Check back later today for an additional post and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,286 and $1,296 so far today, touching a 4-week high…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,292…Silver has added 9 cents to $16.75…Copper has climbed another 3 pennies to $3.29 while Nickel and Zinc are both up slightly at $5.47 and $1.49, respectively…Crude Oil is flat at $59.61 while the U.S. Dollar Index has retreated one-tenth of a point to 92.92…
2. Copper prices are up for the 16th consecutive session, marking the industrial metal’s longest winning streak ever, according to FactSet data dating back to 1984…robust demand from China has propelled Copper to its highest level since July 2014 with prices up 30% for the year…reports that China’s largest producer, Jiangxi Copper, has been ordered to halt output for a week to curb pollution have fueled additional gains in this final trading week of 2017…
3. Gold is also finishing 2017 on a powerful note, rallying for 7 straight sessions and pushing above its 50, 100 and 200-day moving averages (SMA’s)…bullion is benefiting in part from a recent dip in U.S. 10-year bond yields while the sputtering U.S. Dollar Index is down more than 9% so far this year, on course for its biggest annual loss since 2003…over the last several years, Gold has experienced a strong run during the 1st quarter of the year and there’s every reason to believe that trend will continue in 2018, meaning +$1,300 Gold can’t be far off…with so many investors heavily focused on Bitcoin/blockchain and marijuana stocks, there’s also ample room for fresh speculative money to pivot into high quality Gold and other stocks in the metals space…
4. Another volatile day for Bitcoin as the cryptocurrency fell by as much as 11% before rebounding…South Korea is a major hub for Bitcoin and the latest moves came as the South Korean government announced it would be implementing new rules in a bid to regulate trade in the digital currency…
5. The Dow is up 34 points as of 7:00 am Pacific…both the Dow and the S&P 500 are trading within half a percent of their all-time highs hit on December 18…in Toronto, the TSX has slipped 14 points while the Venture has surged another 10 points to 837 as it draws closer to key 2016-2017 resistance at 850…technically, the Venture hasn’t shown this kind of momentum since 2016 and it seems increasingly likely that a major breakout through 850 is on the horizon…on the CSE, momentum continues to build in Cannabix Technologies (BLO, CSE) after a new all-time closing high yesterday of $2.18…with such intense interest in the marijuana sector ahead of legalization of recreational pot in Canada by mid-2018, it’s not surprising BLO is drawing increased attention as the leader in the development of a much needed marijuana breathalyzer for law enforcement and the workplace…
6. Many mining companies prefer British Columbia because of its generally abundant water supplies, so it’s ironic that Centerra Gold (CG, TSX) has had to temporarily suspend mill processing operations at Mount Milligan due to insufficient water…processing is expected to resume at partial capacity by the end of January and at full capacity after the spring melt, the company says…Centerra reports that last spring and summer were drier than normal, with the water shortage now exacerbated by cold temperatures that produced a greater-than-expected loss of water volumes in the tailing storage facility due to ice formation…year to date, the Mount Milligan mine has churned out approximately 225,000 ounces of payable Gold and approximately 54 million pounds of payable Copper…
7. Another bullish sign for the Venture entering 2018 is how Crude Oil has been performing…amid robust global demand and rising investor interest, trading in Crude derivatives is booming, with annual Brent and spot WTI volumes hitting a new record this year…meanwhile, there’s no denying China’s continued thirst for Oil as Crude inventories in that country have dropped to their lowest level in 7 years…Oil markets have also been tightened following a year of OPEC and Russia-led production cuts which were started last January and scheduled to cover all of 2018…pipeline outages in Libya and the North Sea have also been supporting Oil prices…
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Would you happen to have a major report on Garibaldi Resources for sale or one in the near future ? I am interested in separating fact & fiction and I understand you guys are the ones to read for true unbiased reporting.
Comment by Bob — December 28, 2017 @ 8:00 am
We’re working on something that will open many more eyes, Bob…
Comment by Jon - BMR — December 28, 2017 @ 8:04 am
Sounds interesting Jon, I’m sure we’ll hear more from Regoci shortly leading up to roundup.
Comment by Laddy — December 28, 2017 @ 10:58 am
Jon, now I’m really curious. I have owned and followed GGI story since the teens and thought I knew everything there is to know up to this point. What could you be working on that will open up many more eyes? Hmmmmm.
Comment by Dan1 — December 28, 2017 @ 2:39 pm
Could we also get an update on GIII as well, pretty please.
Comment by Shawn — December 28, 2017 @ 4:36 pm