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January 23, 2017

BMR Morning Market Musings…

Gold has traded between $1,209 and $1,219 so far today…as of 11:20 am Pacific, bullion is up $6 an ounce at $1,216…Silver is 8 cents higher at $17.13…Copper has added 2 pennies to $2.61…Nickel is up 4 cents to $4.41…Crude Oil is 24 cents lower at $52.98 while the U.S. Dollar Index has fallen more than one-third of a point to 100.24 (support at 100, will it hold or will a tweet cause a breakdown?)…

Gold finished last week up 1% for its 4th straight week of gains and longest consecutive string of weekly increases since July…

For the 2nd consecutive week (ending Jan. 17), according to the latest COT report, hedge funds and money managers bought Gold and Silver in an environment of global geopolitical uncertainty as the U.S. was preparing to welcome in a new President…Gold’s net length increased 5% from the previous week…however, despite buyers jumping into the market for the last 2 weeks, bullish speculative positioning remains at extremely low levels (positive contrarian sign)…Gold’s net length is down more than 78% from its record highs…Silver’s net length increased more than 10% from the previous week but is down 46% from its record highs…

Did you notice the White House is turning Gold?…President Trump has replaced Obama’s drapes in the Oval Office with Gold drapes…is he sending a message?…

What To Do About Turkey?

The mainstream media seems to be ignoring this for now, but Turkey is one of President Trump’s first challenges on a chaotic international stage…the country is a NATO ally but has been rather passive in fighting ISIS…alarmingly, it’s also increasingly turning into an Islamist dictatorship…over the weekend, the country passed a sweeping constitutional reform package that will amplify the powers of the presidency and give President Erdogan the possibility of extending his authority by at least a decade…since the violent mutiny last July, Turkish authorities have used extraordinary powers under a state of emergency to purge more than 140,000 civil servants and military personnel accused of supporting the alleged coup plotters…40,000 of them are currently under detention…they have also jailed the top leadership of a pro-Kurdish political party that in the November 2015 national elections became the 3rd-largest party in parliament with 59 seats…as well, the government has closed more than 169 media outlets since the summer…all of this builds on a pattern that developed years ago under Erdogan who first rose to power in Turkey in 2002

Attitude From China!

China’s government newspaper used the weekend after President Trump’s inauguration to promote itself as an alternative to what it calls the “crisis” of Western democracy and capitalism (as if China’s system isn’t rotting from within).  “Western style democracy used to be a recognized power in history to drive social development. But now it has reached its limits,” said an article in The People’s Daily, the flagship paper of China’s Communist Party.  “Democracy is already kidnapped by the capitals and has become the weapon for capitalists to chase profits.”

China issued a nationwide media blackout of President Trump’s inauguration ceremony Friday as a show of contempt for the blue collar billionaire who has accurately labeled the country a “currency manipulator”

Crude Oil Update

Ministers representing members of OPEC and non-OPEC producers confirmed at a meeting yesterday that they had taken 1.5 million barrels per day out of the market…the producers have agreed to reduce supplies by almost 1.8 million bpd in the 1st half of this year…however, signs of a strong recovery in U.S. drilling activity have offset that bullish news this morning…data on Friday from energy services firm Baker Hughes showed that U.S. drillers added the most rigs in nearly 4 years last week…

U.S. oil producers, optimistic that higher Crude prices are here to stay, have also issued 2017 budgets that call for dramatically greater spending to tap new wells…preliminary capital spending plans released in recent weeks by more than a dozen American shale drillers, including Hess Corp. and Noble Energy Inc., show an average 60% budget increase for the group…

The Crude Oil chart remains positive, however, with very strong new support at $50 a barrel…

In Today’s Morning Musings

1. What the HGU and the latest Silver charts are saying…

2. Game-changer for Cordoba in Colombia…

3. Golden Predator (GPY, TSX-V) touches new multi-year high…

4. Daniel’s Denthe outlook for Marathon Gold (MOZ, TSX-V) plus a must-own play under 10 cents in the area…

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…

7 Comments

  1. Jon, which day this week will your interview with Makela take place, and how long after will you release it to your subscribers? Thanks

    Comment by Dan1 — January 23, 2017 @ 2:11 pm

  2. CEM had a nice day today, hit a 52 week high on good volume, obviously good things happening there. Good call Jon.

    Comment by Danny — January 23, 2017 @ 2:49 pm

  3. Yes, CEM looks very solid, Danny…I expect further gains going into month-end. Hard not to really, really like that project…and the current valuation. No financing in several years, so no recent PP paper to fight, and they just took in $4.5 million on their Gold properties…

    Comment by Jon - BMR — January 23, 2017 @ 3:49 pm

  4. AUT.. another high volume day. Actually touched 03 cents this morning!!

    Comment by GregJ. — January 23, 2017 @ 5:07 pm

  5. MTS NR- “All four of the coincident magnetic and resistivity anomalies fit Metallis’ model of the geophysical response from porphyry copper/gold deposits in the Golden Triangle. King East and Fewright Creek also have strong potassium anomalies. These anomalies are at least 2 kilometers in diameter, are near the surface”

    note to MTS : please drill as soon as possible

    Comment by david — January 24, 2017 @ 7:16 am

  6. David

    also like this part of MTS NR:

    Mr. Fiore Aliperti, President of Metallis states: “We are extremely pleased with results of this year’s airborne survey. We have now merged data and results from the 2013 airborne survey with the 2016 airborne survey to give us a better understanding of the property’s potential. We will be using these survey results, along with a desktop compilation of historical data collected on the property, to identify targets for a summer 2017 drilling program.”

    DRILL DRILL DRILL!!!

    Comment by greg — January 24, 2017 @ 10:45 am

  7. KGL – has 139MM wts to exercise still ! only 22M in this price range, but that’s enough to slow things down a bit. wasn’t sure what the other 100M + wts were priced at but it is closer to the 20+ cent range

    Comment by david — January 25, 2017 @ 1:27 pm

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