Check back later today for additional posts including Daniel’s Den with coverage of the Precious Metals Summit in Colorado, and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,310 and $1,317 so far today ahead of a Fed statement at 11:00 am Pacific followed 30 minutes later by a Ma Yellen news conference…as of 7:00 am Pacific, bullion is flat at $1,311…traders and investors will be searching for details regarding the Fed’s balance sheet normalization in addition to the timing of interest rate increases…another round of the “dot plot” game coming up…if Ma Yellen sticks to her expected script, $1,300 should continue to act as a floor for the yellow metal…any surprises should limit Gold’s downside to about $1,280 based on chart patterns…Silver is off slightly at $17.23…Copper is flat at $2.95…Nickel has rebounded 9 cents to $5.11…Cobalt prices have slipped back to $27.22…Crude Oil has jumped 61 cents to $50.09 while the U.S. Dollar Index is one-tenth of a point lower at 91.74…
2. Crude prices are holding up in the wake of just-released U.S. government data showing U.S. Crude stockpiles rose more than expected last week as refinery activity remained subdued in the aftermath of Hurricane Harvey…Crude inventories increased 4.6 million barrels in the week to September 15, the EIA reported, compared with expectations for an increase of 3.5 million barrels…yesterday’s private report from API gave an increase of only 1.4 million barrels…OPEC and non-OPEC participants meet in Vienna on Friday to review compliance with their production cut deal while the Saudis, eager to keep Oil prices on a bullish trend, are also expected to put pressure on certain countries with respect to the less publicized issue of increasing Oil exports…investors and analysts widely expect that any decision on further production cuts won’t come until OPEC’s official annual meeting in November…
3. The Dow is off 5 points as of 7:00 am Pacific…though investors have been largely skeptical of a 3rd rate hike before the end of the year, recent price data may give the Fed the support it needs…consumer prices rose 0.4% in August, making last month’s gain the largest in 7 months and lifting the year-over-year increase in the CPI to 1.9%…however, the Fed has consistently been off the mark in its inflation expectations…according to the CME Group’s FedWatch tool, investors now see a 56% chance of a rate increase in December…the TSX has gained 45 points while the Venture is 3 points higher at 781 as it attempts yet again to successfully clear resistance in the 770’s…
4. Cryptocurrency miner Hive Blockchain Technologies (HIVE, TSX-V) made its Venture trading debut Monday and is up another 19 cents at $1.45 as of 7:00 am Pacific…the stock was the Venture’s most active yesterday and is among the volume leaders again early today, climbing as high as $1.54 during the opening 30 minutes…this follows the completion of a $16.5-million equity financing, as announced on September 7, the closing of the acquisition from Genesis Mining Ltd. of a state-of-the-art GPU-based blockchain data center in Reykjanes, Iceland, and formation of a strategic partnership with Genesis as announced last Friday…the board of directors of HIVE have also appointed Frank Holmes as the company’s non-executive chairman…Holmes is the founder and CEO of U.S. Global Investors, an award winning asset management firm specializing in Gold and emerging markets…
5. Mission Ready Services (MRS, TSX-V) is up slightly in early trading after announcing that, in an entirely unrelated transaction from the recently announced foreign military distribution agreement for the supply of a minimum $400 million (U.S.) in Protect The Force products over 5 years, PTF has received a $400,000 (U.S.) government purchase order to be fulfilled and delivered within 45 days (PTF is a wholly-owned subsidiary of the company)…Jeff Schwartz, President & CEO of Mission Ready stated, “We are very pleased with the exponential momentum that is building for the company and believe that our recent successes are only the tip of the iceberg with respect to the potential for our innovations and manufacturing divisions. Each of these wins, big or small, further validates the quality of our growing portfolio of top-tier, tech-centric products that we have started to vigorously market to governments and industries on home soil and internationally.”
6. Roxgold (ROXG, TSX) has increased its 2017 full-year Gold production guidance to 115,000 to 125,000 ounces compared with the previously announced range of 105,000 to 115,000 ounces…the 2017 full-year guidance for cash operating costs and all-in sustaining costs remain unchanged between $445 (U.S.) to $490 (U.S.) per ounce and $740 (U.S.) to $790 (U.S.) per ounce of Gold, respectively…John Dorward, President and CEO, stated, “Operations have been performing extremely well at Yaramoko’s 55 zone where mining rates and head grades have been higher than anticipated. As a result, we are very pleased to announce an increase in our production guidance range for the year while maintaining our cost guidance. At the end of August we had produced over 81,500 ounces of Gold, or over 70% of the lower end of our revised guidance range of 115,000 to 125,000 ounces for the year.” As of 7:00 am Pacific, Roxgold is up a penny at $1.26 where it’s meeting resistance at its 200-day moving average…however, that SMA has flattened out after being in decline since the spring…
7. More high-grade results from Osisko Mining’s (OSK, TSX) Windfall Lake Gold Project in northern Quebec including 611 g/t over 2.0 m (OSK-W-17–913), 297 g/t over 2.1 m (OSK-W-17–862) and 120 g/t over 2.0 m (OSK-W-17–871)…the recently expanded 800,000-m drill program combines definition, expansion and exploration drilling in and around the main Windfall deposit and in the adjacent Lynx deposit immediately NE of Windfall…in total, the company this morning released 42 significant intercepts in 28 drill holes and wedges focused on infill and expansion drilling in the Underdog, Caribou, Zone 27 and Mallard corridors of the Windfall deposit…
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GGM hit another new low this morning. Should GGI holders take some profits and plough it into GGM @ .04? GGM triples and hits 12 cents again long before GGI triples and hits 4.83!
Comment by mike — September 21, 2017 @ 7:52 am