Gold has traded between $1,241 and $1,249 so far today…as of 12:25 pm Pacific, bullion is up $2 an ounce at $1,245…Silver is off 2 pennies at $16.42…base metals are strong today, led by Zinc which has jumped nearly 4% to $1.19…Copper has added 4 pennies to $2.59 while Nickel is up 8 cents to $4.06…Crude Oil (updated charts in today’s Morning Musings) is off 86 cents to $42.65 while the U.S. Dollar Index is down one-fifth of a point to 97.54…
Standard Chartered has upped its Gold forecast, saying there is a greater probability of the precious metal ending the year at $1,300 an ounce than $1,200…
“We believe prices are more likely to breach $1,300/oz than test the downside by year-end,” the report said, listing expectations for a more dovish U.S. rate-hiking trajectory for 2018-19, less likelihood of sharply rising 10-year U.S. Treasury yields, and a view that India’s goods and services tax on Gold is likely to be a temporary administrative hurdle rather than have a structural impact on demand…
Potential risks for Gold, the bank said, include the Federal Reserve’s balance-sheet reduction, slowing inflation, India’s demand being affected beyond administrative risks, and intense selling from Gold ETF’s if the yellow metal were to breach the $1,200 level…
The legendary Frank Giustra says “helicopter money” is coming back…the Fed has backed itself into a corner, Giustra told Kitco’s Daniela Cambone in an interview, which means it might be time for quantitative easing to make a comeback. “They’ll continue to talk about normalizing rates and they’ll find excuses not to,” he said. “I think the next accident that happens – whether it’s a stock market crash because stock valuations are at all-time highs now and we are ready for a major correction there – any event that causes crisis in the system will be met by further easing and another version of QE.”
In today’s Morning Musings…
1. Cobalt hits a new 9-year high – where to from here?…
2. Big news just out on the northern Ontario Cobalt Camp…
3. The Venture did something important today that it hasn’t done since the new bull market began in early 2016…
4. Time to bearish or bullish on Oil?…
5. Daniel’s Den – DD returns Monday with Daniel on week-long site visits (B.C. and the Yukon)…much to report beginning next week!…
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Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
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