5. Oil prices continue to push higher following yesterday’s agreement by OPEC and other major producers to extend output curbs until the end of 2018 to try to further reduce the global Oil glut…OPEC and some non-OPEC producers led by Russia have agreed to keep current limits on output in place until the end of next year, although they signaled a possible early exit from the deal should prices rises too much…the CEO of Russia’s top private producer Lukoil told Reuters that should the Oil market overheat, both OPEC and its allies will release new production to rebalance it…the Oil market is unlikely to overheat, he added, thanks to cooperation between OPEC and its allies which would allow them to release new output…meanwhile, there is also rising U.S. production which has been a thorn in OPEC’s side, undermining the impact of its output curbs…U.S. Oil production hit a new record of 9.68 million bpd last week, according to government data released this week…
Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,272 and $1,279 so far today…as of 7:00 am Pacific, Gold is off $1 an ounce at $1,273…bullion traded between $1,265 and $1,300 throughout November, its narrowest monthly range in 12 years…such low volatility can often preceded major moves…Silver is off a dime at $16.31…Copper is flat at $3.06 while Nickel has reversed higher, adding 4 pennies to $5.09…Crude Oil has climbed another $1.26 a barrel to $58.66 following yesterday’s successful OPEC meeting while the U.S. Dollar Index is up one-tenth of a point at 93.14…
2. The Senate GOP bill, expected to pass in a vote that could occur later this morning, would add $1 trillion to U.S. debt even after accounting for economic growth generated by the tax cuts – that’s according to the Joint Committee on Taxation, a “nonpartisan” group of experts, who released their figures yesterday afternoon as lawmakers hotly debated the tax bill on the Senate floor…other groups, including right-leaning Tax Foundation and Koch Industries, put out statements questioning several of the assumptions in JCT’s modeling…one thing’s for sure, though – Washington still has a spending problem which means the current trend of rising federal deficits is going to continue (bullish for Gold)…
3. New York Fed President William Dudley, a voting member of the FOMC, sees no “irrational exuberance” in the equity markets: “This is an above-average economic environment, and in an above-average economic environment I would expect asset values would be above average as well,” he stated in an interview. While policy makers need to be “more alert to overheating in terms of the real economy,” Dudley says the financial system is also more resilient to shocks today than it was before the 2008 financial crisis…of course, Fed officials have been consistently wrong about inflation (or lack thereof) for several years now…
4. The U.S. Commodity Futures Trading Commission said this morning that it would allow two major Chicago exchanges to launch bitcoin futures…today’s announcement paves the way for the start of bitcoin futures on CME Group and Cboe Global Markets in the coming weeks – a potentially huge step in the evolution of the digital currency, making bitcoin easier for Wall Street banks and small investors alike…CME said its bitcoin futures would launch December 18…Cboe said it would shortly announce the start date for its new bitcoin contract…
6. After soaring nearly 700 points the last 3 sessions, the Dow is off slightly through the first 30 minutes of trading this morning…in Toronto, the TSX is down 22 points while the Venture is 1 point lower at 788…yesterday’s runaway volume and price gain leader Calyx Bio-Ventures (CYX, TSX-V) touched a new multi-year high of 42 cents in early trading following news yesterday regarding its cryptocurrency business…A.I.S. Resources (AIS, TSX-V) has commenced exploration activities in the Salar de Quiron (newly-acquired Chiron Project) in Salta, Argentina…the company has planned an intensive program of sampling, mapping, geophysics and drilling for the period December through March and plans to complete a NI-43-101 compliant study by the end of Q1…simultaneously, the company is also fast tracking its Guayatayoc Project to the north in the province of Jujuy…Metallis Resources (MTS, TSX-V) has named Dr. Abdul Razique as its Chief Geologist as MTS builds out its team in light of developments in the Eskay Camp’s new Nickel Corridor…First Cobalt (FCC, TSX-V) has closed its merger with Cobalt One…First Cobalt is now the largest land owner in the northern Ontario Cobalt Camp and owns the only Cobalt refinery in North America permitted to produce battery materials…First Cobalt issued 0.145 of a First Cobalt common share for each Cobalt One ordinary share…in conjunction with this transaction, the company has reconstituted its Board to include Paul Matysek, Bob Cross and Jason Bontempo…Trent Mell, President & CEO, commented: “Over a very short period we have created the largest Cobalt exploration company in the world, controlling almost half of what we believe may be the most prospective Cobalt district outside of the DRC. We intend to pursue an aggressive exploration program in 2018 while continuing to assess other growth opportunities.”
7. Datametrex AI (DM, TSX-V) has firmed up this morning on news that it has entered into a license and partnership agreement with ABC Solutions, a software and services provider for the public, finance and government sectors, to sell the AI platform and DataTap technology…ABC has number of key clients across the South Korean market and sees tremendous potential to capture data and provide key insight to decision makers of these organizations…ABC has a contract with the Korean Tourism Organization (KTO) for their Social Media Analysis, Marketing and Monitoring initiatives for the upcoming 2018 Winter Olympic Games where there will be tremendous amounts of social data to analyze…DM views this an ideal opportunity for ABC to introduce and implement Nexalogy AI solutions. “We are excited to work with ABC and deliver them cutting edge Business Intelligence technology to key clients across South Korea. There are a number of near-term opportunities that we are working on, and we see the accretive nature of this partnership moving rapidly,” said Andrew Ryu, Chairman and CEO of Datametrex AI…
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Any thoughts on the roll back of ggm this morning?
Comment by Mike — December 1, 2017 @ 9:48 am
Hum, appears to be a bit of a slow day for ggi, the calm before the great big storm hits…
Comment by Laddy — December 1, 2017 @ 9:52 am
Castle Silver Resources (CSR) NR on mini bulk samples released:
https://www.castlesilverresources.com/wp-content/uploads/2017/01/Castle-Silver-Resources-Dec-1-2017.pdf
Comment by Arjan — December 1, 2017 @ 9:56 am
fingers crossed the storm delivers more than the shorts are expecting. they are cranky. vol + grade will be the points they want to attack. Angry geodude has already placed the 1st 4 holes in a 3D program for his 2 cents on the size. hopefully all he gets for his opinion is 2 cents
Comment by David — December 1, 2017 @ 10:26 am
Jon do you think GGI will hold its own through the winter heading into next season’s drill program….. wondering if it will drift down towards its 200 day average. Thoughts?
Comment by Weatheritout80 — December 1, 2017 @ 11:24 am
It will more than hold its own, Weatheritout – it’ll keep trending higher IMHO…and of course there could also be a surprise early return to drilling.
We have maintained this all along and I reitterate – Nickel Mountain is shaping up to be one of the great discoveries in B.C. exploration history. The PERFECT geology for that!
Comment by Jon - BMR — December 1, 2017 @ 11:31 am
Thanks Jon…i hold my core position but look for good times to add.
Comment by Weatheritout80 — December 1, 2017 @ 11:59 am
I like the way CSR moved up today and I expect to hear some ” News Flow ” from Frank et al , hopefully sooner than later. It was fun running up the Bid this morning and eventually the first trade happened at .24 so .03 in the old money. Financing News will be a welcome ” read ” . I’ve already done my PP …. Farmer Tom
Comment by farmer — December 1, 2017 @ 3:21 pm
Interesting, e&l photo gallery…. stay tuned.
Comment by Laddy — December 1, 2017 @ 3:42 pm
Hi Jon/John looking forward to the interview with Marc Enright-Morin of AIS. It is looking stronger again since it rebounded off of resistance in the lower 80 cent area. Jon do you think AIS will be trading into the 1 dollar plus region next week or will need more time? John the channel that AIS is trading in currently on the daily chart is this considered a bullish downward flag pattern and breakout would be considered when it emerges from the top of this channel or has it not been long enough to say that it has been in this type of pattern?
Comment by tycoon777 — December 1, 2017 @ 8:02 pm