Gold has surged past $1,320 resistance on this 1st of July, trading between $1,329 and $1,342 so far today…as of 12:00 pm Pacific, bullion is up $15 an ounce at $1,337…Silver has surged 94 cents to $19.63…Copper is up 3 pennies to $2.22…Crude Oil has reversed higher, up 68 cents at $49.01, while the U.S. Dollar Index has fallen more than one-tenth of a point to 95.75…
Gold will post its 5th straight weekly gain, supported by a weaker dollar and prospects for further monetary policy easing in the wake of Britain’s vote to leave the European Union…there has also been yet another radical Islamist terrorist attack today, a bloodbath in Bangladesh…a group of up to 9 jihadists set off bombs and took hostages while shouting “Allahu Akbar” inside a restaurant frequented by both locals and foreigners in a diplomatic zone in Bangladesh’s capital…
Analysts at Commonwealth Bank of Australia said in a note today that further easing from the Bank of Japan will be forthcoming (bring it on, BOJ!) with the only question being its timing. “The very weak May Japanese industrial production suggests Japanese 2nd quarter GDP ground to a halt or may have contracted,” the analysts said…
Oops…Abenomics can’t be working so well…
Societe Generale raised its Gold price forecasts yesterday on concerns about the ongoing political, financial and economic fallout of Britain’s vote last week to exit the EU (we can think of many other reasons)…
U.S. equity markets are slightly higher in late trading ahead of the July 4th Independence Day holiday…
Unfortunately, Canadian markets weren’t open today but the bulls will be lined up for Monday morning!…
For an important look at Gold in the context of Canadian dollars, and our favorite Canadian producer, click here…
Nail In The Coffin For Northern Gateway?
Good grief, what can of worms is this going to open?…Enbridge and its Oil industry partners saw their faint hope for the Northern Gateway pipeline project dealt a major blow yesterday as the Federal Court of Appeal quashed the permit issued by Stephen Harper’s cabinet 2 years ago…the 3-justice panel concluded that the former Conservative government failed in its duty to consult First Nations prior to issuing a cabinet order approving the $7.9-billion pipeline that would deliver 525,000 barrels a day of Oil sands crude to the West Coast for export to Pacific markets…
Will Canada ever get critical new pipelines built given our liberal judges, climate change fanatics bent on “saving the planet” and certain First Nations who will go against absolutely anything that is proposed?…
First Nations and environmental groups of course celebrated the victory yesterday, but Northern Gateway president John Carruthers said the consortium remains committed to the “critical infrastructure project” and would determine next steps…the companies have signed some 31 aboriginal communities along the route to equity agreements but face a wall of opposition among coastal First Nations, who fear a major spill would destroy the marine environment…
Venture 2-Year Weekly Chart
The Venture’s previous resistance band between the 660’s and 708 is now confirmed new support, so downside risk in this market is extremely limited…with yesterday’s move above 728 (resistance not shown on this particular chart) to a 19-month closing high of 730, and today’s surge in precious metals, the Venture appears set for a robust 1st week of July when trading resumes Monday…
In today’s report…
1. Next Venture near/short-term target – you’ll like it!…
2. Three strong plays in Daniel’s Den…
3. Like it never happened!…
Plus more…click here to find out how to read the rest of today’s report, or login with your username and password…
SAVE 25% with a risk-free subscription (as little as $1 per day) as you gain full access to this and other exclusive BMR content…
