Gold has traded between $1,244 and $1,251 so far today as bullion confirms a breakout above important resistance in the mid-to-upper $1,230’s…as of 9:15 am Pacific, the yellow metal is up $4 an ounce at $1,248…Silver is flat at $17.52…Copper is up slightly at $2.61…Nickel is off its lows but down 5 cents to $4.52…Crude Oil is 43 cents lower at $47.81 while the U.S. Dollar Index is flat at 99.68…
Holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose 0.50% to 834.40 tonnes yesterday from 830.25 tonnes on Monday as equity markets fretted over whether the Trump administration will be able to deliver on its economic agenda in a timely manner…there’s no question the alt-left propaganda press, in collusion with parts of the “deep state”, are pulling out every trick in the book to delegitimize the Trump Presidency…the media’s efforts to derail Trump during the election didn’t work but that hasn’t stopped them from intensifying their opposition campaign now that Trump is in the White House (sometimes tweeting too much) and Republicans control Congress (thanks to the Russians, of course, if you believe the mainstream media’s false narrative)…
The House of Representatives votes tomorrow on the bill to replace ObamaCare in the Trump administration’s first big legislative test that it really needs to pass ahead of its next big challenge – tax reform…
Crude Oil Update
Oil prices slipped to nearly 4-month lows today after data yesterday showed U.S. Crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June…the American Petroleum Institute (API) said U.S. inventories climbed by 4.5 million barrels to 533.6 million last week, outpacing analysts’ forecasts of 2.8 million…moments ago the Energy Information Administration (EIA) reported numbers consistent with the API, stating that Crude inventories rose by 5 million barrels in the last week…
World Bank Tribunal Rules That Pakistan Unlawfully Denied Reko Diq Mining Lease
Another example of a government violating the legal rights of mining companies…an arbitration tribunal of the World Bank’s International Center for Settlement of Investment Disputes (ICSID) has rejected Pakistan’s final defence against liability, confirming earlier this week that the government had violated several provisions of its bilateral investment treaty with Australia where Tethyan Copper Company Pty. Ltd. (TCC) is incorporated…TCC is a joint venture between Antofagasta and Barrick Gold and their case was field against Pakistan in relation to the unlawful denial of a mining lease for the Reko Diq Project in 2011…the damages phase of the proceedings begins today, during which the tribunal will consider submissions from the parties to determine the amount that Pakistan must pay TCC…a ruling on the quantum of damages is expected in 2018…the Reko Diq Project, located in the Balochistan province of Pakistan, was expected to require an initial capital investment of more than $3 billion…it’s one of the world’s largest undeveloped Copper and Gold deposits with a potential mine life of more than 50 years…
In Today’s Morning Musings…
1. Gold’s next stop…
2. The advanced Gold junior that remains on track to be bought out…
3. A 10-bagger and an up-and-coming 10-bagger…
4. Daniel’s Den – the coolest commodity that jumped 100% last year (and no one is talking about it)…
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Jon: Good recovery in Venture today! Also, noticing Gold quietly sneaking up 1250$. Spring Break is just about over?!
Comment by STEVEN1 — March 23, 2017 @ 6:45 am