Gold has traded between $1,260 and $1,273 so far today…as of 9:45 am Pacific, bullion is down $3 an ounce at $1,263…Silver has added a nickel to $17.55…Copper is up a penny at $2.10…Crude Oil has pulled back $1.07 a barrel to $49.78 while the U.S. Dollar Index has climbed another one-tenth of a point to 98.77…
Gold ETFs tracked by Bloomberg recorded outflows of 17.7 tonnes on Friday – their biggest daily outflow so far this year – which was due mainly to the SPDR Gold Trust which suffered its worst day since April 2013…this reduces inflows since the beginning of the month to just shy of 10 tonnes – still impressive given Gold’s plunge below $1,300…
James Steel, respected chief precious metals analyst with HSBC, has written a note indicating that higher Gold prices are likely to come out of the global trade slowdown. “Demand for Gold is often stimulated by the same factors that fan protectionist and populist sentiment,” Steel said. “Abrupt declines in cross border trade, investment and immigration, the dislocation of global economic policies, and a beggar-thy-neighbor approach to trade, is almost tailor-made for higher Gold prices.”
Friday’s 3rd quarter GDP will be this week’s key U.S. economic data…economists are expecting 2.5% growth versus the prior quarter’s 1.4%…a firm rebound in Q3 is needed to dismiss the recent weakness as a temporary soft patch…
Fed’s Bullard: Low Interest Rates The Norm
Low interest rates will likely be the norm during the next 2 to 3 years, James Bullard, President of the Federal Reserve Bank of St. Louis and an FOMC voting member, said in prepared remarks today…the U.S. is in a low-productivity growth regime, which is pressuring real safe rates of return, he said…with real safe rates of return exceptionally low and not expected to rise soon, interest rates should be expected to stay exceptionally low during the forecast horizon, he added…
Fed fund futures show implied odds of nearly 70% for a December rate hike, according to the CME Group FedWatch website…
Crude Oil Update
Oil prices softened today as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze…Iran’s deputy oil minister, Amir Hossein Zamaninia, said that $55-$60 a barrel is a fair price to bring stability to the market…
Falah al-Amiri, head of Iraqi state Oil marketer SOMO, added that Iraq’s market share had been compromised by the wars it has fought since the 1980’s. “We should be producing 9 million (barrels per day) if it wasn’t for the wars,” he said….Iraq said it could raise output slightly this month from September’s 4.774 million bpd…
The number of rigs drilling for Oil in the U.S. climbed by 11 in the past week to 443, continuing a trend of increases, according to Oil services company Baker Hughes…
TSX Breakout
With Crude trading above $50 a barrel for the first time in 18 months, analysts see energy producers poised to deliver a 5-fold profit increase in 2017 that will propel share gains…that’s why the TSX has a good chance to hit a new all-time high this quarter…
Commodities producers comprise one-third of Canada’s benchmark stock index, and the 32 best performers in the S&P/TSX this year through come from that contingent…
Teck Resources Ltd. (TCK.B, TSX), the nation’s largest diversified mining company, has surged more than 5-fold in 2016 as its earnings have improved amid rising prices for commodities from metallurgical coal to Zinc…
On Friday, the TSX pushed above important resistance around 14850 and is holding above that level so far today…
The Bull Market Continues: Venture 16-Year Monthly Chart
This long-term chart from John tells us exactly where we are in the cycle – early stages of a fresh primary uptrend that should rival Periods #2 and #4 in terms of total percentage gains (>250%)…
- Critical breakout above the downtrend line going back to the 2011 high
- Bullish +DI/-DI cross (the last one occurred in 2010)
- The reversal from sell pressure to steady buy pressure
- The surge in the RSI(14) which has pushed above 50%, a level that may hold as new support
Yes, this is a new bull market even though many investors don’t recognize it yet. That will change at some point in 2017 as it usually takes at least a year for the masses to wake up – especially after a 5-year hibernation.
In Today’s Morning Musings…
1. Almadex Minerals (AMZ, TSX-V) continues to firm ahead of more news from El Cobre…
2. GoldQuest Mining (GQC, TSX-V) has 40 chances to hit big – again…
3. Daniel’s Den – 16 tips on how to be a more successful investor…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
#16 is the ultimate – keep perspective – thank u Daniel…
Comment by Jeremy — October 24, 2016 @ 2:19 pm
#9 and #16
Comment by GREGH — October 24, 2016 @ 7:08 pm
Daniel
any idea when part 2 will be posted regarding Carbo Ceramics?
thanks
Comment by GREGH — October 24, 2016 @ 9:35 pm
Just out from Clean Commodities re: Southern Labrador Trough…
CLEAN COMMODITIES CORP. ANNOUNCES THE DISCOVERY OF A SEMI-MASSIVE SULPHIDE BEARING BOULDER AT THE LABRADOR TROUGH PROJECT
Clean Commodities Corp. has completed an inaugural reconnaissance field program at its Labrador Trough project, located approximately 100 kilometres north of Schefferville, Que.
The 2016 exploration program was completed over five days in early October and was comprised of prospecting and sampling of outcrop and boulders of mafic to ultramafic lithologies, as well as soil/till sampling. A total of 85 prospecting rock samples and 96 soil/till samples were collected over the course of the field program.
An objective of the program was to ascertain the potential of the Property to host mineral occurrences similar to the copper, nickel, and platinum group element (PGE) mineralization reported by Northern Shield Resources Inc., on its immediately adjacent Huckleberry Project (“Huckleberry”), which in turn is under option to South32 Limited.
Maps of the Corporation’s Labrador Trough Project may be found at: http://www.cleancommodities.com/labrador-trough-pge-project
Labrador Trough Project — Western Half
The brief field work over the western half of the Property focused on locating mineralized outcrop or boulders along trend of the outcrops that are host to the mineral occurrences at Huckleberry.
The Corporation is pleased to report the discovery of similar mafic to ultramafic lithologies to that reported at Huckleberry, including the discovery of a semi-massive sulphide bearing boulder (Figure 1), as well as a sulphide globule bearing gabbro boulder (Figure 2) at the Project.
The identification of sulphide globules within a gabbroic rock unit is particularly significant because they are often known to occur in close proximity to massive sulphide occurrences. Importantly, the boulders sampled were sub-angular to angular in nature, thus indicating they are not far travelled from the source. Additional interpretation is required to better ascertain glacial movement within the immediate discovery area, and thus constrain directional sourcing.
Due to the time of year, weather conditions prevented follow-up ground work from being completed, with the vast majority of the Property remaining to be prospected.
Labrador Trough Project — Eastern Half
The eastern portions of the Labrador Trough Project surround the Sequoi Project of Northern Shield Resources Inc. No outcrop exposure was identified in the area leaving soil/till sampling as the primary means of evaluation for the program. Soil/till sampling is a valuable tool for evaluating the subsurface geology of an area when outcrop is not present (e.g. potentially mineralized dyke like bodies).
The conceptual exploration model for the area postulates multiple, dyke- and/or sill like bodies emanating from a magma chamber at depth. The model suggests that the high-level intrusives, when contaminated with sulfur derived from the local sedimentary rocks, resulted in the deposition of numerous nickel-copper massive sulphide occurrences within the region. These occurrences are interpreted to be responsible for a highly anomalous glacial dispersion train of nickel-copper anomalies in lake sediments, spread along hundreds of kilometres within the southern part of the Labrador Trough, northeast of Schefferville.
All 2016 program samples are in route to Activation Laboratories Ltd. in Ancaster, Ontario for base and precious metals analysis, with results to be reported when received.
Based on the encouraging results of the preliminary exploration program for the Property thus far, the Corporation intends to review additional field exploration opportunities for 2017. A tightly spaced airborne geophysical survey over portions of the Property, to further orient and prioritize prospecting targets, is also being considered.
The 2016 field program was completed on behalf of the Corporation by Dahrouge Geological Consulting Ltd.
Management cautions that past results or discoveries on adjacent properties (i.e. Huckleberry, Sequoi) may not necessarily be indicative to the presence of mineralization on the Company’s properties (Labrador Trough).
Qualified Person
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About Clean Commodities Corp.
Clean Commodities Corp. (TSX VENTURE: CLE) is an exploration company holding a diverse portfolio of clean commodity assets including lithium, uranium, and PGE projects. For more information, please visit http://www.cleancommodities.com.
We seek Safe Harbor.
Comment by Jon - BMR — October 25, 2016 @ 4:38 am
KOOTENAY ANNOUNCES RESULTS FROM FIRST 11 HOLES OF DRILL PROGRAM ON LA NEGRA BEING CONDUCTED AND OPERATED BY PAN AMERICAN SILVER CORP.; HIGHLIGHTS INCLUDE 363 GPT SILVER OVER 44.5 METERS INCLUDING 720 GPT SILVER OVER 19 METERS
Kootenay Silver Inc. has released the results from the first 11 holes of the continuing 3,400-metre drill program on its La Negra silver discovery in Sonora, Mexico, currently being conducted and operated by Pan American Silver Corp. The current definition drill program on La Negra is part of an option agreement completed in February, 2016, between Kootenay and Pan American that provides Kootenay with a series of work and cash commitments, and a carried-to-production interest on La Negra.
A series of deeper infill drill holes from the current program have confirmed the results from previous drilling conducted by Kootenay on La Negra (see Kootenay’s high-grade results news release issued on April 30, 2015), as well as the presence of a second breccia zone farther to the south, which currently remains open at depth and to the east.
Kootenay president and chief executive officer James McDonald states: “We are very pleased with Pan American’s work and the results to date from the first 11 holes of the program. The confirmation of multiple high-grade intercepts of silver mineralization at depth is a significant development and further indicates potential for the silver resources to be amenable to both open pit and underground exploitation. We are also very pleased that based on the encouraging results achieved to date, Pan American is extending the program by a full 2,000 meters until the end of the year.”
Drill highlights include:
LN 42-16
returning three high grade intervals within 122.5 meters of 124 gpt silver and 0.15 gpt gold including:
693 gpt silver and 0.39 gpt gold over 6.25 meters;
672 gpt silver and 0.13 gpt gold over 4.65 meters; and
631 gpt silver and 0.18 gpt gold over 3.45 meters.
LN 43-16 returning from a new more southerly breccia 720 gpt silver and 0.13 gpt Au over 19 meters within 44.5 meters of 363 gpt silver and 0.12 gpt gold.
Higher in the hole the previously known breccia graded 1,226 gpt silver and 0.28 gpt gold over 6.15 meters within 235 gpt silver and 0.09 gpt gold over 38 meters.
These two holes are from infill drilling and identified a second more southerly breccia. The zone remains open at depth and along strike to the east. Click to view: geologic maps, drill plan and cross sections.
Comment by Jon - BMR — October 25, 2016 @ 6:11 am
DBV looking for $1MM – nice! enough $ for a sustained program, now just play nice with the locals
Comment by david — October 25, 2016 @ 6:17 am
GregH, Carbo’s earnings should be out Oct 27th. Will post Part 2 shortly after.
Comment by Daniel — October 25, 2016 @ 7:15 am
AMZ looking strong after this morning’s news from the El Cobre Project…218 m grading 0.70 g/t Au and 0.28% Cu from the 1st hole completed following the discovery hole (drilled from the same collar and at same azimuth but at a steeper angle)… this is a Gold-rich porphyry…3 holes have now been completed at Norte zone, results pending for hole 3 which was drilled into the porphyry at an even steeper angle…drilling also being carried out at another target 3 km to the south…stock has room to grow…
Comment by Jon - BMR — October 25, 2016 @ 7:30 am