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BMR Morning Market Musings... - BullMarketRun.com

March 10, 2017

BMR Morning Market Musings…

Gold has traded between $1,194 and $1,207 so far today…as of 11:00 am Pacific, the yellow metal is up $2 an ounce at $1,203…Silver is flat at $16.91…Copper is up slightly at $2.59…Nickel has retreated another 14 cents to $4.46…Crude Oil is off 60 cents a barrel to $48.68 while the U.S. Dollar Index has retreated two-thirds of a point to 101.33

Anticipation of a March interest rate hike in the U.S. has put Gold on track for its biggest weekly loss in 4 months this week, but we’ve seen that movie before in the lead-up to the only 2 Fed meetings in the last decade that have resulted in rate increases…Gold has actually been more resilient this time around, so how March finishes for Gold could be quite different from how it has played out so far…

Overnight, Gold touched $1,195 Fib. support before a mild bounce took it slightly back above $1,200…the yellow metal could briefly dip below the $1,195 support, by $10 or $20, in the days ahead but chart patterns indicate to us that the $1,200 level is going to hold this month…

Oil Update

Oil prices gave up early gains this morning and reversed lower after dropping below $50 a barrel yesterday for the first time this year, pressured by heavy over-supply despite OPEC-led production cuts…Reuters, citing industry sources, said that senior Saudi officials told U.S. Oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields…separately, Suhail bin Mohammed al-Mazrouei, energy minister for the United Arab Emirates, told Reuters that the rise in U.S. inventories was a “worry” and that “investors need to be cautious not to bring so much production on line” because OPEC “cannot do it in isolation of others.”

U.S. Oil and gas drilling has picked up with producers planning to expand Crude production in North Dakota, Oklahoma and other shale regions, while output has jumped in the Permian, America’s largest Oilfield…

Meanwhile, Oilfield services firm Baker Hughes reported this morning that its weekly U.S. rig count rose by 8 in the previous week to 617, marking the 8th straight weekly increase…

In Today’s Morning Musings

1. Where WTIC may land after this week’s “Crude” surprise…

2. Another Nickel expert focuses in on the Eskay Heart of Gold Camp and GGI’s E&L…

3. The “fire sale” in Colorado Resources

4. Time to Saddle up!…

5. Daniel’s Den technology and the Oil business…

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18 Comments

  1. What is it going to take for GGI to take off?

    Comment by DavidW — March 10, 2017 @ 3:48 pm

  2. DavidW, I was wondering the same thing. Although I don’t think we’re far from discovering that very thing.

    Charles

    Comment by Charles — March 10, 2017 @ 8:43 pm

  3. An effective promo

    Comment by Johnz — March 10, 2017 @ 9:02 pm

  4. Ggi
    If they are going to have an effective promo Regoci better hire someone to do it as that is not his forte’

    Comment by Greg — March 10, 2017 @ 10:49 pm

  5. Hello Jon,

    Any comments on Granada Gold Mine’s (GGM) latest developments as well as Frank Basa’s latest comments about this LOI on his forum? What are you thoughts on these developments and comments. And what are your thoughts on Castle Siver (CSR) in relation to GGM and the latest developments. Have a good weekend.

    Warmest regards,

    Arjan

    Comment by Arjan — March 11, 2017 @ 5:27 am

  6. PDAC course this week! Alot of money being raised on the Cobalt side of things with CPO’s big financing and CSR’s financing! I just noticed a good close on the Venture too on Friday! Hoping that is the bottom of things with the rate hike announcement this week. Also, looks like Gold actually went up on the jobs numbers?? Jon?

    Comment by STEVEN1 — March 11, 2017 @ 9:46 am

  7. What’s interesting, Steven1, is that on the lead-up to this Fed rate hike – a certainty come Wednesday IMHO – Gold has drifted lower but has been much more resilient than prior to the other 2 Fed rate hikes…soon after the hike is out of the way, expect the Venture to regain its footing…the month could close quite strong.

    Cobalt prices up again at the end of the week, just 19 cents below $24.

    Comment by Jon - BMR — March 11, 2017 @ 10:32 am

  8. Jon
    Will we see articles on the heart of gold camp go live this week?
    Looking toward to what you guys have un covered !!
    Thanks

    Comment by Greg — March 11, 2017 @ 12:10 pm

  9. SKI 321 also predicted the drop in gold as we have seen and if I read it correctly, suggests that gold is set to take off again. All technical based on a proprietary system. But the expected Fed hike this week should light up Gold and the SKI will go green. Nice to have as many confirming ideas as possible regarding Gold direction

    Comment by david — March 11, 2017 @ 12:58 pm

  10. Greg, I can safely say regoci would never hire coffin, with the team regoci has assembled, they probably won’t need promoting,imo,he already has a promotion team in place with the top four in the country in thier field.

    Comment by Laddy — March 11, 2017 @ 2:52 pm

  11. Lol Laddy

    Comment by Greg — March 11, 2017 @ 7:17 pm

  12. Hiring any writer is just part of a pkg. Steve has to be out doing dog and ponies cross Can and across the pond with the names he has touting why this is a big thing. They can open doors w the info they are gathering. Steve can’t alone. He doesn’t have the cred yet

    Comment by david — March 11, 2017 @ 7:57 pm

  13. Cxo needs to crush the people that are trying to bring it down, buying a lot more on Monday . They have been to quiet, oh I have that feeling! Cxo will be the hottest ticket this year!

    Comment by Greg — March 12, 2017 @ 7:31 am

  14. During this pullback in the Venture, Greg, many plays have retreated to what should be considered ridiculously low valuations in the context of where the market is headed for 2017— CXO being one of them. Too many potential triggers for this one to remain below .30, and just the Heart of Gold Camp on its own is set to drive CXO back to last year’s highs and probably beyond IMHO.

    Comment by Jon - BMR — March 12, 2017 @ 8:15 am

  15. Jon I’m sure there will be more than kSP , lots of stuff coming down the pipe

    Comment by Greg — March 12, 2017 @ 8:20 am

  16. david… good post regarding GGI, totally agree. As Jon has said many times, you can have good people and a great project but people need to know about it. At some point he has to raise money and raising money at higher prices is better, higher prices will take a little promotion.

    Comment by Danny — March 12, 2017 @ 9:21 am

  17. Yes, there’s Green Springs in Nevada, Greg, and the Red Chris area is heating up on the exploration side, too, thanks to GT Gold, and CXO has acquired some additional ground (Castle Property) next to the Saddle zone. North ROK is just off to the east. So this is an area that needs to be on investors’ radar screens.

    Comment by Jon - BMR — March 12, 2017 @ 9:50 am

  18. They need to try and acquire the land between North rock and red Chris , they have a lot of stuff going on

    Comment by Greg — March 12, 2017 @ 3:35 pm

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