Check for additional posts today, including B.C. election report tonight, and visit our comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,219 and $1,229 so far today…as of 7:00 am Pacific, bullion is down $7 an ounce at $1,219 where it’s in the immediate vicinity of support at $1,215…extreme oversold conditions have emerged in Silver which often moves ahead of Gold…Silver, off a dime at $16.10, is very close to a turnaround given base support at $15.75 and extreme technical conditions not seen at any time since precious metals broke out early last year…any brief dip below $16 will be pounced on by bargain hunters…
2. Current weakness in Gold is getting some support from buyers in India where Gold imports in April more than doubled from a year ago to 75 tonnes on strong demand, according to provisional data from consultancy GFMS…Indians in the last week of April celebrated the holy festival of Akshaya Tritiya, when buying Gold is considered auspicious, while jewelers continue to stock up ahead of implementation of a new national sales tax (GST) in July…
3. Crude Oil prices are off modestly at $46.00 as of 7:00 am Pacific…weekly U.S. data on Crude production and inventories, plus monthly reports on supply and demand from OPEC and the U.S. Energy Information Administration (EIA) this week, should provide a detailed picture of how quickly global Crude inventories are falling…for now, WTI is in a new range between $43 (support) and $48 (resistance) even as Saudi Arabia, Russia and Kuwait suggested that OPEC and other major Crude-exporting nations were poised to extend their 6-month deal to cut output, perhaps into 2018…
5. British Columbia Premier Christy Clark, one of Canada’s most talented political communicators, has effectively mobilized her liberal-conservative free enterprise base over the past 2 weeks and has put the B.C. Liberal Party on the verge of another majority government entering today’s election, according to BMR modeling…many polls, however, continue to suggest an NDP minority or even majority government…the Liberal Party, with a superior get-out-the-vote “ground game” than its NDP and Green Party opponents, has presided over the fastest-growing economy in Canada through low taxes, balanced budgets and a pro-resource agenda that includes a call for 8 new mines to be opened by 2020…Clark’s message has particularly resonated in the province’s resource rich Interior and North where the Liberals have gained momentum and will also benefit from NDP-Green vote-splitting…the Liberals are positioned to sweep at least 80% of that region’s 31 seats…combined with an expected solid performance in Metro Vancouver, as well as some bleeding of NDP support to the Greens on Vancouver Island, the Liberals are well positioned for a 5th straight election victory tonight…
6. Barkerville Gold Mines (BGM, TSX-V) released more high-grade results this morning from its continuing Phase 2 Island Mountain drill program at its Cariboo Gold Project…exploratory drill hole IM-17–101 has expanded the footwall extents of the Shaft Zone by intersecting numerous previously unidentified vein sets including 12.5 g/t Au over 3.75 m (130 m below surface), 13.3 g/t Au over 11 m (200 m below surface), and 7.6 g/t Au over 11.75 m (250 m below surface)…the new veining occurrences are open for expansion in all directions…4 drill rigs are currently delineating additional mineralization below the former Aurum and Cariboo Gold Quartz mines which have never been explored since mining operations ceased more than half a century ago…BGM is unchanged at 96 cents as of 7:00 am Pacific…
7. Mariana Resources (MARL, TSX-V), up sharply since the announcement of its pending acquisition by Sandstorm Gold (SSL, TSX), has reported further impressive high-grade Gold-Copper mineralization from infill and extension drilling at the Hot Maden Project in Turkey…drill hole TD-109 in the Main Zone cut 75 m @ 17.2 g/t Au + 1.89% Cu from 212 m downhole…meanwhile, the Southern Deposit discovery has been expanded as HTD-117 returned 3 separate high-grade Gold intercepts including 7 m at 16.5 g/t from 233 m downhole…a 3rd diamond drill rig has now arrived on site at Hot Maden and is operating in tandem with the original 2 drill rigs…
The most popular recent BMR articles…
Good news out of LION One
IMO its only a matter of time til the high grade resource is doubled, and then, likely much more.
https://liononemetals.com/2017/05/lion-one-announces-drilling-and-development-update-for-the-tuvatu-gold-project-in-fiji/
Comment by Carl N — May 9, 2017 @ 8:32 am
Carl, thanks for the post. LIO has a really nice looking asset. They’re well on their way.
Comment by Jon - BMR — May 9, 2017 @ 9:07 am
Awkward? Notley has even told her ndp to shut up about the bc election, she knows dam well if the ndp wins in bc, she’s toast.
Comment by Laddy — May 9, 2017 @ 9:47 am
So what’s the next catalyst for CSR, to get the volume back in and get it to break above resistance?
Comment by Dennis — May 9, 2017 @ 10:54 am
Everything from an overall market rebound to the next news shortly from CSR and some other potential catalysts will lead to the next wave higher, Dennis. Patience wins the day!
Comment by Jon - BMR — May 9, 2017 @ 11:29 am
Jon
Do you expect there to be any movement in GGI as results from the VTEM get closer to being announced? Wouldnt the Geotech people know in advance?
Thanks
Comment by Greg — May 9, 2017 @ 1:35 pm
So was the election today, if so who won or is leading?
Comment by dave — May 9, 2017 @ 2:44 pm
Polls close in 4 hours, Dave, at 8:00 pm Pacific. Fear not.
Comment by Jon - BMR — May 9, 2017 @ 3:52 pm
That’s a good question, Greg. Of course we don’t know what protocols they’ve set up in terms of information flow from Geotech and who sees what, when. Normally, it takes a few weeks for VTEM results to be processed and interpreted. My thinking is there is at least a chance of something preliminary from GGI. I have great faith that Nickel Mountain is going to deliver. The sooner GGI can tell us something, the better as far as I am concerned.
Comment by Jon - BMR — May 9, 2017 @ 3:59 pm
Dave – what time zone you in today:)!!:)
Comment by Jeremy — May 9, 2017 @ 4:03 pm
Dramatic election in B.C.
11:55 pm Pacific, Liberal minority with slim majority still possible as 1 NDP seat is very dubious; current numbers (elected and leading) are as follows:
Liberals 43
NDP 41
Greens 3
Popular vote 41-40% in favor of Liberal Party free enterprise coalition, which defied most polls. B.C. split regionally with Liberals dominating Interior-North with NDP having gained ground in metro Vancouver (under 35 vote doesn’t remember NDP reign of terror in 1990’s).
Key riding with result not yet officially determined is Courtenay-Comox where NDP tentatively wins by just 9 votes—-will go to an automatic Supreme Court judicial recount and ABSENTEE votes have yet to be counted (2 weeks for a decision?). A flip to Liberals gives them majority if all other riding results hold up.
Courtenay-Comox Liberal candidate is former Commander of CFB Comox. Absentee ballots in this riding could exceed a couple of thousand and could easily favor Liberals given armed forces votes, especially given the Liberal candidate this time, which would put Liberals over the top for a majority government of 44-40-3. National mainstream media clueless on this fact, but that’s no surprise.
Favorable outcome for B.C. resource sector, assuming the 44-seat majority is achieved, and of course the fact the NDP has been blocked from a predicted victory tonight is a huge sigh of relief for mining/exploration sector.
Comment by Jon - BMR — May 10, 2017 @ 12:01 am
B.C. NDP forms devil’s coalition with Green Party
British Columbia’s socialist party, the NDP, have asked the province’s eco-fascist Green Party to join them in a bid to form a majority government to deny the Liberal Party victory after the Liberals won a minority government in yesterdays election. The NDP accepted several demands from the Greens in order for the Greens to join the coalition against the Liberals. The Greens main demands are as follows:
-that all British Columbians must wear hemp clothes which must never be washed.
-that all British Columbians must tear down and recycle their homes and move into caves which will be dug out of the earth with bare hands and in which caves will be grown mushrooms on which the populace shall subsist.
-that all British Columbians take apart and recycle their cars and then hand-make bamboo bicycles with which to commute to their jobs on the hemp plantations.
-and finally that all British Columbians prominently display portraits of Stalin, Lenin, Al Gore, David Suzuki and anti-oil sands eco warrior Neil Young in their caves.
May God help Canada.
Comment by John — May 10, 2017 @ 1:23 am
Were the polls suggesting a coalition govt was coming into the last few days?
Comment by david — May 10, 2017 @ 3:58 am
When I say Liberal free enterprise coalition, David, I’m referring to the unique makeup of the Liberal Party in B.C. which is very different than the Liberal Party in Ontario, for example, or federally.
Most polls were calling for an NDP minority or majority which has been denied.
The mainstream media is completely missing the real story here which is that the final election result is being thrown into the courts with the 9 vote margin of preliminary victory for NDP in Courtenay-Comox – automatic judicial recount by a Supreme Court judge. This could be like Bush and Gore in 2001.
In addition, given how Courtenay-Comox is a military community (the home of CFB Comox), absentee ballots will include the votes of armed forces personnel who traditionally lean Liberal vs. NDP, and this time the Liberal candidate is a former Commander at CFB Comox (2011 to 2014). Absentee ballots won’t be counted for up to 2 more weeks!
National media are completely oblivious to the Courtenay-Comox result with the narrative that this election has been decided as a Liberal minority govt. with the Greens holding the balance of power – totally false at this point given that this 1 seat could easily flip from NDP to Liberal and give the Liberals their majority. In other words, the final election result is simply not yet known.
Odds do seem to favor an ultimate Liberal victory in Courtenay-Comox but all votes need to be respected and counted. Note that were also 99 rejected ballots in this riding in 2013. The Liberals need to fight for every single vote in Courtenay-Comox and use whatever judicial means are at their disposal.
Comment by Jon - BMR — May 10, 2017 @ 4:54 am
from my perspective, hope it pans out for Libs. But any power in govt that long tends to run up against some headwinds. this shouldn’t be a surprise and if anything, bad on the Libs for not recognizing the ground was shifting. if the high school student polls are accurate at all, they should be a strong warning to the libs that things are changing and next time may be even trickier. At this point either party needs to offer something to the someone to switch sides. wont be the first time deals get done.
Comment by david — May 10, 2017 @ 6:18 am
Good call Jon…
From a cbc article thats an hour old – Courtenay-Comox “Liberal candidate is Jim Benninger, the former Base Commander of CFB Comox. It stands to reason that many of those absentee votes will comehttps://bullmarketrun.com/wp-admin/edit-comments.php#comments-form from Benninger’s former co-workers who were on assignment during the campaign. “
Comment by Dan — May 10, 2017 @ 7:02 am
I lived in that riding years ago for a while, Dan, and the military influence is big as this is the home of CFB Comox and Benninger was a popular Commander. Bless our military folks, they don’t vote NDP. I’d be very surprised if the NDP holds on to this seat after the absentee ballots (could be lots of military personnel in those) are counted, and the judicial recount occurs. The mainstream national media, not paying attention to detail, have dropped the ball on reporting the election result by not looking at this riding, how close it is (just 9 votes) and the good chance it’ll flip to the Liberals. 44-40-3 for the Liberals is what I’m anticipating and that’s a beautiful result, not a comfortable majority of course but a majority nonetheless.
Comment by Jon - BMR — May 10, 2017 @ 7:09 am