Gold has traded between $1,278 and $1,289 today…as of 12:45 pm Pacific, bullion is down $8 an ounce at $1,281…Silver is off 6 cents at $17.04…Copper is unchanged at $2.89…Nickel has retreated 8 cents to $4.73…Crude Oil has fallen $1.26 a barrel to $47.56 while the U.S. Dollar Index has gained one-third of a point to 93.43…
Easing tensions over North Korea took some wind out of Gold’s sails today and also sent stocks soaring after equities endured their second-worst weekly performance of the year…
One only has to look at what’s happening in the Bitcoin market to know that plenty of speculative money is looking for a home – those trades and investments are highly targeted, though, which bodes well in the event of a major new discovery in the Eskay Heart of Gold Camp where multiple drill programs are in progress…northwest B.C. in general is hot right now…
Longtime stock researcher Ronnie Moas raised his price target on Bitcoin by $2,500 today after the digital currency hit fresh all-time highs over the weekend. “What’s happening is the floodgates are opening,” Moas, founder of Standpoint Research, said in a phone interview with CNBC. “I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars.”
Venture Long-Term “Big Picture”
VERY IMPORTANT!
Note in the long-term chart below how the EMA(500) has been the key moving average defining bear and bull markets for the Venture over the past 17 years; in other words, the EMA(500) is powerful resistance during bear cycles and powerful support during bull cycles…
No bull market has ever NOT retreated to its 500-day exponential moving average, just like this one did just recently in the 750’s…sudden big moves to the upside have consistently occurred almost immediately after the EMA(500) has been tested!…
RSI(14) appears to be finding new support at 50% and should start turning higher…buy pressure has remained steady on this long-term monthly chart during the consolidation phase since August of last year, meaning “smart money” has been accumulating on weakness…
Next major price target is near 1,000…
John has divided Venture history into 6 distinct trading periods…we’re now in “Period 6” – a confirmed bull cycle that should last for at least a couple of years…
Period 1 (2001 into early 2003) is best described as “neutral” – mostly range trading as the Venture gauged developments including 9/11 and the war and recession that followed…
Period 2 (early 2003 to early 2007, a bull cycle) delivered a stellar return of 280%…
Period 3 (early 2007 to the end of 2008) was nasty – an 80% wipe-out thanks to the Great Crash…
The gain during Period 4 (2009 to early 2011, another bull cycle) was staggering, similar to Period 2 but over a shorter time frame, at 264%…
Period 5 (early 2011 to early 2016) was an ugly bear market as we all know, and the Venture declined a whopping 81% (same percentage decline but worse in many ways than Period 3 because it dragged on for 5 years)…
If Period 6 is similar to Periods 2 and 4, we can expect the Venture to make its way to at least 1700 during this cycle…
In today’s Morning Musings…
1. A must-own top Gold producer…
2. Why Agnico Eagle likes this junior so much (drill program in progress)…
3. Daniel’s Den – more tips on how to trade for a living…
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? You’ll benefit immediately from our unparalleled research and boots-on-the-ground coverage that allows us to make discovery calls that could make you fortunes.
Subscribers just recently have hit big on 2 special situations in British Columbia – BMR leads the way in coverage of those discoveries, others in the making and how subscribers can maximize their profits!
We are delivering market-trouncing returns again in 2017 after last year’s BMR Top50 List returned a whopping 118%! 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!
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GGI….NEWS.
Garibaldi Resources arranges $667,000 private placement
2017-08-14 15:55 ET – News Release
Mr. Steve Regoci reports
GARIBALDI ANNOUNCES PRIVATE PLACEMENT
Garibaldi Resources Corp. has arranged a financing as follows.
Garibaldi will issue up to 1.45 million units at 46 cents per unit to raise gross proceeds of up to $667,000. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one common share at a price of 60 cents for a period of two years.
The proceeds will be used for the company’s exploration programs as well as general working capital purposes.
About Garibaldi Resources Corp.
Garibaldi Resources is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
We seek Safe Harbor.
Comment by John - BMR — August 14, 2017 @ 8:18 pm
I guess that should be enough to mobilize a 2nd drill up to e&L .
Comment by Laddy — August 14, 2017 @ 10:05 pm
I’m looking for a very quick close on this PP, Laddy, as in by later today possibly. If I’m right about the big player, I can think of a few others who will be very eager to participate. Wouldn’t be at all surprised if this is increased today. Regoci is hyper sensitive about dilution but if a couple million units at these levels means bringing in some strategic investors, that’s in shareholders’ best interests IMHO.
Comment by Jon - BMR — August 15, 2017 @ 3:36 am
Absolutely Jon, I’m quite happy to see it kept to a minimum, I’m sure there are a few that are really really kicking themselves rite now.
Comment by Laddy — August 15, 2017 @ 4:39 am
Wikipedia
Poseidon bubble
The Poseidon bubble was a stock market bubble in which the price of Australian mining shares soared in late 1969, then crashed in early 1970. It was triggered by the Poseidon NL company’s discovery of a promising site for nickel mining in September 1969.
In the late 1960s, nickel was in high demand due to the Vietnam War,[1] but there was a shortage of supply due to industrial action against the major Canadian supplier Inco. These factors pushed the price of nickel to record levels, peaking at around £7,000/ton on the London market early in November 1969.[2] In September 1969, the mining company Poseidon NL made a major nickel discovery at Windarra in the Shire of Laverton, Western Australia. In early September their shares had been trading at $0.80, but as information about the discovery was released, the price rose until it was trading at $12.30 on October 1. After this, very little further information came to light, but the price continued to climb due to speculation; at one point, a UK broker suggested a value of up to $382 a share.
The price of Poseidon shares quickly became too high for many investors, so some turned to other nickel stocks, stocks in other mines near Windarra, and eventually other mining stocks in general. As the price of mining shares grew, new companies were listed by promoters looking to cash in. Mining stocks peaked in January 1970, then immediately crashed. Poseidon shares peaked at an intraday high of $280 in February 1970, and fell rapidly thereafter.
By the time Poseidon actually started producing nickel, the price of nickel had fallen. Also, the nickel ore was of a lower grade than originally thought, so extraction costs were higher. Profits from the mine were not sufficient to keep Poseidon afloat, and in 1976 it delisted. Western Mining then took over the mine, operating it until 1991.
In 1974, The Rae Committee handed down its report on the Poseidon bubble, in which it documented numerous cases of improper trade practices. It recommended a number of changes to the regulation of stock markets, which ultimately led to Australia’s national companies and securities legislation.[3][4]
In the late 1980s, Robert Champion de Crespigny took over the Poseidon Company and it became part of Normandy Mining, the largest gold miner in Australia. In 2001 Normandy Mining, including Poseidon, was taken over by the Newmont Mining Corporation, which also at that time acquired Canadian company Franco-Nevada. The acquisitions made Newmont the world’s largest producer of gold at that time.[5]
ReferencesEdit
1.^ http://www.businessinsider.com/most-ridiculous-bubbles-ever-2010#the-vietnam-war-induced-poseidon-bubble-10
2.^ “Three Australian Asset-price Bubbles” (PDF). The Reserve Bank of Australia. 2003-08-19. Retrieved 2007-06-04.
3.^ Australia. Parliament. Senate. Select Committee on Securities and Exchange; Rae, P. E. (Peter Elliot), 1932- (1974), Australian securities markets and their regulation, Australian Government Publishing Service, ISBN 978-0-642-00638-7
4.^ Australia. Parliament. Senate. Select Committee on Securities and Exchange (1974), Australian securities markets and their regulation. 3 vols, A.G.P.S, retrieved 23 April 2012
5.^ “Our History”. Newmont Mining Corporation. 2010. Retrieved 20 November 2010.
Further readingEdit
◾Weekend News Saturday January 10, 1970 – p. 10 -W.A. Shareholders in Poseidon and Poseidon slip $24.66 in London
◾Adamson, Graeme.(1989) Miners and millionaires : the first one hundred years of the people, markets and companies of the stock exchange in Perth, 1889-1989 Perth, W.A : Australian Stock Exchange(Perth) Limited. ISBN 1-875262-00-8
Last edited 2 months ago by Magic links bot
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Comment by John - BMR — August 15, 2017 @ 7:14 am
BMRjohn – an interesting note on Ni or the end of the triangle surge is approaching ?
Comment by david — August 15, 2017 @ 1:20 pm
Thanks Daniel for all your helpful information!
Comment by Ciara — August 15, 2017 @ 2:42 pm