Gold has traded between $1,256 and strong support at $1,236 so far today…as of 11:15 am Pacific, bullion is down $12 an ounce at $1,245…Silver has declined 11 cents to $16.58…Copper is flat at $2.62..Nickel has slipped 3 pennies to $4.08…Crude Oil has rallied another 21 cents to $43.25 while the U.S. Dollar Index is relatively unchanged at 97.21 after a weaker than expected durable goods report…
Somebody sold Gold by mistake this morning?…that’s what some traders are saying after prices suddenly plunged overnight before quickly stabilizing…the sale of 18,500 lots of Gold, totaling 1.85 million ounces, and 5,000 ounces of Silver in 5,500 lots on Comex in a short space of time was behind falling prices, according to Afshin Nabavi, head of trading at MKS in Switzerland…
“Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,” said another MKS trader, Bernard Sin. “Fundamentally, there is still a lot of uncertainty in the world, with Italian bank bailouts, Trump’s policies and Brexit. The world is in geopolitical chaos and Gold is still good insurance.”
This is encouraging to see if you’re a contrarian – large speculators exited from Gold and Silver futures during the several days after the last meeting of the Federal Open Market Committee, based on the latest weekly positioning data from the Commodity Futures Trading Commission…Friday’s “disaggregated” report shows that the Gold net-long position of money managers tumbled by 33% to 99,376 futures contracts from 147,496 the week before…
Crude Oil Update
A surge in demand for short sale contracts suggests that investors see potential for a further price fall in Crude Oil…however, that also sets up the possibility for some sudden short-covering…
After 5 straight weekly declines, WTIC has landed at strong support around $43…John’s 3-month chart shows that the intense bearish trend has started to weaken, so a rebound in prices is likely on the way…whether that’ll just be temporary remains to be seen…RSI(14) is up from previous support and will should soon overcome a downtrend line in place for more than a month…
The latest data from Oil services firm Baker Hughes showed U.S. shale producers added 11 more rigs, marking the 23rd weekly rise and the longest streak of increases in decades…
OPEC’s adherence to quotas has thus far been impressive but the impact of that has been offset by virtually uninterrupted gains in shale production and increases within other non-OPEC regions, slowing the anticipated contraction in the U.S. Crude supply surplus against the averages…overall, analysts are still expecting global stocks to decrease during Q3 as refineries come back online…
Northern Ontario Cobalt Rush
Summer is now upon us but it’s starting to feel like January again in the Cobalt market with the price of the metal breaking out to new highs ($26.54 U.S.) not seen in nearly a decade while several stocks are in the midst of major developments…
Trent Mell’s First Cobalt (FCC, TSX-V), halted since pre-market Friday, has suddenly turned very aggressive in the northern Ontario Cobalt-Silver Camp, poised to acquire 2 other juniors, which makes us wonder if they’ve received some bullish preliminary information from initial geophysics, mapping and sampling carried out at their Keeley-Frontier mine…keep in mind, FCC also recently increased its land position in the Camp by 40% to 3,000 hectares…
Take note of these comments from Dr. Frank Santaguida, VP-exploration for First Cobalt, in the company’s June 5 news release following completion of a borehole geophysics and televiewer program:
“The completion of this phase of our exploration program at Keeley-Frontier is essential to our strategy to unlock the Cobalt potential in this camp,” Santaguida stated. “These results placed into the context of the ongoing structural mapping program will provide the foundation for planning the drill program this summer, as it will help predict the location of previously unknown vein sets. I am very pleased with the hard work of the field team and we are looking forward to completing the interpretation of the geophysical data in the coming weeks.”
In its June 14 news release, First Cobalt stated that “outcrops south of Keeley No. 3 shaft show intensely chloritized and veined mafic volcanic rocks. Cobalt found here would represent metal dispersion away from the Woods vein, improving the potential for bulk mining in this area.”
First Cobalt, which raised $6 million at 50 cents in February, sees major new possibilities for this historic Camp. “A rebirth of this historic mining district will occur through the application of modern geoscience, a better understanding of disseminated Cobalt mineralization and ultimately bulk mining methods,” stated CEO Mell…
Last Wednesday, Mell pulled the trigger on 2 friendly potential takeovers, announcing an LOI with CobalTech Mining (CSK, TSX-V) to acquire all the outstanding shares of CSK which has developed a strong presence around the town of Cobalt, while also proposing a “merger” with Australian-listed Cobalt One (CO1, ASX)…
The proposed combined entity, operated by First Cobalt, would hold a large land position in the northern Ontario Cobalt-Silver Camp, multiple past producing mines, and assets that hold potential for Cobalt processing and refining…together, the 3 companies have a market cap in excess of $100 million…
News just hit the wire regarding details of the FCC takeover of CSK…CobalTech shareholders will receive 0.2632 of a First Cobalt common share for each CobalTech share…this represents the equivalent of 20 cents per CobalTech share, so CSK will push higher from its Thursday 14-cent close as soon as trading resumes at 11:45 am Pacific…how FCC trades of course will also impact CSK…
Cobalt Camp Media Coverage Heats Up
The resurgence of the northern Ontario Cobalt-Silver district is a great story for the media to digs its teeth into, so we expect much more on that front over the summer.
On Friday, the news leader in North Bay ran 2 separate stories, one of them highlighting Castle Silver Resources (CSR, TSX-V) which in our view represents extraordinary value in the mid-20’s given the company’s current success at the Castle mine, its proprietary Re-2OX process for optimal recovery of Cobalt and other metals from ore in the region as well as Lithium-ion batteries, and its past producing Beaver mine near the town of Cobalt…
North Bay Poised To Profit From Cobalt Mining
“King of Cobalt” – Part 2!
A couple of weeks ago we introduced to BMR readers Gino Chitaroni, a key player in the northern Ontario Cobalt-Silver Camp featured in one of the articles linked above…Chitaroni, President of the Northern Prospectors Association as well as Polymet Labs, is a lifelong resident of Cobalt, a respected entrepreneur, prospector and geologist (he has a brother, now a police officer, who also starred for Italy’s Olympic hockey team for many years)…
Chitaroni sees enormous potential for new discoveries in the region given a lack of exploration over the last half century throughout much of the district…sustained higher Cobalt prices will attract investment dollars that will revolutionize this historic Camp…
Learn more by clicking on the arrow…
In today’s Morning Musings…
1. Two attractive Venture Gold stocks that should outperform…
2. Jaxon Minerals (JAX, TSX-V) strengthens its team…
3. Silver update – powerful Q3 in the works?…
4. Daniel’s Den – Daniel has extended his trip, DD returns Friday with much to report beginning next week!…
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 BMRTop 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!
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 BMRTop 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.
7 @ 7:00
Check back later this morning for today’s BMR Morning Market Musings.
1. Gold tested strong support in the mid-$1,230’s this morning as U.S. equity markets took off to the upside to snap a 4-session losing skid…as of 7:00 am Pacific, bullion is down $12 an ounce at $1,244 after dipping to $1,235, a 5-week low…Silver is off 10 cents at $16.59…base metals are coming off a solid week and are up slightly this morning…the U.S. Dollar Index started the new week strong but is now down marginally after it was reported that U.S. durable goods fell 1.1% in May, more than the expected 0.6% drop…
2. Australian-listed Cobalt One (CO1, ASX) has confirmed it’s prepared to merge with First Cobalt (FCC, TSX-V)…under the terms of an LOI between the 2 parties, Cobalt One shareholders would receive 0.145 of a First Cobalt share for each Cobalt One share (equivalent to 11 Australian cents per Cobalt One share)…the proposal is subject to a number of conditions, including due diligence…First Cobalt remains halted this morning along with CobalTech Mining (CSK, TSX-V)…last Wednesday FCC announced a proposal to acquire Cobalt One as well as CobalTech…the combined entity would hold a large land position in the prolific northern Ontario Cobalt-Silver Camp, multiple past producing mines, a mill and a Cobalt refinery…
3. New Jersey-based Pala Investments Ltd., a multi-strategy investment company focused on the mining and metals value chain, disclosed this morning that it has upped its ownership in Cobalt 27 Capital (KBLT, TSX-V), the Venture’s first pure Cobalt play, to 19.46% after its participation in the large cash offering that closed last week…Pala has a track record of successfully investing across a range of businesses providing raw materials to the battery and renewable energy sectors…commenting on the transaction, Stephen Gill, Pala manager partner, said: “I am delighted to see the successful listing of Cobalt 27 and the creation of a public company which provides investors with high-quality exposure to Cobalt fundamentals, and, importantly, the creation of a platform that can provide leverage to the raw materials needed to support the development of the battery and new energy sectors. This investment is in-keeping with our strategy of investing in businesses and creating investment platforms focused on the raw materials value chains that support the changing global economy. I look forward to continuing to support the company in building out this platform and seeing the company grow.” KBLT is up 86 cents to $10.00 through the first 30 minutes of trading…
4. Weakness in Gold has pushed the Venture down 2 points to 775 as of 7:00 am Pacific…the TSX has added 44 points while the Dow has jumped 111 points…Garibaldi Resources (GGI, TSX-V), after releasing an updated Nickel Mountain presentation Friday, is up another 2 pennies to 15 cents in early trading as geologists in the coming days prepare to ground truth a series of highly promising VTEM conductors up to 6 km away from the historic E&L Nickel Mountain deposit, immediately prior to drilling the first modern era holes into the Eskay Camp’s only known magmatic Nickel-Copper-rich massive sulphide system…comparisons are being made to a robust orogenic Nickel sulphide belt featuring strike-slip faults in China…Jaxon Minerals (JAX, TSX-V) is up 1.5 cents to 31 cents after announcing that it has appointed John King Burns as Chairman and lead director…Burns is former Chairman and founder of Northern Orion which was subsequently acquired by Yamana Gold in a $1-billion transaction…Canadian Zeolite (CNZ, TSX-V) has broken out to 70 cents on fresh news this morning…a 2-year study conducted by the University of Saskatchewan in partnership with PotashCorp, Agrium and Mosaic using Canadian Zeolite’s Bromley Creek Zeolite was successful in remediating Potash brine-impacted groundwater…
5. IDM Mining (IDM, TSX-V) released robust results this morning of an updated Feasibility Study for its Red Mountain Gold Project near Stewart, confirming positive economics for a near-term, high-grade, bulk mineable underground operation at Red Mountain…the pre-tax base case economics indicate an NPV of $155 million (CDN) at a 5% discount rate with an IRR of 40% and a 1.7-year payback of initial capital (after-tax NPV is $104 million with an IRR of 32% and a 1.9-year payback of capital)…initial capital costs are estimated at $135.7 million, which includes a 10% contingency…average annual payable production of 78,000 ounces of Gold and 215,000 ounces of Silver…mine operating life is estimated at 5.4 years with an overall construction and commissioning period of approximately 15 months. “This study demonstrates a high-margin, low-capex underground Gold mine with a short development timeline,” said Rob McLeod, President and CEO of IDM Mining. “With these positive results now in place, our highest priority is the ongoing exploration and resource expansion drilling adjacent to current reserves, with the objective of extending the potential mine life for Red Mountain. These zones remain open for expansion both along strike and down-dip. Importantly, this project would be a tremendous economic benefit to my hometown of Stewart B.C. and to the citizens of the Nis g a’a Nation.”
6. Oceanagold Corp. (OGC, TSX) has completed the Haile optimization study where results demonstrate enhanced value through upgraded mineral reserves, increased annual Gold production, longer mine life and robust economics…highlights include an increase in Proven and Probable Gold reserves by over 70% from 2.02 million ounces to 3.46 million ounces, along with a maiden reserve on the Horseshoe deposit of 0.44 million ounces…the revised mine plan includes larger open-pit operations for a 16-year mine life and an underground operation at Horseshoe for a 6-year mine life…a 33% planned expansion of the process plant will support higher mining rates and increased annual production…economics are robust with undiscounted pre-tax cash flows of $1.4 billion based on current reserves plus an additional $400 million of undiscounted cash flows inclusive of total current resources…excellent potential to increase value and mine life…
7. Perhaps more Venture CEO’s should take a leave of absence…Independence Gold (IGO, TSX-V) is up 3 cents to 20.5 cents in early trading following news from the company that President and CEO Randy Turner is taking a temporary leave of absence for personal and family reasons, effective July 3…he is expected to be on leave for up to 6 months but will remain a member of the board of directors during his leave…while Turner is away, board member Michael McPhie will assume the role of interim CEO and Chairman (he is also Chairman of IDM Mining) while Kendra Johnston, current manager of corporate development, will assume the role of interim President…
The most popular recent BMR articles/videos…
June 25, 2017
June 24, 2017
The Venture Week In Review And A Look Ahead
TSX Venture Exchange and Gold
Is the Venture “glass” half empty or half full?
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 today’s report, click here or login as a current subscriber with your username and password.
June 23, 2017
BMR Morning Market Musings…
Gold has traded between $1,251 and $1,260 so far today…as of 11:30 am Pacific, bullion is up $5 an ounce at $1,255…Silver has climbed 15 cents to $16.68…Copper is 3 cents higher at $2.62…Nickel has added 3 pennies to $4.10…Crude Oil has rallied 22 cents to $42.96 while the U.S. Dollar Index is down one-third of a point to 97.20…
The U.S. Dollar Index came under pressure today after weaker-than-expected preliminary manufacturing and service sector data were released…research firm IHS Markit said that its flash Purchasing Managers Index for June fell to a reading of 52.1, the lowest in 9 months and down from May’s final reading of 52.7…economists were expecting to see a modest rise…at the same time the firm’s service sector PMI showed a reading of 53.0 following May’s reading of 53.6…economists were expecting the index to rise to 53.9…this is the lowest print for the service sector in 3 months…the Dollar Index faces a very stiff resistance band between 98 and 100 and the overall trend remains bearish despite the recent rally…bulls who are ignoring technical deterioration in the greenback are doing so at their peril – their summer won’t be fun…
Euro zone PMI growth unexpectedly slowed to 55.7 in June, down from 56.8 in May…
Crude Oil Update
Crude Oil is attempting to recover from a 10-month low hit earlier this week but remains on course for its biggest first half decline in 2 decades as production cuts have so far failed to allay market concerns regarding global oversupply…at the heart of the ongoing glut is that efforts to reduce production by OPEC suppliers, as well as Russia, have been met by soaring output from the U.S. as well as OPEC members Libya and Nigeria, which are exempt from the cuts…unlike the situation when Crude began falling sharply in 2014, however, the Saudis are attempting to do everything they can to help stabilize the market and push prices back up…a key incentive for the Saudis is the planned IPO of their state-owned Oil company which could bring $100 billion into the country’s coffers as long as the Oil market is healthier than it is now…exact timing of that IPO is still uncertain but 2018 seems most likely at this point…
Both WTI and Brent pared gains slightly after Baker Hughes said within the last couple of hours that the U.S. Oil rig count rose for a record 23rd straight week to 758 rigs…
In today’s Morning Musings…
1. First Cobalt (FCC, TSX-V) is this week’s big newsmaker on the Venture…
2. “Weed” traders’ alert…
3. Another look at the Venture-Oil relationship…
4. Daniel’s Den – DD returns Monday with Daniel on week-long site visits (B.C. and the Yukon)…much to report beginning next week!…
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 BMRTop 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!
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 BMRTop 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.
7 @ 7:00
Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has firmed up again today, trading as high as $1,260…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,256 while Silver has jumped 16 cents to $16.68…it was been a good week for base metals…Copper is up another 3 cents to $2.62 while Zinc is trading at its best levels in more than 2 months at $1.23…Cobalt prices are at their highest in nearly 9 years…the last quoted Co price is $26.31, off slightly from the $26.54 high earlier in the week…the U.S. Dollar Index has backed off from strong resistance at 98…
2. Chinese trade data show the most monthly Silver imports (407 tonnes) in May since 2010, according to Commerzbank. “This was nearly twice as much as in last May, as well as the largest quantity since December 2010. Silver imports in the first five months of the year were thus a third higher than in the same period last year,” Commerzbank noted.
3. Cobalt 27 Capital (KBLT, TSX-V) began trading this morning after a 1-for-20 rollback, a successful $200 million financing, and an official change of business on the Venture to a Cobalt “pure play”…the $200 million offering consisted of 10.9 million shares being issued for gross cash proceeds of $98.3 million and 11.3 million shares being issued to acquire 1,205.6 tonnes of physical Cobalt for a total cost of $101.7 million…at closing of the offering, the company used $59.2 million (U.S.) or approximately $78.4 million of the net cash proceeds to concurrently purchase an additional 953.0 tonnes of physical Cobalt for an aggregate of 2,158.6 tonnes of physical Cobalt…following the closing of the offering and the share consolidation, Cobalt 27 has a total of 23,881,394 shares outstanding…KBLT is trading at $9.17 as of 7:00 am Pacific…
4. First Cobalt (FCC, TSX-V), which jumped almost 50% from Tuesday’s intra-day low of 52 cents to yesterday’s closing price of 76 cents, was halted again pre-market this morning, pending news…on Wednesday the company announced a proposal to acquire CobalTech Mining (CSK, TSX-V) as well as Australian-listed Cobalt One (CO1, ASX) through a friendly “merger”…the combined entity would hold a large land position in northern Ontario Cobalt-Silver Camp, multiple past producing mines, a mill and a Cobalt refinery…CobalTech was also halted this morning, about 20 minutes prior to the open – shortly after FCC…
5. The Venture is up 3 points at 774 as of 7:00 am Pacific after briefly dipping slightly below its rising 300-day moving average (SMA) this week for the first time since the new bull market began in early 2016…the TSX has added 67 points while the Dow is off 32 points in early trading…the TSX Gold Index has bounced off strong support this week and is up for the 4th straight day at 205 after declining for 9 straight sessions from 219 to a low of 196…
6. Newrange Gold (NRG, TSX-V) has enjoyed a solid week, up about 50% after releasing results Monday for the first 10 holes of a 19-hole RC drill program focused on the Merritt zone at its Pamlico Gold Project in Mineral County Nevada, a volcanic hosted high-grade vein deposit and a small past producer…work to date in the Merritt area indicates a mineralized zone approximately 100 m to 130 m wide that is presently open-ended along strike…most of the first 10 holes returned significant intercepts including 13.7 g/t Au over 21.3 m in drill hole P17–08, and 6.1 m grading 97.4 g/t Au in P17-10 (these 2 holes intercepted a new zone of near-surface mineralization 50 m south of the end of the decline)…results from 9 more drill holes are pending…NRG is off 2 pennies at 64 cents as of 7:00 am Pacific…
7. Orla Mining (OLA, TSX-V) has been a big winner this week, up another 6 cents at $1.36 through the first 30 minutes of trading today on heavy volume…2 days ago, the company announced a deal with Goldcorp (G, TSX) to acquire Camino Rojo, a Gold and Silver oxide heap leach project containing 1.7 million ounces of Gold reserves located in Zacatecas state, central Mexico, for consideration to Goldcorp consisting of 31.9 million common shares of Orla and a 2% NSR…in addition, Orla and Goldcorp have agreed to enter into an option agreement regarding the potential future development of a sulphide operation at Camino Rojo…the project hosts 1.7 million ounces of oxide Gold reserves and 4 million ounces of attributable Measured & Indicated Gold resources along with significant Silver, Lead, and Zinc by-products…based on Orla’s $1.10 closing price Tuesday, the company is paying approximately just $16/oz (U.S.) for oxide Gold reserves, with the sulphide resource providing long-term optionality to create additional shareholder value…Camino Rojo is 50 km southeast of Mexico’s largest Gold producer, Goldcorp’s Peñasquito mine…OLA is up 17 cents at $1.27 as of 7:00 am Pacific…
The most popular recent BMR articles/videos…
June 22, 2017
7 @ 7:00
Check back during the day for a possible additional post and helpful information and updates in the BMR comments section. Morning Musings returns tomorrow.
1. Gold is pushing slightly higher for the 2nd straight day, trading in a tight range between $1,249 and $1,255…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,251 while Silver has added 11 cents to $16.54…Zinc is above $1.20 a pound for the first time in more than 2 months while Cobalt has hit a fresh 9-year high at $26.54…holdings in SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose 0.04% yesterday to 853.98 tonnes…
2. Supply concerns are keeping Copper afloat near $2.60…world Copper mine production declined by around 3.5% in the 1st quarter, due in part to miners’ strikes in Chile, the world’s largest producer of the metal, according to the International Copper Study Group in a report earlier this week…more recent strikes include a work stoppage at Freeport-McMoRan’s Indonesian Grasberg mine which workers have voted to extend into July…meanwhile, stockpiles of Copper held at London Metal Exchange registered warehouses have fallen to their lowest levels since early May…
3. A proposed major consolidation of assets of 3 juniors with a combined market cap of $100 million has drawn fresh attention to the northern Ontario Cobalt-Silver Camp…Trent Mell’s First Cobalt (FCC, TSX-V) has taken the initiative, proposing to acquire CobalTech Mining (CSK, TSX-V) as well as Australian-listed Cobalt One (CO1, ASX) through a friendly “merger”…the combined entity would hold a large land position in the Camp, multiple past producing mines, a mill and a Cobalt refinery…FCC is up 4 pennies at 67 cents in early trading after a 7-cent jump late yesterday when trading resumed following a halt…Cobalt One remains halted on the ASX (until Monday) pending news of an equity raising transaction…meanwhile, ironically, the first company in the northern Ontario Cobalt region to release initial 2017 exploration results, the first company to have underground access, the first company to unveil a Cobalt/multiple metal recovery process, and the first company likely to get product to market is Castle Silver Resources (CSR, TSX-V) which is currently trading at one-third the market value of FCC and one-fifth the market value of Cobalt One…
4. How’s this for a price correction and “flash crash”: Ethereum plummeted as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange yesterday, which is being blamed on a “multi-million dollar market sell” order…Ethereum is an alternative digital currency to Bitcoin and had been trading as high as $352 yesterday until a huge market sell order around 12:30 pm Pacific resulted in a number of orders being filled from $317.81 to $224.48…as the price continued to fall, another 800 stop loss orders and margin funding liquidations caused Ethereum to briefly trade as low as 10 cents…Adam White, the Vice President of GDAX commented, “Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers. Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk.”
5. The Venture is up 1 point at 773 as of 7:00 am Pacific as it hovers slightly above its rising 300-day moving average (SMA)…the TSX has added 50 points while the Dow is relatively unchanged through the first 30 minutes of trading…the TSX Gold Index is bouncing off strong support, up 1 point at 202 as it strives for its 3rd straight winning session after declining for 9 straight sessions from 219 to a low of 196…
6. Klondex Mines (KDX, TSX), continuing to recover from a 50% share price drop this year, climbed briefly above $5 for the first time since April yesterday when the company provided an initial mineral resource estimate for its Hollister mine in Nevada, incorporating results from drilling done prior to the company’s acquisition plus data generated from additional drilling performed by Klondex…Measured and Indicated resources are 217,000 Gold-equivalent ounces (428,600 tons grading 0.507 ounce per ton AuEq) while Inferred resources are 78,000 AuEq ounces (176,000 tons grading 0.445 ounce per ton AuEq)…approximately 74% of the total mineral resource estimate is in the M&I category and sits within both the newly discovered Gloria system that remains completely open to the west and in the Hollister main zone…results do not include any mineral resources from the Hatter Graben zone which Klondex started drilling this week…KDX is off 10 cents at $4.83 as of 7:00 am Pacific…
7. Atico Mining (ATY, TSX-V) reported this morning that it has discovered a surface exposure of a Copper-rich massive sulphide, cropping out about 130 m north of the El Roble mine mineralization in Colombia…channel samples graded 7.2% Cu, 9.5% Cu and 12.5% Cu…the area will be drill-tested later as part of an ongoing regional drill program…El Roble is a high-grade underground Copper and Gold mine with nominal processing plant capacity of 800 tonnes per day…ATY posted net income of $1.29 million (U.S.) for the 1st quarter and expects lower mining and milling costs per tonne through the balance of the year while maintaining production at steady levels in line with its annual guidance…ATY is up a nickel at 65 cents as of 7:00 am Pacific after beginning 2017 near the $1 level…
The most popular recent BMR articles/videos…
June 21, 2017
BMR Morning Market Musings…
Gold has traded between $1,241 and $1,249 so far today…as of 12:25 pm Pacific, bullion is up $2 an ounce at $1,245…Silver is off 2 pennies at $16.42…base metals are strong today, led by Zinc which has jumped nearly 4% to $1.19…Copper has added 4 pennies to $2.59 while Nickel is up 8 cents to $4.06…Crude Oil (updated charts in today’s Morning Musings) is off 86 cents to $42.65 while the U.S. Dollar Index is down one-fifth of a point to 97.54…
Standard Chartered has upped its Gold forecast, saying there is a greater probability of the precious metal ending the year at $1,300 an ounce than $1,200…
“We believe prices are more likely to breach $1,300/oz than test the downside by year-end,” the report said, listing expectations for a more dovish U.S. rate-hiking trajectory for 2018-19, less likelihood of sharply rising 10-year U.S. Treasury yields, and a view that India’s goods and services tax on Gold is likely to be a temporary administrative hurdle rather than have a structural impact on demand…
Potential risks for Gold, the bank said, include the Federal Reserve’s balance-sheet reduction, slowing inflation, India’s demand being affected beyond administrative risks, and intense selling from Gold ETF’s if the yellow metal were to breach the $1,200 level…
The legendary Frank Giustra says “helicopter money” is coming back…the Fed has backed itself into a corner, Giustra told Kitco’s Daniela Cambone in an interview, which means it might be time for quantitative easing to make a comeback. “They’ll continue to talk about normalizing rates and they’ll find excuses not to,” he said. “I think the next accident that happens – whether it’s a stock market crash because stock valuations are at all-time highs now and we are ready for a major correction there – any event that causes crisis in the system will be met by further easing and another version of QE.”
In today’s Morning Musings…
1. Cobalt hits a new 9-year high – where to from here?…
2. Big news just out on the northern Ontario Cobalt Camp…
3. The Venture did something important today that it hasn’t done since the new bull market began in early 2016…
4. Time to bearish or bullish on Oil?…
5. Daniel’s Den – DD returns Monday with Daniel on week-long site visits (B.C. and the Yukon)…much to report beginning next week!…
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 BMRTop 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!
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 BMRTop 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.
-
-
-
-
Press "Reload" for fresh quote