Gold has traded between $1,158 and $1,173 so far today…as of 11:30 am Pacific, bullion is off $11 an ounce at $1,159…Silver, at $16.81, has retreated 18 cents…Copper is up 2 pennies at $2.65…Nickel has surged 15 cents to $5.14…Crude Oil has added 59 cents per barrel to $51.43 while the U.S. Dollar Index has climbed nearly two-thirds of a point to 101.65…
Gold is headed for its 5th straight weekly loss with selling pressure driven by the near certainty of a Fed rate hike next week which has kept the U.S. dollar very strong…once the news is out on a Fed hike, and depending on Janet Yellen’s language, Gold has a good chance of immediately regaining some lost ground…strong technical support exists around $1,150 and down to $1,130…
Holdings of the SPDR Gold Trust fell another 0.34% to 860.71 tonnes yesterday…SPDR holdings have fallen nearly 9% since November and are on track for a 5th straight week of losses…
Interest rate futures imply that traders see an almost 100% chance the Fed will raise rates by a quarter point next week, and about a 50% chance the central bank will hike by at least another quarter point by June 2017, according to CME Group’s FedWatch…
U.S. Vice-President Joe Biden gave a speech in Ottawa last night, preaching the religion of climate change (“the greatest threat of our generation”) to the converted while reminiscing about the Obama Presidency with Justin Trudeau and the federal Liberals…as the National Post’s John Ivison wrote this morning, “The Obama and Trudeau governments have a relationship so deep and rich you could grow oak trees in it”…
Unfortunately for Trudeau, who was unwisely 100% convinced he’d be dealing with Hillary Clinton, the incoming Trump administration is rejecting everything Obama stood for…
From a competitive standpoint, Canada is now facing serious challenges given very divergent policy paths with its largest trading partner…this raises the prospects of a “brain drain” and a flight of capital…
Meanwhile, there’s an alarming report in today’s Financial Post regarding the resistance to resource infrastructure projects in Canada…as part of a 4-month investigation, the Financial Post identified 35 projects worth $129 billion in direct investment – mostly private money – that are struggling to move forward or have been sidelined altogether because of opposition from environmental, aboriginal and/or community groups…the downside is adding up: slower growth, lower Canadian Oil prices, investment chill, less control over domestic resources, over-reliance on the U.S. market, regulatory gridlock…
The good news today is that we’re even closer to a very strong move in the Venture!…
In Today’s Morning Musings…
1. Updates on the U.S. dollar and the euro – key euro level to watch as it pertains to Gold…
2. Crude Oil in the $70’s in 2017?…
3. The world is looking up again with Kopin!…
4. U-turn! – Uranium stocks finish the week strong…
5. Daniel’s Den – this rubber band has snapped!…
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…
3:58… CNZ is in a downtrend.. currently at 1.17/1.18 bid in at 1.10… well maybe it will jump up 1.3 .. buy at 1.18 15 seconds later it hits 1.10… who did I ever pi$$ off…… man….
Comment by Jeremy — December 9, 2016 @ 1:11 pm
Jeremy oh Jeremy, we talked about CNZ correcting to a buck. Gotta wear those patience pants.
Comment by dave — December 9, 2016 @ 2:04 pm
Looking at ggi, mostly td house did the selling, kinda thought that would happen today, there will be more big money stepping in I’m sure soon, probably be quiet till the end of next week.
Comment by Laddy — December 9, 2016 @ 2:09 pm
Dave.. I know but the 21 day was at 1.07….. fack!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I am not a trader Dave – obviously – but tryin to understand.. but I am more of an expert in human nature.. if you will… and alot might have jumped on this after corecting almost 50%… but 50& is not 40% eh!!:)
but hey .. the 1.40ish didnt hold as I felt it wouldnt.. based on the 200 day at the very least!! I suspect it might even go below 90… now…
I wish I had worn those panties… oh…. those panties…. sorrry JOn…:) not to worry still playing for the A team!:) humor is all we have right now!!
Comment by Jeremy — December 9, 2016 @ 4:01 pm
NRL – anyone in NRL or thinking about it, keep an eye on it. .22 just became strong support with a high conf. number. The acc/dist. did a double bottom at the yearly low which indicates major upside very near. The TA can support a big move up before becoming overbought.
Comment by dave — December 9, 2016 @ 4:16 pm
GGI – pershing sold $90K yesterday in big blocks . DBV – today pershing bot 1.1MMshrs for $77k. stock shifting in the triangle?
Comment by david — December 9, 2016 @ 4:20 pm
I expected a correction at some point for GGI, stocks rarely go straight up, next week will be interesting with the AGM coming up. What a roller coaster ride for CNZ, wow! Fun to watch, don’t own any. CEM looks very interesting, I really like base metals for 2017.
Comment by Danny — December 9, 2016 @ 4:32 pm
I liked the CNZ pullback today, Jeremy, though I was surprised that the $1.40 support didn’t hold…I have a theory with regard to that and I’ll share it in our Sunday and Monday am reports…volatility like we’ve seen in CNZ certainly creates opportunity for the brave and fearless! (don’t start sounding like Patricia now, Jeremy!)…
Comment by Jon - BMR — December 9, 2016 @ 5:14 pm
Jeremy I feel your pain but the stock will go back up. I first bought in the low forties and sold to soon. Missed almost half the run. I bought CNZ today at 1.33 cuz I thought it wouldn’t go much lower, then again at 1.17. Closing low like it did probably means even more pain Monday but IMO the stock is just getting started. It reminds me exactly of the first run-up PE had from the mid twenties about a year and a half ago, and PE is still trending up.
Comment by DBReese — December 9, 2016 @ 7:15 pm
DBR – Dave is a junkie on beer:) only foolin>>> no pian man ups and dowwns… 6 months from now… now one carewe:) fat fingers..:)
Comment by Patricia — December 9, 2016 @ 9:18 pm
Patricia… bang on…absolutely love your sense of humor…yours to Jeremy… keep it coming… CNZ…I was a trader but now I’m an investor 🙂
Comment by DBReese — December 9, 2016 @ 11:16 pm
Jeremy and Patricia. – Your humor on this board is greatly appreciated.
Jon, not suprised as we talked about CNZ going lower than $1.40. A wise old man told me many years ago. When one goes parabolic, focus on the 20sma, it will always come back to it at some point, and at times dip below it if the correction is hard. I have always used this rule.
Comment by dave — December 10, 2016 @ 9:35 am
CNZ – Looking at the TA and support levels, it has a shot at coming down to .94, if it breaks this level, then .80. The MFI has just barely broke below overbought by just percentage points. The RSI I feel has a chance of hitting the magical 50 mark, so this would support the little drop further.
Comment by dave — December 10, 2016 @ 9:41 am
Jon: any comments on HIT or DBV? great volumes but no movement….yet. At least we get the rate announcement done this week.
Comment by STEVEN1 — December 10, 2016 @ 10:05 am
Both (HIT, DBV) are on the low side of their trading ranges at the moment, Steven1, at attractive valuations, and will perk up as the month progresses.
Comment by Jon - BMR — December 10, 2016 @ 10:42 am
CNZ
The question I have is why has it dropped all the way back down to this level with no bad news ? It’s crazy, profit taking?
Comment by Greg — December 10, 2016 @ 11:07 am
CNZ
My reasoning for the drop in price was merely a massive short position entering the stock as well as traders exiting their position for the week. I fully expect a bounce back this week to the $1.40 to $1.60 range. However, if the company were to put out news and with the shorts having to cover in a rising market all bets are off…..we will break the old high!
Comment by Randy — December 10, 2016 @ 1:55 pm
Well good evening all.. waiting for guests to arrive and wanted to say thx for the kudos.. cause if we didnt have humor then what would we have!:) I posted by trade as more of a vent cause I feel so freakin dumb… but its funny tho yes??
I am a firm believer that what goes down should come up too!:) I can make a joke there but it would be in poor tatse:) hugs all:) guests are here!!!!
Comment by Jeremy — December 10, 2016 @ 3:16 pm