Visit the BMR comments section throughout the day for updates and helpful information. Daniel is at the New Orleans Investment Conference and will be reporting on that as soon as possible.
1. Gold has traded between $1,263 and $1,271 so far today…as of 7:00 am Pacific, the metal is up $1 an ounce at $1,270…nearest technical support is $1,260…a dip toward that level this morning, combined with breaking news that the parliament of the Spanish region of Catalonia has declared its independence from Spain, likely triggered some short covering and bargain hunting…Silver is relatively flat at $16.74…Copper and Nickel have slipped to $3.08 and $5.18, respectively…Crude Oil has pushed above $53 a barrel while the U.S. Dollar Index has jumped more than one-third of a point to 95.13…
2. The greenback is trading at 3-month highs against a basket of currencies and the Dollar Index is threatening to test resistance at higher levels, making it difficult for Gold to gain upside traction…that is likely a theme that will continue into November…recent softness in Gold has not been driven by ETF selling, however…holdings of the world’s largest Gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, experienced their first outflow (1.2 tons) in more than 2 weeks yesterday…
3. Despite the affects of two hurricanes, the U.S. economy grew robustly in the 3rd quarter thanks to steady spending from businesses and households…GDP, the broadest measure of goods and services made in the U.S., expanded at a 3% annual rate in July through September, the Commerce Department reported this morning…economists surveyed by The Wall Street Journal had projected a 2.7% gain…this marks the economy’s best 6-month stretch since mid-2014…meanwhile, consumer sentiment climbed in October to the highest level since the start of 2004 as households grew upbeat about the outlook for the U.S. economy, a University of Michigan survey showed this morning…the sentiment index rose to 100.7, matching estimates, from 95.1 in September…the current conditions gauge, which measures Americans’ perceptions of their finances, advanced to 116.5 from 111.7 – the strongest reading since November 2000…
4. Brent Crude is trading near its highest levels since mid-2015…it settled at $59.30 a barrel yesterday and is up another 31 cents this morning, helped by declining inventories of fuel and optimism that OPEC will likely extend a deal to limit production and rein in global oversupply…OPEC and Russia are set to formally discuss an extension of the deal at the cartel’s next official meeting in Vienna November 30…Saudi Arabia’s Crown Prince Mohammad bin Salman told Reuters yesterday that the kingdom would support extending the output cut in a bid to stabilize Oil demand and supply…
5. Jeff Bezos became the richest man in the world this morning after adding nearly $7 billion to his wealth overnight…with Amazon’s share price surging after its earnings report, Bezos’s wealth shot up to more than $90 billion, according to calculations by CNBC and data from the Bloomberg Billionaires Index…that put Bezos past Bill Gates to become the richest man on the planet…Gates also added to his fortune this morning with the rise in Microsoft stock after its earnings…his gain of around $550 million, however, put his fortune at $88.5 billion – not enough to stay ahead of Bezos…
6. Tech stocks surged this morning as Wall Street cheered the blowout quarterly reports from 3 of the world’s biggest tech companies – Amazon, Microsoft and Google-parent Alphabet…the tech-heavy NASDAQ is up 100 points in early trading while the Dow has added 18 points…information technology has handily outperformed the broader U.S. stock market this year…the sector is up about 30% in 2017 while the S&P 500 has gained approximately 15%…in Toronto, the TSX has added 29 points as of 7:00 am Pacific…Suncor Energy (SU, TSX) has pushed higher again this morning after reporting its strongest results post-market Wednesday since Oil was at $100 a barrel – a profit of nearly $1.3 billion in the 3rd quarter – with help from a war on costs it says is re-positioning its Oilsands as a low cost, low carbon, globally competitive business…the Gold Index is recovering slightly after slumping further yesterday on weakness in the metal and disappointing Q3 financials from Barrick (ABX, TSX)…the Venture, which has declined in 8 out of the last 9 sessions, is steady at 783…LeoNovus (LTV, TSX-V), which came out with news twice this week, is up another 8 cents at 53 cents through the first 30 minutes of trading…a key breakout on high volume occurred Monday with the stock successfully testing new support Tuesday and Wednesday in the mid-30’s…Datametrex (DM, TSX-V) is up half a point at 12 cents on continued strong volume and bullish overall technicals…
7. PyroGenesis Canada (PYR, TSX-V), the world leader in the design, development, manufacture and commercialization of advanced plasma processes, is up 40% this week after a pair of news releases including yesterday’s announcement that the U.S. Patent and Trademark Office has issued 2 unrelated U.S. patents to the company, the first targeting the environmental industry, and the second targeting the mining and metallurgical industry…this brings the total number of issued and pending patents held by the company to 54…PYR is off a penny at 71 cents as of 7:00 am Pacific with its 50-day SMA at 58 cents ready to reverse to the upside…
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Must be Friday …. not a single comment ??? I have one and only one comment to make. GGI better have an Announcement of there $10 Million PP Closed by Monday morning !!! Maybe we should the Drillers and their Crews looking after the Paperwork cuz if they handle conditions they are enduring for the past few weeks up on Nickel Mountain, then getting this latest PP done would be a piece of cake for them !!! The only positive out of this ” delay ” in closing the Financing are the opportunities for those who can buy more, at the same time the Biggggs are !! Dips and more dips and there are those who don’t ” trade ” because they only have a small amount, and they don’t want to get caught selling, and NOT getting back in ……….. Farmer Tom
Comment by farmer — October 27, 2017 @ 9:52 pm
I just got back from a visit with my sister and her husband in Winnipeg. I flew back home with a heart full of joy because thanks to GGI I was able “treat” my sister! My sister and her husband, an Anglican Priest have used their gifts to benefit others just as the BMR team and all those involved in GGI are using their gifts to help others! I just can’t say thank you enough! (If you are ever in Winnipeg check out St. Margaret’s Anglican Church …you will be truly blessed …the music is heavenly (my sister’s area) and the sermon is not boring!)
Comment by Ciara — October 28, 2017 @ 6:43 am
Jon/John … all market EXCEPT the venture are making new all time highs… The V not so much… are we expecting some spillover?? or are you still hanging onto the ‘major discovery’ premise and a rising tide will not raise all boats??
Philosophical question at best eh!:) ?? thoughts and guidance appreciated
ALSO.. any thoughts on BLO??
Comment by Jeremy — October 28, 2017 @ 7:58 am
Ok today feels like a very Light Footed day to me?
Comment by Gregh — October 28, 2017 @ 8:26 am
Yess Gregh …. I’m also feeling a little ” heavy Footed ” Couldn’t pass up the buying opportunities on GGI and MTS …. even my Kids were noticing I was walking around the Farm looking for Scrap Cars and Trucks that could be turned into instant cash to not only ” clean up the Farm ” but also bag some more shares of both Companies before the PP is announced CLOSED !! It was very evident late in yesterday’s session that indeed now, the PP at $3.15 will be in the Books …….. Farmer Tom
Comment by farmer — October 28, 2017 @ 8:51 am
I’m going to play the lotto today so far my numbers are 18,22 and 2 , maybe someone can shed some LIGHT on the last 3 ? Lol
Comment by Gregh — October 28, 2017 @ 8:55 am
MTS News:
METALLIS ISSUES SHARES FOR DEBT
Further to the Aug. 23, 2017, news release, Metallis Resources Inc. has issued a total of 454,345 shares consisting of 357,421 shares at 33.75 cents per share and 96,924 shares at 59 cents per share to settle outstanding debt for $177,815 for diamond drilling services provided for part of the 2017 drilling program at the Kirkham property in the Golden Triangle’s prolific Eskay camp in Northern British Columbia.
The company received TSX Venture Exchange approval on Oct. 24, 2017, for this transaction. The common shares issued pursuant to the shares-for-debt transaction will be subject to a four-month hold period.
Read more at http://www.stockhouse.com/companies/bullboard?symbol=v.mts&postid=26871480#79DP6P0eHPfW2X7H.99
Comment by Jeremy — October 28, 2017 @ 11:17 am
Greg…Try FIB 16, 1 and 8…will that work for u???????
Comment by John - BMR — October 28, 2017 @ 11:46 am
Awesome John, I’ll play them today and let you guys know!!!
Comment by Gregh — October 28, 2017 @ 11:48 am
Will add way more ais if it comes back to the .60s it’s on a tear but worried about the insider day trading wth!!
Comment by Gregoire — October 28, 2017 @ 8:52 pm
Gregoire, you’re referring to very minor selling from a director who’s likely taking a significant chunk of the PP…investors who fretted about similar minor insider selling in GGI around 50 cents are still kicking themselves today…the only time to put any importance on insider trading is when there’s a big change in trend and large numbers, not minor stuff like this from a director who has shown a pattern of both buying and selling in the open market…
Comment by Jon - BMR — October 28, 2017 @ 9:49 pm
AIS.h is looking like it will get to a dollar in the near term with or without the PP completed. Probably closer to 2 bucks before Christmas!! IMHO.
Comment by Ed — October 28, 2017 @ 10:08 pm
Thanks for your reply Jon, appreciate it, maybe I will grab more in the .70s, ais moves very quickly and has some awesome support!
Comment by Gregoire — October 29, 2017 @ 6:20 am
A.i.s. Wow, I guess it’s time to move up my bid, this is rocking Jon. Nice pick!
Comment by Gregoire — October 30, 2017 @ 6:08 am