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BMR Morning Market Musings... - BullMarketRun.com

May 15, 2017

BMR Morning Market Musings…

Gold has traded between $1,228 and $1,238 so far today…as of 11:45 am Pacific, the yellow metal is up $3 an ounce at $1,231…Silver has jumped 20 cents to $16.64…Copper is up 2 pennies at $2.54…Nickel is steady at $4.20…Crude Oil has climbed more than $1 a barrel to $48.86 while the U.S. Dollar Index has fallen one-quarter of a point to 98.94

Chinese economic data released overnight, including industrial production and retail sales for April, came in below expectations…however, fresh liquidity injections into the Chinese economy, which have eased some monetary pressures, as well as recently announced trade deals between China and the U.S. have lifted the morale of the commodities complex after a late April-early May slump…the Chinese-U.S. deals, announced last Thursday, are the first tangible results of trade talks that began last month after President Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world’s 2 largest economies…the mainstream media got so discombobulated over the Comey firing, it hasn’t been able to focus on much else since – hence, little coverage on positive developments in the U.S.-China trade relationship…

Multiple factors gave Gold a boost today as mentioned in 7 @ 7:00…despite some weaker than expected U.S. economic data since Friday, including the manufacturing sector within the New York region contracting for the first time since October of last year, the Fed remains on track to increase interest rates again June 14…that’s what could actually spark a nice summer run in Gold, Silver and commodities in general…

A Friday after market report out of Chile showed a stunning decline of 26% in Silver production in that country during the 1st quarter of this year…that’s a big deal considering that Chile is the 4th largest Silver producing country in the world…the majority of Chile’s Silver production comes as a by-product of Copper…by a long shot, Chile is the largest Copper producer in the world – 5.5 million tons last year vs. Peru (#2) at 2.3 million tons…

Oil Update

WTI Crude has pushed back above the technically important $48 level after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed…energy ministers from the 2 countries said today that supply cuts should be prolonged for 9 months until March 2018, longer than the optional 6-month extension specified in the agreement struck late last year…Oil traders were surprised by the strong wording of the announcement, although it remains to be seen whether all countries participating in the deal will agree with the Saudi-Russian stance…in addition, some analysts are skeptical about Russia’s willingness to actively participate in any extended cuts…

One thing’s for certain, though – the Saudis seem determined to try to keep Oil at $50 or higher…

“There has been a marked reduction to the inventories, but we’re not where we want to be in reaching the 5-year average,” Saudi Energy Minister Khalid al-Falih told a briefing in Beijing alongside his Russian counterpart Alexander Novak…

Meanwhile, the volatile Oil market is likely to get spooked again at some point by rising U.S. production…U.S. firms added Oil rigs for a 17th week in a row, extending a 12-month drilling recovery…

However, as Daniel wrote last week, the market’s worst fears about shale Oil may not come true…

5 Big Ideas You Must Know About Shale And The Industry Right Now

CRB Index Update

Two weeks ago we called for a further retracement in the CRB Index from 181 to the 177 level, the bottom of a horizontal channel that has defined the trading pattern for over a year…indeed, the CRB touched 177 last week and closed Friday just below 182

Going forward, the outlook is clearly bullish with the CRB having successfully tested support and now pushing higher with some momentum behind it…Slow Stochastics (SS) is forming a low bullish “W” and RSI(14) is bullishly aligned as it continues to follow a long-term uptrend after extreme lows in early 2015…RSI(14) also has an excellent chance to break out above a short-term downtrend line before the end of this month, setting the stage for a potentially strong summer…great for the Venture!…

The CRB Index is up just over 1 point to 183 as of 11:45 am Pacific

In Today’s Morning Musings….

1. Eldorado buys out Integra – bullish implications for northwest Quebec and junior exploration market…

2. Updated Silver charts – wow, this is interesting!…

3. Junior cuts deal with New Gold, will have 20 cents in cash (just 15 million shares) with stock trading at 14.5 cents…

4. Daniel’s Den organic inputs, the sophisticated way to bet on marijuana?…

Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere?  Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends.  BMR is daily information that puts you ahead of the crowd!

We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee.  If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!

Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere?  Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends.  BMR is daily information that puts you ahead of the crowd!

We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee.  If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!

To read the rest of today’s Morning Musings, sign up NOW or login as a current subscriber with your username and password.

1 Comment

  1. Gents and Ladies… I invite you to check out CBW.v .. man to be in on that PP!!!!! wow….

    Comment by Jeremy — May 15, 2017 @ 12:58 pm

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