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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Jon
Any idea when DRA global and GGM / CSR announce where the mill is going?
Just once in my life I would like to own a stock like COR or Barkerville , hoping that stock is CSR or GGI
The sound of silence is killing me …
Comment by Greg — April 21, 2017 @ 8:01 am
GGM’s AGM is late next week…possible timing for NR with regard to resource update/DRA…guidance has been the first half of this quarter, so certainly soon…CSR – sources in northern Ontario tell me they’re very active at the moment at Castle…only company in the Camp with underground access (for drilling, mineral extraction) and that’s going to drive news flow shortly I’m sure…the tech angle there is what also excites me…
Comment by Jon - BMR — April 21, 2017 @ 8:25 am
Just noticed that action on GGI, I really shake my head sometimes on what people are thinking sometimes, really, what’s the point? S moves like that is what is frustrating traders.. O well, I’m long anyway…
Comment by Laddy — April 21, 2017 @ 9:06 am
Q Jon, I noticed on the venture that they don’t show bid and ask anymore on any stocks, have I missed the reason for that. Thx.
Comment by Laddy — April 21, 2017 @ 9:19 am
What quote system are u referring to, Laddy?
Comment by Jon - BMR — April 21, 2017 @ 10:44 am
S&p/tsx venture composite index.. Get quote (enter symbol) the stock comes up but the bid and ask aren’t there anymore, it used to be not that long ago, hum.
Comment by Laddy — April 21, 2017 @ 11:01 am