Check back later today for Daniel’s Den (Morning Musings resumes after editor returns from special assignment) and visit our comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,221 and $1,227 so far today after bouncing off support yesterday at $1,215…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,223…Silver, attempting to pull out of extreme oversold conditions, has added 6 cents to $16.22…Silver 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…base metals are flat with Copper hovering around strong support in the high $2.40’s…
2. Current weakness in Gold is getting some support from buyers in India who have stepped up to the plate…India’s 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 have firmed up this morning after a larger-than-expected fall in U.S. Crude inventories, but concerns about rising output from the U.S., Libya and Nigeria continue to concern traders…the American Petroleum Institute, an industry group, reported yesterday that U.S. Crude inventories fell by 5.8 million barrels last week, more than the 1.8 million-barrel slide analysts predicted…investors are now waiting to see if those numbers are confirmed this morning by official figures on weekly U.S. Crude and Oil product inventories from the U.S. government’s Department of Energy…WTI is 65 cents higher at $46.53 as of 7:00 am Pacific…
4. A 5th straight majority government is still within the grasp of British Columbia’s Liberal Party…1 exceptionally close riding from yesterday’s election is going to a recount with absentee ballots also not yet factored in…preliminary results have given the Liberals a minority government with 43 seats vs. 41 for the NDP and 3 for the Green Party, despite polls that predicted an NDP victory…however, with all votes counted in the Courtenay-Comox riding on Vancouver Island with the exception of absentee ballots, the NDP leads the Liberals there by a razor-thin 9 votes…mainstream national media seem oblivious to the fact that this riding is still very much up for grabs and the final election result could be thrown into the courts…interestingly, the Liberal candidate is Jim Benninger, the former Base Commander at CFB Comox (2011 to 2014), and absentee ballots are often cast by military personnel who traditionally are not NDP voters…those ballots may not be counted for up to 2 weeks; combined with a full riding recount, the final outcome for Courtenay-Comox and the election will not be known until late this month, perhaps later in the event of a judicial review…odds seem to favor a Liberal victory in Courtenay-Comox but all votes must be respected and counted…the resource sector has been given a reprieve with the NDP blocked from victory but a 44th Liberal seat for the slimmest of majorities will be critical to give Premier Christy Clark and her party the ability to effectively push through legislation and fully protect the resource sector…
5. The Venture has gained 4 points to 778 as relief sets in that the NDP has not swept to victory in B.C.’s election…however, the Index could use a rebound in commodity prices and some great news somewhere on the exploration front…the TSX is up marginally in early trading while U.S. markets are off slightly in the wake of President Trump’s firing of FBI Director Comey late yesterday…the Volatility Index (VIX), also known as the market’s “fear gauge,” dropped to its lowest level since 1993 this week but contrarians should be wary of that…
6. Deveron UAS (DVR, CSE) is trading at levels not seen since last summer with DVR up 2 pennies at 55 cents as of 7:00 am Pacific…DVR’s moment seems to have finally arrived…the company is completing a game-changing $2+ million financing and the first $1.3 million tranche closed about 3 weeks ago…DVR is unique as it dominates and leads innovation in drone-data-related precision agriculture in Canada while the company is also breaking into the American market…the financing is giving Deveron the leverage it needs to expand its drone fleet and is also bringing more liquidity to the stock…
7. Osisko Mining (OSK, TSX) has released new high-grade results this morning from a continuing drill program at its 100%-owned Windfall Lake Gold Project in Urban township, Quebec…highlights include 421 g/t Au over 3.7 m, including 3.74 kilograms/t Au over 0.4 m containing spectacular visible Gold (27.8 g/t Au over 3.7 metres cut to 100 g/t) in DDH OSK-W-17–834; 11.7 g/t Au over 7.7 m in Lynx 4 discovery DDH OSK-17–816; and 10.4 g/t Au over 4.9 m in DDH OSK-17–802…the current 400,000 m drill program combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry Project area…OSK is up a dime at $4.46 through the first 30 minutes of trading…
The most popular recent BMR articles…
