Gold has traded between $1,217 and $1,233 so far today…as of 10:30 am Pacific, bullion is down $9 an ounce at $1,222…Silver is off a dime at $15.05…Copper has slipped a penny to $2.17…Crude Oil has surged $1.78 a barrel to $37.68 as U.S. Crude stocks unexpectedly fell last week according to a report today from the Energy Information Administration (EIA)…the U.S. Dollar Index has reversed lower this morning, now down one-quarter of a point to 94.38…
“There appears to be enough uncertainty to prop up Gold and the financial markets are no longer focused on the possibility of a near-term Fed rate hike,” HSBC stated today. “This relieves Gold of a major weight, at least for the moment. All this is supportive, but there are a few negatives that may curb or restrain the rally.”
HSBC pointed to Gold ETF inflows that have stopped in recent days after an accumulation of more than 9 million ounces since the start of the year…also, the net bullish position of speculators in the futures market is now so large that “it may be difficult to sustain further increases…the cumulative impact of this leaves us supportive of Gold but cautious regarding further (immediate or near-term) upside.”
Despite Gold’s jump yesterday, holdings in the world’s largest Gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, fell 0.28 tonnes to 815.44 tonnes…the fund reported this year’s first weekly outflow last week…
However, Gold’s technical posture at the moment remains strong while bullish signals are very evident in the TSX Gold Index and the Venture…
Court Orders Chavez To Pay Canadian Miner $1.4 Billion
An arbitration tribunal has ordered the Venezuelan government to pay a whopping $1.4 billion (U.S.) to Canadian miner Crystallex International Corp., saying the state caused all of Crystallex’s investments “to become worthless”…the award relates to the rich Las Cristinas Gold project in Venezuela…Crystallex had a contract to develop the mine, but Hugo Chavez’s government refused to issue a key permit and informed the company in 2011 that the contract was “unilaterally terminated”…no reasonable explanation was provided…Crystallex quickly launched an international arbitration case at the World Bank’s investment dispute centre, and the tribunal finally ruled in its favour this week. “We are pleased that the tribunal has recognized Venezuela’s unlawful expropriation of the company’s investment in the Las Cristinas mining project,” Crystallex chairman and chief executive Robert Fung said in a statement. “The company looks forward to collecting on the award on behalf of all of its stakeholders.”
Unfortunately, the reality is that Crystallex will likely never collect even a cent from the Venezuelan government…this is just another lesson for investors to stay away from companies conducting business in risky jurisdictions, of which there are many, with risk taking different forms (government and non-government)…
In today’s Morning Musings…
1. Cordoba (CDB, TSX-V), Pure Gold (PGM, TSX-V) and GoldQuest (GQC, TSX-V) hit new 52-week highs…
2. TSX Gold Index – ready for another strong push higher?…
3. Blackbird Energy (BBI, TSX-V) takes steps to transition into a producer…
Plus more… to view the rest of today’s Morning Musings, login with your username and password, or click here to register and gain full access to this and other exclusive BMR content and features…
Hi Dave hope all is well. I was wondering if you have any sense as to what may happen with EQT after this deal and the just announced financing are finally announced as closed by the exchange. With money in the treasury and the apparent interest in the stock based on the huge volume seen the last few trading sessions, I would think this sets up well for the stock to move to new levels. I do wonder if the market will be too interested after an initial jolt without a major drilling discovery out east. It will be truly great to eventually be self funding from gold operations but ultimately I am thinking it is a new discovery that will excite markets. Just curious as to your thoughts or anyone else that may have some insight with EQT.
Thanks
Jamie
Comment by Jamie — April 6, 2016 @ 11:42 am
Updated fact sheet for GGI. Should be a news release soon.
Comment by weatheritout — April 6, 2016 @ 1:06 pm
Ggi fact sheet update, is it time ?
Comment by Laddy — April 6, 2016 @ 1:08 pm
GGI – new fact sheet sent out, in lieu of a NR I guess
garibaldiresources.com/i/pdf/GGI-Fact-Sheet-April-6.pdf
Comment by david — April 6, 2016 @ 1:09 pm
Wonder if we get a NR tomorrow? You would think with the statement on the fact sheet.
Comment by Dan1 — April 6, 2016 @ 1:44 pm
GGI – ok – did that fact sheet say nothing more than drilling close to a producing ore body? if so – old news. If they spent as much time doing NR’s as they do pretty fact sheets, heck , we’d have news. attaching trench or grab sample #’s to a NR is a better than another glossy w adjectives
Comment by david — April 6, 2016 @ 2:20 pm
Agree David. If they don’t follow up with something concrete in a NR then it’s fluff. But I believe they will.
Comment by Dan1 — April 6, 2016 @ 2:55 pm
Jon, what’s your take? Let’s be honest here, if that’s all they say 4 weeks after announcing crews were mobilizing in preparation for drilling, it would be a slap in the face to shareholders. Let’s hope they release something like a description of what the drill is encountering or even a few pics.
Comment by Dan1 — April 6, 2016 @ 4:04 pm
The email states GGI pursues second discovery (Gold) and deposit at Rodadero at Mult-target Rodadero Project in Sonora State. The headline also says GGI Drilling Tracks High-Grade Gold Viens.
Comment by Dan1 — April 6, 2016 @ 4:22 pm
Dan1, my take is that this is a simple “heads up” leading to something very significant, that’s my hunch (and probably within a matter of days – you can even detect something different on the chart at the moment). By that I mean GGI drilling into a vein system right off the bat at Rambo. I say that because a) where they are drilling is a Gold-enriched area of Rodadero featuring multiple east-west trending Au-Ag veins that cut across several targets starting at Igualama, La Fortuna and Tarichi, and stretching out 5 km or so all the way to the east to Rambo and Progreso (inlier claims) and probably even further to the east. The fact high-grade ore (Gold, Silver) is being mined at Progeso, immediately below Rambo, suggests to me that the Gold mineralization near-surface intensifies going further east, and that the vein thicknesses also increase; 2) the lead geologist on the ground is a highly experienced individual who discovered the rich Don Ease vein, part of the Temoris option that GGI sold to Paramount for millions and then was eventually acquired by Coeur Mining in its takeover of Paramount. That’s a large deposit going into production, so the Rambo geo (Ray Roripaugh) knows what he’s doing and how to hunt down vein systems. I like that.
GGI has been staying quiet regarding Rambo so far, not even samples released or any other “fluff” as some would call it. Reminds me of right before Silver Eagle – same thing. Regoci, like any CEO, desires to spring the occasional pleasant surprise on investors. That’s what I think this is all about. My position regarding the quality of this land package has been consistent since day 1 and I expect more results will provide additional confirmation. Keep the faith because I’m convinced there are blessings to come and not just from Rambo.
Comment by Jon - BMR — April 6, 2016 @ 6:38 pm
Jon
Nothing surprises me with GGI/Regoci anymore….
appreciate your positive attitude though, lost mine with GGI 2 months ago..
thanks
Comment by GREG — April 6, 2016 @ 7:11 pm
Jon – yes we have had many surprises from GGI
Comment by George — April 7, 2016 @ 3:51 am
It makes sense to be positive when there are reasons to be positive, Greg, and you take away the filter of the market and see what the market doesn’t see. Not taking that approach gave a lot of people a negative attitude regarding Gold and the Venture in late 2015 into January 2016.
Comment by Jon - BMR — April 7, 2016 @ 4:25 am
Adventure Gold and Probe both halted (at the same time) at the open, interesting.
Comment by Jon - BMR — April 7, 2016 @ 4:26 am
News…EQT
Equitas Resources Corp (2)
Symbol C : EQT
Shares Issued 85,499,294
Close 2016-04-06 C$ 0.06
Recent Sedar Documents
View Original Document
Equitas closes final $1.1M tranche of placement
2016-04-07 08:42 ET – News Release
Mr. Kyler Hardy reports
EQUITAS RESOURCES CORP. OVERSUBSCRIBES FINANCING; RAISES $1.5M
Equitas Resources Corp. has closed the second and final tranche of the private placement that was announced on March 4, 2016. This closing included gross proceeds raised of $1.1-million.
The company has issued 22 million units at five cents per unit. Each unit consists of one common share and one share purchase warrant. Every share purchase warrant entitles the holder to purchase one common share at a price of 10 cents for 24 months after the closing.
Combining both tranches, the company issued a total of 30 million units for combined gross proceeds of $1.5-million. Of the 30 million units purchased, over 10.4 million were purchased by insiders of the company.
All securities hereunder are subject to a four-month-and-a-day hold from the closing date. Finders’ fees paid in conjunction with this closing were $31,600 cash and the issuance of 632,000 share purchase warrants exercisable for 24 months from closing at 10 cents per share.
The proceeds received from the units will be used by the company for corporate development, general and administrative costs, and toward the acquisition of a 100-per-cent interest in Alta Floresta Gold Ltd., subject to exchange approval (see news release dated March 7, 2016).
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
Comment by John - BMR — April 7, 2016 @ 4:57 am