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1. Gold has traded between $1,315 and $1,324 this morning, buoyed modestly by a decline in the greenback and strength in Oil…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,322…Silver is steady at $16.97…Copper is flat at $3.21 while Nickel has retreated 5 cents to $5.77 as it attempts to confirm an important breakout above a downtrend line going back to 2011…Crude Oil continues to push higher, up 71 cents to $64.28, while the U.S. Dollar Index has fallen nearly half a point to 91.87…
2. China is diversifying its foreign exchange reserves in order to safeguard their value, the country’s currency regulator said today, while dismissing a media report the government is halting or reducing its purchases of U.S. debt…Bloomberg News reported yesterday that Chinese officials reviewing the country’s vast foreign exchange holdings had recommended slowing or halting purchases of U.S. Treasury bonds amid a less attractive market for them and rising U.S.-China trade tensions…that spooked investors worried that sharp swings in China’s massive holdings of U.S. Treasuries would trigger a selloff in bond and equity markets globally…the report sent U.S. Treasury yields to 10-month highs and the dollar lower…
3. Cryptocurrency crackdown in South Korea…Bitcoin has slumped to its lowest level in nearly 3 weeks as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets…the remarks from Minister of Justice Park Sang-ki came just days after the country’s financial regulator started inspecting some of South Korea’s largest financial institutions that help facilitate digital-currency trading…
4. Not good news for the Fed which continues to be frustrated by a lack of inflationary pressures in the U.S. economy – producer prices fell for the first time in nearly one-and-a-half years in December amid declining costs for services…the Labor Department said today that its producer price index for final demand slipped 0.1% last month, the first drop since August 2016…in the 12 months through December, the PPI rose 2.6% after advancing 1.6% in 2016 (vs. 2.4% and 1.8% for the core PPI over the same periods)…
5. Strong Q4 and 2017 operating results from Kirkland Lake Gold (KL, TSX) this morning…consolidated full-year production was 596,405 ounces, beating improved guidance of 580,000 to 595,000 ounces…it was a record full year production at each of KL’s operating mines, including 263,845 ounces at Fosterville (74% increase), 194,237 ounces at Macassa, 66,677 ounces at Holt and 50,764 ounces at Taylor…over the last year, Fosterville has joined Macassa as one of the world’s highest-grade Gold mines with mineral reserve ounces and the average reserve grade more than doubling…Kirkland Lake was the top-performing stock on the S&P/TSX Composite Index in 2017 with share price increasing 174.5%…
6. Major averages in the U.S. are rebounding from losses yesterday…the S&P 500 and NASDAQ both snapped 6-session winning streaks as investors fretted over the possibility of China halting its Treasury bond purchases and the U.S. pulling out of NAFTA…the Dow is up 88 points through the first 30 minutes of trading…in Toronto, the TSX is up 36 points while the Venture has fallen 10 points as marijuana stocks continue to correct…keep in mind, the Venture’s close supporting moving average since early December has been the EMA(8) which is currently in the mid-890’s…secondary support at the EMA(20) which is currently in the 860’s, above the key 850 breakout point…astute investors will embrace the dip…ML Gold (MLG, TSX-V), which may have bottomed at 10 cents during Q4 last year, has firmed up on news that it has intersected 311 m of veined and variably disseminated Copper sulphide mineralization consisting predominantly of chalcopyrite in the first drill hole on its Stars Project near the Huckleberry mine in central British Columbia…Skeena Resources (SKE, TSX-V) has reported multiple high-grade Gold intercepts from underground drilling at the Snip mine in the Eskay Camp…results include 74 g/t Au over 2 m, 19.3 g/t Au over 11.85 m, 11.2 g/t Au over 5.95 m, and 35.5 g/t Au over 4.35 m…
7. Global Blockchain Technologies (BLOC, TSX-V) is in the news again after reporting yesterday that it has invested $2 million (U.S.) in the new Kodak coin…BLOC announced this morning that it has made a strategic investment of $2 million (CDN) in Spectra7 Microsystems (SEV, TSX), a leading provider of high performance analog semiconductor products for broadband connectivity markets…last November, Spectra7 announced a new product line optimized for blockchain processing data centers…Spectra7’s BCI-2500 products enable Copper cables up to 3 x the reach of passive Copper cables at dramatically lower power levels than alternative solutions which addresses the needs of data centers running blockchain applications including Bitcoin mining…
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Comment by donald — January 11, 2018 @ 12:54 pm
Jon, a question for you regarding “news releases”. Is there a law that prevents a company from disclosing information that would be considered “significant”? For example, if “ABC company” had fresh drill results that were outstanding, could the management of that company hold onto that news until they felt it was the most strategic time to release it? Would the TSX force any company to release pertinant information (like drill results in this example) in the form of a news release or does the company have the option to release information as they see fit? How exactly does this work?
Comment by Raffi14 — January 11, 2018 @ 1:25 pm
Hi Jon and John. What are both of your gentlemen’s views on GTT Gold Corp? After a crazy rise in early 2017 it has fallen hard into the low 60 cent range. Would you recommend a new investor to buy GTT? If yes what would be a good entry level. If no why not? Look forward to your responses or anyone else here on bullmarket also.
Comment by Sooch — January 11, 2018 @ 3:01 pm