BullMarketRun.com

1. Gold has traded between $1,342 and $1,356 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,351…Silver is finally breaking out above key resistance, up 38 cents at $17.13…that’s a good sign not only for Silver but for Gold…Nickel is enjoying a magnificent day, up a whopping 56 cents to $6.98…at one point it got as high as $7.17, a level not seen in nearly 3-and-a-half years (see today’s Morning Alert)…that’s the biggest 1-day move for Nickel in a decade and it has been driven, in part, by continued concerns about Russian supplies of the metal following U.S. sanctions…Russia accounts for around 10% of the global supply of Nickel…meanwhile, Vale yesterday reported lower-than-expected production in Q1 with a drop of 25% from the previous quarter…the timing for a massive follow-up drill program at Nickel Mountain in the Eskay Camp couldn’t be better…Copper has added 6 cents to $3.15…Zinc has climbed 4 cents to $1.47…Cobalt remains steady at $41.50…Crude Oil has soared $1.29 a barrel to $67.81 while the U.S. Dollar Index is relatively flat at 89.54…

2. As clumsy Canada trips over its own feet with regard to Oil and gas, despite being blessed with the world’s 3rd-largest Reserves which multiple politicians (bewilderingly) are essentially apologizing for, WTI prices have rocketed to a new 3-year high on the back of declining U.S. inventories…government data released this morning confirmed that U.S. Crude stockpiles fell last week, further encouraging the bulls who also have geopolitical dynamics in their favor with the possibility of supply disruptions in key Oil producing nations…this morning’s report from the Energy Information Administration was very bullish with across the board drawdowns in everything, including a 1.1 million barrel drop in Crude inventories in the week through April 13…meanwhile, traders are looking ahead to the next joint ministerial monitoring meeting of OPEC and non-OPEC countries that have joined forces to hold back production…ministers are set to discuss options for further cuts into next year when they meet in Jeddah, Saudi Arabia, on Friday…

3. As flabbergasted as a growing number of Canadians are with the Kinder Morgan pipeline expansion fiasco, and how that $7.4 billion project is now in serious jeopardy, don’t forget how the Trudeau Liberals killed Energy East in sneaky fashion last year in the face of strident opposition from politically influential Quebec…Trudeau, who has saddled Canadians with a modern day version of his father’s disastrous National Energy Program, imposed an “upstream emissions test” on Energy East, blatantly ignoring the emissions emanating from foreign Oil suppliers and those hundreds of tankers carrying their Oil…yes, Trudeau actually discriminated against Canadian companies…the government then required a restart of the entire NEB regulatory hearing process with (significantly) newly appointed board members…TransCanada saw the writing on the wall – Quebec votes were far more important to the Trudeau government than their project, and TransCanada was forced to throw in the towel…rather than directly opposing the project, Trudeau merely killed it indirectly behind the scenes so as not to stir up Oil supporters out west where the Liberals made some inroads in the 2014 elections…no different than his father, Justin’s heart is certainly not with the Oil and gas sector…

4. The Bank of Canada held interest rates steady today, as expected, but said more hikes will be needed over time amid progress on the dynamics of wage growth and inflation, two issues that have concerned the central bank…in altering its long-repeated notes of caution on price and wage pressures, the bank sounded a more hawkish tone on the future of interest rates, which have been hiked 3 times since last July.  “Some progress has been made on the key issues being watched closely by the Governing Council, particularly the dynamics of inflation and wage growth,” the bank said in a statement.  “This progress reinforces Governing Council’s view that higher interest rates will be warranted over time, although some monetary policy accommodation will still be needed to keep inflation on target.”

5. The Dow is relatively flat through the first 30 minutes of trading…Morgan Stanley reported record net income and revenues for the 1st quarter as the bank’s top and bottom lines blew past Wall Street expectations…in Toronto, the TSX has surged 133 points while the Venture has added 1 point to 799…Ascot Resources (AOT, TSX-V), banged down to a strong support area in recent months, has commenced a 45,000-m drill program at its Premier-Dilworth Property near Stewart…approximately 200 drill holes will be completed, targeting infill and expansion in various areas…an updated resource estimate is also expected next month which will contain the maiden higher-grade resources in the Premier-Northern Lights area…

6. Colorado Resources (CXO, TSX-V) hopes its internal battles are behind it…a new board of directors was elected at the company’s AGM yesterday with major shareholder Goldcorp (G, TSX) taking the independent 5th position on the board (Alastair Still) to go along with management’s 2 directors (Robert Shaw and Cecil Bond) and 2 directors from the proposed slate of former President and CEO Adam Travis…we’ll now see what the new CEO and board have planned for Colorado which has been a major disappointment since some success in 2016…in a March 28 news release, Shaw stated:  “Following the termination of the Damara transaction, the company under my leadership is contemplating expanding and significantly improving its property portfolio in northwestern British Columbia.”

7. Keep an eye on Uranium:  As tensions escalate between the U.S. and Russia, the market for Uranium could finally turn...Russian lawmakers have proposed measures that would halt enriched Uranium exports to the U.S. which has the potential to reset the supply and demand picture…Fission Uranium (FCU, TSX) director Rob Chang says Russia’s move could “potentially be quite explosive”, according to a Financial Post report…Uranium prices have declined by more than 70% since 2011 when Japan took all its nuclear reactors off-line…that contributed to an oversupply and depressed prices to the point where at many mines it costs more to produce Uranium than to buy it on the spot market…in January, Cameco laid off 845 workers and suspended operations at its McArthur River mining and Key Lake mill in Saskatchewan…

Most Popular Recent BMR Posts

“The Enemies Of Progress, The Radical Environmentalists, Are Ramping Up For A War In The Woods”

Why Are These People Smiling? – Their Stock Has Tanked 80%!

Turbocharged Nickel

BMR Morning Alert! – Venture Slips On An Oil Slick, And Updates On 5 Special Situations

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

The Nickel Mountain Magma Highway

Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

How To Bring A Junior Resource Market To Life!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began