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Gold has traded between $1,266 and $1,277 so far today…as of 11:00 am Pacific, the yellow metal is off its lows of the day and down just $9 an ounce at $1,275…Silver has recovered, now off just 2 pennies at $17.88…Copper is flat at $2.54…Nickel has eased off 4 cents to $4.17…Crude Oil has retreated another 37 cents to $49.25 while the U.S. Dollar Index has added one-fifth of a point to 99.16…

Results from yesterday’s 1st round in the French presidential elections took some of the risk premium out of Gold, but bullion has nonetheless held up quite well today and has other factors in its favor…centrist Emmanuel Macron took a big step toward the French presidency by winning the first round of voting, with the latest opinion polls making him a strong favorite to beat National Front candidate Marine Le Pen in the May 7 run-off…overall, yesterday’s results were a setback for the left in France and that’s happening elsewhere in Europe, as well, to go along with the trouncing of the Democrats in last November’s U.S. elections…

Large speculators built their bullish positioning in Gold futures to a 5-month high last week, so there has likely been some healthy unwinding of that today…

Analysts at Commerzbank pointed out that the 14% jump in net-long positioning was the 5th consecutive weekly increase, during which time net-long positioning increased 3-fold.  “This had clearly generated a correspondingly high degree of correction potential,” Commerzbank added…

Gold Secular Chart

Investors again bought the dip in Gold this morning with bargain hunters stepping in at solid support in the mid-to-upper-$1,260’s…

That’s not the only thing to be encouraged about with regard to bullion…

Below is a 50-year chart from John whose track record on Gold is as good as anyone in the business…

Note the recurring chart and indicator patterns…

A great example is RSI(14)…since 2013, as Gold worked its way toward a bottom at $1,045 in late 2015, the RSI(14) pattern has been almost identical to the one that immediately preceded a major advance in bullion starting in 2001…

Also of significance is the fact that sell pressure (CMF), dominant from 2014 into 2016, has transitioned into weak buy pressure…that’s a major change in trend that was last seen in 2002…

The key takeaway here, though it’s not a mainstream view, is that Gold is in the early stages of a major new bull market…exactly how much longer it’ll take for the masses to appreciate this is impossible to predict, but odds are that bullion will register strong gains over the next 2 years and beyond…Gold stocks aren’t trading at levels that take this trend into account…last year’s $200+ correction was a head fake…

Oil Update

It’s a continuing battle between the bulls and the bears on in the Crude market…positive news this morning about Iran’s exports hitting a 14-month low are being weighed against rising U.S. production…it was reported on Friday that in the week to April 21, U.S. drillers added Oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production next month by the most in more than 2 years…since a trough in late May, 2016, U.S. producers have added 372 Oil rigs, a rise of 188%, Goldman Sachs reported…meanwhile, U.S. production is at 9.25 million bpd, up almost 10% since mid-2016 and approaching that of OPEC’s top exporter Saudi Arabia…

In Today’s Morning Musings….

1. Technology play PyroGenesis Canada (PYR, TSX-V) surges 50%…

2. Game-changer financing for Deveron UAS (DVR, CSE)…

3. What’s next for Silver?…

4. Daniel’s Den – Valuable trading tips!…

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 2017.  BMR 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.

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

1. Gold has traded between $1,266 and $1,277 so far today…as of 7:00 am Pacific, the yellow metal is down $15 an ounce at $1,269…solid support exists in the $1,260’s…if that is breached, $1,250 would be tested…however, the broader picture for Gold remains very positive as we’ll show in a long-term chart in today’s Morning Musings…a strong performance be centrist Emmanual Macron in yesterday’s first round of the French presidential elections quickly erased some of bullion’s risk premium that had built up recently in anticipation of initial voting…Macron is considered the favorite as he squares off with National Front leader Marine Le Pen in the May 7 runoff election…the selection of Macron and Le Pen marked the first time in the 59-year history of the French Fifth Republic that neither of the country’s 2 main parties, the Socialists and the Republicans, made the 2nd round of presidential balloting…the Gold market still has much to focus on immediately, from continuing tensions over North Korea to important fiscal issues in Washington as Congress reconvenes for a critical week…

2. After a significant pullback last week, Crude prices have stabilized this morning on the news that Iran’s Oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers…Iranian Oil exports, especially to its core markets in Asia, had soared since sanctions were eased in January 2016…

3. The NASDAQ has hit a new all-time high this morning while the Dow has soared 192 points on the heels of yesterday’s election results in France…bank stocks are leading the way…action on the Canadian markets is more subdued with Gold under pressure and other commodities flat or down slightly…the TSX has added 81 points while the Venture is down 3 points at 822 as of 7:00 am Pacific…

4. PyroGenesis Canada (PYR, TSX-V), which climbed 21% last week, has hit a new multi-year high of 58 cents during the first 30 minutes of trading today…the company is the world leader in the design, development, manufacture and commercialization of advanced plasma processes…what has been driving the stock since last month is the recognition that PYR is making significant progress toward becoming an important metallic power supplier in the additive manufacturing space…PyroGenesis, the inventor of plasma automization, produces very small, uniform, spherical Titanium powders that flow like water and are highly sought after in the additive manufacturing industry…

5. Cobalt Power (CPO, TSX-V) has finalized plans for its Phase 1 drill program on the Smith Cobalt Project…ground and airborne geophysics, along with historical mapping data and 3D modeling, were used to delineate the targets that will be tested during the 4 to 6 week program expected to commence sometime next month…the approximately 1800 m campaign will focus on the northwestern section of the property where a network of veins extends from the nearby past producing Deer Horn mine…drilling will attempt to extend the strike length of those veins from the historic Smith Cobalt underground workings toward the southeast…CPO is unchanged at 10 cents as of 7:00 am Pacific…

6.  Metanor Resources (MTO, TSX-V), which was recently rolled back on a 1-for-10 basis, has closed a private placement in the amount of $8.8 million which includes the participation of Kirkland Lake Gold (KL, TSX) in the amount of $7.25 million and the investment by funds managed by Wexford Capital LP of $1.3 million…Pascal Hamelin, President and CEO, stated:  “We are excited to now have the support of a strategic investor like Kirkland Lake Gold, and we are also very encouraged by Wexford’s decision to increase their initial investment in Metanor. These additional funds, coming from established partners having extensive management and operational expertise, will enable us to further develop our main assets, the Bachelor and Barry projects, while increasing the drill campaigns in the Urban-Barry area.”  Metanor’s Gold production for the 1st quarter of 2017 was 9,442 ounces (27,604 ounces for the first 9 months of its fiscal year)…MTO is off 7 cents at 85 cents as of 7:00 am Pacific…

7. Granada Gold (GGM, TSX-V) is steady at 7 cents as of 7:00 am Pacific…near-term potential catalysts for GGM are its new relationship with DRA Global, a leading and vertically integrated engineering firm, and an updated resource estimate for the LONG Bars Zone deposit on northwest Quebec’s Cadillac Trend…the maiden resource from late 2012 has the potential to increase rather dramatically given the addition of several hundred historical holes plus fresh results that have included a new high-grade discovery at depth, north of the existing near-surface resource…

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The Venture’s “slow motion” uptrend continues with amazing opportunities for those who look closely enough…

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 2017.  BMR 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 report, click here or login as a current subscriber with your username and password.

Gold has traded between $1,278 and $1,289 so far today…as of 11:00 am Pacific, the yellow metal is up $3 an ounce at $1,285…Silver is off 13 cents at $17.87…Copper is flat at $2.54…Nickel has eased off 5 cents to $4.23…Crude Oil is under pressure, down $1.29 a barrel to $49.42, while the U.S. Dollar Index is relatively unchanged at 99.83…

Gold’s 20-day average is close to crossing above the 200-day SMA at $1,267, a potentially bullish scenario for next week…much will depend on the outcome of Sunday’s first round of French presidential elections – Gold will likely respond well if National Front leader Marine Le Pen performs even better than expected…ongoing tensions involving North Korea, and the overall geopolitical environment, are limiting any pullbacks in the metal as we’ve seen this week…

U.S. home re-sales rose more than expected in March to the highest level since February 2007, the National Association of Realtors announced today…

Just in – President Trump says he will reveal a “massive tax cut” next week before his 100 day mark in office…welcome news and music to the market’s ears…

Congress will certainly need to get its act together next week, as it returns from an Easter break, in order to pass legislation funding the government for the rest of the fiscal year…failure could lead to a partial government shutdown on April 29, the 100th day of Trump’s Presidency…the White House has thrust a new set of proposals into talks while also seeking to revive a health-care overhaul that had collapsed last month…

Oil Update

Crude Oil prices are ending the week on a down note, falling back below $50 a barrel today…prices moved little late this morning after Oil field service firm Baker Hughes reported its weekly count of Oil rigs operating in the U.S. ticked up by 5 to 688…at this time last year, U.S. drillers had 343 Oil rigs up and running…

Saudi Arabia and Kuwait favor extending their production-limiting deal with non-member producers into the 2nd half of the year…an OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut Oil supplies for another 6 months from June, according to news reports today, in an effort to clear a glut of Crude that has weighed on prices…however, Russia’s Energy Minister Alexander Novak was non-committal about whether his country would adhere to an extension at the May 25 joint-meeting…with the Russians, you just never know…

Copper Update

Copper prices rebounded yesterday and are steady today after touching levels mid-week that haven’t been seen since early January…what helped Copper yesterday was a dismal production report from major miner Rio Tinto (RIO, NYSE) which said Q1 mined production fell 37%…the company reduced full-year guidance, attributing lower output to the Escondida mine strike that halted operations and sent Copper prices higher this year…Copper bulls are hoping that better-than-expected Japanese export and import data combined with strong recent Chinese trade data suggest a pickup in global growth in the months ahead…

In Today’s Morning Musings….

1. The key factor behind a doubling of PYR since mid-March…

2. Record volume day for Otis Gold (OOO, TSX-V)…

3. Two big and growing deposits – one in the Northwest Territories, the other in northwest Quebec…

4. Daniel’s Den – Friday Footnotes, and this Bud’s for you!…

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 2017.  BMR 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 NOWor login as a current subscriber with your username and password.

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

1. Gold has traded between $1,278 and $1,287 so far today, ahead of Sunday’s first round of Presidential elections in France…as of 7:00 am Pacific, bullion is up slightly at $1,283…some technical analysts have been eyeing the low $1,290’s as highly significant as they view that level as the top of a downtrend that has been in place since Gold touched an all-time high of $1,920 in 2011…John’s 9-month daily and 2-year weekly Gold charts, which have been extremely accurate, show the next key resistance band between $1,300 and $1,304…a breakout above that and bullion is on a path toward $1,400 which is our minimum target for 2017…holdings of the world’s largest Gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, fell 0.76% yesterday to 854.25 tonnes after the biggest 1-day inflow (11.8 tonnes) in 6 months on Wednesday…final opinion polls in France have suggested a narrow lead for independent Emmanuel Macron, considered to be a market-friendly candidate, entering Sunday’s elections…still, a large share of undecided voters will cast ballots in a tight 4-way race that includes anti-euro National Front leader Marine Le Pen and far-left antiglobalist Jean-Luc Mélenchon…a terrorist attack on the Champs Elysees in Paris yesterday, carried out by radical Islamists, left one police officer dead and 2 others wounded, bolstering La Pen’s message that “Islamism is a monstrous totalitarian ideology that has declared war on our nation, on reason, on civilization.”

2. Crude Oil is off 22 cents at $50.49 as of 7:00 am Pacific…at an energy conference in Abu Dhabi, Saudi Arabia’s energy minister Khalid al-Falih hinted at the extensive behind-the-scenes negotiations among big Oil producers ahead of the group’s meetings scheduled for May…according to news reports, al-Falih said a preliminary agreement to extend the cuts had been reached but it still needed final sign-off from some OPEC members…Russia’s Energy Minister, however, declined to say whether his country would adhere to an extension before a joint meeting on May 25, saying global stocks were declining…it’s important to note that the Saudis have done an excellent job of managing the rhetoric around the Oil market…at key points whenever Crude has appeared to be in trouble, the Saudis have stepped in with supportive comments…

3. The Venture is up 1 point at 825 through the first 30 minutes of trading…on Wednesday, the Index touched key support at 817 at an uptrend line that formed after the March correction low of 788…the climb higher from last month has been a grind but the uptrend remains solidly intact…momentum would pick up dramatically on a breakout through key resistance around 850 where the Index has reacted twice since last summer…in Toronto, the TSX is down 12 points while the Dow is 8 points higher through the first 30 minutes of trading…Treasury Secretary Steven Mnuchin’s comment yesterday that Republicans are close to presenting their tax reform plan gave markets a nice lift…President Trump is signing 3 executive orders today to advance his administration’s push to reduce tax and regulatory burdens…

4. Camino Minerals (COR, TSX-V) has been the big winner this week on the Venture, soaring more than 500% following a high-grade Copper hit at its Los Chapitos Property in Chile (106 m grading 1.30% Cu)…the first 2 RC holes confirmed the down dip extension of the Adriana zone surface oxide mineralization but the key was the 2nd hole intersecting a zone of high-grade sulphide mineralization at depth (188 m to 294 m), including 2.12% Cu over 38 m…the Adriana zone is one of 5 known zones located along the northeastern trend of Chapitos…more drill results are pending and the Phase 1 program is scheduled to resume early next month as Camino switches from RC drilling to diamond drilling…COR hit a high of $2.23 in early trading and is up 27 cents at $2.10 as of 7:00 am Pacific…

5. PyroGenesis Canada (PYR, TSX-V), enjoying a strong week, touched a new 2+year high of 50 cents during the first 30 minutes of trading…the company is the world leader in the design, development, manufacture and commercialization of advanced plasma processes…what has been driving the stock since last month is the recognition that PYR is making significant progress toward becoming an important metallic power supplier in the additive manufacturing space…PyroGenesis, the inventor of plasma automization, produces very small, uniform, spherical Titanium powders that flow like water and are highly sought after in the additive manufacturing industry…PYR is up a penny at 49.5 cents as of 7:00 am Pacific…more on the company, plus a chart, in today’s Morning Musings…

6. Nighthawk Gold (NHK, TSX-V) has hit a new multi-year high of 99 cents during the first 30 minutes of trading…early last month the company raised $25 million and also started an aggressive 2017 drill program at its 100%-owned Indin Lake Gold property in the Northwest Territories where multiple new high-grade zones have been identified since a 2013 maiden Inferred mineral resource estimate of 39.81 million tonnes grading 1.64 g/t Au (2.1 million ounces at a cut-off grade of 0.6 g/t Au)…an under-explored 9-km long sill represents a multi-million ounce resource opportunity which is why Kinross Gold (K, TSX) took a position in this company last fall…

7. Granada Gold (GGM, TSX-V) is steady at 7 cents as of 7:00 am Pacific…near-term catalysts for GGM are its new relationship with DRA Global, a leading and vertically integrated engineering firm, and an updated resource estimate for the LONG Bars Zone deposit on northwest Quebec’s Cadillac Trend…the maiden resource from late 2012 has the potential to increase rather dramatically given the addition of several hundred historical holes plus fresh results that have included a new high-grade discovery at depth, north of the existing near-surface resource…

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Visit our comments section throughout the day and check for a possible additional post as well. BMR Morning Market Musings returns tomorrow.

1. Gold has steadied today after its biggest 1-day drop in more than 6 weeks yesterday, finding support from a retreat in the dollar and concerns about North Korea and Sunday’s elections in France…interestingly, holdings of the world’s largest Gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, rose 11.8 tonnes yesterday in their biggest single day inflow since September despite Gold’s worst daily performance since March 7…the metal has some work to do today and tomorrow in order to extend its weekly winning streak to 6…Gold demand in India has picked up in recent days, ahead of the Akshaya Tritiya festival on April 28…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,281…the Dollar Index has dipped one-third of a point to 99.49 which is lending support to commodities today…

2. Russia’s central bank, seeking to diversify the country’s official reserves, posted an increase in its Gold reserves in March for the 3rd consecutive month…one of the world’s largest holders of bullion, the Russian central bank has been regularly buying Gold amid weaker Oil prices and Western sanctions imposed over Moscow’s role in the Ukraine crisis…Russia’s Gold reserves rose to 54.0 million troy ounces at the start of April from 53.2 million ounces as of March 1, the central bank reported today…

3. Base metals, which have weakened in April after a strong Q1, have rebounded modestly today…Societe Generale’s Robin Bhar commented, “Prices had gone up quickly throughout the year, helped by (mines at) Grasberg, Escondido and Cerro Verde, and that speculative excess needed to come out.  Now we’re seeing some buying coming in because the 2nd quarter tends to be the strongest in terms of industrial activity.”

4. More chaos in Venezuela…General Motors (GM, NYSE) says Venezuelan authorities have illegally seized its plant in the industrial hub of Valencia and vowed to “take all legal actions” to defend its rights…GM described the takeover as an “illegal judicial seizure of its assets”…GM’s subsidiary in the country – General Motors Venezolana – has operated in Venezuela for nearly 70 years…GM said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers…the country’s economic crisis should come as no surprise but has hurt many other U.S. companies, including food makers and pharmaceutical firms…a growing number are removing their Venezuelan operations from their consolidated accounts…

5. Aphria (APH, TSX) has secured a $100 million raise, including a $75 million bought deal equity financing at $6.50 per share and $25 million in debt financing through a 5-year term loan…this is the first time Aphria has raised both debt and equity simultaneously.  “Through this raise, we are not only looking at the needs of today, but what Aphria is going to need to do in the years ahead to dominate the market. When completed in 2018, our 4-part expansion plan is expected to supply more than 75,000 kg of high-quality cannabis at one of the lowest costs in the industry. We are well positioned to continue to provide shareholder value and meet the increasing consumer demand for medical and recreational marijuana,” President and CEO Vic Neufeld…APH is off 28 cents at $6.72 as of 7:00 am Pacific, a drop of nearly 25% from its all-time high of $8.77 April 11…that puts the stock at its rising 50-day moving average (SMA) which has held as support since the summer of last year…

6. The Venture, trying to snap a 3-session losing skid that occurred on relatively light volume, is up 3 points at 822…high-flier First Global Data (FGD, TSX-V) is up 12 cents at 87 cents after announcing that it has partnered with LianLian Pay to launch a co-branded remittance service that enables Chinese living in the U.S. and Canada to make person-to-person international money transfers to China utilizing the social media messaging platform WeChat…in Toronto, the TSX has advanced 75 points while the Dow is 53 points higher through the first 30 minutes of trading…Dallas Federal Reserve President Robert Kaplan said today that 3 interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds.  “The median for three rate increases this year…is still a good baseline,” he said in an interview with Bloomberg TV.  “If the economy develops a little more slowly, then we can do less than that and if the economy is a little stronger, we can do more than that.”

7. GT Gold (GTT, TSX-V) announced this morning that it has increased the size of its previously announced non-brokered private placement to $3.2 million (2.7 million shares at 32 cents per share)…closing is expected by early next week…GT was already fully funded for a 98-hole, 4,600-m Phase 1 drill program during June and July at its promising Saddle Gold prospect northwest of the Red Chris mine…Saddle features exceptionally high level Gold-in-soil anomalies across broad areas of upland, suggestive of strong discovery potential…GTT is up a penny at 35 cents in early trading…

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