Check for a potential additional post later today and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,276 and $1,290 so far today…as of 7:00 am Pacific, the metal is up $7 an ounce at $1,287 after bouncing off nearest support at $1,280…Silver has added 5 cents to $17.02…Copper and Nickel are both relatively unchanged at $3.14 and $5.27, respectively…Crude Oil has slipped 75 cents to $51.29 while the U.S. Dollar Index has fallen one-third of a point to 93.13…the Catalonia crisis is threatening to overshadow a 2-day EU summit in Brussels attended by Spanish Prime Minister Mariano Rajoy…he arrived at the gathering today as his government locks horns with Catalonia, a wealthy region in northeastern Spain which is threatening to go ahead with a formal declaration of independence…
2. Long-term positive for Gold – India has taken another step toward formalizing its Gold trade by launching the country’s first-ever Gold options contract on the Multi Commodity Exchange (MCX). “The more (the Gold trade) is formalized, the better it is for consumers, jewelers and those trading,” stated Arun Jaitley, the country’s Finance Minister…
3. The index of leading U.S. economic indicators fell 0.2% in September, marking the first drop in 12 months…a measure of current conditions rose 0.1%, but a “lagging” index slipped by 0.1%…the decline stemmed partly from the “temporary impact of the recent hurricanes,” said Ataman Ozyildirim of the Conference Board, the privately run publisher of the report…slower construction in the South and a temporary spike in people being unable to work were the biggest sources of weakness…a stretch of land from Florida to Texas was hit hard by the storms…the LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys…meanwhile, the Philadelphia Federal Reserve issued stronger-than-expected manufacturing data this morning while U.S. weekly jobless claims fell to their lowest level since 1973…
4. U.S. equities are under mild pressure in early trading following a record-setting session in which the Dow closed above 23,000 for the first time…today marks the 30th anniversary of Black Monday when the Dow dropped a record 22.6%…the TSX is up slightly while the Venture is off 1 point at 784…very strong Venture support exists in the high 770’s..
5. Cornerstone Metals (CCC, TSX-V) has completed a $1.1 million financing at 14 cents...CCC is an emerging Vanadium play in Nevada with only 19 million shares outstanding, even after this private placement…the company’s Carlin Vanadium deposit was discovered in the 1960’s by Union Carbide which completed surface mapping, trenching and 152 rotary drill holes in 11,133 m of drilling…Paul Cowley, President and CEO, commented, “As Vanadium plays an increasingly important role as a component of batteries used in the renewable energy industry, the Carlin Vanadium deposit with its apparent size, grade and location provides our company with a unique and strategic entry into this promising sector.”
6. Keep an eye on this one – Titan Mining Corp. (TI, TSX) has closed its IPO of 35.75 million common shares at a price of $1.40 per share for total gross proceeds of just over $50 million…Titan is a Canadian-based Zinc exploration and development company with its principal asset being the Empire State mine, a high-grade, fully permitted Zinc project in New York that has been on care and maintenance since 2008…
7. First Cobalt (FCC, TSX-V) announced this morning that it has joined the Mineral Exploration Research Centre (MERC) and is participating in a pioneering research initiative called Metal Earth through a series of seismic lines in the northern Ontario Cobalt district…the results of this research could be a key step toward understanding the regional structural controls of the Cobalt embayment and identifying major structures that may be associated with mineralization in the southern part of the Cobalt Camp. Trent Mell, President and CEO, commented, “Innovation and research in exploration techniques are an essential part of our strategy to revive a historic mining district. MERC is one of the leading centers in the world for ore deposit research and, through this partnership, we will expand our own geologic knowledge and contribute to the broader scientific community. By participating in the Metal Earth initiative, we hope to gain a better understanding of the Cobalt-Silver mineralization controls which will in turn help us develop future exploration programs in the Cobalt Camp.”
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Wow, new highs in GGI on tap for today.
Comment by Marshall — October 20, 2017 @ 5:12 am