Gold has traded in a tight range between support at $1,160 and $1,170 so far today…as of 9:00 am Pacific, bullion is up $4 an ounce at $1,167…Silver is 7 cents higher at 15.91…Copper has added 2 pennies to $2.40…Crude Oil has fallen 95 cents to $43.03 as over-supply worries persist, while the U.S. Dollar Index is up slightly at 96.84 as a 2-day Fed meetings begins…
G
old consumption in mainland China may match or exceed the record in 2013 after this year’s financial market turmoil and the yuan’s devaluation boosted the metal’s appeal, according to the Chinese Gold & Silver Exchange Society, which also saw higher sales at jewelers in Hong Kong…buying in mainland China, which vies with India as the world’s largest consumer, picked up after the stock market turmoil this year and August’s surprise devaluation, according to Haywood Cheung, chairman of the supervisory committee at the century-old bullion bourse…demand in Hong Kong may expand 25% during the 2nd half of this year after a lackluster start to 2015…
Indeed, it was reported this morning that China’s net Gold imports from main conduit Hong Kong jumped to a 10-month high in September, climbing to 97.24 tonnes last month from 59.32 tonnes in August, according to data obtained by Reuters from the Hong Kong Census and Statistics Department…imports by the world’s top consumer have now risen for 3 consecutive months, with Q3 the best quarter this year for overseas purchases by China…this helps offset some sluggish demand at the moment from India…
Oil Update
U.S. production cuts, from a peak of around 9.6 million barrels a day to around 9.1 million, and optimism over demand have failed to translate into higher prices with WTIC under pressure to hold key support in the $43-$44 area…U.S. commercial Crude stockpiles are expected to have risen for a 5th straight week, by an average of 3 million barrels to 479.6 million, in the week ended October 23, according to a Reuters survey…
Oil giant BP says it’s cutting costs once again amid low Oil prices…the company is now planning for around $60 per barrel price for Brent Crude until at least 2017…
In today’s Morning Musings…
1. GoldQuest Mining (GQC, TSX-V) drills 223.8 m of 3.03 g/t Au and 1.22% Cu at Romero deposit in DR…
2. Evidence of a Grizzly stirring in the Sheslay district…
3. Golden trading opportunity in the DUST?…
4. Updated chart for Canopy Growth (CGC, TSX-V) as momentum continues following breakout…
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…
Now that the liberals have a majority in both Ontario and Federally, I wonder if they will pony any $$$ for the ROF? Trudeau plans to run a $10 billion deficit in each of the next three years (infrastructure) and Wynn says she has 1 billion if the feds were to match the 1 billion. So, will the province and the federal government finally work together and get the ROF going? The Premier and Trudeau are meeting today, Norton is apparently providing an update on Eagle Nest today and wouldn’t you know, NOT shares are up 14% today… Canada needs jobs and the ROF can provide those high paying jobs.. Let’s go Liberals, get this done!!!
Comment by tony T — October 27, 2015 @ 9:54 am
I think they hit a system of shorts is what I think.
Comment by dave — October 27, 2015 @ 10:11 am
ROF – a # of the juniors in the area ran once it became apparent it was going to be years before someone ponied up $$ and worked out some of the native issues. JT seems to be keen to do both , so here’s hoping it also stimulates the north properties again.
EQT – those monster bids got cold feet and ran, quite the game here! are we chasing rumours or chasing shorts,bahhh. only 600K offered up to 13 cents. Ive doubled down already, so anyone who wants to take it up , pls step in!
Comment by david — October 27, 2015 @ 10:15 am
David – I agree, lets see what tomorrow brings. Of coarse, a system is vaque and he did not have any more info.
Nothing is holding gains today, GQC, NSP, are 2 examples. Maybe someday this market comes alive.
Comment by dave — October 27, 2015 @ 10:58 am
GGI – I am surprised at the low volume and interest in GGI this week, especially given the company gave investors an early sneak peak that they were possibly into a hydro-thermal system right off the bat with the posted core photos. GGI hasn’t issued a NR explaining this hole yet which I expected given they released photos. The promotion started but wasn’t followed up, unless plans are in place after the first hole is completed which it should be by now unless they are still into the system on the first hole. Thoughts?
Comment by Dan1 — October 27, 2015 @ 3:01 pm
BTW..PHM.. some comments were detrimental to investing in the company due to management??? can anyone elaborate????
also cant imagine $1 plus shares coming on board being sold right now… but worse things have happened..
thx all for any thoughts!!:)
Comment by Jeremy — October 27, 2015 @ 4:37 pm
I agree Dan1. GGI has had zero promotion which is in stark contrast to EQT’s uber promotional campaign that began months before the drill began to turn. Far fewer eyes on Grizzly than Garland. That might work in our favor though. If GGI were to find anything substantial the stock would move higher and quicker than that of EQT. Less vested early means fewer profit takers to mute any speculative buying. Just my take.
Comment by Treb — October 28, 2015 @ 2:23 am
Treb, in some ways I agree. Regoci in the past (Rodadero is a good example) has shown the tendency to launch a pleasant surprise on the market. I suspect he has watched EQT closely. I have a hunch we could be within a couple days of something important on the Grizzly.
Comment by Jon - BMR — October 28, 2015 @ 3:19 am
I also agree with the above comments in regards to promotion of GGI…..being that there isn’t tons of it. I also agree ( see I’m an agreeable guy )with the comment that if we hit something substantial this could be to our advantage. You have to remember there really is no reason for heavy promotion with Regoci, there are no private placements to fill. with that said I think the only outstanding warrants are a small amount at the price of .30 Really he has done an amazing job keeping the share structure tight and quality projects in the pipeline. EQT did an amazing promotion and the share price has shown that, they have since disappointed in the follow through though. Not just in the wording of the last release but the news releases themselves have dried up and the share price shows this. I’m not bashing EQT ( I had a position that I sold at a small loss )but I think we are in a really good position here….if the market catches on to this one…it could really move. Have a good one all!!!!
Comment by weatheritout — October 28, 2015 @ 5:23 am
DBV- Don’t know if anyone seen this,so i thought i would post it, in the video there is a mention (very slight) of another company in the area (i believe it to be GGI ) which isn’t involved in issues like DBV, that has started a drill program .http://allanbarryreports.com/2015/09/23/doubleview-capital-battles-with-first-nations/
Comment by bigbear — October 28, 2015 @ 5:25 am
EQT:
The three new conductive signatures result from interpretation of the VTEM data’s B-field Tau component, the company stated, adding that “Tau anomalies can reflect more conductive bodies with slowly decaying signal, typical of large massive sulphide bodies.”
Those three targets are O P and Q.
They haven’t drilled O or P, but they are drilling Q right now.
They are into the same geological system as exists at Voisey,
at Garland it has been named the SRT Southern Response Trend.
This is why they acquired more land to the west.
Very oversold price, PP closing and drilling the sweet spots,
is this the perfect storm? Possibly.
Comment by murf — October 28, 2015 @ 6:47 am
Yes it is Murf. insane potential.
Comment by McIlroy — October 28, 2015 @ 7:00 am
Bigbear, the allanbarry report talks of burial grounds , it has been mentioned by crew from the Tahltan Drillers there are no burial grounds within 10 miles of the Hat site and as far as environmental concerns , Chief Day doesn’t seem to have any problem with the Red Chris mine nearby. This blockade stunt of Chad’s was nothing but a negotiating tactic with the BC government . In any event Chad gets his day in court this Friday.
Comment by Les — October 28, 2015 @ 7:08 am
Les- I just came across that clip when i was looking into info on another stock( WLF-V ),its insight / info, in the dbv story from another side,and as we all know the stock mark is about information, doing your dd work . I’m in GGI and if things look good after the court story gets out i might be in DBV. Good luck to us all. And by the way any body following WLF-V , story sounds good,management okay,and its cheap .06-.07 bottomed/ high volume?
Comment by bigbear — October 28, 2015 @ 7:59 am
Yep, took a small position in wlf this morning. High grade nickel, more drilling to come and insider buying after the latest nr…yet the stock sells off with someone wanting to liquidate. Better for me.
It’s funny .. even though the high grade intervals weren’t huge ya gotta wonder what would been had EQT reported these numbers after their first few holes.
Comment by Treb — October 28, 2015 @ 8:15 am
EQT-
Treb wrote “ya gotta wonder what would been had EQT reported these numbers after their first few holes”
We may know soon Treb, the cores are still at the lab for assays.
Comment by murf — October 28, 2015 @ 8:25 am