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It’s Thanksgiving in the United States and U.S. equity markets are closed, making this a light trading day in Canada…no BMR Morning Market Musings today (returns tomorrow) but check back later today for updated Gold charts…

BMR Morning Market Musings returns tomorrow following U.S. Thanksgiving.

1. Crude Oil prices are little changed in thin trading conditions today but behind the scenes the Saudis are working feverishly to pull together a deal next week to cut OPEC production, even if it means absorbing a disproportionate share of that cut…this is happening while Saudi officials continue planning for an eventual IPO listing for Saudi Aramco, the world’s biggest Oil company, and the Saudis do need Oil to return to $50+ to keep that IPO on track…meanwhile, Russian Energy Minister Alexander Novak said yesterday that his country could revise down its 2017 Oil production plans if a global output freeze pact comes into force, effectively cutting output by 200,000–300,000 barrels per day…

2. Gold has traded between $1,180 and $1,192 so far today…as of 7:00 am Pacific, bullion is down $1 an ounce at $1,187…yesterday marked the 10th consecutive day of withdrawals of money from exchange-traded funds that buy Gold…

3. Frank Holmes on continuing rumors of a looming ban on Gold imports in India, following Prime Minister Narendra Modi’s move to ban 500 and 1,000 rupee notes  ‘It’s an old movie being replayed – they had a Gold ban before and they took it off because it didn’t work – Gold is engrained in the psyche of the people.”  

4. Strength continues in base metals…Copper has climbed another 4 cents to $2.64 as of 7:00 am Pacific…Nickel is at its highest levels in nearly a year-and-a-half, up 5 cents at $5.25, while Zinc has hit another 6+ year high of $1.24…

5. Canada Zinc Metals (CZX, TSX-V), already armed with more than $6 million in its treasury, is raising another $6 million at 40 cents (non-flow-through) and 52 cents (flow-through) per unit…the company owns 100% of 11 large, contiguous property blocks that comprise the Akie and Kechika regional projects in northeast British Columbia…its flagship Akie Project is host to the Cardiac Creek deposit, one of the premier undeveloped Zinc-Lead-Silver rich base metal projects in the world…CZX is off 2.5 cents at 42.5 cents through the first 30 minutes of trading with the Venture up 2 points at 732…

6. Purepoint Uranium (PTU, TSX-V) announced this morning that a total exploration budget for its Hook Lake JV of $4.5 million has been proposed for the remainder of 2016 and 2017, adequate to deliver approximately 11,000 m of drilling (25 holes) beginning early in the New Year…mobilization of camp and drill equipment has commenced…initial drilling will follow-up the Spitfire high-grade intercept returned earlier this year by hole HK16–53 with 10.3% U3O8 over 10 m…PTU is up half a penny at 9 cents as of 7:00 am Pacific…

7. Cannabix Technologies (BLO, CSE) continues to recover after a healthy Monday-Tuesday correction…BLO is up 4 cents at 84 cents as of 7:00 am Pacific and appears to be gearing up to mount another challenge to nearest Fib. resistance at 97 cents…meanwhile, chart patterns point to continued strength in Hit Technologies (HIT, TSX-V) which is unchanged at 9 cents as of 7:00 am Pacific…