Check back later this morning for today’s Morning Musings.
1. It’s Election Day in the United States and if the polls are to be believed in an unconventional political year, Hillary Clinton will edge out blue collar billionaire Donald Trump to win the presidency…however, Trump has been underestimated since starting his bid more than a year ago and has a clear path to the White House tonight if he can win Florida (toss-up) and pull off an upset in either Pennsylvania or Michigan…at his final rally of the campaign in Grand Rapids, Michigan, that ended after 1:00 am eastern, Trump proclaimed, “We are hours away from a once-in-a-lifetime change.” Republicans are expected to maintain their majority in the House but are in a struggle to hold on to the Senate.
2. Total global Gold demand is up 7% in 2016 vs. last year but slid during Q3 by 6.4% and 22% over Q2 and Q1 this year, respectively, according to figures released this morning by the World Gold Council…
3. Money managers slashed their short Gold bets at the fastest pace this year in the week ended November 1, according to the latest COT data…
4. Nickel prices are at their highest levels since mid-2015…the metal is up another 6 cents a pound to $5.09 as of 7:00 am Pacific following a big surge yesterday…Copper, meanwhile, is closing in on a new 2016 high and we’ll have an updated chart showing a breakout above an inverted head and shoulders bottom in today’s Morning’s Musings…
5. A confirmed technical breakout has occurred in Canadian Zeolite (CNZ, TSX-V) which is trading at a new 52-week high of 56 cents as of 7:00 am Pacific…the company announced plans yesterday for shipping its natural Zeolite to several medical marijuana growers in Canada and the United States…
6. Naturally Splended (NSP, TSX-V) hit a fresh 52-week high (53 cents) this morning after announcing the closing of the final tranche of a $4 million private placement…net proceeds will be used to retire all of NRN’s shareholder loans and related interest and will provide approximately $2.4 million of working capital for enhancement of the company’s production capabilities and international market development…
7. Northern Shield (NRN, TSX-V) is under modest pressure in early trading after releasing results from first-ever drilling at the Huckleberry target in the southern Labrador Trough…all but one of the 7 drill holes intersected disseminated magmatic Copper-Nickel-PGE mineralization with 29 samples assaying greater than 0.3% Cu in association with Ni and PGEs…geologists would be correct in calling these first 7 holes a technical success for a grassroots property…however, traders (as always) were looking for more joy and have sent NRN down 2 pennies to 13.5 cents (rising 200-day SMA) through the first 30 minutes of trading…Fib. support at 11 cents…in NRN’s favor is the fact that drilling starts shortly at the adjacent Sequoi Property where there are multiple compelling VTEM anomalies interpreted as pools of massive sulphides…
