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 $1,246 and $1,252 so far today as the Fed prepares to meet tomorrow with another rate hike expected Wednesday…as of 7:00 am Pacific, Gold is off $1 an ounce at $1,247…Silver has slid 9 cents to $15.73…Copper and Nickel are up slightly at $2.98 and $5.01, respectively…Crude Oil has added 22 cents to $57.63 while the U.S. Dollar Index has eased off one-tenth of a point to 93.80…the intense move into cryptocurrencies appears to be restraining Gold at the moment…cryptocurrencies in the market now represent nearly 25% of the liquid tradeable Gold, up from 2% or 3% just a year ago…contrarians will like the fact that hedge funds and money managers sharply reduced their net long positions in COMEX Gold and Silver contracts in the week to December 5, according to the latest data from the U.S. Commodity Futures Trading Commission (CFTC)…
2. Fresh bullishness came into the Oil market Friday on news that Chinese customs data showed Crude imports rose in November to over 9 million barrels a day, up from 7.3 million barrels a day the month before…the Chinese import data for November represents the 2nd-highest monthly figure on record…for the first 11 months of 2017, Crude imports rose by 12% year-over-year…consequently, China will supersede the U.S. as the world’s largest Crude importer this year…
3. Bitcoin futures eased back from an initial surge of almost 22% in an eagerly awaited U.S. market debut last night that backers hope will confer greater legitimacy on the volatile cryptocurrency and help expand its use…although bitcoin futures were already offered on some unregulated cryptocurrency exchanges outside the U.S., the Chicago-based Cboe Global Markets’ launch marked the first time investors could get exposure to the market via a mainstream regulated exchange…just 2 hours after the 6:00 pm ET launch, the new futures had climbed 10%, triggering a 2-minute halt…by 10:05 pm ET, bitcoin futures had soared 20%, triggering a 5-minute trading halt…interest was so great in the new product, it initially appeared to be overloading Cboe’s website…
4. It should come as no surprise that on a Sunday (yesterday), Ottawa released the 2018-2019 “equalization” payments for the country’s so-called “have-not” provinces…Canadian taxpayers with any common sense should be outraged that such an absurd socialist redistribution system continues to exist in this country, a scheme that effectively rewards failure and punishes success…western provinces, in particular, are consistently burdened with providing welfare to the east…Quebec, which prefers importing Middle Eastern Oil over Crude from Alberta, has no problem taking cash from Alberta or other western provinces…Quebec next year will receive a staggering $11.7 billion – once again by far the biggest payment from Ottawa (Canadian taxpayers)…that’s also a $700 million increase compared to last year…Ontario, meanwhile, will receive $960 million…the “have” provinces which won’t receive any funds through the program will once again be B.C., Alberta and Saskatchewan, along with Newfoundland and Labrador…what a messed-up country this is…the “equalization” formula is based on a 3-year average of economic growth but why such a scheme is accepted by Canadian taxpayers certainly helps explain why this country is underachieving economically…
5. Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors on the cryptocurrency craze (usfunds.com): “Ironically, it’s regulators that have unintentionally created the current environment in which cryptocurrencies now thrive. Back in May, I shared with you the fact that the number of listed companies here in the U.S. fell by more than half between 1996 and 2016. The addition of new financial rules and regulations, from Sarbanes-Oxley to Dodd-Frank, has encouraged more and more startups to avoid going public altogether, which is why we’re seeing an explosion right now in both stock prices – fewer listed companies means greater consolidation of fund flows into select stocks – and nontraditional methods of fundraising, from initial coin offerings (ICOs) to angel investing.”
6. The Dow is up 50 points through the first half hour of trading…in Toronto, the TSX has inched 17 points higher while the Venture is flat at 793… Fintech Select (FTEC, TSX-V) announced this morning that all the elements pertaining to the company’s SelectCoin cryptocurrency platform have been completed…the company says it has worked diligently over the past few weeks to conduct testing of the SelectCoin cryptocurrency platform, alongside the interconnected cryptocurrency exchange broker and the company’s point-of-sale gateway…a beta program will start in a few days using the closed loop cards to allow the company to test the SelectCoin platform within a controlled environment…another example of more money flowing into resource projects – Excelsior Mining (EXS, TSX-V) has announced a $26 million non-brokered private placement at $1 per share to raise proceeds to advance its Gunnison Copper Project in Arizona…
7. Cobalt prices continue to trade above decade high prices of $31 a pound, just one reason Cobalt-focused Castle Silver Resources (CSR, TSX-V) announced Friday that it will soon be proposing a name change for the company…CSR equaled a multi-year high of 32 cents Friday on news of very high-grade Cobalt assays from surface sampling at the past producing Beaver Silver mine near the town of Cobalt…CSR is the only junior in the northern Ontario Cobalt Camp with critical underground access…crews have been carrying out extensive sampling on the first level of the Castle mine (more results pending) where Cobalt veins were left untouched by Agnico Eagle when it extracted high-grade Silver in the 1980’s…CSR is also using its proprietary Re-20X process to develop Cobalt samples for evaluation by the Asian battery market…the result is that CSR has finally overcome a wall of resistance that has existed for the past 10 months in the high 20’s…
The Template For The Next 10% Move In Garibaldi Resources
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Is there any logical explanation of what just happened with GGI?
Comment by Jeremy — December 11, 2017 @ 12:40 pm
Wow, ggi, whaaat a performance!!!
Comment by Laddy — December 11, 2017 @ 1:04 pm
May we have some kind of explanation as to ” how can the share price of GGI ” drop under and stay under $3.00 after and realizing the huge potential of this MAJOR DISCOVERY ??? GET REAL !! AGM Wednesday ?? Meet and Greet ?? Need some advise Jon
Comment by farmer — December 11, 2017 @ 1:17 pm
Hi Jon,
My post on the Sunday Sizzler didn’t work…any thoughts on today’s price action? Stop-loss raid?
Comment by flyinthruu — December 11, 2017 @ 1:57 pm
Looks like the village idiots are selling GGI stock, ever here the story about Lemmings and how they follow each other off the cliff? Wives Tale! Or is it… If you have cash available, put your orders in, MTS as well. Fools! Silly lil Fools… LOL
Comment by Patrick Lamane — December 11, 2017 @ 2:07 pm
Hey gents, any thoughts on today’s price events on GGI?
Comment by flyinthruu — December 11, 2017 @ 2:38 pm
sprott – possibly 450K shrs today. all too soon he will have to find some new friends if he goes over 20%, he cant buy in the mkt anymore as easily I don’t think
Comment by david — December 11, 2017 @ 3:07 pm
GGI takes yet another wicked hit by the market. Down over 28%. I wonder how low this will go?
Comment by Raffi14 — December 11, 2017 @ 3:31 pm
I know everyone still holding GGI is preoccupied now, but I am wondering if you can give some update on NAC? It seems to have fallen below support level at .40, assuming this still is the support?
Most of my stock took a beating today, and it looks like ‘the big Venture tide that is meant to lift all the boats’ is far away still. Is is just me that feels this way? Last week was pretty bad to..
Comment by Lady — December 11, 2017 @ 5:47 pm
I’m hearing way too much panick here! And thats exactly what the Big Players want from you all. Stay calm and let this ship sail itself through turbulant waters… I am buying your shares if your selling them but my pockets are not as deep as those who hide in the weeds! Lol… Hold and stead fast I say! This is a bit longer than a short play. Next couple assays will bring in the Glory!
Comment by Patrick Lamane — December 11, 2017 @ 6:02 pm
Something very good from Stockhouse
GGI – Anatomy of a short attack…. Must read for GGI longs
posted December 12, 2017 12:58 am by GotTime
2 stars
https://seekingalpha.com/instablog/11442671-gerald-klein/3096735-anatomy-of-a-short-attack Sound familiar? GGI is textbook. rate and reply
Do yourselves a favor and read the article. Great info.
Comment by John — December 12, 2017 @ 12:33 am
Thank you John. The article explains everything I need to know about recent action at GGI. I hadn’t realized how it all works before but now it makes sense. Insider paid journalists and professional bashers on stock boards sounds very familiar.
Comment by Patrick — December 12, 2017 @ 2:36 am