Gold has traded between $1,261 and the low $1,240’s so far today…as of 9:15 am Pacific, bullion is down $6 an ounce at $1,255…Silver is up 2 pennies at $15.34…Copper has added 4 cents to $2.24…Crude Oil has rallied $1.50 a barrel to $38.00 while the U.S. Dollar Index has fallen one-quarter of a point to 97.00…
Today’s Gold action is very encouraging with another test of strong support in the immediate vicinity of $1,250 and near the top of a pennant the metal broke out from last week…
Gold is enjoying its best start to a year since 1974, according to data from Bloomberg…the rise is being fueled by holdings in exchange-traded funds backed by the metal which are already up 18% in 2016, increasing at the fastest pace since 2009…investors bought into the funds for 18 straight days through Monday, the longest spree in 5 years which was finally interrupted by some outflows yesterday…
The exodus from Gold-backed ETP’s which began in earnest in 2013 was a very bearish sign for the metal back then…likewise, the rush back into these ETP’s has to be considered a bullish omen for 2016…negative real interest rates in growing number of economies around the world have made Gold a more attractive investment, and that trend is likely to continue…the goal of negative rates is to deter institutions from storing cash in banks and to flush that cash out into alternative investments, spurring the economy, growth and inflation while discouraging upward pressure on currencies…how effective that approach will be remains to be seen…
“Gold does well when central bankers appear to be losing control, and in the present environment that means signs that deflation is getting a grip,” said Matthew Turner, a precious metals analyst at Macquarie Group Ltd. in London…
The Bank for International Settlements (BIS) – known as the central banks’ central bank – is warning there’s a “gathering storm” in the global economy, in part caused by governments around the world running out of monetary policy options…in two separate notes, published March 6, BIS economists highlighted the fragile global economic backdrop and said negative interest rates could become a reality for many more countries as central banks search for ways to stoke real growth and battle issues like low Oil prices…monetary authorities in about two dozen countries around the world have dropped policy rates below zero to try to revive economies…the Bank of Japan adopted negative rates this year, joining counterparts in Denmark, the euro area, Sweden and Switzerland…about $7.9 trillion of sovereign debt also offers sub-zero yields…
In today’s Morning Musings…
1. Cannabix Technologies (BLO, CSE) remains strong after a significant technical breakout – updated chart…
2. The junior Gold stock with nearly $20 million in the bank that could make a lot happen in 2016…
3. What does the Venture seasonality chart say about March?…
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…
22 Comments
Dave – FMS.. owned for a while.. have an inside track here.. many roadblocks with the CEO change.. and funding.. so not sure why the move..
but I have been hoping that funding would be forthcoming.. will check with my track coach!:)
ANyone have any idea why PGX is bhaving in the way that it is??? just odd.. but thats like a bunch of the ‘V’ stocks…
FMS.. seems Tesla may have been poking around…
Does anybody know if DBV are going to be at PDAC this week?
PDAC – ended at noon today
Jeremy – Thanks, fms has had quit a run, I won’t touch it this high. It was just .08 at start of month. I got my eyes on a couple ready to pop
Jon
any thoughts on the financing LAD just completed?
thanks
Brent Cook commented on Market Call Tonight. Basically he said the deposit is good grade and fairly continuous over 350 meters. He is interested in the area o the south west where it appears it dips into the hillside. He said this would really make this a deposit if that’s the case.
A quote from Orex’s Whiting in an interview this past weekend where he indicates that this may actually be the case. He said the mineralization tends to dip gently into the hillside. To me that is very telling. Keep your eye on results from hole # 15 as this is where this hole is collared and their drill diagram points out that results pending from that hole.
Dave – pray tell??
agree on FMS.. but I am typically not a trader – I suck at it.. but hoping that the FMS story has some long term legs..:)
Dan1
Which company are you speaking of above?
Thanks
Wow! Looks like it’s going to be a wild day.
Gold again finds great support in the low $1,240’s, Laddy, even with a big jump in the dollar…every dip in Gold is being bought…ECB’s further easing today demonstrates how desperate these central banks are getting. How Gold finishes the week will be interesting, leading into the upcoming Fed meeting. The greenback appears to be near its high-water mark, so it wouldn’t be hard for Gold to take off again under these circumstances…
GGI – So where are the metallurgical results that were imminent?
Yes I’ll agree, it won’t be long for gold to hit 1300, just makes one wonder what these people are thinking, this kind of thing doesn’t work.things are correcting already.
A lot of short positions are still out there, in the senior Gold stocks and the metal itself, Laddy…sets up the possibility for a major short squeeze…greenback is getting clobbered after its initial spike on the ECB news…
Greg, talking about CLZ and REX.
Anyone hear anything from DBV? PDAC has come and gone, was hoping maybe Farshad would have something for us by now.
ELT News
Electra Stone to market, sell LYG Anlan jade products
2016-03-10 09:10 ET – News Release
Mr. John Costigan reports
ELECTRA STONE LTD (TSXV:ELT) ENTERS INTO JADE AND STONE MANUFACTURING LETTER OF INTENT
Electra Stone Ltd. has entered into a letter of intent arrangement with LYG Anlan Company Ltd., an established jade and construction material manufacturer and distributor in China. Under the terms of the letter of intent LYG will design and manufacture jade and other semi-finished products for Electra that will be marketed and sold through LYG’s consumer network and new channels developed by Electra. This arrangement, if completed, would represent a milestone for Electra. The establishment of a manufacturing hub for jade products within China has been a key company focus since entering into the B.C. nephrite jade sector.
As part of the arrangement the company has added Kim Chen to its advisory board. Mr. Chen is a principal at J.L. Arts and Crafts Co. Ltd., currently producing over 150,000 products annually in its facilities, mostly made with B.C. jade. Born in Taiwan, Mr. Chen started his first carving and manufacturing company in the 1960s, he immigrated to Canada in the 1980s, and started to mine B.C. jade and other semi-precious carving stones under his own company, Kim Mining Co. Ltd.
Tony Hu, vice-president of investor relations and marketing, states: “We are privileged and excited to have Mr. Chen as part of the Electra Stone team. With over 50 years of knowledge and experience, Mr. Chen provides critical expertise and insight into the global jade and other semi-finished products market, an essential component of Electra’s successful development in China moving forward.”
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
GQC – high volume day.
BFF – bids building, yippee
GPH -news, volume, but I don’t chase.
BUY LOW – sell high, and you can ALMOST never go wrong.
Why can’t I find one that triples in less than 2 weeks like FMX.
Looks so easy when its done. But who would have thought of buying it at .08 on the 1st of March. Especially looking at the chart it had then.
Chet I have heard DBV news was possibly delayed until next week but just a rumour.
Thanks for the reply Jamie, let’s hope next week is good to us then.