Gold has traded between $1,162 and $1,173 so far today…as of 10:00 am Pacific, bullion is unchanged at $1,167…Silver has added 20 cents to $15.88…Copper is up 2 pennies at $2.37…Crude Oil is relatively unchanged at $45.28 while the U.S. Dollar Index has surged more than a full point to 96.28 after ECB President Mario Draghi sent a stronger signal today that the bank is prepared to expand its already massive bond-buying program…
Draghi said policy makers will make a fresh judgement on whether they are providing enough stimulus when they next meet in December…in a news conference, Dragi stressed the “downside risks” to both economic growth and inflation arising from slowing growth in China and other large developing economies, as well as weak commodity prices…he said the ECB’s governing council would review its stimulus programs at its final meeting of the year, when the central bank’s economists will provide new forecasts for growth and inflation. “The degree of monetary policy accommodation will need to be re-examined at our December policy meeting when the new…projections will be available,” he stated.
Goldman Sachs continues to insist that the Fed will raise interest rates this year, beginning in December followed by a further 100 basis points of increases over 2016…they added that the shift in U.S. monetary policy will hurt Gold. “The Fed’s rationale for wanting to start the normalization process is straightforward,” analysts including Jeffrey Currie (the Goldman Gold Bear) said in a report…in their view, labor-market slack has diminished substantially, the link between slack and inflation is stronger than widely believed, and the funds rate is far below the longer-term equilibrium rate, so they need to get started well before the economy is back to normal…
In its report released this morning, Goldman forecasts that bullion will retreat to $1,100 an ounce in 3 months, $1,050 in 6 months and $1,000 in a year…other firms have recently issued a very different view on Gold, though the outlook from Goldman is similar to expectations from Barnabas Gan at Singapore-based Oversea-Chinese Banking Corp., ranked by Bloomberg as the top Gold forecaster in the 3rd quarter…Gan predicts bullion will fall to $1,050 based on the Fed tightening this year…if that doesn’t happen, Gan says prices may climb…
Festive demand for Gold in India is off to a tepid start with local prices still at a heavy discount to the global benchmark – a bad sign for a period when buying is typically strong…though sales picked up this week with the onset of the festival season, demand was lower than usual, retailers said, even as jewellers splashed newspapers across the country with ads promising good deals and discounts…
In today’s Morning Musings…
1. Extreme readings of investor positioning may bode very well for the broader equity markets going into year-end…
2. NexGen Energy (NXE,TSX-V) delivers more stellar drill results from its high-grade Uranium discovery…
3. On the Gold front, two juniors and two Canadian producers who could all finish the year on a very strong note…
4. A long-term comparative between the Canadian dollar and Crude Oil…
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…
GGI – there is an American site that has a “Hyperspectral Response on 3D satellite imagery” map on the site. Looks interesting.
Comment by dave — October 22, 2015 @ 9:16 am
nevermind – that was on their Mexico property.
Comment by dave — October 22, 2015 @ 9:23 am
Great chart on the correlation of oil and the $ . Thanks Jon
Comment by Les — October 22, 2015 @ 9:28 am
Cmon GGi. Get something going here. We need to break this 0.14 level. Who is selling at these prices.
Comment by 02charoc — October 22, 2015 @ 10:57 am
Hi guys iam new here and new in the stock market too.I wish i had found this site a week ago before investing all the money.
Iam very tempted to subscribe to BMR. Anyone can tell me if is worth it?
Anyway i bought half GGI, half GQC and few shares on SGC.My question iam little sceptical on Goldquest and Sunridge.Any thoughts on the companies?
Comment by Michael — October 22, 2015 @ 11:33 am
Wow the market is certainly telling us something about EQT. Yikes!
Comment by Jamie — October 22, 2015 @ 12:39 pm
I am looking forward to seeing the commencement of drilling and following results from GGI. Some results from Mexico are sure to make an appearance as well.
In the meantime, Cordoba Minerals V.CDB (& Robert Freidland) have just picked up the Al Alacran operating mine (CU, AU). A drilling program will start mid November. Historical inferred resource of 37M tonnes at 0.62% Cu and 0.40 g/t Au. Cordoba just updated their corporate presentation as well.
cordobaminerals.com/i/pdf/Presentations/Cordoba-Presentation-2015.10.pdf
Comment by Andrew — October 22, 2015 @ 1:40 pm
Michael , lots of very up to date information on many stocks and the markets on the BMR Gold subscription.
Comment by Les — October 22, 2015 @ 2:15 pm
Jamie – actually it had a decent day. It does have a chance of touching .11 or .12, but do you really think its going to stay there. We always talk about having a core position and a trading position. My core at .07 remains. The next couple of days presents a wonderful opportunity to buy back much lower.
Jon – “If it looks like a duck and quacks like a duck, it must be a duck. Great saying, however, we are getting to that season where if its a turkey, we eat it. Hahahahaha, just kidding Jon.
Comment by dave — October 22, 2015 @ 2:22 pm
Dave, for weeks and weeks you have been saying the PP is closing tomorrow, it’s closing in a few days, I have inside info closing soon. Now price is done, it never closed and you are changing your tune. Unless this is a different person writing these board messages all the time. Very confusing and distracting.
Comment by George — October 22, 2015 @ 4:16 pm
Hi Michael, you have to nice stock in hand, GQC as solid geolocical team, experience management, a high grade mine in the making plus exceptional exploration upside. GGI is my favorite exploration play, in mexico you have Roradero, Iris and Tonichi witch represent about 620 squares km of highly prospetive assets. In Canada of course you have the grizzly, msn and red lion. They are all excellent porphyry prospect.
Go on bigcharts.com, draw yourself decade charts of each stock, sit back, relax and enjoy.
Comment by Martin — October 22, 2015 @ 4:26 pm
Dave I bought EQT because I saw a great chance at a homerun, so no I don’t see it staying there unless every hole came up empty..LOL I only have a longer term core position in this one at double your price. I was a little late to the game doing my DD on this one…but hopefully better late then never! No choice but to let the program unfold and show me the assay results when ready. I don’t think the sell volume has been near large enough to reflect bad news leaking out of camp so I attribute this to nervous investors expecting immediate results. I have other thoughts as well but will wait to PP closes to discuss as I think more news needs to come out first.
Comment by Jamie — October 22, 2015 @ 4:30 pm
Jamie… yup…. maybe our worse fears are coming true… maybe it WAS all hype just to get the PP’s done… if they dont come up with anything I think it tanks…
guess no beer and wings eh Dave!! at least not yet…
trouble I have is how far do you let it ride and drift…. I have read a few other reports on EQT and they are very positive.. but in our McDonalds want it now society one wonders.. all it takes is on bonehead to sell 30K at market to drive it down 4 cents…
Technically it is supported by a rising 100 day… but no quick dough being made.. maybe the shorts knew all along???
you wait or you bail… or buy more:) ok so not likely!!
Comment by Jeremy — October 22, 2015 @ 6:13 pm
Michael, im early subscriber to BMR (pro. version)….. meaning i got in cheaper than your going to. As been said, lots of information on markets and stocks in general,information that if you new what your doing would for free anyways, somewhere on the net, if you knew what your looking for. It was my choice place to go before it became a subscription service (information,again). There track record is pretty good ,i’d say more wins than losses. But then in some cases it is up to you to make the win/profit on the stocks mentioned (notting go’s up for ever ), and pull the plug when you feel its right, lets face it , a bank give’s you 1% plus on your coin,don’t be greedy. Have been a pro member for a month now, to be honest, I’m still thinking if it’s good money spent. I do find that a day later after the days post, material is, or seems to be open to everyone (i could be wrong? )But i would say check it out for a week or two.They are good and i am invested in some of there choice’s (some stock i already was in, but the DD from these guys was good ) So just take your time, it is of course your $. There are other subscripts out, and there big$$$$ and they have there loser picks .I like these guys and the comments that follow. Im here for my 6months/subscription, i hope they make me money to pay it offend much$$$$more.
Comment by bigbear — October 22, 2015 @ 6:58 pm
I’d like to bring to your attention my new favorite play. LTE.C. This stock has started to move off its bottom and running hard. This is a very low floater. 27M outstanding with insiders owning 37%. Rumours of big contracts coming. Thursdsys trading range was .83-.91 closing high of day. Check out Level 2! Good luck @BigRig_Trader
Comment by BigRig — October 22, 2015 @ 9:32 pm
Oh. I also picked up SLC.V @.26 today. Also check out Level 2 tomorrow. Traded 2.5M shares today after it hit its bottom @.245. Cheers.
Comment by BigRig — October 22, 2015 @ 9:34 pm
The only way to protect yourself playing the juniors is to have discipline. I used to get a newsletter many years ago called the Fagan report and the one thing Brian Fagan said that stuck with me is that “the money is made in the buying”. I have tried to follow that. You can’t chase these plays no matter how good they might look. If the easy money has been made already then I look for the next play. Fortunately I was in EQT fairly early and have sold 3/4 of my position as I know how difficult it is to find an economic deposit no matter how good it might look. I think the guys at BMR do a lot of great research which is why I paid for the subscription but that info along with other posts on this board should only be a starting point for your own DD. Nobody should blame others if EQT doesn’t do well from here on in. It is always a crapshoot.
Comment by Danny — October 22, 2015 @ 9:59 pm
What is the latest on Eurocontrol i am bigtime invested in EUO ???
Comment by bernie .p — October 23, 2015 @ 12:11 am
Hi Jeremy, you said “trouble I have is how far do you let it ride and drift”. This is the question we all ask in every stock we buy…at least I do. I always said when buying a blue chip that I would cut my losses at a 10% decline, but with juniors that typically have little volume and high manipulation, I have been unable to be that disciplined. I do like the idea of having a core position and trading position but when I am late to a party like I am buying EQT in the .15-.17 range it is natural to always second guess yourself. The biggest personal mistake I have always made in my investing life unfortunately is to buy a lot of great prospects, watch them go up at some point and then ride them back down. Maybe its greed or falling in love with a stock I have held too long but its a bad habit that Ihave to overcome. That’ it for my days confessional..LOL
Comment by Jamie — October 23, 2015 @ 5:35 am
eqt – hardy sold 62500 shrs at .22 and then bot back the same day at .19, which is a great thing for flippers, not so great when CEOs appear to be timing the mkt, or worse, becoming the line in the sand for defence of the stock.
that’s something for IR + others to do, not the CEO. Goldies exercise of options , on the other hand is a vote of confidence IMO, as long as we don’t see a sale posted one of these days for the same shrs.
Comment by david — October 23, 2015 @ 5:51 am
EQT- and Hardy will be putting that money and a lot more into the PP which will be filed today.
along with all the other money he has put into PP’s, vote of confidence again.
Comment by murf — October 23, 2015 @ 6:05 am
David – that was an indirect ownership transaction. I dont believe “flipping” was the reason for that “trade”. We owns alot of stock I dont see him trying to make $1800 on a trade.
Comment by George Charocopos — October 23, 2015 @ 6:26 am
Hey Jamie… no worries man .. u are not alone here… many of us bought into stories and pumps only to find out that it was smoke and mirrors.. and if they werent, its then the wait for a week when the results come out or something or someone spouting something to keep you engaged…
the collapse in the venture is unprecedented and we can hope that it is broken for good.. but greed will come back…
holding onto a stock waiting for what was promised which never materializes is our big mistake… and the day traders are ruthless.. they dont care about anything except for making their pennies each day…
We have here Dave who brought the story here and continues to support the claim that it is worth our money and efforts. He may truly be right but we tend to not do as much DD as maybe we should.. but he does he know more than the rest of us as such..?? but we think he does… thus we need to make the exit plan… regardless of what we THINK may happen.. we have to respond to reality not perception..
and if Murf is right that the PP gets closed today then we might be out of the mire and the stock can react to the normal speculation..
WHat I have learned in losing as much as I have is that it isnt greed but our belief that we were right and all should be good and then we fail to recognize when it is wrong and hang onto a bad story… noone wants to think they were wrong… its an emotional thing..
and very hard to get rid of.. and we are at that point here in the whole complex… have we found a bottom or close?? and of course if you believe we have then a rising tide may lift all boats… or maybe not…
so we hope for better days ahead.. but if it doesnt happen we will still hold on for better days ahead.. thus the ride down… we need to get more aggressive with the exit plans..
Just sharing:)
Comment by Jeremy — October 23, 2015 @ 6:51 am
Yeah you said it Jeremy, being more aggressive with exit plans on all my stocks is certainly something I need to do..but the trouble is I have been saying that for years..LOL The buying part is certainly the easiest part of the equation 🙂
Comment by Jamie — October 23, 2015 @ 7:08 am
Sweet new drill hole map just posted on GGI site in Grizzly section. Maybe news by Monday?
garibaldiresources.com/i/maps/Grizzly/DDH-1-Location-&-IP-Inversion.jpg
Comment by Max — October 23, 2015 @ 7:30 am
WRR- Over a distance of 96 meters of drift 42.23 meters of sample were sampled and give a content of 23.85 gr./tons weighted calcul
Comment by Guy Delisle — October 23, 2015 @ 8:04 am
EQT- The PP will get filed today but when it closes we can only assume,
could be Monday.
Comment by MURF — October 23, 2015 @ 8:17 am
Interesting chart/map on GGI Max. Is there anyone here versed in what it says that might want to explain it to the masses? Thanks.
Comment by Treb — October 23, 2015 @ 8:44 am
Treb, what we’re looking at here are VERY high chargeability readings…up to 70 mv…20, 30 or 40 would be considered very good…and you can see that it’s a broad chargeability high, covering a nice distance….this likely corresponds with a mag high, flanked by geochemical anomalies….the sweet stuff could be found in the heart of this structure, or on the flanks of it…this is the type of district signature that’s classic….I can see why GGI was so determined to drill…
Comment by Jon - BMR — October 23, 2015 @ 8:55 am
Thanks Jon. What other types of mineral deposits would give off these types of readings, factoring in the co-incident mag highs and geochemical anomolies? I hope what I’m asking makes sense.
Comment by Treb — October 23, 2015 @ 9:02 am
Treb, the chargeability high would indicate pyrite, perhaps intense pyrite given the readings…the mag high would of course indicate magnetite…hopefully hydrothermal magnetite…graphite can give a very high chargeability response, but there’s no known graphite in the Sheslay district…chargeability highs have all been related to pyrite which obviously of course can carry gold or gold and copper…or this could be a pyrite “cap” above a strong zone of mineralization…magnetite is a very positive sign as that is seen in all mineralized structures in the district…
Comment by Jon - BMR — October 23, 2015 @ 9:15 am
Excellent Jon. Thanks for the lesson.
Comment by Treb — October 23, 2015 @ 10:11 am