index has pulled back from its highs of the day, now up one-fifth of a point to 99.93 as the 100 level remains new resistance…

The latest trade data from the Commodity Futures Trading Commission show that hedge funds continue to build long positions in Gold and Silver amid increased global uncertainty…Gold’s net length jumped more than 16% from the previous week, its biggest jump so far this year, while Silver’s net length was up 14% and has increased for 5 consecutive weeks…money managers haven’t jumped on the bandwagon yet but that’s a positive contrarian sign in our view…plenty of potential buyers remain on the sidelines – soon enough they’ll be scrambling to get positioned…multiple technical indicators are flashing positive for Gold including its now rising 50-day moving average (SMA) and the fact the metal is now gaining traction above its 100-day SMA at $1,220…as John’s latest Gold chart showed Saturday in our Week In Review And A Look Ahead, a key Fib. resistance band on the 9-month chart stretches from $1,216 to $1,236…expect Gold to accelerate significantly once it pushes through the top of that band…

Any pick-up in buying from Asia would help Gold a lot…China’s net Gold imports in December, at 51.51 tons, were down 60% from December 2015…meanwhile, demand in India fell 21.2% in 2016 from the previous year to 675.5 tons as new rules such as those forcing customers to disclose their tax codes for purchases above 200,000 rupees (approx. $3,000 U.S.) dampened demand…

Pretium Resources (PVG, TSX), our favorite emerging producer, is challenging key Fib. resistance in the $15.50’s today with a strong gain of more than $1 per share…last week the company announced it’s accelerating the commissioning of the high-grade Brucejack Gold mine by 2–3 months, meaning commercial production is nicely on track for 2017 as planned…based on an updated forecast, economics are robust as internal rates of return and payback have improved marginally in comparison with the project economics from a year ago, even though capital costs have increased 16% from the February 2016 estimate…base case post-tax NPV (5% discount) is $1.53 billion (U.S.) while post-tax IRR is 28.5%…Pretium anchors one of the most geologically prospective Gold-Silver-Copper districts in the entire world where the first magmatic Nickel-Copper-rich massive sulphide system with PGE’s, Gold and Cobalt has also been confirmed, just 11 miles west of Eskay Creek…

B2Gold (BTO, TSX) this morning reported record Gold production of 550,423 ounces, achieving revised production guidance while full-year all-in sustaining costs (AISC) are expected to be near the low end of the reduced guidance range between $780 and $810 per ounce (U.S.)…

In Today’s Morning Musings…

1. LiCo Energy Metals (LIC, TSX-V) – the Lithium-Cobalt double play…

2. Volume surges in Metal Creek Resources (MEK, TSX-V) and Manitou Gold (MTU, TSX-V)…

3. Strong clues as to how high the Venture will climb by PDAC…

4. Daniel’s Den – a 3-cent gem, and what are Glencore’s plans for Polymet Mining (PLM, NYSE) and its large resource including Cobalt?…

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