Gold, headed for its first weekly advance since October, has traded between $1,057 and $1,090 so far today after touching a nearly 6-year low yesterday just beneath $1,050…as of 10:00 am Pacific, bullion is up $22 an ounce at $1,084…Silver is 47 cents higher at $14.55…Copper is up 2 pennies at $2.10…Crude Oil has lost $1 a barrel to $40.02 while the U.S. Dollar Index has added more than one-third of a point to 98.41 after yesterday’s steep decline…
Holdings in Gold-backed exchange-traded products fell for an 11th straight day yesterday, underscoring the extent of the oversold conditions, dropping 2.7 metric tons to 1,470.79 tons according to data compiled by Bloomberg…assets are at the lowest level since February 2009 – a bullish contrarian sign…
This morning’s U.S. employment report clears the way for the Federal Reserve to raise short-term interest rates by a quarter-percentage point at its December 15-16 policy meeting, ending 7 years of near-zero rates…the jobs numbers came in right as expected by Wall Street analysts – a robust monthly 211,000 increase in payrolls in November, with upward revisions to previous months, and an unemployment rate steady at 5%…Fed officials projected in September the jobless rate would finish the year at 5%, meaning their forecast is on target and setting the stage for them to initiate the first rate hike in nearly a decade, even though inflation remains subdued and below the central bank’s target…speculation of a rate hike has been a huge “overhang” in the Gold and commodities markets since the summer of last year, and a boon for the U.S. dollar…getting this first rate increase out of the way will set the stage for improved sentiment in the commodity space going into year-end and through Q1…
Crude Oil Output
News reports are saying that OPEC has agreed to roll over its policy of maintaining Crude production in order to retain market share and raise its output ceiling…OPEC had been widely expected to stick with its year-old policy, despite pressure from poorer members of the cartel for a cut in output to prop up prices…OPEC supply rose in November to 31.77 million barrels per day (bpd) from 31.64 million in October, according to a Reuters survey, based on shipping data and information from sources at Oil companies, OPEC and consultants…looks like business as usual from OPEC – production cuts will need to come from outside the cartel with attention turning back to U.S. producers…
In today’s Morning Musings…
1. The “Saudi Arabia of Lithium” – Bacanora Minerals’ (BCN, TSX-V) Sonora Lithium Project…
2. A long-term chart demonstrating why a big rally is brewing in the Venture…
3. Updated U.S. Dollar Index and euro charts after yesterday’s important trading action…
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…
In case anyone missed yesterday’s post by me, I encourage you to read my post #36 and #37.
Comment by dave — December 4, 2015 @ 11:51 am
By the way, RYU has about 1 million left to chew through from the old CEO that wants out of his paper. This is one to watch and can move up quickly after he is out. This is a quality company with some of the finest fitness wear. It is getting noticed and should become very popular. This is a company generating revenue and has some huge Vancouver money behind it.
Comment by dave — December 4, 2015 @ 12:11 pm
ELT – speaking of heavy paper out, there ya go. 3 pm it started. Whether its the short to call list or warrants, it usually starts around 3 or first hour in morning. Back when GGI dropped to .05 with sprott, that was more prevalant at the open in first hour.
Comment by dave — December 4, 2015 @ 12:33 pm
Will BMR be including a visit to the Hat when they do their Sheslay visit to GGI??
Thanks
PS
DBV core pics on the PowerPoint are a thing of beauty
Comment by Don — December 4, 2015 @ 2:30 pm
Don, we’re the only ones in our space who have ever visited the Hat Property, and that was in the spring of 2014. Any district visit cannot go without a visit to the Hat, so we eagerly look fwd to a return there. Our next visit is district-focused and obviously events at Grizzly Central, plus the adjacent Kaketsa pluton, demand specific attention.
Comment by Jon - BMR — December 4, 2015 @ 2:46 pm
ELT – cant Kyler and the Zimtu group shift some focus around and get ELT thru their woes while we wait for Kyler to straighten out what’s amiss at EQT. He was able to bring some volume to the table before the drilling started, should be easier to attract attention when there is cash being generated.
Comment by david — December 4, 2015 @ 3:16 pm
Good to hear
I’m very optimistic that Farshad will be there wearing a Santa “Hat” with a water cut Rum & Eggnog and fruit cake fresh from the day old section of the bakery for you both, and likely a few surprises to put in your stockings.
Merry Christmas everyone & God Bless
Comment by Don — December 4, 2015 @ 3:36 pm
Jon – Big thanks for your ETF recommendations and your batting average so far. I must admit that I was a little unsure about buying back into HGU this time around, but I did on Tuesday, and what a great day it had today! You recommended DUST in the past and it worked out great so I was wondering if you guys ever do TA on NUGT and/or JNUG as they can hand out some pretty nice profits if you get them in the right direction. Thanks.
Comment by DBReese — December 4, 2015 @ 4:04 pm
This is it!
http://goldminingandprospecting.blogspot.in/2011/02/association-of-gold-and-magnetite.html
?
Comment by Martin — December 5, 2015 @ 10:12 am
Martin
could this part of the article be what GGI is on to?
“Gold bearing magnetite may be found in massive deposits where the gold is often invisible to the naked eye with the gold often being disseminated throughout the entire deposit of magnetite. The lower bodies in this type of deposit can be presented as one in particular, tubular or more rarely as sheet deposits.”
Jon what do you think?
Comment by Greg — December 5, 2015 @ 12:41 pm
David – that sounds like a plan for Kyler on both. I agree. ELT has a lot of muscle in it and it can go higher, But then I look at that chart and put the brakes on. If John gets a signed contract in China, it will go higher, my contacts are also speculating .14 for a run. EQT – the wait is almost over. This coming week or next week. The real problem with EQT is you won’t get the volume right before the news. If we see a day with heavy trading this week it will be TA based just like when it ran to .14 – Kyler has an ordered clamp down on any leaks.
Comment by dave — December 5, 2015 @ 2:05 pm
This is highly encouraging to me Greg, plus the scale of it!
Comment by Martin — December 5, 2015 @ 2:08 pm
Well I truly hope GGI or EQT hits a major discovery. Lets get This Venture going again. I own EQT and do not own GGI, and that’s not a lie.
Comment by dave — December 5, 2015 @ 2:25 pm
Greg, the geological processes created by Kaketsa have made a lot of things possible at Grizzly Central, including what you’ve just cited. One thing we do know, from the core photos and the descriptions, is that the magnetite in some instances in these holes (even #5 way off to the east) has also oxidized into hematite which is likely significant. It’ll be fascinating to see how this all plays out, and what Kaketsa has cooked up.
Comment by Jon - BMR — December 5, 2015 @ 2:52 pm
Dave can I just say how impressed I will be if EQT comes out with great assay results without having had any leaks. I have yet to find a junior where something doesn’t leak and I will be first in line to applaude Hardy if he succeeds in keeping a lid on something good!
Comment by Jamie — December 5, 2015 @ 3:14 pm
Amen Jamie!
Comment by Greg — December 5, 2015 @ 3:23 pm
Jamie, trust me, he will. His left hand man is one of my contacts. He has been told, sorry, wait for the NR. It’s Hardy’s way which is the correct and professional way.
Comment by dave — December 5, 2015 @ 4:15 pm
Oh, this is for 02charoc . I could not help but comment on this and I hope you see this post. There is never an advantage to rush nickel assays. For one, the labs are at minimum staff, but mostly many times errors can occur by the labs when a rush is put on. Things get missed especially with nickel core. You gave the inclination that you are involved with a mining company. I don’t know how such, but I believe Hardy is doing everything right. I do not want to post my suspicion on the delay because I don’t want it posted on SH, and second, if I’m wrong, I don’t want any fingers pointed at me. If me and my friends suspicion are correct, it’s going to get very interesting in Labrador.
I’m hoping that I am right, so we wait for the assays and then I will explain. Oh, I don’t have a clue, if I did I would tell everyone to back up the house. I would never want anyone on this board to lose more than they can afford too. As I have mentioned, I call it how I see it.
Comment by dave — December 5, 2015 @ 4:28 pm
ooops, meant back up the truck, but the house would be fine too.
Comment by dave — December 5, 2015 @ 4:30 pm
Dave does ELT have a good chance of signing a deal?????
Comment by brian — December 5, 2015 @ 5:33 pm
Hi Jon, I saw under ‘STRATEGY’ on the GGI web site that they talk about they own 6000000 shares of Paramount Gold and Silver….do you know if they still own the shares ?
garibaldiresources.com/s/Investors.asp
Thank you
Comment by Sylvain — December 5, 2015 @ 6:33 pm
Brian – I think so, but there is always that chance. I had a 30 minute conversation with the CEO the Friday before Jon brought it to BMR. It doesn’t take long (at least for me) to tell when your dealing with a straight shooter. The conversation was very interesting. I should note that this trip was set up for China 2 weeks from now. Of coarse they would have still been back here before xmas for the holiday. The CEO said he was going to issue a NR about the trip and a CA in place. I called this past Thursday cause I had another question for him. I was shocked to find out he left for China on Tuesday. I told the guy that he said he wasn’t leaving for 2 weeks. Turns out on Monday the China firm called him and asked if He could leave NOW. So they booked the next flights out. I’m sure those were pricey tickets as 3 members from the company went to China. You can say that is a good sign. They probably got into China Thursday with the time difference, so I would expect news sometime this coming week. If they secure something from China it will make the stock rise, if not it will drop. The stock price is not at a bottom and there are many stocks that will hit bottom in the next couple weeks. But if they secure something, no matter how high the stock rises and corrects, long term they will be a revenue producing company with insane profit.
Comment by dave — December 5, 2015 @ 7:21 pm
I should mention. CRS expecting flow rates Monday or Tuesday. Oil very high risk/high return. Once again, I am liquid on it for now until I see flow rates. Anything 400bopd and up and she’s gonna go up. Below this, its a market gamble. If NR comes pre-market open and its lower than 400 bopd, the key is whether it has sustained its gain and green after 10:30.
Comment by dave — December 5, 2015 @ 7:34 pm
It’s getting late here on the eastern time zone and I don’t know how many will see this post but its time for me to talk EQT and Kyler. I’m sure he would love to tell his best friend, maybe his favorite broker what they have and say hey we got a hit here. People don’t understand that he can’t and must say nothing to nobody. This company has been put in the limelight from the first NR back in Feb. This company, the team, the land, the Vtem, has been in the spotlight of everyone in Canada and some big people in the U.S., actually the world if you include Europe, China and Aussie. How many times do you see a company get this kind of press coverage and newsletter writers with their articles long before drilling even begins. You can probably call a prominent newsletter writer up in Canada and give them a stock symbol and they will tell you they have never heard of the company. Ask them about EQT and believe me they know about it. The TSX exchange even has their eyes on this thing and I am sure Kyler’s every move. He can not afford this kind of a scrutiny with the exchange and chance any king of a wash trading or fall into a negative limelight. He knows the situation, I know the situation, and its time you know the situation. The magnitude of a hit at the Garland and why things are being handled this way. One only needs a small position in this stock, because a major hit is going to be major money. If this stock is .15 and they announce a major discovery, it’s not going to .30 and stopping. Yet, if they miss, the loss is small with a small position. This is just smart trading knowing the magnitude of what will happen with a major hole. It only takes a little to line your pocket well. There is billionaire type money just waiting on this one. I am sure the team and Kyler must feel some pressure right about now making sure nothing gets out before hand. I believe we will know 2 weeks or less, and lets hope for something spectacular.
Comment by dave — December 5, 2015 @ 8:07 pm
Dave – I never gave any inclination that I was involved in a mining company as I am not…where did you get that info?
Not to be rude you say a lot and say nothing at the same time. You sound like a politician.
Good luck to us all.
Comment by 02charoc — December 5, 2015 @ 8:34 pm
Dave. Your post #24 finally explains to us why you sold 94% of your holdings!! With all due respect, you really do some like a politician more and more with each posting. Thanks for all your I informative posts especially #24 ;-)))
Comment by Jeff — December 5, 2015 @ 11:19 pm
Dave-P.24.Strongly agree with your post,EQT has put themselves under the microscope
which can be a double edged sword. The lab results will go to one person, the 43-101
qualified, E. Makela. He will interpret the results, and prepare a NR for KH to approve
and forward to TSX-V. If there were any leaks by drillers or lab ( who have confidentiality
contracts signed) they at the least would not be invited to do further work, and could be
sued for breach of contract. Those invested are inclined to be positive towards results, you
can be sure that they had a very, very good idea what they sent to the lab- between A. King,
E. Makela and an XRF, looking at core. The lab is independent, and only their results are
acceptable to the exchange and investors. My bias is positive, but only the lab results matter now…GLTA
Comment by Bob — December 6, 2015 @ 4:02 am
Sylvain, When Coeur Mining Ltd bought out Paramount Gold I believe at that time GGI held 726,300 shares of Paramount Gold.
Comment by Robert — December 6, 2015 @ 5:38 am
I would agree, Bob, I think you’re bang-on with that assessment. I also go back to what I’ve been saying for a few months now – I believe there is a “Plan B” for EQT, and we will see it rolled out, no matter what the results are for Garland. “Plan B” would have been conceived before the drill even started turning at Garland, given how grassroots/early stage of a project that is. The market is a forward-looking machine, and it knows there’s a boatload of flow-through paper (17 million at 10 cents) that is free-trading beginning around the middle of January. So Hardy needs a solution for that, and it will probably have to involve more than just Garland. He has no control over the latter, in terms of results. He has full control over the former. I’m confident he’ll deliver, and maintain the enthusiasm for this play.
Comment by Jon - BMR — December 6, 2015 @ 6:07 am
02charoc – picked up on you being involved in mining from your post on SH.
Jeff, I didn’t know you lived with me. Would really like to know where you come up with this 94% number when you have no idea what I own or sold.
Comment by dave — December 6, 2015 @ 8:14 am
GGI – as of July 31.15 – they had 38,501 shrs of Coeur and 16,245 of Paramount Gold that in the kitty. It didn’t say if there was any restricted stock , but since it didn’t say, I would suspect not
Comment by david — December 6, 2015 @ 10:53 am
Thanks to you Robert and David
Comment by Sylvain — December 6, 2015 @ 12:09 pm
Dave, someone posted it on SH!!
Comment by Jeff — December 6, 2015 @ 12:57 pm
Dave, excellent post on EQT and Kyler. You are correct about the eyes on EQT and how careful Kyler and the whole team are; not to leak anything. Even though there are no leaks, there are clues that give us some indication that they are onto something at the Garland. The fact that insiders are big participants in the PP, no insider selling, leaving the drill on site, etc. These are all positive indicators, and the tone of Kyler’s voice in the interview with Korelin a couple of weeks ago also keeps me believing. I played this stock very well with your TA help and BMR’s recommendation not to be too greedy and to take profits at resistance. Like you, I have enough EQT left to make some serious coin if they hit. If they don’t, I will have still made a profit with EQT.
GLTA
Dan
Comment by Dan1 — December 6, 2015 @ 1:39 pm
Dan1, my sentiments exactly. Always take some profits to protect your capital and don’t get too greedy. I have sold the bulk of my EQT and in the same position you are in, have a little left just in case. As someone posted earlier I would have enormous respect for EQT if they do hit because they would have done a phenomenal job of keeping it quiet. Usually the market has a way of finding out these things.
Comment by Danny — December 6, 2015 @ 2:26 pm
EQT being secret. No kudos req’d, that’s the way its supposed to be for everyone. Lots do it. But lots don’t have the hype that went into this one before a drill turned. Leaving the drill on site is being cheap + smart.
Drillers aren’t in high demand, so rigs can probably be left right now and extracted later,cheaper and started faster if warranted. Labs wont be leakers. drillers are always purported to be leakers, but I never see them slapped if that’s the case and ill bet more than a few of them have been caught up in visuals that are duds, so they too learn their lessons.
Comment by david — December 6, 2015 @ 2:46 pm