5. Ripple surged more than 30% this morning to a new all-time high, briefly surpassing Etherum as the 2nd-largest cryptocurrency by market capitalization…officially called XRP, Ripple climbed nearly 33% to a record high of $1.90 before pulling back slightly, according to CoinMarketCap…the digital currency briefly had a market cap of more than $71.8 billion, a few hundred million greater than Ethereum at the time…
Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. The greenback is on the defensive, allowing Gold to recapture $1,300 this morning on the final trading day of 2017…Gold has ranged between $1,294 and $1,305 so far today and is up $7 an ounce at $1,302 as of 7:00 am Pacific…the yellow metal, up about 13% in 2017, will record its best yearly performance since 2010…Silver has added 9 cents to $16.93…Copper is down slightly at $3.26, Nickel has jumped to $5.60 while Zinc has edged a penny higher to $1.50…Cobalt is steady near decade highs at $34.25…Crude Oil has added 20 cents to $60.04 while the struggling U.S. Dollar Index has retreated one-third of a point to 92.29…
2. China’s war on polluting industries, its supply reforms and robust demand growth have this year combined to create a bonanza for Copper and Aluminum which will post their biggest yearly advances since the turn of the decade…there has been some profit taking in Copper today after an all-time record 16-session winning streak, but prices have soared about 30% in 2017 and are holding near 4-year peaks…a major trigger for Copper came after China proposed a ban imports of scrap metal from the end of next year, fueling expectations it would import more refined metal and products…in addition, jitters about supply disruptions have grown more intense, giving Copper another boost…analysts at Citi say there are over 30 labor contracts, covering around 5 million tonnes of mine supply, due to expire next year, most of them in Chile and Peru…
3. U.S. Oil prices have climbed above $60 a barrel on the final trading day of the year, hitting their highest since mid-2015 as an unexpected fall in American output and a decline in commercial Crude inventories stoked buying in generally thin trading…the deep freeze that is taking control of most of the U.S. is also providing support to the Oil complex…international benchmark Brent Crude futures are also firm, supported by ongoing supply cuts by top producers OPEC and Russia as well as robust demand from China…Oil prices are set to close out the year with strong gains…Brent is up 17% in 2017 while WTI has climbed 12%…prices are up nearly 50% since the middle of the year after a springtime slump..
4. The Dow is flat as of 7:00 am Pacific…the S&P 500 is on pace for its best year since 2013 with a gain of 20%, led by technology and consumer discretionary stocks…only energy and telecommunications have declined in 2017…in Toronto, the TSX has slipped 54 points after 30 minutes while the Venture has surged another 9 points to 851…technically, the Venture hasn’t shown this kind of momentum since 2016…the first key breakout just recently was above the 2017 downtrend line on the 2-year weekly chart…the Index is now threatening to post a second key breakout, through the 2016 and 2017 highs at 850, which could be confirmed as early as next week…the significance of the Venture’s strong December cannot be underestimated as what this is leading to is the 3rd major defining moment in Venture trading going back to the fall of 2014…Hive Blockchain Technologies (HIVE, TSX-V) has closed the final $65-million tranche of its $115 million private placement at $3.15 per unit…
6. Bitcoin has stabilized, moving back toward $15,000 after finding short-term support this week at $13,500…yesterday, South Korea sent the cryptocurrency sliding again after moves to curb speculation and protect retail customers…the South Korean government has been among the loudest voices of concern about a possible speculative bubble in the largest cryptocurrency, which is still up about 1,500% for the year despite a nearly 30% decline from this month’s highs…South Korea is something of a bellwether for global Bitcoin demand…customers there are paying premiums about 20% over prevailing international rates…
7. Many mining companies prefer British Columbia because of its generally abundant water supplies, so it’s ironic that Centerra Gold (CG, TSX) has had to temporarily suspend mill processing operations at Mount Milligan due to insufficient water…processing is expected to resume at partial capacity by the end of January and at full capacity after the spring melt, the company says…Centerra reports that last spring and summer were drier than normal, with the water shortage now exacerbated by cold temperatures that produced a greater-than-expected loss of water volumes in the tailing storage facility due to ice formation…year to date, the Mount Milligan mine has churned out approximately 225,000 ounces of payable Gold and approximately 54 million pounds of payable Copper…
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well that was a bit of a sell off in weed stocks eh…. yikes… up the staircase down on the elevator…
bear raid is all..:)
Comment by Jeremy — December 29, 2017 @ 9:29 am
Gotta love volatility, Jeremy…
Comment by Jon - BMR — December 29, 2017 @ 9:36 am
BMR.. just out of curiosity. Was the weed selloff the cause of a 14 point drop in 20 minutes on Venture? Recovering now !
Comment by dgambler — December 29, 2017 @ 9:40 am
Low volume on CLM but it seems to be holding in the 80s after that big move. Any thoughts there?
Comment by flyinthruu — December 29, 2017 @ 9:49 am
I’m sure it contributed, dgambler, plus an initial reaction around 850 isn’t surprising…but doesn’t change anything as far as the primary direction is concerned.
Comment by Jon - BMR — December 29, 2017 @ 10:01 am
HI Jon, what will be the major catalysts for GIII share prices going up? Will it be when they finish pay back on the project? 15 months? Thanks
Comment by Shawn — December 29, 2017 @ 10:10 am
Great Q1 coming up for CLM, flyinthru, as drilling gets set to start very soon…that high-grade shoot drilled into in the most recent program could be just the tip of the iceberg…much more to this than what has been outlined historically and more recently, I suspect…bursts of aggressive accumulation we’ve seen the last couple of months, like this week, should transition into strong sustained interest early in the New Year with the stock at all-time highs…
Comment by Jon - BMR — December 29, 2017 @ 10:12 am
Huge uptick on volume at ANX Anaconda Mining any clue why ??? thx KD
Comment by KD Dougan — December 29, 2017 @ 10:22 am
Thanks Jon. Wonderful.
Comment by Shaun — December 29, 2017 @ 10:39 am
I guess we could take that as a big hint from Regoci, “We expect a busier and more successful 2018 beginning with our January kickoff.” Will be an interesting spring for GGI.
Comment by Laddy — December 29, 2017 @ 10:42 am
As much as I wanted news on CSR this week, I’m glad it’s coming in the New Year when folks back at their decks…hopefully led off with that name change like you’ve been speaking of. Quite a phenomenal opportunity for us with all that high grade cobalt just waiting to be mined…just sitting there for years…
Comment by Shaun — December 29, 2017 @ 10:45 am
Poste no.10 –> Where did you saw that Mr. Regoci said that, Lady?
Comment by Sylvain — December 29, 2017 @ 11:03 am
Jon, are you planning on releasing a GGI “eye opener” report this weekend? Really looking forward to it if that is the plan.
Comment by pole — December 29, 2017 @ 11:20 am
Not sure about this weekend, pole, which is new year’s, but soon enough.
Comment by Jon - BMR — December 29, 2017 @ 11:39 am
Thanks Jon. Should provide for some interesting reading as usual. Happy and safe New Year’s to you and the whole BMR crew from freezing Winnipeg.
Comment by pole — December 29, 2017 @ 11:46 am
A very Happy, Healthy, and Prosperous New Year to all our friends and subscribers.
Methinks there will be many charts light up very brightly in 2018.
Comment by John - BMR — December 29, 2017 @ 12:10 pm
I hope you are right on your bright forecast for 2018 and I’m betting that you are right. It’s been a long long long bear market for the venture and their long suffering investors. Once again to BMR and all subscribers a Happy, Healthy, and Prosperous 2018.
Comment by Dgambler — December 29, 2017 @ 12:40 pm
Year end message on ggi home page.
Comment by Laddy — December 29, 2017 @ 12:41 pm
A very happy and extremely prosperous New Year to all at BMR including my fellow subscribers. I have a feeling we are in for a really big one.
Comment by Patrick — December 29, 2017 @ 12:51 pm
Merry Christmas and Happy New Year to BMR team and everyone here! I am off to the beach to create some new familly memories with my earnings – and this is the best investment! Be safe in the NY!
Comment by Lady — December 29, 2017 @ 1:06 pm
Thank you Laddy
Comment by Sylvain — December 29, 2017 @ 1:13 pm
Sylvain, refer to 18 post… be safe everyone…
Comment by Laddy — December 29, 2017 @ 1:15 pm
Jon. Your thoughts on the tsx venture’s rise above 852. I am assuming a close above 850 pts on Tuesday will confirm this uptrend will continue?
Thanks.
Comment by Tony T — December 30, 2017 @ 2:23 pm
Regardless of what the Venture does Tuesday, Tony, we’re on the verge of something dramatic in Q1…our weekend postings will get into that.
Comment by Jon - BMR — December 30, 2017 @ 2:47 pm