BMR Morning Market Musings resumes tomorrow following property visits today.
1. Gold has traded between $1,233 and $1,241 so far today…as of 7:00 am Pacific, the yellow metal is up $2 an ounce at $1,237…the release of Fed minutes later this morning has the potential to move the Gold market along with the Dollar Index which is currently up one-fifth of a point at 101.62…
2. This is quite humorous, actually – Goldman Sachs‘ analysts say they are “agnostic” toward Gold, looking for the price a year out to be only slightly above current levels (they must be trying to accumulate). “On the one hand our economists expect 3 rate hikes in 2017 and see the probability of a rate hike by June at 80%…and we see U.S. long-dated real rates rising slightly, placing downward pressure on Gold,” Goldman said. “On the other hand we expect the U.S. equity rally to fade by the 2H17, and that geopolitical and political risks (i.e. European elections, potential trade frictions) and U.S. economic policy uncertainty will remain elevated and supportive for Gold during 2017.”
3. The Venture touched its highest level since late 2014 in early trading today, reaching 849.23 before retreating slightly as the high 840’s remains resistance…the Index is flat at 845 as of 7:00 am Pacific…charts show that it’s just a matter of time before the Venture busts through 850 and challenges the next major resistance around 900…the Dow and TSX are both off slightly in early trading…
4. Integra Gold (ICG, TSX-V) has reported its best-ever drill intercept from its Triangle deposit at its Lamaque Gold Project in Val d’Or – 71.6 g/t Au over 14.75 m, including 459.7 g/t Au over 2.2 m…the intercept came within the proposed bulk sample target at the Triangle C2 structure and was part of a batch of fresh results released this morning from 10,750 m of drilling (30 drill holes) completed in 2016 and 2017…assays are currently pending from over 6,100 m (26 drill holes) of diamond drilling completed at Triangle already this year…ICG is up a nickel at 84 cents as of 7:00 am Pacific…
5. Pure Gold Mining (PGM, TSX-V) has closed a $13 million financing, issuing a total of 17.6 million flow-through shares at a price of 75 cents per share…the company has devised a 2-phase work program for 2017 at its Madsen Project in the Red Lake Camp…for Phase 1, a total of approximately 70,000 m of drilling are planned, primarily at the Austin and McVeigh zones, from both surface and underground using four 4 rigs…to enable access underground, the company received approval from Ontario’s Minister of Northern Development and Mines in December to reopen the McVeigh portal…underground drilling is expected to commence by the end of next month…
6. First Majestic Silver (FR, TSX, AG, NYSE) released Q4 and full-year financial results this morning…highlights included record production of 11.9 million ounces of Silver or 18.7 million ounces AgEq in 2016, highest-ever revenues of $278.1 million U.S. (27% increase compared to 2015), and mine operating earnings of $49.2 million…net earnings for 2016 were 5 cents per share U.S. vs. a loss of 84 cents per share in 2015…the stock is up 16 cents at $13.01 as of 7:00 am Pacific…
7. Marathon Gold (MOZ, TSX) is up 2 cents at $1.02 in early trading following yesterday’s updated resource estimate for its promising Valentine Lake Gold Project, an emerging open-pit prospect in central Newfoundland with attractive grades and rapidly increasing tonnage…we’ve been following this story closely since the middle of last year and Daniel will have fresh updates this week…
No BMR Morning Market Musings today due to property site visits, but a special report from Cobalt, Ontario, will be posted shortly…
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