Gold is surging higher this morning…as of 7:45 am Pacific, the yellow metal is up $16 an ounce at $1,784…Silver has gained 99 cents to $36.45…Copper is 3 pennies higher at $3.88…Crude Oil has slipped to $108.24 while the U.S. Dollar Index is also relatively unchanged at 78.48…this is a condensed version of Morning Musings today due to travel…
New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected…durable goods orders slipped 4%, the biggest drop since January, 2009, when the country was still mired in a deep recession, according to Commerce Department data released this morning…economists had forecast orders falling 1%…durable goods range from toasters to big-ticket items like aircraft which are meant to last three years and more…meanwhile, home prices fell in December for a fourth straight month in most major U.S. cities, as modest sales gains in the depressed housing market have yet to lift prices…the Standard & Poor’s/Case-Shiller home-price index shows prices dropped in December from November in 18 of the 20 cities tracked…the steepest declines were in Atlanta, Chicago and Detroit. Miami and Phoenix were the only cities to show an increase…the declines partly reflect the typical slowdown that comes in the fall and winter…don’t lose focus on the “big picture” with regard to the U.S. economy as the overall improvement trend is firmly intact…consumer confidence numbers just came out and have hit a one-year high, a very encouraging sign…
The Venture Exchange is up 4 points at 1683 as of 7:45 am Pacific as it continues to work through a resistance band…once 1700 is cleared, the CDNX should really begin to pick up some steam…yesterday, we provided our “Strong Play” lists, “Watch” lists and our “Sleeper” list…we’ll be going into more detail on those companies in the coming days…yes, our #1 pick, for both technical and fundamental reasons, is Rainbow Resources (RBW, TSX-V) which is making noise in the West Kootenay region of British Columbia…RBW has an impressive team and an approach to corporate development that is market-friendly…not only are we expecting a very strong 2012 overall out of RBW, but a potentially explosive March as more details of its plans and properties emerge…as of 7:45 am Pacific, RBW is unchanged at 26 cents…
Interesting news out of Richmont Mines (RIC, TSX) regarding the resignation of President and CEO Martin Rivard (“effective August 12”)…the language in the news release has us particularly curious and we’re checking with various sources to find out what the real story here might be…RIC is down 31 cents on the news to $11.39 but has been one of the best-performing stocks on the TSX over the last year…
Corvus Gold (KOR, TSX) has released very positive news this morning (initial North Bullfrog PEA) and the stock is up a dime at 94 cents…
John has charts on three companies we mentioned yesterday, and all are up in early trading today – CMC Metals (CMB, TSX-V), Wildcat Silver (WS, TSX) and Alexco Resources (AXR, TSX)…
Note: John, Jon and Terry do not hold positions in CMB.
Note: John, Jon and Terry do not hold positions in WS.
Note: John, Jon and Terry do not hold positions in AXR.
A bit of positive news to add to your musings:-
Consumer confidence rose in the U.S. to 70.8, the highest
its been for quite some time.
Comment by Bert — February 28, 2012 @ 8:06 am
Where is the report on RBW you promised for yesterday BMR?
Are you trying to time this with a release or what??
Steve
Comment by Steve — February 28, 2012 @ 8:52 am
steve, check yesterdays comments. Jon commented on the RBW interview
Comment by db — February 28, 2012 @ 8:56 am
So what does this mean?
“Hi db, I had some unexpected travel yesterday, and I’m away again today, so that interfered with my plans…..I will be able to reassess the timing today…..my hunch, and others’ as well, is that RBW will be putting out news in time for PDAC…….we may want to interview Johnston again as a result, I’m not sure……..in any event, RBW is our #1 pick out of 35 and that says a lot…….there is a chance this could really explode very soon if the news is positive from their geological consultant and there’s no reason to believe it won’t be based on everything that has been reported so far…….”
Will they release it today or are they waiting for PDAC now??
Comment by Steve — February 28, 2012 @ 9:18 am
Geez Steve, take a breath!
Comment by Wayne — February 28, 2012 @ 10:07 am
I’ve asked a couple of times about Trueclaim (TRM). Is there anything new?
Comment by Banny — February 28, 2012 @ 11:38 am
Yes, take a breath, Steve…..I have no idea……..RBW has promised good news flow in the coming weeks, so I’m sure that will be the case……I’m personally not concerned if news comes today, tomorrow or next week…….what I meant in my previous comment is that I do expect fireworks out of RBW in March…….we’re expecting a bullish overall market and RBW should continue to be leader……
Comment by Jon - BMR — February 28, 2012 @ 11:46 am
Banny, I like John Carter and there is certainly potential with Trueclaim but I think the fact Mineralfields has a significant position in the stock has been holding TRM back in the market….
Comment by Jon - BMR — February 28, 2012 @ 11:48 am
Jon – I think Steve and db (yesterday) were inquiring about BMR’s Part Two interview with David Johnston rather than a news release from RBW. Thanks 🙂
Comment by Andrew — February 28, 2012 @ 11:50 am
Yea I was asking about the Part Two interview…
Comment by Steve — February 28, 2012 @ 12:01 pm
Institutional buying has been declining since mid-Feb and selling has picked up. This is a sign that the smart money is starting to leave the pack. Also, another sign that the markets are topping out is when consumer confidence is at a high.
I would suggest scaling back on your investments. Perhaps too early but better early then too late.
Comment by Andrew M — February 28, 2012 @ 1:49 pm
CVN, another junior picking up a Graphite property . Must be around 8-10 just this year switching into this area…has more than a whiff of an early stage bubble, but right now theres money to be made on them if you time your buys well enough.
Comment by Mark — February 28, 2012 @ 3:10 pm
Andrew – Institutional buying has been declining since mid-Feb and selling has picked up. This is
a sign that the smart money is starting to leave the pack.
Bert – Give us excellent results, word of a takeover, or something similar & you will soon find out
how many institutions have left the pack. This is part of their survival my buddy. Anyway, we have
two cyber friends with different opinions, one will be correct & the other won’t… I am pulling
for Bert. R !
Comment by Bert — February 28, 2012 @ 3:38 pm
Check out the GBB drill plan…and drill cross sections………just posted on their website. SGS are getting things moving. Something for the big guys to chew on! PR tomorrow?
Comment by Dan — February 28, 2012 @ 6:10 pm
Get prepared to see new high on RBW by tommorow:-)! My guest is 0.32$ if no news!
Comment by Martin — February 28, 2012 @ 8:19 pm