Gold has traded between $1,142 and $1,155 so far today…as of 9:30 am Pacific, bullion is off $1 an ounce at $1,147…Silver has gained 12 cents to $16.00…Copper has added 2 pennies to $2.35…Crude Oil, looking much healthier (see updated chart in today’s Morning Musings), has climbed another 22 cents to $48.75 while the U.S. Dollar Index is flat at 95.46…
China may have further increased central bank Gold holdings in September, raising them by about 15 metric tons to 1,709 tons, as it seeks to diversify away from the U.S. dollar…the value of Gold assets was $61.2 billion at the end of last month compared to $61.8 billion at the end of August, according to data from the People’s Bank of China website released yesterday…that works out to about 54.94 million troy ounces or 1,709 tons, based on the London Bullion Market Association afternoon price auction on Sept. 30, Bloomberg calculations show…the hoard was 54.45 million troy ounces a month earlier…
China announced increases of about 19 tons for July and 16 tons for August after disclosing July 17 that holdings had jumped 57% since 2009, ending 6 years of mystery (average monthly accumulation has increased substantially since July vs. the period 2009 to June 2015) while China has overtaken Russia to become the country with the 5th-largest stash…however, it still has only about 1.6% of its reserves in Gold, compared with 73% for the U.S. and 67% for Germany, World Gold Council data show…
In today’s Morning Musings…
1. Crude Oil continues to firm up – a fascinating WTIC chart that’s good news for the Venture…
2. Venture “awareness” chart shows important breakout is looming…
3. Ben Bernanke voices concerns about a lack of inflation, weighs in on Fed rate hike debate…
4. Garland camp staking update…
5. Updated chart for Garibaldi Resources (GGI, TSX-V)…
6. Claude Resources (CRJ, TSX-V) achieves record Q3 production, increases guidance for 2015…
Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…
GGI looking good to Jon, I still think Sprott was nuts for letting those .05’s go, but oh well.
Comment by dave — October 7, 2015 @ 8:54 am
Kind of like the Gordon Brown moment, Dave…they indiscriminately decided late last year to dump their holdings in about 100 various juniors…the new people making these decisions at Sprott knew nothing about the Sheslay district…
Comment by Jon - BMR — October 7, 2015 @ 9:00 am
crazy people. You buy at the low, not dump.
Comment by dave — October 7, 2015 @ 9:07 am
Sprott’s loss is someone’s gain as the Sheslay area develops Another up day for the venture most likely due to the move in oil.
Comment by Les — October 7, 2015 @ 9:07 am
A lot of things are looking better Les.
Long and strong EQT and GGI.
Comment by dave — October 7, 2015 @ 9:18 am
GBB trading @ .03, a NR around the corner, perhaps re: funding as CA probably not far off as well….
Comment by Bob — October 7, 2015 @ 9:44 am
No retail seller at these level regarding GGI, some update should be in this evening.
Comment by Martin — October 7, 2015 @ 9:46 am
new Sprott is not about mining, a cross Canada tour to tell everyone that, is underway, (w/o Eric sprott of course).
If I was Mr Short, I would have been working the phones to the other funds Im friends with to see if I can use my standby INC shell to get a piece of the PP despite and junior mgmt’s efforts to thwart me.
Hence my wish to see this closed sooner than later, as is the case with any junior who does a PP that is oversubscribed and chomping to thrill us, get it done so that you can get back to focusing on the property, not the paperwork!
Comment by david — October 7, 2015 @ 9:58 am
Good point David
Comment by dave — October 7, 2015 @ 10:12 am
Les, you’re right as I picked up 200,000 of Sprott’s GGI @ 05-055.
Any updates on WRR??
Comment by Jeff — October 7, 2015 @ 10:13 am
Hardy did the right thing by thwarting them though, as he knew they would have dumped like sprott did GGI and ultimately hurt the share price down the road. Hardy made the right move and has the interest of all shareholders in mind. IMHO, he has played a brilliant game. Once EQT hits on one of the holes, Mr. Shorty is gone for good.
Comment by dave — October 7, 2015 @ 10:20 am
Jeff – you out did me. I got 100k at .05, but its looking good, as well as the .07’s on EQT.
Comment by dave — October 7, 2015 @ 10:28 am
Not sure who TD is but they keep buying ggi. 🙂
Comment by tony t — October 7, 2015 @ 10:43 am
GGI challenging its 200 ma. A close above this number this week would be another bullish signal. I wonder once news is released regarding drilling if people are going to sell or if buying will continue??
Comment by tony T — October 7, 2015 @ 11:19 am
Tony, remember its “buy on mystery sell on history” BUT not with GGI as this puppy is heading much higher!!!
Comment by Jeff — October 7, 2015 @ 11:26 am
I think that a NR from GGI saying that drilling is underway will put to rest any doubts that some people have, so I would think that there will be more buyers than sellers. Some of those who bought shares below 10c may take some profits but overall I would think the price would rise. Remember what is at stake – a large new discovery by a company with a market cap of less than $10mil. Who would sell when confirmation of that find could be only be a matter of weeks away.
Comment by Tom UK — October 7, 2015 @ 11:29 am
Isn’t it “buy on rumor, sell on news?” Regadless, i’m in agreement with you guys. This thing is heading higher once drilling is announced. High teens by end of week would be awesome!
Comment by tony T — October 7, 2015 @ 11:39 am
Depends on the news Tony. News that drilling has started would just be the first step in what should be a run up in share price. Always a chance of news from Mexico as well.
Comment by Tom UK — October 7, 2015 @ 12:10 pm
Interesting news on the DBV court case
Terrace Standard, October 07, 2015 by Black Press
http://issuu.com/blackpress/docs/i20151007045401816/23?e=1205826/30550555
Centre of page 23 LEGAL TENDER
It appears Chad Day and his followers have a certain amount of time to respond to the Supreme Court hearing held on Sept 29 , 2015 . If they don’t respond after a certain amount of time judgment can be taken against them in their absence.
Look for the judgment to be by the last week in October , 2015.
Comment by Les — October 7, 2015 @ 2:54 pm
Les- this was posted and discussed under yesterday’s morning market musings.
He has 21 days to respond to the pleadings.
Comment by Ddd4 — October 7, 2015 @ 3:01 pm
EQT- I would have expected rumours of visuals from the Garland camp by now……need to get that last PP chunk closed soon to let this thing free!
Comment by Ddd4 — October 7, 2015 @ 3:05 pm
Nothing in Morning MARKET Musings and I don’t always get to read all the posts on the bb. Good work DDD4 .
Comment by dwudrick — October 7, 2015 @ 3:29 pm
Jon, could GGI start drilling without announcing it??
Comment by Martin — October 7, 2015 @ 3:38 pm
Did you learn anything about activity on the ground?
Comment by Martin — October 7, 2015 @ 3:41 pm
Chad Day is on a very slippery slope, Ddd4…he took a huge gamble by trying to take the district hostage to attempt to leverage the Tahltan’s position on other matters with the B.C. government, and then made a major mistake with the Hat blockade…it hasn’t worked out for him the way he expected…he embarrassed and angered elected government officials, and even some of his own people…the message investors need to understand here is this: Chad never would have gone down this path if he didn’t think there was something of immense value at the Hat (he just went about things the wrong way)…the Hat is also underpinned by the Land Use Agreement (extremely valuable) and it’s the biggest deposit in the district right now, open in all directions, with incredible potential…as the district heats up again, sparked by Garibaldi’s drilling, and the court rules soon in DBV’s favor, as we predict they will, DBV’s share price will zoom right back up again, so anyone selling a single share of DBV at this time is insane IMHO…the blockade was a huge stamp of value on the Hat, that’s critical to understand as we have stated all along…if you’re wondering why we didn’t mention the ad in a certain newspaper, I’ve got no interest in drawing attention to a publication that carried out such pathetic and irresponsible reporting of this issue…
Comment by Jon - BMR — October 7, 2015 @ 3:54 pm
Well said Jon…..that’s why I have been accumulating DBV since the saga started….lol. People will regret not doing their DD on the situation and buying at these low prices. Once things resume it will go back to where it left off….. in the .20s and possibly .30s shortly after drilling resumes….
Comment by Ddd4 — October 7, 2015 @ 4:11 pm
DBV will go crazy, Ddd4…the Hat and the district have received national attention over Chad Day’s actions, so in some ways he has done DBV an immense favor…the blessing is about to come, 100% sure of that.
Comment by Jon - BMR — October 7, 2015 @ 4:15 pm
I am sure of it as well and have a portfolio that proves it…..lol.
Comment by Ddd4 — October 7, 2015 @ 4:24 pm
GGI will go crazy as well if they hit at Grizzly Central. We just need confirmation of that drill turning. Man I have been waiting for two years and never thought it would happen. I believe it will happen this time and expect success very early into the drill campaign.
Comment by Dan1 — October 7, 2015 @ 4:32 pm
I was going through this tonight;
google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CBwQFjAAahUKEwiV9NPKyLHIAhUEVj4KHarnCJc&url=http%3A%2F%2Faris.empr.gov.bc.ca%2FArisReports%2F31145.PDF&usg=AFQjCNH0MktYN6csrHK99Laibvu2SnYZOw&bvm=bv.104615367,d.cWw
and came across this paragraph in this report found on page 34 (I added the starts to get your attention to this specific line)
“The results from this test IP survey are very encouraging. The presence of elevated
chargeabilities and the discrete resistivity contact coincident with the magnetic high can
be easily interpreted as the response to a porphyry system. ******The magnetic dyke could be
reflecting an intrusive body that acted as a heat source and possibly the source of the
metallic minerals themselves******. The localized chargeability high could be reflecting
metallic mineralization accumulated along the flank of the intrusion. The resistivity
contrast across the magnetic body could be reflecting a lithological contact or alteration
effects. The anomaly warrants further exploration to determine the precise size and
shape of the chargeable mass. The magnetic dyke could be reflecting an intrusive body that acted as a heat source and possibly the source of the metallic minerals themselves.
Comment by tony T — October 7, 2015 @ 6:01 pm
sorry for the double/repeat phrase at the end.
Comment by tony T — October 7, 2015 @ 6:03 pm
Me to Dan, I was sure we would get a update today. I don’t see any major resistance before the 20 cent level. With core picture on their web site 30 cent level, somewhere in febuary, cxo gqc kind of spike as result are release. There is to much evidence that grizzly central will be big.
Comment by Martin — October 7, 2015 @ 6:15 pm
They both can go crazy, and I already am.
Comment by dave — October 7, 2015 @ 6:38 pm
To bad I am not in EQT!
Comment by Martin — October 7, 2015 @ 7:04 pm
This is big Tony, my guess is that it is all connected at depth!
Comment by Martin — October 7, 2015 @ 7:14 pm
Look at google earth, the amount of work done on the ground in the northern section of grizzly central! They should keep us inform a bit more if they want to built momentum.
Comment by Martin — October 7, 2015 @ 7:19 pm
Martin, I suspect there’s enough ammunition being stored up just at Grizzly Central to explode the entire district. To answer your earlier question, it wouldn’t make sense IMHO for GGI to start drilling without announcing it first. Regoci is a former broker, he knows all about momentum, so he will play this smart. And watch DBV firm up as well.
Comment by Jon - BMR — October 7, 2015 @ 7:27 pm
The good thing about this is the stock moving higher with little resistance and no news Jon. this will be fun to watch.
Comment by Martin — October 7, 2015 @ 7:47 pm
So what did the end of day chart of EQT tell us? Breakdown? Or going higher?
Comment by George — October 8, 2015 @ 3:53 am
George
SP is still bullish, it is consolidating after the last run up…..waiting for news and being manipulated by “Shorty” and PP investors.
Be patient, all is well.
Comment by John - BMR — October 8, 2015 @ 4:39 am
John – Haha, even got you calling him Shorty.
Comment by dave — October 8, 2015 @ 5:44 am
Bids are building on GGI!!!!!
Comment by John - BMR — October 8, 2015 @ 5:56 am
Those are big bids on GGI, maybe she explodes today.
Comment by dave — October 8, 2015 @ 6:14 am
Just as I post, they fall off. Oh brother, venture fun and games, at least Instinet is buying.
Comment by dave — October 8, 2015 @ 6:16 am
WRR- I spoke with Michel Davis he is ready to drill, Wrr has a delay of contractor but be sure that we drill soon !
Comment by Guy Delisle — October 8, 2015 @ 6:24 am
Sorry Michel David !
Comment by Guy Delisle — October 8, 2015 @ 6:29 am