Gold has hit a new 2016 today, trading between $1,271 and $1,297…as of 9:45 am Pacific, bullion is up $24 an ounce at $1,290…Silver is 29 cents higher at $17.82…Copper has jumped a nickel to $2.29…Crude Oil was up earlier this morning but is now off 21 cents to $45.82 while the U.S. Dollar Index has fallen below important support at 94…it’s off more than half a point to 93.16…the U.S. unit posted its biggest daily loss against the yen in more than 5 years yesterday…
U.S. data yesterday, including Q1 growth of only 0.5%, supported views the Fed will take a cautious stance in hiking rates this year…
Today’s move in Silver rounds off 5 consecutive sessions of higher highs and lower lows which puts the bulls firmly in control…the metal has risen more than 15% this month and is on track for its biggest monthly increase since August 2013 as it plays catch-up after lagging Gold during the yellow metal’s 1st quarter surge…the Gold/Silver ratio, which measures the number of Silver ounces needed to buy an ounce of Gold, fell to a 6-month low today of 71.8, down from 81.3 at the start of the month…
Agnico Eagle Mines (AEM, TSX) reported earnings last night that were roughly stable compared to a year ago and said it looks for 2016 Gold output to be around the upper end of its previous guidance…the company listed net income of $27.8 million, or 13 cents per share, the same as Q1 2015……AEM is up more than $3 a share to nearly $58, passing another key Fib. level…
Goldcorp (G, TSX) has fallen victim to a data breach by anonymous hackers – these are criminal scumbags with a radical anti-corporate agenda – who posted reams of the miner’s private information online…the breach includes 14.8 gigabytes of data, according to the Daily Dot web site…the leaked data includes payroll information, private budget documents, bank account specifics, employee passport scans and much more, the site said…the Daily Dot noted the hackers said they are planning “several” more data dumps of Goldcorp’s private information. “The next dump will include 14 months of company wide emails, emails containing some good old fashion corporate racism, sexism, and greed,” the hackers wrote, according to the web site…
Signs of the times…Atlantic City has so little money left that it could miss a $1.8 million bond payment due Sunday, a step that would make it the first New Jersey municipality to default on debt since the Great Depression…
In today’s Morning Musings…
1. Why Crude Oil could be headed quite a bit higher in 2016…
2. Get ready for an explosion in the Iskut River Gold Camp…
3. Gold Bullion Development (GBB, TSX-V) – the Venture bellwether…
Plus more…click here to take advantage of our Spring Sizzler Subscription Special in effect for a limited time only, or login with your username and password to view the rest of today’s Morning Musings…
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John, if you see this, I was wondering if you can do an updated chart on SEK. I jumped into this the other day at .06. Stockta only shows .07 as last resistance. I am wondering if you have a chart that shows a fib. – They start drilling in may and there property is very promising. GMP and Leede have been large buyers. I am wondering if this is the next stock to double or triple quickly.
Comment by dave — April 29, 2016 @ 11:07 am
Yes John I am curious about SEK as well. Thanks for the heads up on that Dave as I jumped in at .07 when you mentioned it.
Also John are you familiar with DEC. They are drilling the Bow Property near Brucejack and the KSM area and they had an option to acquire an 80% interest in it, but I don’t know if they actually got the property or not. High grade gold over good widths but the stock never went anywhere until recently. Thoughts?
Comment by DBReese — April 29, 2016 @ 1:46 pm
I seem to be logged in o.k. but cannot get 2nd half of morning musings. Take note that CXO is presenting at a metals conference , mid may and being in Vancouver.
Comment by charleybarley — April 29, 2016 @ 2:09 pm
charleybarley, you’re probably actually not logged in if that’s the case. Just send an email to info@bullmarketrun.com for technical assistance.
Comment by Jon - BMR — April 29, 2016 @ 2:17 pm
Thanks Jon, just needed to log out and re-log.
Comment by charleybarley — April 29, 2016 @ 5:16 pm
Hi John and Jon,
I don’t know if you have noticed but Coro Mining (COP) has jumped 400% over the last 4 days on very heavy volume on drill news of 32 meters of 1.42% copper. I understand that this area in Chile has not been drilled before (only artisanal workings) but do these initial results justify this kind of action for a company with a lot of outstanding shares? I own shares from a few pennies and am rather puzzled by the market interest. Would you be able to comment?
John
Comment by John — April 29, 2016 @ 7:41 pm
Hi John, yes, we’ll comment on COP in our Sunday Sizzler Report.
Comment by Jon - BMR — April 29, 2016 @ 11:15 pm
Dave…The calculated FIB. Resis. levels for SEK
are as follows:
161.8%…..30.5c
100%…….20.0c
61.8%……13.5c
50%……..11.5c
38.2%……9.5c
Hope this helps.
Comment by John - BMR — April 30, 2016 @ 3:43 am
Jon
I can’t seem to find the latest chart for COX? Can you tell me what day it was posted
Thanks
Comment by GREGH — April 30, 2016 @ 7:45 am
Hi Gregh, the most recent Sunday Sizzler Report (April 24). Note the two nearest Fib. resistance levels in that chart and how the first has been cleared as expected. We’ll have an updated CXO chart in tomorrow’s Sunday Sizzler. Everyone needs to overcome the psychology of the bear market we’ve been through and think a lot bigger and differently because what’s going to unfold in this particular district is going to make people’s heads spin real quick.
Comment by Jon - BMR — April 30, 2016 @ 8:24 am
Thanks Jon
It has been hard to pull the trigger on some stocks because of what you say above, the bear market psychology, even the so called experts keep saying wait for the pull back, the market is overbought, and now it almost feels like it’s not going to pull back, the COT commercial traders who have always been right are record short right now and they don’t lose, but I also remembering reading way back that some day they will get over run in a huge short squeeze….. I wonder if that is about to happen, the stock market is about to fall and a lot of that money could be coming into gold, going to be very interesting these next few weeks, I don’t think May is going to be a sell and go away this year, actually if you go back and look at the history of bear markets in stocks, May has been a great month for gold in those times….
Comment by GREG — April 30, 2016 @ 10:06 am