Check back later this morning for today’s BMR Morning Market Musings.
1. Fresh off its biggest weekly jump in 2 months, Gold is trading at a 4-week high this morning as a data-packed, event-filled new week begins…bullion has bounced between $1,251 and $1,259 so far today…as of 7:00 am Pacific, it’s up $2 an ounce at $1,257 as it pushes above its 50 and 100-day moving averages (SMA’s)…Silver is flat at $16.51…base metals are stronger, led by Nickel and Zinc, while Crude Oil has firmed after encouraging words from Saudi Arabia…the Dollar Index has rallied one-tenth of a point to 93.93 as it attempts to hold support around 94.00…
2. Philippine President Rodrigo Duterte said today that he wanted to stop exporting mineral resources and might close the mining sector completely and tax miners “to death” if alleged damage to the environment persisted. “The protection of the environment must be made a priority ahead of mining and all other activities that adversely affect one way or another,” Duterte said in his State of the Nation address, his second since assuming power in June last year. “This policy is non-negotiable…you have to come up with a substitute, either spend to restore the virginity of the source or I will tax you to death.” The Philippines is the world’s biggest supplier of Nickel ore and also among the top producers of Copper and Gold…however, the sector contributes less than 1% to the country’s economy, based on data from the Mines and Geosciences Bureau…
3. The FOMC meeting tomorrow and Wednesday is likely to be a non-event with everything building up to September when the Fed is expected to announce that it will begin paring back on its bond-buying program…traders aren’t expecting another interest rate hike until at least December…
4. The International Monetary Fund has lowered its economic growth forecasts for the United States to 2.1% for this year and the next, down from the 2.3% for 2017 and 2.5% for 2018 that it had predicted in April…the global financial institution cited the “uncertainty” over the Trump administration’s policies as the main reason for the downgrade (the globalists at the IMF are no fans of Trumpism)…
5. Saudi Arabia has pledged to cut its Oil exports to help speed up the rebalancing of global supply and demand…Energy Minister Khalid al-Falih said his country would cap Crude exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago…Falih also said OPEC and their non-OPEC partners were committed to extending their existing 1.8-million bpd supply reduction deal beyond next March if necessary, but would demand that any non-compliant nations stick to the agreement…OPEC and some of its competitors met in the Russian city of St. Petersburg to review market conditions and examine proposals related to their pact to cut output…there was no discussion of deeper Oil output cuts, but Falih said Nigeria, which is exempt from the deal, had signaled it was ready to cap its output once its production stabilized at 1.8 million bpd (it was 1.7 million bpd in June)…
6. The broader markets are slightly lower this morning but the Venture is up 4 points at 765 through the first 30 minutes of trading, though volume remains thin…Siyata Mobile (SIM, TSX-V), Novo Resources (NVO, TSX-V), Liberty One Lithium (LBY, TSX-V) and Cornerstone Capital (CGP, TSX-V) are the volume leaders among stocks within 10% of their 52-week highs…the TSX is down 65 points as of 7:00 am Pacific while the Dow has dipped 37 points…
7. Aurora Cannabis (ACB, TSX) rang the bell to open the TSX this morning after delisting from the Venture (same symbol)….the stock is up 8 cents at $2.67 as of 7:00 am Pacific. “Aurora’s graduation to TSX reflects the remarkable commercial and operational progress we have made since listing on TSX Venture Exchange late last year,” stated CEO Terry Booth. “We are achieving record yields at our Mountain View county production facility, progressing rapidly with the construction of our 100,000 plus kilograms per annum Aurora Sky facility at Edmonton International Airport, and are executing consistently on our national and international expansion strategy.”
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Mmm, maybe ggi is getting closer to a move higher, and nickel up nicely so far today, encouraging.
Comment by Laddy — July 24, 2017 @ 11:39 am
GGI – another 6 figure offer showed up at .19. Someone really toying with this thing.
Comment by dave — July 24, 2017 @ 1:04 pm
Toying is right Dave. If there wasn’t any interest I don’t think there would be big offers. Someone is definitely playing in my opinion.
Comment by Dan1 — July 24, 2017 @ 2:19 pm