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1. Gold has traded between $1,510 and $1,516 so far today, hitting a fresh 2-month high…as of 7:00 am Pacific the yellow metal is up $3 an ounce at $1,514…Gold prices have climbed about 18% this year with the metal set to post its best annual gain since 2010…Silver is 10 cents higher at $17.88…it’s a bullish omen for 2020 that the Silver juniors are leading the miners and the miners continue to lead the metals…Copper is flat at $2.81…however, the metal widely used in power and construction is near its best levels since May and is headed for its biggest monthly rise in 2 years…Nickel is up 5 cents at $6.47 while Zinc and Cobalt are both steady at $1.05 and $14.74, respectively…Crude Oil is at a 3-month high on upbeat data and fresh Middle East tensions…WTI has added 24 cents to $61.96…the Thomson Reuters CRB Index, a measure of commodity prices, is now at its highest level since April at 187…that’s a 10% gain for the year…key resistance is around 200…this week will see critical data that may or may not confirm the “global bottoming” theory: China PMI and non-PMI tomorrow, eurozone PMI on Thursday and U.S. ISM Manufacturing on Friday…a Reuters poll shows that China’s factory activity likely expanded again in December on stronger external demand and an infrastructure push at home…
2. Chinese Vice Premier Liu He will visit Washington this week to sign a Phase 1 trade deal with the United States, the South China Morning Post reported this morning…“Washington has sent an invitation and Beijing has accepted it,” the SCMP quoted a source as saying…it said the delegation was likely to stay in the United States for a few days, until the middle of next week…
3. Demand for Gold in China should start to pick up in advance of the Chinese New Year period starting January 25, a key Gold buying occasion in the region…data released today showed that China’s net Gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly 9 years, according to the Hong Kong Census and Statistics Department, mainly due to subdued demand…however, China’s imports via Hong Kong have steadily decreased this year in the wake of anti-government protests in the former British colony, and China has boosted Gold imports from Shanghai instead…however, recent flows across the board are still down but that hasn’t stopped Gold from pushing through the key $1,500 level…
4. As stocks close out 2019, Wall Street’s bull market is expected to continue through 2020 (albeit not without 1 or more significant corrections) as long as it appears President Trump will be re-elected…the S&P 500 is up a whopping 29.25% entering the final 2 trading days of 2019…since World War II, the average gain in the 4th year of a Presidential term is 6.3%, and it’s up 78% of the time…the S&P 500 has returned more than 50% since Trump was elected, more than double the 23% average market return of Presidents 3 years into their term going back to 1928, according to Bespoke Investment Group…on a short-term basis, the S&P 500 is due for a pullback as the RSI(14) entered this morning at 78, the highest level since January 2018…
5. Tesla (TSLA, NASDAQ) has delivered the first Model 3 electric cars built at its Shanghai factory at an event today in China…the Shanghai plant, up and running in just 357 days, is part of Tesla’s plans to bolster its presence in the world’s biggest auto market and to minimize the impact of the U.S.-China trade battle…Tesla surged to a new all-time high Friday of $435.31 but the stock is off $16 a share in early trading today…shorts got some temporary help from a negative analyst report…
6. The Dow has dipped 93 points as of 7:00 am Pacific…entering the final 2 trading days the year and the decade, the S&P 500 is just half a percentage point away from its best annual gain since 1997…the NASDAQ broke an 11-session winning streak Friday, with modest losses after Thursday’s first-ever close over 9,000…year-to-date through Friday, the NASDAQ, S&P 500 and the Dow are up 35.74%, 29.25% and 22.8%, respectively…in Toronto, the TSX is 53 points lower but the Gold Index has jumped 3 points to 262…Yamana Gold (YRI, TSX), notably, has cracked the $5 barrier for the first time since 2016…it’s up another 8 cents to $5.13…not only is YRI showing technical strength, but historically its 4th quarter is its best from an operational standpoint…many of the top-performing stocks on the S&P/TSX Composite Index this past year were miners: Alacer Gold (up more than 160%), Eldorado Gold (up more than 140%), Wesdome Mining (up more than 125%) and Detour Gold (up more than 110%) were just a few…the Venture, riding a 6-week winning streak, is up another 6 points at 570 as it continues to push toward the key 580 area…DynaCERT (DYA, TSX-V) is up a nickel at 75 cents, a fresh 2-year high…Canada Cobalt (CCW, TSX-V) is up a penny at 64 cents after a 1 million share cross…CCW has drilled into spectacular native Silver at Castle East, within 2 km of 3 robust past producers…more assays are pending and drilling resumes during the first week of January…another favorite Silver play is Mexico-focused Discovery Metals (DSV, TSX-V) which has jumped 8 cents to 67 cents in early trading…
7. Nevada Copper (NCU, TSX), which earlier this month opened the first new Copper mine in the United States in over a decade, announced this morning that it has identified multiple new targets at its Pumpkin Hollow Project and has intersected shallow Copper mineralization of grades up to 0.90% in structural reconnaissance drill results, including indicators of of a potential porphyry-style target and grab samples as high as 6.2% Copper at surface…the company has added more than 5,700 hectares to its land package, a 30% increase…the porphyry system signatures are important as the existing underground and open-pit deposits are skarn/IOCG-style deposits, the source of which is expected to be an undiscovered porphyry system…CEO Matt Gili stated, “Having transitioned to producer status our primary focus in the first half of 2020 will be ramping up to full commercial production, however, we will also continue advancing our regional growth strategy. Exploration results to-date have been extremely encouraging, with multiple new targets identified across our large property, and we have increased our land position significantly”…NCU is up half a penny at 37 cents as of 7:00 am Pacific…its fresh uptrend should accelerate once resistance in the mid-to-upper-30’s is conquered…
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