Gold has traded between $1,246 and $1,260 so far today…as of 9:00 am Pacific, bullion is up $19 an ounce at $1,257…Silver has jumped 54 cents to $15.90…Copper is off slightly at $2.11…Crude Oil has climbed another 58 cents to $40.30 while the U.S. Dollar Index has slipped one-quarter of a point to 93.91…
A greenback under continued pressure to start a new week has contributed to another boost in investor appetite for bullion and other assets perceived as safer stores of value in jittery global markets…data on Friday showed hedge funds and money managers cut their net long positions in Gold futures and options in the week to April 5, but those positions are still near 2-month highs…assets in SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, fell 0.22% Friday to to 817.81 tonnes but will probably show an increase after today’s trading…
Standard For Shariah Gold Would Create “Hundreds Of Tons” Of New Demand: WGC
Gold products used in Islamic finance would need to be physically-backed and allocated to the underlying asset, according to a draft of a standard for Shariah Gold being developed as reported by Bloomberg this morning…
“We are almost there” with a final proposal, said Mohd Daud Bakar, a Shariah scholar who is writing the draft for the Accounting and Auditing Organization for Islamic Financial Institutions, the Bahrain-based industry group that sets Shariah standards in finance…a Gold standard will boost demand for the metal as most Shariah buyers can only invest in real estate, Islamic bonds and some stocks…because of the physical backing requirement, Comex Gold futures wouldn’t qualify to be Shariah-compliant while the Singapore Gold contract would, according to Matthew Keen, founder of Evidens Consultancy in Dubai…“hundreds of tons” of new demand could be created, according to Natalie Dempster, a managing director of the World Gold Council, as “the standard would fill an important gap in the market”…the Shariah standard for Gold could be applied to products including exchange-traded funds to collateral and security deposits, according to the WGC…
New IMF Forecasts Should Underpin Gold
The International Monetary Fund will likely sound fresh alarms over the state of the global economy this week when it reveals its latest forecasts for growth against a backdrop of slower world trade and jittery financial markets…the expected warning over risks to financial stability and economic growth will underscore fears in the UK – 2 months away from a critical referendum on the EU – that its own economy has slowed in recent months, unable to shake off global pressures…a report from the British Chambers of Commerce today pointed to low business confidence and a weaker sales performance across UK manufacturing and services companies…
Canada’s Federal NDP Leaps Far To The Left
What has come over Canada when a certain segment of its population is so consumed and controlled by fanatical “climate change” ideology that political party delegates show up in the heart of Canada’s Oil country and embrace what’s called the “Leap (Lenin) Manifesto” full of unrelenting hostility toward Oil and fossil fuels in general?…that was the big story at the NDP convention in Edmonton over the weekend, not just the rejection of party leader Thomas Mulcair…the manifesto, spearheaded by Stephen Lewis’ radical son, Avi, calls for an overhaul of the capitalist economy to wean the country quickly off fossil fuels…
The NDP has called itself the party of “economic and social justice” but the “Leap Manifesto” would deliver nothing but economic and social injustice to a country blessed by God with an abundance of natural resources and so many gifted people to find those resources and extract them…this leap to the left by the federal NDP will ensure two things – the NDP in British Columbia will be crushed again in next year’s provincial elections (that’s near-term positive for the resource industry and investors), and the socialists now ruling Alberta will thankfully be thrown out in 3 years’ time despite a determined effort by Rachel Notley to distance her NDP from its even whackier federal cousins…
In today’s Morning Musings…
1. Breakout in the TSX Gold Index…
2. Rob McEwen adds to his position in GoldQuest Mining (GQC, TSX-V)…
3. Probe Metals (PRB, TSX-V) and Adventure Gold (AGE, TSX-V) strengthen after last week’s announced “merger”, giving Probe nearly 1000 sq. km of prime exploration/mining real estate in Ontario and Quebec and $22 million in its treasury…
4. Cordoba Minerals (CDB, TSX-V) drills 111 m grading 1% Cu and 0.38 g/t Au at Alacran within San Matias Project in Colombia…
5. Updated Silver charts – bears beware…
Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to take advantage of our Spring Sizzler Subscription Special in effect for a limited time only beginning TODAY!…
SAVE 25% with a risk-free subscription as you gain full access to this and other exclusive BMR content and features, including our new Top Opportunities List May 1!…
some yak on ABR and DBV(sorta) from SW about the Hat acq.
Ryan Kalt’s Athabasca Nuclear Corp. (ASC), up one-half cent to 5.5 cents on 359,000 shares, has staked the Hat East gold and copper project in the northwestern corner of British Columbia. The Vancouver-based Mr. Kalt, Athabasca’s $105,000-a-year CEO, is quick to point out — in case the property’s name was not enough — that Hat East shares a border with the Hat project being worked, promoted and haggled over in court by Farshad Shirvani’s Doubleview Capital Corp. (DBV: $0.075). Mr. Kalt says the increase in domestic gold prices has resulted in an “ongoing renaissance of gold exploration in Canada” and Hat East is an attractive opportunity for his company to join the revival. (Some of the other renaissances that Mr. Kalt and Athabasca have participated in include uranium and diamonds hunts in Northern Saskatchewan.)
Mr. Kalt does not yet have an exploration plan for Hat East, but he promises to develop one in the hope of finding a porphyry gold and copper deposit much like the 2014 discovery at Hat. As well, he says Athabasca “will look to conduct local stakeholder engagement.” That is as close as he comes to mentioning Doubleview’s stakeholder woes at Hat. Doubleview got an expanded drill permit for the project a year ago but the local Indians — these are the unmentioned but worrisome stakeholders — put up blockades and eventually got a court injunction preventing the company from drilling. The legal wrangling continues.
Comment by david — April 11, 2016 @ 11:23 am
Venture up 15 pts on beautiful volume!!
Comment by tony tony t — April 11, 2016 @ 11:26 am
Venture- just gotta love it, nice!
Comment by Laddy — April 11, 2016 @ 12:15 pm
I know its an iron ore play, but keep an eye on CIA.TO Their CEO, Michael O’Keeffe, just raised
$30 million for acquisition of Bloom Lake. That’s some serious coin in today’s Iron ore market. Longer term play but I think you’ll be rewarded if you’re willing to invest.
stockwatch.com/News/Item.aspx?bid=Z-C%3aCIA-2361853&symbol=CIA®ion=C
Comment by tony t — April 12, 2016 @ 3:58 am
marketwired.com/press-release/-2113862.htm
the bloom lake NR
Comment by Patricia — April 12, 2016 @ 5:55 am
Jon, you said it should be an active week for GGI. Not much yet. I hope Regoci didn’t update the fact sheet just to appease the shareholders.
Comment by Dan1 — April 12, 2016 @ 7:21 am
We’ve only just stated the second day of the new week, Dan. Chart is looking much better than it has for weeks and it makes sense to me that we’ll hear something from GGI imminently.
Comment by Jon - BMR — April 12, 2016 @ 7:28 am
cia.to hits new year high.
Comment by tony t — April 12, 2016 @ 7:39 am