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Check our comments section throughout the day for updates and helpful information, and visit us as well for potential additional posts today. BMR Morning Market Musings returns tomorrow.

1. Gold, coming off its best weekly performance since April, has traded between $1,258 and $1,264 so far today as it continues to battle key resistance around $1,260…yesterday, Gold’s 50-day moving average (SMA) crossed above its 200-day SMA, potentially signaling further immediate/near-term gains…as of 7:00 am Pacific, the yellow metal is up slightly at $1,262 following a massacre in Manchester last night, a terrorist attack at an Ariana Grande concert at Europe’s largest indoor arena…22 people, including children, were killed and many more were injured…ISIS has claimed responsibility…President Trump, who has highlighted the evil of Islamist terrorism on his first overseas trip, delivered a passionate speech this morning during which he called on “all civilized nations” to unite against terrorism and “obliterate this evil ideology”…Silver has gained 12 cents to $17.26 while the U.S. Dollar Index is relatively unchanged, trading around temporary strong support at 97…the euro set a 6-month high against the dollar today as the latest economic data from the bloc made for encouraging reading, especially in Germany…

2. Oil prices are up slightly this morning despite the announcement of a White House plan, in its just-released budget, to sell off half of the nation’s 688 million barrel Oil stockpile from 2018 to 2027 in order to raise $16.5 billion and reduce the deficit…the budget is only a proposal ($3.6 trillion in spending cuts over the next decade in a dramatic rethinking of the role of government in the American economy) and the final version will likely look quite different after the House and Senate start playing with it…WTI is up 11 cents to $51.24 as of 7:00 am Pacific…OPEC, led by Saudi Arabia, and other participating producers will meet Thursday and are expected to extend the period of their pledge to cut output by 1.8 million barrels per day from just the first half of this year to all of 2017 and the 1st quarter of 2018…

3. The price of Bitcoin has soared to a new record high today of $2,249 (U.S.)…yesterday marked the 7th anniversary of Bitcoin Pizza Day, widely considered to be the first transaction using the cryptocurrency…if you bought $100 worth of Bitcoin on May 22, 2010, you’d be sitting on around $72.9 million today (seriously)…a number of factors are responsible for Bitcoin’s rise, from increased trading in Japan (recently passed legislation allowed retailers in Japan to begin accepting Bitcoin as a legal currency) to debates over the future the Bitcoin’s underlying technology…

4.  A revised mining code that the Democratic Republic of Congo’s government will present to parliament imminently is the same draft proposal introduced to legislators in 2015 and opposed by industry, Mines Minister Martin Kabwelulu has confirmed…a proposed revision of the 2002 mining code was approved by the government in March 2015 and introduced to parliament, but never debated…planned changes include increasing profit takes to 35% from 30%, raising the government’s free share of new mining projects to 10% from 5%, and hiking royalties on Copper and Cobalt by 75% to 3.5% from 2%…the Chamber of Mines at the Federation des Entreprises du Congo, the country’s biggest industry group, opposed the revisions when they were submitted to parliament in 2015. “It would spell disaster for both the Copper and Gold-mining sectors,” the FEC said at the time in a position paper on the new code…the mining and Oil sectors account for about 95% of export revenues for the DRC…Congo’s Copper production jumped more than 20% in the 1st quarter of this year as commodity prices recovered…the Chamber of Mines expects annual production to hit about 1.5 million tonnes in 2018, up from around 1 million in 2016…

5. The Venture has posted back-to-back strong weekly advances as it begins to gain traction again above 800…the Index is up another 3 points at 810 through the first 30 minutes of trading as Canadian markets return to action following yesterday’s holiday…there are no spectacular movers on the Venture so far this morning…the TSX has climbed 58 points while U.S. markets are mixed in early trading…

6. IDM Mining (IDM, TSX-V) released robust assay results this morning from its first 6 underground core holes for the 2017 season at the Red Mountain Gold Project, 15 km east of Stewart…to date, 23 underground drill holes have been completed with current drilling focusing on areas up to 300 m north of NI-43-101 resources, proximal to historic high-grade intercepts…highlights of the first batch of holes released this morning include 25 m @ 6.1 g/t Au and 37.7 g/t Ag (infill); 5 m @ 8.8 g/t Au and 53 g/t Ag (AV Zone step-out); 6.2 m @ 12.9 g/t Au and 48.8 g/t Ag (AV Zone step-out), and 1.8 m @ 19.2 g/t Au and 35.6 g/t Ag (AV Zone step-out)…all intervals are true width…

7. Cobalt Power Group (CPO, TSX-V) has commenced a Phase 1 drill program at its Smith Cobalt Property near Cobalt, Ontario…the 1,800-m campaign has 4 main objectives: 1) Expanding the company’s knowledge of the geological setting of known veins that extend from the Deer Horn mine onto the Smith Property; 2) Extending the strike length of those veins from the historic Smith underground workings toward the southeast; 3) Confirming the values from muck pile sampling; 4) Making initial determinations of grade and thickness of the Cobalt and Silver-bearing veins…BMR site visit coverage of the district is scheduled for next week with a strong focus on Cobalt Power plus Castle Silver Resources (CSR, TSX-V)…

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