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November 27, 2019

7 @ 7:00

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1. Gold has traded between $1,461 and $1,453 so far today…as of 7:00 am Pacific, the yellow metal is off $an ounce at $1,456…key support in the $1,440’s continues to hold…Silver has retreated 9 cents to $16.95 after a strong session yesterday…Nickel, Copper, Zinc and Cobalt are all relatively unchanged at $6.51, $2.68, $1.05 and $16.10, respectively…Crude Oil is flat at $58.42 while the Dollar Index is up slightly at 98.44…inflation is nowhere in sight, thanks to a high dollar and subdued Oil prices – the Department of Commerce said this morning that its Core Personal Consumption Expenditures Index increased 0.1% in October, missing economists’ expectations…annually, core inflation, which is the Fed’s preferred inflation measure, increased 1.6%, down from 1.7% reported in September…inflation is now at its lowest point since July…Fed Chairman Jerome Powell has suggested there won’t be another interest rate increase until inflation picks up significantly…the Fed releases its Summary of Commentary on Current Economic Conditions, also known as the Beige Book, later this morning…the commentary offers insight on the state of the world’s largest economy and a look into how the Fed views its monetary policy stance…

2. Fresh economic data released this morning shows the U.S. economy performing better than expected…U.S. Q3 GDP – the broadest measure of the U.S. economy – has been revised upward to 2.1%…it was expected to remain unrevised from its preliminary reading at 1.9%, down slightly from the 2% pace in the 2nd quarter…meanwhile, orders to U.S. factories for big-ticket manufactured goods rebounded last month on a surge in demand for military aircraft…the Commerce Department says orders for durable goods,  which are meant to last at least 3 years, rose 0.6% in October after dropping 1.4% in September…orders for military aircraft soared 18.1%…excluding defense, durable goods orders moved up up 0.1%…4th quarter GDP could exceed expectations (most economists are calling for growth below 2%) as the holiday shopping season is expected to be very healthy given solid job growth and robust consumer spending…

3. Investors beware – British Columbia has become the first jurisdiction in North America to formally implement the United Nations Declaration on the Rights of Indigenous Peoples…the bill was passed unanimously in the legislature (the Liberal Party reversed its stance on this issue from the Christy Clark days) with MP’s drunk on their own Kool-aid of “diversity and social justice”…all provincial laws and policies must align with “internationally recognized rights” of Indigenous people as defined by the United Nations…it’ll be interesting to see how this all works out, but it’s hard to imagine how First Nations in B.C. aren’t going to be emboldened by this legislation and act as if they have “veto power” over proposed resource projects…

4. Balmoral Resources (BAR, TSX) has staked 62 mineral claims adjacent to its existing Detour East Property in Quebec…this property, including these new claims, form part of the company’s Detour Gold Trend Project and are located along and proximal to the Ontario-Quebec border where they adjoin the holdings of Detour Gold (DGC, TSX) which is being acquired by Kirkland Lake Gold (KL, TSX, NYSE)…KL’s proposed acquisition of DGC and its Detour Lake mine, combined with recent exploration success by Balmoral and neighbor Wallbridge Mining (WM, TSX) in the GFA (“Grasset-Fenelon-Area 51“) district 80 km to the east, and the known resource and exploration potential of Balmoral’s Martiniere Gold system (located 45 km to the east), highlight the future growth potential of the Detour Gold Trend…Balmoral remains the dominant landholder in the region controlling approximately 75% of the known extent of the trend…meanwhile, Balmoral says it anticipates that final results for the 9 drill holes recently completed in Area 52 testing the high-grade Gold discovery announced by in September will be available within the next 710 days following the receipt of outstanding assay results…BAR has broken out above key resistance in the mid-20’s this week…as of 7:00 am Pacific, it’s up half a penny at 30 cents…

5. The Dow is down slightly through the first 30 minutes of trading but the S&P 500 and NASDAQ have hit new record highs…the major averages have been on fire over the past month as optimism around U.S.-China trade talks increases…the Dow and S&P 500 have gained 4.3% and 3.9%, respectively, in that time while the NASDAQ is up nearly 5%…today’s moves come ahead of the U.S. Thanksgiving holiday for which the market will be closed tomorrow and open for just half the day on Friday…typically, the Wednesday before Thanksgiving has been a great day for stocks…in Toronto, the TSX is up 8 points in early trading…the Venture, riding a 5-session winning streak, continues to emerge out of very oversold conditions…the Index is up another point at 533 as of 7:00 am Pacific…an important support band stretches from 540 to 520K92 Mining (KNT, TSX-V) has hit its best levels since August, touching $2.43 in early trading…last week the company announced spectacular high-grade Gold results from infill drilling at its deposit in Papua New Guinea…drilling is encountering extremely high grades in the southern part of Kora North, including 13 m (6.15 m true width) of 288.7 g/t Au, 104 g/t Ag and 0.77% Cu…

6. The price to achieve the delusional left’s mission of “saving the planet”:  According to a new report from an environmental economics group, Canada will either have to raise carbon prices to a whopping $210 per tonne or adopt more expensive policies funded by higher income taxes to meet its 2030 Paris targets (the same flawed deal our closest trading partner has wisely pulled out of)…Canada’s Ecofiscal Commission argues that carbon pricing is the most cost-effective way for Canada to hit its Paris targets, but also acknowledges that carbon taxes can be politically unpalatable…the report sets out other options for meeting the Paris targets that use a combination of regulations and subsidies, but it cautions that those measures could cost much more…“At this point, (governments) have told us they want to achieve 2030 emissions targets, but they haven’t yet put policies in place to get us there,” said Chris Ragan, chair of the Ecofiscal Commission…“Actions, I think, count louder than words at this point”…the commission’s estimate differs substantially from an analysis released by the parliamentary budget officer in June, which found the federal carbon tax would need to increase to “just” $102 per tonne in 2030 to meet the Paris targets. so even the so-called experts can’t agree on the numbers…one thing’s for certain, though – this emphasis by the left on bigger government, higher taxes and a huge suite of new regulations to combat “climate change” and meet the “Paris targets” is undermining Canada’s economic competitiveness vs. the United States…we’re now underperforming the U.S. in virtually every economic category…in an attempt to “save the planet”, these globalists and climate change alarmists are destroying Canada…

7. Fed wants higher inflation: With the final 2019 meeting of Federal Reserve policymakers just 2 weeks away, Chairman Jerome Powell reiterated Monday that interest rates are unlikely to rise anytime soon, saying the central bank remains firmly committed to meeting its inflation goals…the Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn…however, inflation has run well below that level for 2019 despite 3 interest rate cuts over the past 4 months…in fact, the Fed in recent years has consistently overestimated inflation expectations…in a speech in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate…he said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy…“It is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation.  We are strongly committed to symmetrically and sustainably achieving our 2% inflation objective so that in making long-term plans, households and businesses can reasonably expect 2% inflation over time”

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