Gold has traded between $1,171 and $1,183 so far today…as of 10:15 am Pacific, bullion is down $7 an ounce at $1,173…Silver has retreated 11 cents to $16.44…Copper and Nickel are relatively unchanged at $2.52 and $4.67, respectively…Crude Oil has added 23 cents to $53.99 while the U.S. Dollar Index has gained two-thirds of a point to 102.07…
Gold’s reaction to this morning’s U.S. jobs report was muted but the greenback found encouragement in strong wage gains for December…other data released today included November factory orders which fell 2.4%, more than expected…
Gold is on track for its best weekly performance in 2 months, helped by a broad weakening of the dollar earlier in the week and a pullback in bond yields…watch for previous Fib. resistance at $1,170, as defined on John’s 1-year daily chart for bullion, to act as new support…
RBC Capital Markets looks for Gold to average $1,245 an ounce in 2017 and $1,303 in 2018, according to a report released today…the bank sees a recovery after the tumble in prices that occurred following since the U.S. elections November 8…
“Gold’s nosedive after the election has given us a clean base from which to start the year,” the bank said. “This leaves room for seasonal drivers to breathe some life back into the yellow metal as we march through the first 2 months of the year. From this new base, we have re-profiled our quarterly forecasts with a mostly upward trajectory to account for the cleaner starting point. Yet, even with this change in trajectory, our full-year annual average forecast has changed only marginally, now at $1,245/oz, versus $1,241/oz previously.”
In Today’s Morning Musings…
1. LiCo Energy aims big in Chile…
2. Key moment for the Venture…
3. Deveron UAS wins the lottery…
4. Daniel’s Den – the possibilities for TAG Oil…
And more!
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…
Jon….MTZ…..has been groomed for past few years during oils debacle, now they are set to wind it up with huge land position and first wells coming in…..worth your time to review !
cheers and thanx for all your insights !
I’m a huge GGI fan
Comment by Larry Chernoff — January 6, 2017 @ 11:51 am
CLE – Jon, can you provide a short update please on CLE. I am thinking about “switching the B(dog)” as I am in the red since NRN started heading south and came up empty at Labrador Through. Anything would be appreciated. Thanks.
Comment by Vepper — January 6, 2017 @ 2:47 pm
Nice week for Victory Ventures- VVN !!
Comment by GregJ. — January 6, 2017 @ 6:09 pm
Hi Vepper, will do so in our Sunday report.
Comment by Jon - BMR — January 6, 2017 @ 8:17 pm