Gold has traded between $1,240 and $1,253 so far today…as of 9:00 am Pacific, bullion is down $9 an ounce at $1,246…Silver, which is now starting to outperform Gold, appears ready for a breakout this week…it’s up 6 cents at $15.84…Copper is a penny higher at $2.31…Crude Oil has added 66 cents to $40.10 while the U.S. Dollar Index has rallied one-tenth of a point to 95.19…
$16 is the key level for Silver to push through and that could occur as early as this week given John’s latest charts which we’ll be sharing in today’s Morning Musings…
HSBC on Silver: “Up to now, Silver failed to keep up with the Gold rally. Part of this may be due to producers streaming or selling Silver forward to raise cash. This increase may have weighed on prices. Longer term, this may be positive because future production has already been sold. Also, Silver coin and bars are becoming increasingly competitive with Gold coins and bars and may see greater demand.”
The popularity of Gold exchange-traded funds has been a “cornerstone” of the metal’s rally this year, according to HSBC…SPDR Gold Shares, the largest Gold ETF in the world, reported an increase in holdings last Thursday of nearly 12 tonnes to 807.09, a jump of 1.5% in 1 day…holdings rose that much again on Friday to 818.98 tonnes, according to data on the ETF’s website. “Even if ETF holdings do not keep increasing at this rate, we believe the recent accumulation is enough to lend some support to prices,” the bank says…
Indian jewellers called off a 19-day strike over the weekend after the government apparently assured them that they will not be “harassed” by the excise department in collecting a new tax, whatever that means…jewellery sales in India have fallen since the start of the year due to higher Gold prices and as consumers delayed purchases in hopes for a cut in the import duty in the budget…this has forced importers to offer discounts up to $50 per ounce to clear inventory….India’s Gold imports should now start to rebound after dropping in half in February to $1.44 billion from $2.91 billion in January…
In today’s Morning Musings…
1. The most reliable Gold chart there is…
2. Opportunities in the Dominican Republic and Nicaragua…
3. Updated chart for the Venture’s most active stock this morning…
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…
Doe anyone know how many shares Regoci owns? Or other management for GGI?
Comment by George — March 21, 2016 @ 9:50 am
Management holds about 17%, George, which works out to more than 10 million shares.
Comment by Jon - BMR — March 21, 2016 @ 11:46 am
Can anyone suggest any rhyme or reason for Bankers Pet (BNK.TO) which now has a buyout offer on the table for 2.20 trades at 1.70ish???
like would you mortage the house and buy 200K of this stock cause you are gonna make 25% ‘guaranteed’..??? am I missing something here?
Comment by Jeremy — March 21, 2016 @ 1:17 pm
Nice to see the venture climbing. Big announcement from feds tomorrow. I hope (but doubt) they announce something for the ROF. Canada needs these jobs!!
Comment by tony t — March 21, 2016 @ 1:58 pm
Jeremy, that usually happens when investors think there is is higher chance that this deal won’t go through…? Like MMT
Comment by George — March 21, 2016 @ 3:24 pm
George.. understood… but it seems so ‘right’ tho… maybe its the albanian gov who may not allow transfer of ownership of assets etc… may make some sense mate
Comment by Jeremy — March 21, 2016 @ 5:47 pm
Jon: i am going to clip Clive Maund’s latest post again for you here:
clivemaund.com/gmu.php?art_id=68&date=2016-03-21
Comment by STEVEN1 — March 22, 2016 @ 4:50 am
Thanks Steven1…it’s always good to look at a different opinion, and no disrespect to Clive because I enjoy reading his material, but I’ll stick with John’s Gold charts which have proven to be remarkably accurate…I believe we’re in a fundamentally different market for Gold now, which doesn’t negate the possibility for a modest pullback, but the support lines are very, very strong…the Venture is also a good indicator for the state of the Gold market, and not once in the past 15 years has the Venture not enjoyed a positive year when March has been powerful…a good year for the Venture bodes well for Gold and other commodities…
Comment by Jon - BMR — March 22, 2016 @ 5:12 am
THANKS….MIKE SWANSON AGREES WITH YOU GUYS HERE: Gold has had a huge rally this year from around $1050 an announce towards $1,300 an ounce to break through it’s 200-day moving average and complete a stage one base.
So gold is now in the beginning of a bull market.
That means gold is the place to move money to make money, because the big trend is up.
This is all that is important now for gold.
Today’s news means nothing for gold in comparison to the big trend.
Comment by STEVEN1 — March 22, 2016 @ 5:24 am
Wow…nice results from CXB just out…53.7 METRES GRADING 10.47 G/T AU AT CERRO AEROPUERTO…definitely a buy at the open on those #s…if you look at the chart we posted yesterday, 13 cents should be the new support with an anticipated confirmed breakout above that Fib. resistance…next Fib. resistance is 18 cents…
Comment by Jon - BMR — March 22, 2016 @ 5:41 am
GGI – So what are they up to now. Is the CEO just kicking the can down the road to continue to collect a paycheck or do they actually want to drill and make something happen?
Comment by George — March 22, 2016 @ 7:49 am