Gold has traded between $1,251 and $1,260 so far today…as of 11:30 am Pacific, bullion is up $5 an ounce at $1,255…Silver has climbed 15 cents to $16.68…Copper is 3 cents higher at $2.62…Nickel has added 3 pennies to $4.10…Crude Oil has rallied 22 cents to $42.96 while the U.S. Dollar Index is down one-third of a point to 97.20…
The U.S. Dollar Index came under pressure today after weaker-than-expected preliminary manufacturing and service sector data were released…research firm IHS Markit said that its flash Purchasing Managers Index for June fell to a reading of 52.1, the lowest in 9 months and down from May’s final reading of 52.7…economists were expecting to see a modest rise…at the same time the firm’s service sector PMI showed a reading of 53.0 following May’s reading of 53.6…economists were expecting the index to rise to 53.9…this is the lowest print for the service sector in 3 months…the Dollar Index faces a very stiff resistance band between 98 and 100 and the overall trend remains bearish despite the recent rally…bulls who are ignoring technical deterioration in the greenback are doing so at their peril – their summer won’t be fun…
Euro zone PMI growth unexpectedly slowed to 55.7 in June, down from 56.8 in May…
Crude Oil Update
Crude Oil is attempting to recover from a 10-month low hit earlier this week but remains on course for its biggest first half decline in 2 decades as production cuts have so far failed to allay market concerns regarding global oversupply…at the heart of the ongoing glut is that efforts to reduce production by OPEC suppliers, as well as Russia, have been met by soaring output from the U.S. as well as OPEC members Libya and Nigeria, which are exempt from the cuts…unlike the situation when Crude began falling sharply in 2014, however, the Saudis are attempting to do everything they can to help stabilize the market and push prices back up…a key incentive for the Saudis is the planned IPO of their state-owned Oil company which could bring $100 billion into the country’s coffers as long as the Oil market is healthier than it is now…exact timing of that IPO is still uncertain but 2018 seems most likely at this point…
Both WTI and Brent pared gains slightly after Baker Hughes said within the last couple of hours that the U.S. Oil rig count rose for a record 23rd straight week to 758 rigs…
In today’s Morning Musings…
1. First Cobalt (FCC, TSX-V) is this week’s big newsmaker on the Venture…
2. “Weed” traders’ alert…
3. Another look at the Venture-Oil relationship…
4. Daniel’s Den – DD returns Monday with Daniel on week-long site visits (B.C. and the Yukon)…much to report beginning next week!…
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We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
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6 Comments
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Press "Reload" for fresh quote
North Bay news today…from Nugget.ca
Forget Ring of Fire: As much attention as the Ring of Fire has garnered, the expected resurgence of the Cobalt Camp is a bigger story.
http://www.nugget.ca/2017/06/23/cobalt-mining-camp-is-ready-to-roll
Comment by Jon - BMR — June 23, 2017 @ 6:22 pm
Interesting article on Cobalt Camp from North Bay, Ontario, today:
Forget Ring of Fire:
As much attention as the Ring of Fire has garnered, the expected resurgence of the Cobalt Camp is a bigger story.
nugget.ca/2017/06/23/cobalt-mining-camp-is-ready-to-roll
Comment by Jon - BMR — June 23, 2017 @ 6:28 pm
Wow – the press is going nuts over Cobalt now in northern Ontario – another article from North Bay’s leading news source highlights Castle Silver Resources (CSR, TSX-V)
North Bay Poised To Profit From Cobalt Mining
Comment by Jon - BMR — June 24, 2017 @ 9:18 pm
Jon
Did you know that Basa has been talking with Nissan? Wonder what other Asian car makers he’s been talking too?
This is going to be very interesting to watch how this all unfolds…
Comment by Greg — June 24, 2017 @ 10:44 pm
Yes, lots of interest from Asia, Greg, in high purity Cobalt products from CSR…the process is underway in terms of making those products for initial evaluation…nice head start for CSR…they have the contacts in Asia and the potential to tap into a very substantial market, thanks to the Re-2OX process…
Comment by Jon - BMR — June 24, 2017 @ 10:51 pm
CSR -another newsletter write-up. Ggi should take note. A decent promo starts with a a bunch of newsletters writing about a certain stock…
Comment by Johnz — June 24, 2017 @ 11:03 pm