Gold has traded between $1,202 and $1,212 so far today…as of 10:50 am Pacific, the yellow metal is flat at $1,204…Silver is off slightly at $16.95…Copper has added 3 pennies to $2.62…Nickel has jumped 13 cents to $4.58…Crude Oil is down another 15 cents to $48.34 while the U.S. Dollar Index is unchanged at 101.28…
A Fed rate hike on Wednesday is fully discounted by the market…the only thing that might prompt temporary further weakness in Gold and a move up in the dollar is if FOMC members lift the number of rate hikes they expect this year from 3 to 4…Fed statement at 11:00 am Pacific Wednesday followed by Ma Yellen’s news conference…
Wednesday’s a big day…the latest U.S. CPI data will also be released while traders will be keeping an eye on elections in the Netherlands…meanwhile, President Trump is expected to unveil his fiscal 2018 budget outline on Thursday…rising deficits would definitely be bullish for bullion…Trump has promised to “do a lot more with less“, though defense will get a big boost after years of cuts under Obama, but his blueprint faces a reality test with many Republicans…
Venture 16-Year Monthly Chart
Why the 850 level for the Venture has proven to be such stubborn resistance, we’re not exactly sure…however, around 850 is where the Index found support during the spring of 2013 and then proceeded to gradually rally over the next year-and-a-half until it hit a wall around 1,050 and plunged steeply during the last leg of the bear market…
This long-term chart shows the bull market still in its early stages with RSI(14) continuing to attempt to break out above a long-term downtrend line…how soon that will occur is impossible to say, but when it does – look out…this market will really take off…
Buy pressure is still very modest, well below the peaks of previous bull markets…the overall pattern of this new 1-year-old bull market suggests we’re likely to see an extended, multi-year bull phase as opposed to a 24-month blow-off like 2009–2010…
Previous bull markets have all retreated on various occasions to the rising 300-day SMA, currently 720…the 300-day could move up quite a bit higher before it gets tested for the first time in this bull cycle…
In Today’s Morning Musings…
1. Firesteel gives up on resource sector, Colorado eagerly grabs ROK-COYOTE to double the potential strike length of North ROK…
2. “Tenor is King”: Geologist Everett Makela on Garibaldi’s E&L…
3. Follow the VEIN!…
4. Daniel’s Den – KOPN scores again with its technology, stock hits new 2-year high…
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I listened to the Makela interview 3 times. AlL I can say is WOW! Can hardly wait for the drills to turn at the E&L.
Comment by pole — March 13, 2017 @ 11:48 am
Hey Jon….what happens if the VTEM doesn’t show any definite conductors?
Comment by weatheritout — March 13, 2017 @ 1:55 pm
Agreed Pole WOW!!!!
Comment by GREGH — March 13, 2017 @ 3:13 pm
Well, weatheritout, ask yourself how realistic that actually is when you already have massive sulphides in 3 separate zones from the top of Nickel Mountain, demonstrated thru drilling, down to at least 150 m in depth? When you look at the model, does it seem realistic that that’s all there is for sulphides? The oldtimers just got lucky and drilled into the only massive sulphides that exist at the E&L? Where did this high-grade sulphide mineralization come from?
As sure as the sun will rise tomorrow morning, the VTEM will show some juicy conductors encompassing a wide area IMHO.
Comment by Jon - BMR — March 13, 2017 @ 5:44 pm
CPO- has appoints Scott Kayich to the advisory board. Mr Kayick is founder and president of Brisco Capital Partners corp a full- service invertor relations consultancy and business advisory firm base in Calgary. Andreas Rompel said his years of financial market knowledge will be an invaluable asset for the company. i bet he can get the word out to the invester world about CPO.
Comment by kelly — March 14, 2017 @ 6:07 pm