BullMarketRun.com

Check back later today for additional posts and visit the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,300 and $1,287 so far today after the Fed came across as more hawkish than expected yesterday, though its bark could easily prove to be worse than its bite…as of 7:00 am Pacific, bullion is down $8 an ounce at $1,292 with nearest support at $1,280…Silver has dipped 21 cents to $16.92 but has solid support ranging from $16.50…Copper and Nickel are under mild pressure at $2.91 and $5.01, respectively…Crude Oil has retreated 48 cents to $50.21 while the U.S. Dollar Index is off one-fifth of a point to 92.37 after hitting a 2-month high against the Japanese yen…however, the short to medium-term outlook for the greenback remains subdued given a weak technical backdrop, so that’s likely to limit any downside in Gold…

2. Gold slipped below $1,300 yesterday after the Fed meeting as the U.S. dollar rallied and yields on 10-year U.S. Treasuries climbed to a 6-week high…as expected, the Fed announced that it would be reducing its balance sheet from October…more importantly, however, Fed members stuck with their rate-hike expectations through 2018, signaling one more increase this year and 3 more next year…Commerzbank this morning is still calling for Gold to finish 2017 at $1,300.  “We look for the market to stabilize between here and (its) recent (August) low at $1,275.69,” Commerzbank said in a weekly note. “While above here we will maintain an upside bias. Only a break below $1,251 would signal further slippage,” it said…

3. S&P Global Ratings has downgraded China’s long-term sovereign credit rating by one notch on to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit.  “The downgrade reflects our assessment that a prolonged period of strong credit growth has increased China’s economic and financial risks,” S&P said in a statement, adding that the ratings outlook was stable…S&P’s downgrade follows a similar demotion by Moody’s Investors Service in May and comes as the government grapples with the challenges of containing financial risks stemming from years of credit-fueled stimulus spurred by the need to meet official growth targets…it also comes less than a month ahead of a highly sensitive twice-a-decade Communist Party Congress which will see a key leadership reshuffle…

4. The Dow is off 28 points as of 7:00 am Pacific as investors digests yesterday’s Fed news…the TSX has gained 45 points while the Venture is down 2 points at 775…it briefly climbed above resistance at 780 yesterday before the Fed statement drove commodities lower…HIVE Blockchain Technologies (HIVE, TSX-V) is a volume leader again while Garibaldi Resources (GGI, TSX-V) has rebounded off an early low of $1.41 as the stock stages a healthy test of new support around previous Fib. resistance at $1.50…despite a weakening in Gold prices, Orca Resources (ORG, TSX-V) has broken out technically this week above 50 cents, aided by news Monday that the company will be releasing an updated resource for its Block 14 Project in Sudan in December…ORG is unchanged at 57 cents as of 7:00 am Pacific…

5. Cryptocurrency miner Hive Blockchain Technologies (HIVE, TSX-V), enjoying a powerful first week of trading, has announced a $30 million bought deal private placement at $1.50 through a syndicate of underwriters led by GMP Securities…meanwhile, HIVE also announced that it has entered into a binding LOI with its 30% shareholder Genesis Mining – the world’s largestr cryptocurrency miner – under which HIVE and Genesis intend to move forward with the purchase, sale and maintenance of an additional cryptocurrency mining data center…HIVE’s cryptocurrency mining capacity or hashpower is expected to grow by over 70% with the second data center in Reykjanes, Iceland…HIVE is up 26 cents at $2.10 through the first 30 minutes of trading after touching a low of $1.79…

6. Pretium Resources‘ (PVG, TSX) ramp-up continues to advance at the Brucejack Gold mine in the Eskay Camp, one of the highest-grade Gold mines in the world, and steady production is targeted for the remainder of 2017 as reported by PVG this morning…with the grade ramping up and the mill now exclusively processing stope ore, production of dore and flotation concentrate has increased…as a result of higher production and proceeds from the sale of dore and flotation concentrate, the company is expected to achieve positive working capital by the end of this quarter…all of the main operating units in the mill building are performing as expected, and the plant is consistently operating at nameplate capacity of 2,700 tonnes per day or better…Gold recoveries are currently exceeding 95%…Gold production for the 3rd quarter is expected to be announced in October…

7. OPEC ministers, Russia and other producers meet in Vienna tomorrow and are due to consider extending output cuts that began in January…the Saudis are trying to bring exempt members Libya and Nigeria into the fold of the production cut deal, which would be bullish for prices, while Kuwaiti Oil Minister Essam al-Marzouq said today that compliance with OPEC-led oil output cuts was “very good” and “above 100%”…the Saudis, however, have a concern with increased Oil exports by OPEC members and this is an issue that’s expected to be addressed at the Vienna meeting…OPEC’s key gathering comes at the end of November and that would be the most likely timing for an extension of its production cut deal to the end of 2018…

Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

How To Bring A Junior Resource Market To Life!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

CSR Builds Momentum At Castle Mine