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Check back later this morning for today’s Morning Market Musings!

1. Gold has traded between $1,221 and $1,233 so far today…as of 7:00 am Pacific, bullion is off $11 an ounce at $1,222…the Fib. resistance band Gold has been fighting on its 9-month daily chart ranges from $1,215 to $1,235…strong demand for Gold can be seen on COMEX where speculators raised their bullish bets on the metal to the highest in 2 months in the week to February 7 according to data issued Friday…Silver has slipped 13 cents to 17.81, Zinc has hit a new multi-year high around $1.35 a pound while the U.S. Dollar Index is up slightly at 101.05…

2. Global demand for Oil could outperform the 10-year average in 2017 as the health of the world economy improves and demand for road transport continues to grow, OPEC’s latest monthly report has forecast…the new data from the Oil cartel this morning expects demand to grow at 1.2 million barrels per day (bpd), comfortably above the 1 million bpd averages seen in the past decade…

3. The Venture, coming off its 2nd-best weekly performance of the year, is aiming for its 8th straight weekly advance as it closes in on last summer’s 848 high…the Index is up 1 point at 837 through the first 30 minutes of trading…

4. Silver Standard Resources (SSO, TSX) is the senior mining company that Eskay Mining (ESK, TSX-V) has struck a deal with on its SIB Property contiguous to the past producing Eskay Creek mine in the Heart of Gold Camp…it was announced this morning that ESK and SSO will now proceed to convert the LOI into a formal agreement for SSO to acquire an option to earn up to a 60% undivided interest in the SIB with Eskay Mining and St. Andrew Goldfields, a wholly-owned subsidiary of Kirkland Lake Gold (KL, TSX), holding the balance (KL has waived its first right of refusal on the SSO deal with ESK)…the SIB represents just under 10% of the entire ESK land package in the area…ESK has added a nickel to 40 cents as of 7:00 am Pacific, a doubling of the stock price since our alert following the initial news regarding SIB January 26…

5. Colorado Resources (CXO, TSX-V) announced this morning that it has commenced RC drilling at its newly-acquired Green Springs Gold Property in Nevada…10 holes totaling approximately 1,300 m will test stratigraphic and structural contacts over a combined strike length of approximately 3 km – the lower Chainmen Shale-Joana Limestone contact south of the historic mine workings, and the lower Pilot Shale-Guilmette Limestone contact well exposed to the north and east of the mine workings…

6. More impressive drill results this morning from Marathon Gold (MOZ, TSX) as its winter drilling campaign continues at its Marathon deposit in the Valentine Lake Gold Camp…hole #170 has intersected 3.9 g/t Au over 75 m, including 33.4 g/t Au (uncut) over 5 m, while hole #161 has returned 3.8 g/t Au over 60 m including 11.9 g/t au over 9 m…these new near-vertical drill holes, as well as previously released near-vertical drill holes MA-17–158 and MA-17–159, were designed to prove the continuity of the Gold mineralization both vertically as well as along strike through the deposit…Marathon now has a current well-defined strike length of over 550 m, has been traced to depth more than 500 m, and is open both along strike and to depth…the style of Gold veining is common to orogenic Gold systems like those that have formed in the Val-d’Or district…MOZ is up a nickel at $1.15 as of 7:00 am Pacific…

7. With $4 million invested in the Castle and Beaver properties since 2011, Castle Silver Mines (CSR, TSX-V) is unquestionably one of the most advanced (and undervalued) plays in the entire burgeoning northern Ontario Cobalt Camp with near-term Cobalt extraction potential – a fact the market is just beginning to pick up on given CSR’s ascent last week…CSR is up half a penny at 19 cents as of 7:00 am Pacific but sports a market cap of just $5.5 million, one-quarter of that of First Cobalt (FCC, TSX-V)…