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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,257 and $1,267 so far today…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,264…Silver has added 11 cents to $16.66…Copper is steady at $2.86…Nickel again leads the base metals with a gain of 6 cents to $4.63…Crude Oil is up another 25 cents to $49.30 while the Dollar Index is flat at 93.79…

2. China’s Gold output fell by 9.85% from a year ago to 206.5 tonnes in the first half of 2017, state media reported today, citing data from the China Gold Association…the country’s consumption, however, was up by 9.89% to 545.23 tonnes over the same period, said the People’s Daily, leading to higher imports by the world’s top Gold consumer as indicated by data out of Hong Kong yesterday…the higher consumption was mostly for Gold bars, which recorded a 51.1% increase from a year ago to 158.4 tonnes…Gold jewellery consumption dropped slightly…

3. Oil prices have advanced for a 5th straight session, reaching fresh 2-month highs with Crude on track to post its best weekly gain this year…investors are digesting signs of an easing oversupply picture…U.S. Crude and gasoline inventories fell much more steeply than expected this week and the world’s biggest Oil exporter Saudi Arabia said it would further reduce Oil output in August…U.S. Crude production has been on the rise since mid-2016 but it dropped to 9.41 million barrels per day (bpd) in the week to July 21, from 9.43 million bpd the week before…the decline was mainly due to a fall in Alaskan output…investors are eyeing an update on the U.S. rig count later this morning to assess drilling activity…

4. U.S. economic growth for the 2nd quarter came in line with most estimates at 2.6%, though some analysts were anticipating a better number…Gold has strengthened as a result…meanwhile, the Republican effort to dismantle the Affordable Care Act collapsed late last night/early this morning when a slimmed-down Senate measure to pare back selected pieces of the 2010 health-care law failed, undermining the GOP leaders’ efforts to deliver on years of promises…Arizona Senator John McCain was one of 3 Republicans who voted with the Democrats…ObamaCare has been a drag on the U.S. economy, so the fact the Republicans who now control Congress and the White House can’t do as they promised doesn’t bode well for other reforms that need to be implemented…

5. The Venture is up 1 point at 770 as of 7:00 am Pacific…volume leaders hitting new highs in early trading include Garibaldi Resources (GGI, TSX-V) and GT Gold (GTT, TSX-V), both in the midst of new discoveries in northwest B.C.’s prolific Golden Triangle…the Venture faces of band of resistance between 770 and 778 but the odds look favorable for a breakout soon…the TSX is off 64 points in early trading while the Dow has retreated 27 points…

6. Yesterday’s news that Garibaldi Resources may have a second E&L-style Nickel-Copper rich massive sulphide system at Nickel Mountain sent the stock to a nearly 3-year high on volume of more than 2.6 million shares…GGI reported that widespread pyrrhotite-chalcopyrite mineralization has been confirmed on surface in gabbroic rocks at “Conductor A” that outcrops over a broad area 6 km northeast of the historic E&L deposit…no prospectors or geologists are known to have ever stepped foot on this ground prior to GGI’s crews, so it’s a brand new discovery delivered through geophysics and validates a VTEM survey that also, critically, shows a strong and broad conductor directly below the known Nickel-Copper-rich mineralized zones at the E&L as defined by multiple shallow drill holes completed by Silver Standard Resources (SSO, TSX) in the 1960’s…GGI stated that the mineralized gabbros at “Conductor A” are visually identical to the mineralized gabbros at the E&L…”Conductor D” at the E&L begins at a depth of 140 m, within as little as a 20-m vertical depth from the historic zones outlined by 12 drill holes half a century ago including DDH-4–1966 that returned 37.8 m grading 1.3% Nickel and 0.79% Copper…5.9% Nickel and 1.7% Copper over 9 feet were assayed near the very bottom of that hole at a depth of about 75 m…GGI is unchanged at 22.5 cents through the first 30 minutes of trading but a major breakout has occurred above a long-term downtrend line on a 25-year monthly chart…

7. Constantine Metals (CEM, TSX-V) is making excellent progress at its Palmer VMS Project in Alaska, though the stock experienced a mild “sell-on-news” event yesterday as it pulled back a penny on very good results…CEM drilled 45.4 m grading 2.5% Cu, 7.4% Zinc, 39 g/t Ag and 0.30 g/t Au, including 6.2% Cu and 13.8% Zn over 10.9 m, in resource expansion drilling (South Wall)…this impressive intercept from drill hole CMR17–82, along with intercepts from 2 other holes that also cut massive sulphides in an area poorly tested by previous drilling, dramatically increases the width and grade of mineralization in the South Wall and also indicates excellent potential for further expansion to the west…additional drilling in this area and to the west is in progress…meanwhile, CEM has also made a high-grade Silver discovery in its first-ever drill hole to test the Nunatek prospect, 3 km from the South Wall resource…that hole returned 9.2 m grading 312 g/t (9.1 opt) Silver and nearly 1 g/t Au hole CMR17–89…approximately 20 to 25 drill holes are expected to be completed at Palmer in a 7,000-m program that started last month…CEM is unchanged at 20 cents as of 7:00 am Pacific…

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