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Gold has traded between $1,214 and $1,230 so far today…as of 9:00 am Pacific, bullion is up $6 an ounce at $1,227…Silver is off a dime at $15.15…Copper has shed 4 pennies to $2.22…Crude Oil is $1.27 lower at $38.12 while the U.S. Dollar Index is relatively flat at 95.88…

After a slew of comments from Fed officials in the past week, investors are waiting to see what words come today from Janet Yellen who’s slated to speak shortly at 12:20 pm eastern at the Economic Club of New York…earlier this month, the Fed indicated it would likely only raise the benchmark rate twice this year, down from earlier projections of 4 increases…Yellen’s speech will be scrutinized for fresh leads on the Fed’s thinking, given that some of the recent more hawkish comments have come from current non-voting members…

Gold imports into China from Hong Kong and Switzerland remained subdued in February according to fresh data released today…February’s shipment from Switzerland was the lowest for February since 2012…China’s domestic market could still be working through the stockpiles after more than 100 tonnes of Gold was imported in December, the highest level in 2 years…

Barclays:  Commodity Retreat On The Horizon

The Venture’s latest long-term chart doesn’t quite agree with this, as we’ll show in today’s Morning Musings, but commodities including Oil and Copper are at risk of “steep” declines as recent advances aren’t fully grounded in improved fundamentals, according to Barclays Plc, which warned yesterday that prices may tumble as investors rush for the exits.  “Investors have been attracted to commodities as one of the best performing assets so far in 2016,” analyst Kevin Norrish stated.  “However, in the absence of any concerted fundamental improvements, those returns are unlikely to be repeated in the 2nd quarter, making commodities vulnerable to a wave of investor liquidation.”

Commodities rebounded from a more than 25-year low in January amid speculation that prices may now be bottoming after they lost 11% in the final 3 months of 2015 and 14% in the 3rd quarter…Oil and Copper have recovered from the multi-year lows seen in January and February, and Barclays has estimated that net flows into commodity products totaled more than $20 billion in the 2-month period in the strongest start to a year since 2011…

“Given that recent price appreciation does not seem to be very well founded in improving fundamentals, and that upward trends may prove difficult to sustain, the risk is growing that any setback will result in a rush for the exits that could again lead commodity prices to overshoot to the downside,” Norrish concluded…

Could Barclays be missing something?…

The Flawed Candidacy Of Hillary Clinton

Hillary Clinton has much more to worry about than just Donald Trump, Ted Cruz or 74 year-old socialist Bernie Sanders…at least 147 FBI agents are reported to be investigating Clinton’s email practices after U.S. authorities confirmed last summer that the former Secretary of State sent and received classified information over a private server…Democrats actually think this ultimate Washington insider, in some ways a founding member of ISIS given her and Obama’s Middle East strategy, is a shoe-in to be President?…in a lengthy article published on Easter Sunday, the Washington Post alleged that the FBI is using close to 150 full-time agents to help determine whether or not Clinton violated the law by using her personal BlackBerry for all her email communications leading up to her Democratic presidential campaign…

Terrorism’s Toll

The deadly toll of terrorism around the globe has jumped nearly 800% in the past 5 years, according to an exhaustive new report that blames the alarming expansion of Islamist groups across the Middle East and Africa…the non-profit Investigative Project on Terrorism found that an average of nearly 30,000 people per year have been killed by terrorists since 2010, when terrorism’s death toll was 3,284…the authors of the study, which tabulated the numbers through the end of 2015, say that the exponential increase shows two troubling trends: More attacks are happening, and they tend to be deadlier than ever…

The Cost Of The Left’s New High Tax Canada

Another example of how higher taxes in Canada are chasing away wealth creators:  Billionaire Murray Edwards has changed his residency from Calgary to London, England, according to a regulatory filing and confirmed by various sources…last week, Magellan Aerospace Corp., a Mississauga aircraft manufacturer in which Edwards holds 74% of the shares and acts as chairman, listed his residence as “London, United Kingdom”, in its annual information form filed with regulators…sources say Edwards has indeed switched his residency to the U.K. for tax reasons…income taxes for high earners in Alberta increased dramatically over the past year with the top federal/provincial combined marginal rate rising a whopping 20% from 40.25% in 2015 to 48% in 2016 (in some jurisdictions in Canada, the top combined marginal rate exceeds 50%)…that should concern every Canadian, not just those on the highest end of the income scale…punitive taxation like that is counter productive and drives away entrepreneurs – job creators – who Canada so desperately needs…

$96 Million Budgeted Just For Consulting With First Nations

Just one of many overlooked items in last week’s horrendous Liberal budget – $96 million budgeted over 5 years for merely consulting with First Nations.  “There are some hefty frequent flyer points coming for Canada’s 582 First Nations chiefs,” wrote CTV Power Play host Don Martin.  “That’s $170,000 worth of consultation per chief. Just to give them money. The mind reels.”

In today’s Morning Musings…

1.  Cannabix Technologies (BLO, CSE) makes further progress in developing a state-of-the-art roadside marijuana breathalyzer…

2.  Coeur Mining now has a stake in Kootenay Silver (KTN, TSX-V)…

3.  Opportunities in a few juniors that have retreated into strong support zones…

Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…

The Explorers category has the most momentum and has taken the lead among the 5 categories in the BMR Top 50 Opportunities List that was unveiled in early December.

The Explorers category, featuring 17 companies, has climbed an average of 46.9% since December 4, led by Cordoba Minerals (CDB, TSX-V) and Lithium X Energy (LIX, TSX-V) with massive gains of 277% and 196%, respectively.

Combined, the 5 initial categories from December 4 have posted a stellar average return of 37.9% vs. a 12.2% advance for the Venture through Thursday, March 24.  The TSX is unchanged during that time, the Dow has fallen 1.9% while the NASDAQ is off 7.2%.  Gold has climbed 12.3% since December 4.

The BMR New Additions category is already up 24.9% since February 23, comprising Canasil Resources (CLZ, TSX-V), Calibre Mining (CXB, TSX-V), Gold Bullion Development (GBB, TSX-V), Nevada Energy Metals (BFF, TSX-V) and newcomer Savary Gold (SCA, TSX-V) which joined that list last week.

The Near-Term Producers/Advanced Resources category is up 42.8%, down a few percentage points from March 18.  True Gold Mining (TGM, TSX-V), about to be merged with Endeavour Mining (EDV, TSX), has surged 92% since December 4.  Nemaska Lithium (NMX, TSX-V) is up 81%, Gold Standard Ventures (GSV, TSX-V) has gained 75% while Kaminak Gold (KAM, TSX-V) has jumped 74%.

Gold Producers have weakened recently but are still up 36.5% with Kirkland Lake Gold (KGI, TSX), Claude Resources (CRJ, TSX), Richmont Mines (RIC, TSX) and OceanaGold (OGC, TSX) setting the pace with gains of 71%, 67.5%, 62% and 40%, respectively.  Seven of the 8 selections in that category have gained in value.

The Sleepers Under A Nickel category has surged 84.4% while the Non Resource category has posted a modest gain of 7.7%.

In this morning’s report is an updated performance review of each category through the end of last week’s trading.  In total, 34 of the 50 picks have increased in value since the 4th of December, 14 are down and 1 is unchanged.  The average return so far, as mentioned, is an impressive 37.9%.  We’ll be issuing an updated Top 50 Opportunities List (#2) in the near future.

1.  Four explorers post gains of 120% or better…

2.  Opportunities in some “slow out of the gate” stocks…

3.  Certain non-resource plays that could surge during this 1st half of 2016…

To view the full report, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…

Gold has traded between $1,210 and $1,224 so far today in a quieter than usual session…markets in parts of the world remain closed for Easter…as of 9:00 am Pacific, bullion is up $3 an ounce at $1,219…Silver has added 4 cents to $15.24…Copper is flat at $2.26…Crude Oil is 27 cents lower at $39.19 while the U.S. Dollar Index has fallen half a point to 95.89…last week’s jump in the Dollar Index should be viewed as a “relief” rally given the bearish overall trend in the greenback…the Dollar Index will run into a wall just above 97, according to John’s latest charts…

Gold tumbled 3% last week, its biggest weekly loss since November on speculation that the next U.S. rate increase could come as soon as next month after hawkish rhetoric from regional Fed presidents James Bullard, Charles Evans, Patrick Harker and Dennis Lockhart…what was that all about, just days after a dovish statement from a Fed policy meeting?…all eyes tomorrow will be on Fed Chair Janet Yellen who speaks on the U.S. economy and monetary policy, with investors looking for further clues on the number and timing of rate hikes this year…

Inflows into Gold exchange-traded funds (ETF) continue, suggesting there’s strong confidence that bullion will hold support around $1,200…holdings in the SPDR Gold Trust rose to the highest levels since December 2013 at 26.48 million ounces on Thursday, according to the latest available data…

U.S. economic growth in the 4th quarter of 2015 was slightly stronger than expected, according to the latest data from the Commerce Department released Friday morning…the final reading of Q4 GDP came in at 1.4%, up slightly from the second estimate of 1.0%…the report noted that economic activity was still weaker in the last 3 months of the year, down from the 2.0% 3rd quarter GDP…annually, the U.S. economy expanded by 2.4% in 2015, the same increase seen in 2014…

The proper way to kick-start the U.S. economy is not through useless Trudeau-style government “stimulus” spending but by implementing serious tax and regulatory reforms that would create a healthier climate to empower entrepreneurs, the real job creators, to grow the private sector which has not been running on all cylinders under the Obama administration…there needs to be more focus on wealth creation, not wealth re-distribution…the fact that a 74 year-old socialist from Vermont could have such strong appeal to young Democratic voters in America is an excellent example of how the U.S. has lost its way in recent years, and that line of thinking has unfortunately crossed the U.S.-Canada border…

The Cost Of Terrorism Dwarfs “Climate Change”

Last week’s terrorist attacks in Brussels have revealed how much of a “failed” state Belgium really is, and that in turn may fuel more anti-EU sentiment among Britons ahead of that country’s critical June 23 referendum on whether or not to remain in the EU…the latest polls continue to give the Brexit side a slight edge…political and economic uncertainty created by Britain’s possible exit from the EU could help fuel the next leg up in Gold prices…

Yet another Islamist terrorist attack over the weekend as an explosion ripped through a crowded Pakistan park where Christians were celebrating Easter yesterday, killing at least 70 people (many of them women and children) and injuring hundreds of others…the breakaway Taliban faction Jamaat-ul-Ahrar, which has sworn allegiance to ISIS, took responsibility for the bombing…

Frank Holmes, the Canadian-born CEO and chief investment officer of U.S. Global Investors, noted in his weekly Investor Alert (www.usfunds.com) that “few things are as disruptive to our lives and the economy as terrorist activity.  A recent Gallup poll found that 79% of respondents believe global terrorism to be a ‘critical threat’ to the U.S., the highest of any other potential threat.” 

The global cost of terrorism has been surging the last few years as you can see in this chart from usfunds.com which tracks the period from 2000 through 2014…the figures take into account only direct, short-term costs…the 9/11 attacks were initially estimated to have cost $27.2 billion, but when indirect and long-term expenditures were factored in – the economic impact, war funding, future veterans’ care and more – it came closer to $3.3 trillion, according to the New York Times…

In today’s Morning Musings…

1.  A spectacular 2nd half of 2016 coming up for the TSX Gold Index?…

2.  Fresh charts for Crude Oil and Silver…

3.  Updates on Scandium International (SCY, TSX-V) and Gold Bullion Development (GBB, TSX-V)…

Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…

It’s Easter Sunday – Resurrection Day.  A day that should give everyone hope because it’s the day when over 2,000 years ago Jesus rose from the dead to claim victory over death – the greatest victory, the most incredible comeback, mankind has ever witnessed.  The Resurrection is what underpins the Christian faith and makes it unique.  The Resurrection is an irrefutable fact of history, and it’s why Jesus is indeed the way, the truth and the life.  And the same Spirit who allowed Him to conquer death can dwell in each one of us, if we so choose.  That’s a message of hope for everyone this morning as we all face challenges in our lives.  With Jesus, all things are possible, as scripture repeatedly states.

As exciting as it is to see our favorite stocks explode to the upside, or as gut-wrenching as it was to experience the 80% decline in the Venture between early 2011 and early this year, as investors we should never let money or our stocks control our happiness or joy. And true happiness – peace and lasting joy – can only be found in our view by knowing God and serving Him through His Son, Jesus Christ, who suffered and died on the cross at Calvary and rose from the dead 3 days later on this day (Easter Sunday).  He is risen, indeed.  This is why we celebrate Easter.  This day is not about the Easter bunny or chocolates or Easter egg hunts or enjoying a day off work. It’s about Jesus and what He did.  He suffered and died for us, out of His love and mercy for us, and actually conquered death.  That is so powerful and should give hope to us all.  Think about it.

Nothing is more important in our view than one’s relationship with God through Jesus. He is the creator of all things, including every mineral resource we write about here at BMR.  He has also provided us, through His precious Word, all the guidance we need for our daily lives, including of course how we should approach the handling of money, investment matters and relationships – business and personal.

This special day is a great opportunity for each of us to put some time aside and reflect on what Easter Sunday is really all about and why we celebrate it.  And draw closer to God in the process.  Each of us is very imperfect, but as sinners we have redemption through the precious blood of Jesus.

John 20:29:  “Jesus saith unto him, Thomas, because thou hast seen me, thou hast believed: blessed are they that have not seen, and yet have believed.”

From our families to yours, have a joyous Easter Sunday.

TSX Venture Exchange and Gold

The Venture’s 8-week winning streak was snapped but barely as the Index shed just three-quarters of a point to close an Easter-shortened trading week at 580.  The Venture outperformed Gold and the broad commodity complex, however, and is on pace to post its best March since 2009.

As we see it, there are two possible near-term scenarios for the Venture: 1) a breakout above 591 Fib. resistance; or 2) a consolidation that further solidifies support in the 550’s.  The Index climbed as high as 586 intra-day last Tuesday before a strengthening U.S. dollar, propelled by surprisingly hawkish comments from a few Fed officials, caused Gold, Oil and other commodities to reverse lower.   The dollar, however, is far from being “back in the driver’s seat” (CNBC headline) as this is merely a rally out of temporarily oversold conditions.  The Dollar Index closed at 96.17 Thursday and can be expected to encounter very stiff resistance just above 97.  The downtrend started at the early December high of 100.60 and has further to go according to John’s latest charts.  Traders will be closely monitoring a speech Tuesday by Fed chair Janet Yellen at the Economic Club of New York, and this will be followed a few days later by Friday’s all-important jobs report for March.

A powerful argument can be made that what we’ve seen in the Venture since late January is in fact the first wave in a new bull cycle (most investors don’t usually accept or recognize the start of a new bull or bear market until well after it has started).  It’s reasonable to expect a modest pullback in the not-too-distant future after a 26% advance from the 466 all-time low of January 20, but any weakness would be an accumulation opportunity for the next wave up.  There has been a dramatic improvement in the technical health of this market as John’s latest charts have shown, supporting the thesis that a long-term bear cycle has finally run its course.

In today’s Week In Review And A Look Ahead…

1.  Latest Venture chart shows steady buy pressure entering the final 4 trading days of the month – key levels to watch…

2.  Dollar Index – another bounce off support in various indicators will run into a wall of resistance…

3.  Fresh test of Gold’s support band in progress…

Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…