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

1. Gold has traded between $1,290 and $1,297 so far today after yesterday’s 6-week high at $1,300 resistance… as of 7:00 am Pacific, bullion is off $1 an ounce at $1,293…though it may not feel like it for many traders and investors, bullion is up almost 13% since the end of 2016 and is on course for its best year since 2010 as geopolitical uncertainty underpins demand for the metal as a haven and divisions among U.S. central bankers persist over the path of rate policy…it’s interesting that both Gold and the Venture are both on the cusp of important breakouts, Gold through $1,300 and the Venture through 800…Silver has slipped 12 cents to $16.89…Copper is 5 cents lower at $3.08 while Nickel has fallen 6 pennies to $5.17…Crude Oil has rebounded 17 cents to $57.94 while the U.S. Dollar Index has advanced one-fifth of a point to 93.08…

2. TD Securities‘ head of commodity strategy, Bart Melek, on the possibility of Gold pushing through $1,300:  “The yellow metal may get support from a low inflation narrative coming from the Fed.  At the same time, while Fed funds hike expectations through 2018 have moved higher, real rates continue to be depressed.  The yield curve remains firmly placed on a flattening trajectory, suggesting both carry and opportunity costs of holding precious metals remain low. The robust buying of longer maturities, the unwinding of the Fed’s balance sheet and tepid inflation expectations have resulted in the 2-year versus 10-year yield spread collapsing to just 59 bps [basis points], which is the lowest since 2007.  The uncertainty about the timing or potential delay of future rate hikes should lift Gold above $1,300/oz.” One factor Melek did not mention that could also help drive Gold higher is another jump in the U.S. federal budget deficit in 2018… historically, there is a close relationship between the trend in U.S. deficits and the Gold price – more so than just the level of U.S. debt…

3. President Trump’s nominee to replace Ma Yellen as Federal Reserve chair, Jerome Powell, started a confirmation hearing this morning before the Senate Banking Committee…Powell is likely to face multiple questions on how he will approach the Fed’s plan to gradually continue raising interest rates despite a lack of inflationary pressures…Powell’s confirmation is widely expected to sail through despite his lack of formal training in economics…in a brief opening statement released by the Fed yesterday, Powell, who is currently a member of the Fed’s Board of Governors, endorsed the core ideas that have defined U.S. central banking since the financial crisis of 2007 to 2009 – a willingness to move aggressively against a downturn, and an insistence on flexibility and independence from political influence in setting policy…

4. The Bitcoin Boom:  As bitcoin nears $10,000, the total market capitalization of all digital coins on CoinMarketCap topped $300 billion for the first time yesterday…former Fortress hedge fund manager Michael Novogratz, a legend in the industry, says he expects that could increase by about 6 times to $2 trillion by the end of next year…

5. Bolstered in part by surging equity markets, consumer optimism in the U.S. has hit a new 17-year high…the Conference Board’s measure of consumer confidence rose to 129.5, the best level since the index hit 132.6 in November 2000…economists polled by Reuters anticipated a decline to 124 after October registered 126.2.  “Consumer confidence increased for a 5th consecutive month and remains at a 17-year high,” stated Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market. Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018.”

6. The Dow is up 70 points at 23,650 through the first 30 minutes of trading…American shoppers are in a buoyant mood…Cyber Monday sales surpassed $6.5 billion, making it the largest digital shopping day in American history and a 17% jump from last year…a record $5.03 billion was spent online during Black Friday, also an increase of 17% over 2016…according to Morgan Stanley, 3 things have the potential to destroy the 3rd-longest market rally of all time: extreme leverage, exuberant sentiment and excessive policy tightening…in Toronto, the TSX is up 30 points at 16,072 as of 7:00 am Pacific while the Venture has slipped 2 points to 793…Cornerstone Metals (CCC, TSX-V) announced this morning that it’s initiating field preparations for a diamond drill program at its Carlin Vanadium Project in Nevada…company geologists have designed a plan for 1,900 m of diamond drilling in 23 holes to verify the grade and zone thicknesses of the historic resource already established from 1960’s Union Carbide drilling and to provide samples for metallurgical testwork…drill permit approval is anticipated next month…Manitou Gold (MTU, TSX-V) reported this morning that it has encountered several “remarkable visible Gold containing specimens” from blasted rock samples collected at its Kenwest Property south of Dryden, Ontario…the samples were pulled from a recently completed surface bulk sampling program at Kenwest in the vicinity of the very high-grade Gold intersections that the company drilled in 2011…

7. According to the Fraser Institute’s just-released Global Petroleum Survey 2017, Oil and gas investor perception of British Columbia has plummeted since the election of the Green Monster last May and the province now ranks as the least attractive jurisdiction for this sector in Canada, followed by Alberta…B.C., which dropped to the bottom 25% of global Oil and gas jurisdictions, is not in good company…the province fared worse than Myanmar, Tanzania and Romania in the survey, and slightly better than Mexico, onshore Spain and Bangladesh…the least attractive jurisdiction globally is Venezuela…the top 7 are Texas, Oklahoma, North Dakota, Newfoundland and Labrador, West Virginia, Kansas and Saskatchewan…

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