Gold has traded between $1,217 and $1,229 so far today…as of 11:40 am Pacific, bullion is down $3 an ounce at $1,220…Silver has slid 15 cents to $15.90…Copper is off 2 pennies at 2.64…Nickel is down slightly at $4.13…Crude Oil, after its longest winning streak in more than 5 years, has corrected $1.94 a barrel to $45.13 while the U.S. Dollar Index is relatively flat at 96.17…
The slump in the sale of Gold coins at the U.S. Mint is so odd, one really has to wonder what’s going on – bullish contrarian sign, perhaps? “It is still the case that hardly any Gold coins are being sold in the U.S. – according to U.S. Mint figures, only 6,000 ounces were sold in June. That’s only a fraction of last June’s total (down 92%). Coin sales have been significantly down year-on-year in every month so far this year,” noted analysts from Commerzbank in a recent report. “The picture is much the same for Silver, coin sales in June once again falling short of the 1 million ounce mark,” they added…
According to the Mint’s latest sales data, American Eagle Gold coin sales reached 192,500 ounces during the first 6 months of this year, a 62% decline from sales during the same period last year…in 2016, sales reached 501,000 ounces during the 1st half…the same applies to Silver Eagle coins which posted sales of around 12.2 million ounces for the 1st half of 2017, down 53% from the 2016 comparative time frame…
In today’s Morning Musings…
1. Analyzing Gold’s latest moves and the historical significance of the July-August-September period…
2. Ignore today’s weakness in Crude – another test of $50 is on the way…
3. Three Venture stocks attracting momentum players…
4. Cobalt Power Group (CPO, TSX-V) update…
5. Daniel’s Den – breathing new life into a high-grade Gold past producer…
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Hi Jon, did you say that a CPO chart was forthcoming?
Comment by Foz1971 — July 5, 2017 @ 12:01 pm
Yes, Fox1971…it’s coming…adding it in within the next 20 minutes…you’ll like it…
Comment by Jon - BMR — July 5, 2017 @ 12:05 pm
CPO: You’re right, I do like it! I could insert some other words between the quotes, in your write-up, based on what I have heard from others …. great first hole
Comment by Foz1971 — July 5, 2017 @ 1:41 pm
hi Jon, what happened to the CSR momentum ?
Comment by donald — July 5, 2017 @ 5:43 pm
CSR continues to trade in a very tight range in a neutral state, Donald, primarily a penny or 2 on either side of .25 as investors await more news re: drilling and other things. Very nice base to suddenly lift off from.
Comment by Jon - BMR — July 5, 2017 @ 7:37 pm
CPO really looks ready as it’s consolidated nicely with great volume to clean up the pp sellers. Jon: any concern on BCK lowering the financing price and amount? less dilution though.
Comment by STEVEN1 — July 5, 2017 @ 9:22 pm
CPO: Silver-cobalt mineralization typically occurs in steeply-dipping carbonate veins. CPO’s CEO has expertise in mining of deep and narrow veins in south america and Mexico and the Smith Cobalt project sits on an old mine with similar characteristics to those veins in South America. They appear to have found such a vein on the first hole – characteristics (size etc) yet to be determined.
Comment by Foz1971 — July 6, 2017 @ 6:47 am