Gold has traded between $1,163 and $1,179 so far today…as of 8:50 am Pacific, bullion is down $10 an ounce at $1,166…a support area to watch is $1,160 as we pointed out over the weekend…Silver is off 19 cents at $15.71…Copper is off a penny to $2.35…Crude Oil has slid 76 cents to $45.53 while the U.S. Dollar Index is up marginally at 94.94…
HSBC’s senior analyst remains “moderately optimistic” regarding Gold’s direction…in an interview with Kitco News at the London Bullion Market Association (LBMA) conference in Vienna, Jim Steel said HSBC’s average price forecast for the yellow metal stands at $1,160 an ounce, with a year-end forecast of around $1,205. “Next year, our average is $1,205, which takes us to a year-end of around $1,255,” he added…
Investors have added to holdings in Gold-backed exchange-traded products in 7 of the past 8 days…assets rose fractionally to 1,545 tons as of yesterday, the highest total since July according to data compiled by Bloomberg…global ETP holdings hit a 6-year low in August…
In today’s Morning Musings…
1. Updated chart shows critical price area that WTIC needs to hold…
2. A long-term look at the Canadian dollar’s performance under different federal governments the last few decades…
3. A quality 2-cent junior exploration company with a bright future…
4. Two updated company charts that show favorable accumulation opportunities…
Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…
Speaking of DBVs PP, hopefully Farshad will be able to add some court costs and damages to DBVs bank account if the courts award any money. As others have mentioned, sure would be nice to know where DBVs share price would be sitting today if it wasn’t for the illegal blockade.
Comment by ChetBaker — October 21, 2015 @ 8:52 am
Jon , it would be interesting to see the $CAD chart overlayed with a price of oil chart.
So true , Canada is a resource based country yet the very things that give us financial well being are being blocked in every way by so called environmentalists. The protesters who fly and drive their cars to protest rally’s to stop pipelines , heavy oil projects and mines all fuel up in order to get to their destinations. NIMBY
Comment by Les — October 21, 2015 @ 9:04 am
Chet – Let’s not forget the holes DBV would have completed in the last four months. Chad Day makes my blood boil but getting any money out of him for damages will be like squeezing water out of a stone.
Comment by Les — October 21, 2015 @ 9:10 am
The short on EQT from the northern miner was showing 899,000 as of the other day.
Comment by dave — October 21, 2015 @ 9:40 am
Every time WRR gets a little fling going, the sellers step up with their offers.
Comment by dave — October 21, 2015 @ 9:49 am
Absolutely Les, I try not to think about the lost potential with DBV either, makes me furious as well. And you are probably right, the only damages DBV will see are in the share price, not in awarded money from Chad Day and Co.
Comment by ChetBaker — October 21, 2015 @ 9:53 am
Really like the way ggi is trading, ITG, who are those clowns?
Comment by Martin — October 21, 2015 @ 10:03 am
EQT… is there a possibility that Hardy is as one poster suggested a promoter?? which brings me to a legal point… that IF massive sulphides were observed in the core would they HAVE to be announced as such??
I am starting to get a really uneasy feeling about this…. the stock was trading at 15 when the 2nd PP was announced at a discount.. went up to 20 as they were trying to close the deal(s)…
I have seen this before, and have been caught in this web as well…
and then Dave is talking about well if they dont hit…. but yet the cheerleading has always been that will hit in the first hole etc….
just thinking out loud all… and no disrespect Dave … but some things arent adding up as such… any other comments??
Comment by Jeremy — October 21, 2015 @ 10:11 am
I don’t believe Dave ever said they would hit on the first hole. This is nickel they are looking for so it is a little more elusive. Assays are Sent to the lab so how do you know there hasn’t been a hit of some sort?
Comment by Dan1 — October 21, 2015 @ 10:24 am
Martin, wait for the news that GGI has drilling underway. That will be the first leg up in SP. News from Mexico will be the next legs up. Final news in this saga of GGI history will be the results from Grizzly. Regoci is a good strategist and this will be borne out in the next 2 – 3 months.
Comment by Tom UK — October 21, 2015 @ 10:49 am
The question you have to ask yourself is whether folks like Everett Makela are also promotional. I have to say that I also have been having doubts about the PP and the way it has been handled. My view is that Makela and his colleagues value their reputation at this stage in their careers so they won’t get involved in the usual highjinks.
Comment by Gary — October 21, 2015 @ 11:01 am
Dan1.. while I dont have the energy to debate the first hole stuff… the intent of the comments made (and in all honesty I may be ‘borrowing’ something from Stockhouse) was that of a ‘cant miss’ thingy…
and since no news as such.. I know as much as you do Dan… I posted to allow for the possibility of a CEO trolling as such.. right or not.. it is something that is not new.. so we all need to keep our collective ears to the ground as such…
thats was the reason for the post …
Comment by Jeremy — October 21, 2015 @ 11:10 am
pistol bay mining pst.v acquire a 100% interest in an additional 40 claims from zimtu capital corp in this newly acquired property will be added to the garland peninsula group
Comment by kelly — October 21, 2015 @ 11:19 am
Jeremy – No disrespect taken here. I repeatedly said that it was rare to hit on the first hole, especially nickel. Never did I say they would hit on the first hole. NOR, is this a done deal. My cheer leading is merely an optimist on the play as Jon is also. I started mentioning that it was rare to hit on the first hole about a week ago after drilling started. Those who gave some thought to that idea might have made the decision to sell some of their trading positions and take some off the table. History repeats itself here and it is never wise to have an entire position that you rode up for profit to leave it all in just prior to drilling news.
HOWEVER, I can’t come on this board and say “SELL, SELL”. This would be improper of me or Jon or anyone to speak out and tell people how to trade their money. My comments over the last week about the odds on hitting in the first holes were generic insight to give thought about what one wants to do with their position.
I am still high on this stock and this project and I feel they have the right property and team on the ground to make a major discovery. I have no problem still cheer leading them on as I feel something is going to develop.
Comment by dave — October 21, 2015 @ 11:22 am
Tom, my feeling is some king of update tonight and they are drilling in the right stuff as we speak, accumulation going on
Comment by Martin — October 21, 2015 @ 11:24 am
Dave- glad.. cause none meant… My memory as swiss cheese as it is… and the first perception was from weeks ago.. not recent… and the drop after the ‘non-release’ of visuals caused me to revisit the chart and saw what I saw.. hindsight thats all:) just made me wonder… go jays go..:) and I sincerely hope for a reversal of fortunes on the venture really soon!!!!
Comment by Jeremy — October 21, 2015 @ 11:46 am
Jeremy – I’m with you on venture reversal. Unfortunitely I think the Jays and Cubs days are over. I will pre-maturely say go Royals.
Comment by dave — October 21, 2015 @ 11:51 am
World series is what I meant.
Comment by dave — October 21, 2015 @ 11:51 am
At this moment we have 4 holes on 4 different anomaly ????? I hope we have better chance on the next other anomaly !
Comment by Guy Delisle — October 21, 2015 @ 12:28 pm
I sold all my EQT shares today. Maybe I panicked and will regret it but something just doesn’t add up. Not to say I won’t buy back in but until we get some results my money has much safer places to sit.
Comment by Ted — October 21, 2015 @ 1:01 pm
My take is that once the placement is closed another update will be far less opaque and shed more light on what the most recent news release isn’t telling us.
Comment by Treb — October 21, 2015 @ 1:18 pm
Ted – I hope you made some money. That is all that counts on any trade.
Comment by dave — October 21, 2015 @ 1:32 pm
Red is for vampires, green is to line our inner wallets.
Comment by dave — October 21, 2015 @ 1:32 pm
I almost sold my EQT but canceled my sell order when I saw it bounce mid morning. I also think things aren’t adding up and I’m starting to lose faith in Hardy……its starting to look like other juniors (most recent one I can think of is VGD) with a lot of hype and no substance. I think Hardy might have prematurely over promoted this. The first red flag was the “over subscribed PP” which they are have problems closing?? If they didn’t have the team they have on site I wouldn’t be a shareholder right now and I would own more DBV right now. If hardy doesn’t deliver he will look like a promoter and the market will punish EQT and his future plays. I had high hopes for this play and so far its not off to a good start imo. Luckily DBV will help increase my “retirement” fund soon and will take my focus away from EQT.
Comment by DDD4 — October 21, 2015 @ 3:20 pm
Ted … I feel your uneasiness…. as for that turn coat Dave.. oh forgot he is from Atlanta… who did we trounce for the WS in 92??? oh yeh… chop chop:)
Jays showed character .. more than I can say for most junior mining CEO’s:) who’s that guy from Rainbow??? oh and Dellaire??
Dave – what happened in Oz??? just asking..:) any rumors??? or could it be more rumors!! from Hardy I mean… and dont forget I am a very tainted venture ‘investor’ .. which was my first mistake.. investing is for quality companies like banks… not for venture stocks… big and expensive lesson for me!!!
Comment by Jeremy — October 21, 2015 @ 4:07 pm
Treb- post 21 is also a reason why I hesitated. I will give them another few weeks to prove themselves as a trustworthy play and not just another venture pump & dump.
Comment by DDD4 — October 21, 2015 @ 5:07 pm
EQT has it started drilling in the best anomaly?
Comment by Guy Delisle — October 21, 2015 @ 5:14 pm
Jeremy, oh your killing me – chop chop. I’m a cubs fan being from Chicago so I’m use to failure in baseball. After all, the Titanic sunk 4 years after the cubs last world series win. But the cubbies are back and will do well over the next few years with Theo as their GM.
Oh Hardy, yes, I’m sorry. (I love rhymes). I am hearing that hardy never had intent to announce any kind of sulphides and to let the assays do the talking. So, with 173 sent to the lab, it could be a good indication they are onto something. After all, why would they spend money on so many samples to the lab. That would not make sense. Second tranche of PP has to close by Monday. I guess we will have to wait and see. I think that 173 samples being sent is encouraging.
Comment by dave — October 21, 2015 @ 5:22 pm
Somebody, somewhere, make a major discovery already. I would like to come up to Canada next year after my house sells and meet some of you BMR guys. Notice I said some, hahahaha
Comment by dave — October 21, 2015 @ 5:25 pm
For 2000 meters DBV send to the Lab 762 samples !
Comment by Guy Delisle — October 21, 2015 @ 5:43 pm
Dave – u not from Atlanta right now??? and so sorry for the cubbies… I do remember that fan who snatched victory … man that was hurtin man!!!! I saw it and I was in so much pain for the cubs fans… so close..
Comment by Jeremy — October 21, 2015 @ 6:03 pm
I am going to take a stab at what EQT may have hit. It is possible that they hit hydrothermal graphite. They are conducting petrograghic analysis on the samples. Guess what Zen did on their first NR after discovering the Albany Graphite deposit. Here is the link. Guess what they were targeting before hitting the world class graphite deposit. Here is a part of theNR.
geophysical targets will be tested by year-end.
In one of the recent drill holes four separate and extensive brecciated zones have been intersected consisting, predominantly, of variably sized granite gneiss clasts set in a fine grained black matrix of, among other minerals, graphite with trace to 1% pyrite and pyrrhotite locally. A full chemical and petrographic analysis will be completed to determine the economic significance of these newly discovered breccia zones. Breccia pipe formations are often associated with mineral deposit of varying types around the world.
Another hole, just completed, intersected a coarse grained layered mafic-ultramafic intrusion (norite-gabbro) containing 1-3% pyrrhotite and trace amounts of local chalcopyrite. The observed cumulate textures and mineralization is encouraging given that Zenyatta is targeting new magmatic sources of nickel, copper, and platinum group metals related to the Mid-Continent Rifting. This validates the original theory upon which the Albany Project was based.
zenyatta.ca/article/press-release-176.asp
Comment by Dan1 — October 21, 2015 @ 6:11 pm
Jeremy, I’m in Atlanta now, but originally from Chicago. Not really a die hard braves either. Blue Jays are ok, I will pull for the American league team in the World Series. Not really a fan of N.Y. teams.
Comment by dave — October 21, 2015 @ 7:12 pm
Dan – EQT hit hydrothermal graphite. You are good. Congrats on solving the puzzle.
Comment by dave — October 21, 2015 @ 7:17 pm
Jeremy, ya the cubs had it that year until the fan snatched the out away. I forget his name, but I think they made him move out of Chicago and he is barred from entering the city. Has anyone noticed the fan in Kansas City that sits behind home plate with a Marlins jersey on. I heard that he wants the team to pay him a million bucks and he will stop wearing the jersey. It’s amazing he hasn’t been roughed up in the alley.
Comment by dave — October 21, 2015 @ 7:35 pm
Jon, what is your opinion on eqt after their update?
Comment by Seamus — October 21, 2015 @ 8:05 pm
Dan – I have to agree with Dave. Very good!
Comment by Gary — October 21, 2015 @ 8:34 pm
Nothing has really changed IMHO, Seamus. First, we all knew coming into this that Garland is a big swing for the fences, geologically, with a chance for a home run or a strikeout. It’s still very early in the game. Smart and determined group behind this, and they will not allow themselves to be embarrassed. They’ve raised a substantial amount of money which, as we’ve stated previously, helps de-risk the play.
Dan brings up a very valid and thoughtful observation tonight. Have they perhaps stumbled on something unusual? There is that possibility – the geology of the region supports that. I’m sure they’ve learned a lot from these first 4 holes, even if none of them intersected any massive sulphides. By closely examining the core, their knowledge of the Garland camp is increasing greatly. From a market standpoint, it’s obvious that this play has a lot of support behind it, and that’s important. They’ll need to find a way to bring some excitement into the picture fairly soon, and I’m sure they understand that. If you think EQT will be a bust if Garland doesn’t work out the way they were hoping, you’ve underestimated the people behind this deal and they will surprise you very quickly with a Plan “B”.
Comment by Jon - BMR — October 21, 2015 @ 8:41 pm
Any new charts for WRR? Building? Breaking out? Moving to a new level?
Comment by Ed — October 21, 2015 @ 11:30 pm
This may be far-fetched, but kimberlites have petrographic
characteristics, wouldn’t it be ironic if EQT came up with
what D Fields was originally looking for!
Comment by Bob — October 22, 2015 @ 2:31 am
WRR is looking better, Ed- it would just be nice if Michel actually started drilling as opposed to just talking about it. Once that confirmation comes, then this should gain more strength.
Comment by BMR — October 22, 2015 @ 4:47 am
EQT-Insider buying yesterday, 3 transaction totalling 35000 shares.
tmxmoney.com/TMX/HttpController?GetPage=SearchInsiderTrade&Language=en&Submit=Submit&QuerySymbol=eqt&x=26&y=14
Comment by Treb — October 22, 2015 @ 5:09 am
Bob – yes, that would be funny. Keep in mind that it was never Hardy’s intent to give away what is being seen in the rocks as he wants the assays to do the talking. EQT went down because “massive sulphides” were not announced and that’s what retail was hoping for, and if you ask me it is plain silly to expect this on the first few holes. They may or may not ever announce that, but 173 samples is a lot of samples to pay money for to have assayed. They aren’t coming up with dinosaur bones here.
Comment by dave — October 22, 2015 @ 5:13 am
Nice numbers from NexGen this morning…
Comment by Jon - BMR — October 22, 2015 @ 5:39 am
yes, and a gap up from yesterday.
Comment by dave — October 22, 2015 @ 5:44 am
Dave – whew at least I remembered where you live:) when the jays complete the comeback it will be good to have u on board..:)
Comment by Jeremy — October 22, 2015 @ 5:51 am
Jon – IF massive sulphides were in the visuals, would they HAVE to report legally??? thx mate
Comment by Jeremy — October 22, 2015 @ 5:51 am
I don’t believe so, Jeremy, unless it was deemed to be so significant by the company’s geologists that it may represent a material change…in other words, a long intersection of massive sulphides that would clearly suggest an early discovery…
Comment by Jon - BMR — October 22, 2015 @ 6:33 am
Jeremy – Yes, beat those nasty mets.
Also, I agree with Jon, anything seen at site is not material. Although some do report a large discovery, not all are mentioned. I think it would come down to whether or not Hardy felt it would somehow not stay in camp. That’s my take on it.
Comment by dave — October 22, 2015 @ 6:39 am
GGI – I don’t get it. ITG has been selling it for the last 3 days, and today they buy and bump it up. Crazy house.
Comment by dave — October 22, 2015 @ 7:36 am
Strange…obviously could be different individuals, Dave, or otherwise…someone realized they may have made a mistake when they sold. ITG has been on both the buy and sell side over the last number of months with GGI…
Comment by Jon - BMR — October 22, 2015 @ 7:43 am
GGI- someone moving shares from investment account to TFSA and taking the tax loss? I did the same with DBV a long time ago…..hit the bids to take it down for a bigger tax loss and rebought the shares under my TFSA account.
Comment by DDD4 — October 22, 2015 @ 7:49 am
Good point, DDD4, as such activity does occur, but this appears to be American trading thru ITG IMHO…and you’ll notice, GGI is more active today on the OTC…so it’s the Yankees buying this up. Canadians better catch up.
Comment by Jon - BMR — October 22, 2015 @ 8:04 am
Have you heard anything from the Grizzly in the last 48 hours Jon?
Comment by Tom UK — October 22, 2015 @ 8:12 am
All we’ve heard, Tom, from contacts in Telegraph Creek is that the drilling is indeed underway as the company said it would be…again, if it looks like a duck and quacks like a duck, it’s a duck…you’re dealing here with an emerging mining camp and they have geological, geophysical, and geochemical signatures over Grizzly Central (and elsewhere) that are quite profound and similar to those observed on the adjoining Hat discovery to the east (and the Star porphyries)…drill hole success ratio in the district is about 70%…GGI is drilling on trend with the heat engine and has a bulls eye target…yes, I do like the odds here – they’re as good as they get in drilling a grassroots property.
Comment by Jon - BMR — October 22, 2015 @ 8:24 am
Freeport copper production cuts and additional ECB stimulus announced. DBV going up. Today is a good day.
Comment by ConcernedCitizen — October 22, 2015 @ 9:07 am
Jon
so GGI is definitely drilling? Seems Regoci would have put something out stating that?
thanks
Comment by Greg — October 22, 2015 @ 9:16 am
Greg, unless our contacts up in Telegraph Creek are telling a Fib., yes, the drill is turning. That being the case, I’m sure we can expect to hear from GGI shortly. Regoci announced they would be drilling beginning mid-month, so it looks like he’s doing exactly what he said he would be doing.
Comment by Jon - BMR — October 22, 2015 @ 9:20 am
Thanks Jon it just seems like it would be a good idea for GGI to officially announce that they started drilling? the NR on the 9th stated they would start next week which would have been last week, so just to clarify that they started I think would be a good idea and probably give the stock price a bump too…
Comment by Greg — October 22, 2015 @ 9:25 am
Thx Jon.. and Dvae,, just give us the chance to trounce anything from New York.. too bad Wall STreet doesnt have a team in there… would love to step all over them like they do us small fries… and then make them buy the beer!!
Comment by Jeremy — October 22, 2015 @ 2:19 pm