Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,280 and $1,289 so far today ahead of the latest Fed minutes to be released in a few hours…as of 7:00 am Pacific, the yellow metal is up $8 an ounce at $1,288…Gold is getting a boost from a weaker greenback and a comment by outgoing Fed chair Janet Yellen that she is “very uncertain” inflation would soon rebound, suggesting a cautious approach to rate increases…the Fed, nonetheless, is widely expected to boost rates for a 3rd time this year at its next meeting in December…Silver has added 16 cents to $17.11…Copper and Nickel are both up slightly at $3.13 and $5.36, respectively…Crude Oil has surged 88 cents a barrel to $57.71 while the U.S. Dollar Index has retreated one-quarter of a point to 93.65…
2. Oil prices spiked today with WTIC hitting highs not seen since July 2015 after supply disruptions on a major pipeline dented Canadian deliveries to the U.S. where Crude inventories were also reported to be falling…traders attributed the jump to an 85% cut in the amount of Oil TransCanada Corp. will deliver to the U.S. in its Keystone pipeline through the end of November, announced by the company this morning…Keystone, which carries 590,000 barrels per day of Crude from Alberta’s Oil sands to American markets, was shut last week after a 5,000-barrel spill in South Dakota…meanwhile, the API said yesterday that Crude stocks dropped by 6.4 million barrels in the week to November 17, far above analysts’ expectations…a government report just released moments ago also showed a higher than expected drop in stocks but the figure is 1.9 million barrels…there is also growing consensus that OPEC will extend its production cut deal at the end of the month…this confidence, along with the current geopolitical environment, has kept ICE Brent trading firmly above $60 per barrel…
3. Favorable economic data in 2 out of 3 important reports this morning: 1) Euro zone consumer confidence is now at its highest level in nearly 17 years; 2) U.S. consumer sentiment has exceeded expectations for November with the University of Michigan reading coming in at 98.5, half a point above the consensus estimate; 3) The Commerce Department says orders for U.S. durable goods fell by $2.8 billion or 1.2% in October following September’s 2.2% rise, the first decline in 3 months…however, Core durable goods, which strips out the volatile transportation sector, increased 0.4% last month, in line with expectations…
4. Interesting comments by Rick Rule in an interview with Kitco’s Daniela Cambone at the San Francisco Silver & Gold Summit: “Look at the fact that for the first time in 20 years we’re coming into an exploration market. Whether or not you believe the NovaGold story, the fact that the market looked at an advanced exploration play and put in place a billion dollar market cap before you had an assay tells you that the market is short enough high quality exploration projects that for the first time since the early part of the decade of the 90’s, good explorationists attract the market’s attention.”
5. U.S. markets, closed tomorrow for Thanksgiving, opened slightly lower this morning after jumping 232 points the last 2 sessions thanks to robust quarterly results and strength in tech…in Toronto, the TSX has climbed 33 points while the Venture has eased off 1 point to 793…Datametrex AI (DM, TSX-V) was the Venture’s most active issue yesterday as it soared intra-day to a new high of 30 cents after announcing that its solely-owned subsidiary, Datametrex Blockchain, has signed a formal agreement to create a joint venture with San Francisco-based Bitnine Global…AIS Resources (AIS, TSX-V), fast tracking its Guayatayoc Lithium Project in Argentina, has added a pipeline of 4 other properties comprising the “Chiron” Project strategically located to the south of Guayatayoc in the province of Salta…President and CEO Marc Enright-Morin stated, “Ultimately, as we focus on economies of scale, our goal is to have one central processing facility handle concentrated brine from Guayatayoc and one or more other nearby properties. We have access to a lab and a pilot plant in Salta, which gives A.I.S. a competitive advantage and helps makes this property acquisition so compelling”…AIS has strong technical and fundamental momentum as it gears up for a very active finish to 2017 after recently raising $4.4 million and moving from the NEX board to the Venture…
6. More news from Fintech Select (FTEC, TSX-V) this morning with the company announcing the signing of an LOI intent with a blockchain-focused firm that has developed a revolutionary gaming token…Fintech Select says it’s excited to welcome new tokens that are derived from reputable initial coin offerings (ICOs) which are able to leverage the Selectcoin physical infrastructure to increase consumer access. “Consumers and investors who want exposure to various new tokens, but might not understand the complex on-line processes that are involved to acquire these new assets, now have a simple solution through Selectcoin point-of-sale (POS) infrastructure, which utilizes a closed-loop card system (patent pending)”…the company says it will be announcing the terms of a definitive agreement with the firm upon its successful ICO pre-launch in the coming weeks…the definitive agreement will include key details regarding both the token and the firm…
7. First Cobalt (FCC, TSX-V) and CobalTech (CSK, TSX-V) are both up sharply in early trading after shareholders of Cobaltech voted overwhelmingly to approve the merger with First Cobalt…Trent Mell, President and CEO of First Cobalt, commented: “We now have approval from Cobaltech and Cobalt One shareholders to finalize the 3-way merger and we look forward to closing both transactions over the next 2 weeks. First Cobalt now controls approximately 45% of the prospective land in the Cobalt Camp. This historic mining camp has never seen the required land consolidation to permit district-scale exploration and we will remain very active in 2018“…Cobaltech assets include mill and refinery infrastructure – the only permitted only permitted Cobalt refinery in North America designed to produce battery materials, according to First Cobalt…
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Jon is MTS at 1,12 the buy of the century in your humble geo opinion.
Comment by Patrick — November 22, 2017 @ 12:55 pm
Wondering why ggi is dropping so badly
Comment by harraj — November 22, 2017 @ 1:01 pm
It’s quiet on the board today. Too quiet
Especially since we got slaughtered on ggi today
Comment by Matt — November 22, 2017 @ 1:06 pm
With all due respect, after GGI’s “Being taken out to the woodshed” punishment the last few days, it’s pretty hard to believe that it can recover to the projected highs forecasted. The hype on this stock has been so great that anything short of WORLD CLASS and SPECTACULAR/BLOW YOU AWAY results would not be accepted by the market positively. Right now, both it and MTS have been beaten mercilessly within an inch of their lives…. That is why mining stocks are incredibly risky. In today’s market, you better have amazing results or you get punished….good to very good just ain’t gonna cut it. I hope for the shareholders’ shake that GGI can pull a rabbit out of it’s hat.
Comment by Raffi14 — November 22, 2017 @ 1:12 pm
Jon what is going on with no posting of comments. This is very concerning. Thoughts on GGI? Will there be an update?
Comment by TD75 — November 22, 2017 @ 1:18 pm
hey everyone its Thanksgiving . Give it A break.
Comment by donald — November 22, 2017 @ 4:54 pm
Re GGI drop. Look at MTS. No panic no drop. That tells ME THE TALE/ FALSE INFO.
Comment by charleybarley — November 22, 2017 @ 5:40 pm
Jon has replied in the article right below this one… Yes, today was a bloodbath, but nothing has changed in the story. The news release on Monday was great! We’ve had some FUD disseminated by a group of newsletter writers who missed out on GGI story, possibly coordinated. It was addressed by Dr. Lightfoot earlier. Am I the only one who read BMR advice on taking profits on the way up and keeping cash for days like this?
Comment by adrobyshev — November 22, 2017 @ 5:42 pm
Insider bought 75,300 shares today at avg $2.98
Comment by Sameer — November 22, 2017 @ 5:53 pm
Past few days have been tough, I’ve personally taken the opportunity to add.
From my perspective it started when Stockwatch editorialized the news release; inserting their own headline, that was bland at best and deceptive at worst.
My take on the release is we’ve hit better than world class grades, the 4.5m segment of MS in EL-17-04 gives you a nickel equivalent of over 10% with all the copper, platinum, palladium, cobalt, silver and even gold. Big money knows what we’re onto and is taking everyone to the cleaners to get as many shares as they can.
Comment by SMJS — November 22, 2017 @ 6:05 pm
Ggi just went through a head and shoulders reversal for whatever reasons, I suggest that any traders search “the measuring implications of the head and shoulders reversal pattern”, it may help you out in the future. See my 3 posts on ceo.ca on ggi starting when the stock was halted for the Big nr. I have been out of the stock since before the nr.
They may have something up there but we won’t know until they drill it out. In the meantime could have a dead cat bounce.
Good luck to all. It’s a rough business.
Comment by Macster — November 22, 2017 @ 8:08 pm
Actually insiders bought 200,000 shares today.
Comment by MURF — November 22, 2017 @ 8:10 pm