Gold has come under further pressure today, dropping as low as $1,224 (its 50-day moving average) after a session high of $1,245…as of 9:30 am Pacific, bullion is down $16 an ounce at $1,226…Silver is holding up better, off slightly at $16.13…Copper is flat at $2.18…Crude Oil is 13 cents higher at $41.89 while the U.S. Dollar Index is relatively flat at 94.84…
The Gold-backed exchange-traded marketplace continues to highlight the robust investor demand for the yellow metal so far this year…the latest ETF to make headlines is the Van Eck Merk Gold Trust (OUNZ, NYSE) which has now surpassed $100 million in assets under management…
However, bullion-backed ETF’s have seen outflows of late following sharp inflows…holdings of the world’s largest Gold-backed ETF, SPDR Gold Shares, fell 5.05 tonnes yesterday to their lowest in a month…
According to HSBC, “Gold is weakening on a recovery in investor risk appetite. The sharp (equities) rally and the leveling off of Gold-ETF demand recently argue for some period of price consolidation.”
It’s interesting to note, though, that Silver looks very solid on the charts right now as it continues to trade above $16 an ounce, an area of stiff resistance this year…it appears set to push higher which could be a clue that Gold’s weakness the last 2 days may quickly reverse…
Oil Update
U.S. Crude production fell under the 9 million barrel a day threshold last week for the first time since late 2014 – a welcome development for Oil producers heading to Doha this weekend…output should continue to drop as the U.S. industry faces tighter financing and oversupply issues…production has been eroding since peaking a year ago near 9.7 million barrels a day, according to U.S. Energy Information Administration data…last week’s output of 8,977,000 barrels a day is the lowest since October 2014, a month before the Saudis and their Gulf allies decided it was time to put a halt to growing North American shale production…
On a global level, the International Energy Agency (IEA) reported this morning that Oil supplies fell by 300,000 b/d in March to 96.1 mb/d with much of the drop in supply originating in the U.S. where it said the slide in light, tight Oil production was “gathering pace” with data illustrating that by early April, the rig count had fallen nearly 80% from the peak seen in October 2014…
Global Oil markets will “move close to balance”in the 2nd half of the year as lower prices take their toll on production outside OPEC, the IEA said…the world surplus will diminish to 200,000 barrels a day in the last 6 months of the year from 1.5 million in the 1st half…production outside OPEC will decline by the most since 1992 as the U.S. shale Oil boom falters…
Global Oil demand growth is forecast to ease further in 2016 with the IEA predicting a slowdown in demand from one of the world’s top consumers (China) and a rise in demand from one particular economy (India)…
In today’s Morning Musings…
1. NexGen Energy (NXE, TSX-V) drills into best high-grade intersected so far within the A1 shear at the Arrow Zone…
2. Revealing new chart for NexGen’s neighbor, Purepoint Uranium (PTU, TSX-V)…
3. New addition to the BMR Top 50 Opportunities List from the Iskut River Gold Camp…
4. Helpful new charts to understand this week’s moves in the TSX Gold Index and the Venture…
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…
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!…
CYP- I mentioned this as a new Nevada lithium play at the end of 2015,
and I think BMR has also mentioned it. Good land position, adjoins PE in
Clayton Valley,and favorable stock structure due to consolidation a year
or so back.
Comment by bob — April 14, 2016 @ 10:55 am
Yes, Bob, we just posted a chart on CYP a couple of days ago (Tuesday for our subscribers) as it was looking quite bullish, breaking out now. Lithium plays remain hot, and PE staged a nice breakout yesterday, too. Nice volume in BFF, and LIX touched a new high of $1.99 this morning.
Comment by Jon - BMR — April 14, 2016 @ 10:59 am
Jon, the statement below on an earlier post in response to David you said “David, the drill is turning at Rambo, in an area with a high-grade Gold vein system. Did you see what happened with PGM? Watch what unfolds here and you can thank me later.”
Have you heard any rumblings as to what they may be into at Rambo? It’s time for them to give us a real update with some meat to it.
Comment by Dan1 — April 14, 2016 @ 4:46 pm
NEWS…..LAD
New Carolin arranges $1M in private placements
New Carolin Gold Corp (C:LAD)
Shares Issued 137,635,722
Last Close 4/14/2016 $0.085
Thursday April 14 2016 – News Release
Mr. Robert Thast reports
NEW CAROLIN ANNOUNCES PRIVATE PLACEMENTS AND LAUNCHES NEW BRANDING
New Carolin Gold Corp. intends to complete two non-brokered private placements totalling approximately $1-million and has launched its new corporate branding and website.
Private Placements
The first placement will consist of up to 4,200,000 Units at a price of $0.06 for proceeds of up to $252,000. Each Unit consists of one common share and one two-year common share purchase warrant (“Warrant”) entitling the holder to purchase one additional common share at a price of $0.07 per share in the first year and $0.08 per share in the second year.
The second placement will consist of up to 10,700,000 Units at a price of $0.07 for proceeds up to $749,000. Each of the second Units will consist of one common share and one two-year common share purchase warrant (“Warrant”) entitling the holder to purchase one additional common share at a price of $0.10 per share in the first year and $0.12.5 per share in the second year.
The proceeds from these placements will be used for exploration-related work on the Company’s 100%-owned Ladner Gold Project in southwestern British Columbia, and for general working capital. All securities issued under both private placements are subject to a four-month plus one day hold period from their date of issuance. The Company will pay finder’s fees to certain parties in connection with these private placements.
New Branding and Website
The Company notes its new look and logo on this press release and takes this opportunity to notify shareholders and other visitors that the new website is now fully operational – at the same web address
newcarolingold.com .
Comment by John - BMR — April 15, 2016 @ 1:17 am
Dan, I wish Rambo had been drilled earlier but I understand the reasons for that, given probable discussions with the owners of the Progeso claims contiguous to the south where high-grade gold and silver are being mined from 2 main veins. I’ll expand on my thoughts in our Sunday Report for subscribers, as we have carried out a lot of research, but the main point is that the network of vein systems in this area – including rich ore shoots – is extensive and may actually extend for kilometers below what’s called the Baucarit formation. So it’s not just from north-to-south that there’s an opportunity at Rambo, but for a considerable distance going east as there are multiple parallel veins and they are trending west to east. You’ll recall that GGI had at least 3 site visits to Rodadero in late 2014/2015 from some leading international producers. While they are certainly curious about the Silver Eagle deposit, it’s this area on the eastern side of Rodadero that they undoubtedly focused on a great deal because it could be host to a Mercedes-type large Gold system with Silver. I’m sure they’re watching with interest what GGI can deliver from Rambo. This area has significant potential scale to it and there’s gold in these veins in the multiple grams per tonne.
The Progreso mine is literally just the tip of the iceberg here, and it has been grossly underexplored because the family that controls the claims has simply been content carrying out the mining and enjoying the cash flow. This is a direct quote from an historical report in the Mexico Mines Handbook: “The district shows uptilted limestones and overlying tuff beds, cut by intrusive igneous rocks and by andesites; the fissure veins are in the intrusives. At Progreso-Colorada, the country rock is a quartz diorite. The rock north of the Progreso vein (Rambo) is a porphyritic andesite, badly altered by vein-forming agencies, and impregnated with magnetite, pyrite and chalcopyrite. Numerous well-mineralized fissure veins, characterized by banded quartz, cut these two rocks, and carry shoots of rich silver-gold ore. Five nearly parallel veins that occur in a zone 500′ wide are of the typical silver-gold type.”
Comment by Jon - BMR — April 15, 2016 @ 3:03 am
Thanks Jon. That’s great information. Now await your Sunday Sizzler
Comment by Dan1 — April 15, 2016 @ 4:21 am
Tahoe Resources interested in Richmont Mines ?
Comment by Iceclimber — April 15, 2016 @ 4:24 am
Wouldn’t surprise me if there are a few companies interested in Richmont, Iceclimber…CRJ has been gobbled up…Richmont must be getting looked at given how high-grade resources are racking up at the producing Island Gold mine…as the adage goes, the best place to find new ore is where it already exists…
Comment by Jon - BMR — April 15, 2016 @ 4:50 am
the Mexican mines handbook wouldn’t be available on line and for free would it?
haven’t come across it
Comment by david — April 15, 2016 @ 5:33 am
Not for free, David, and what I quoted was from an older version which we included an attachment to in one of our postings a month or 2 ago.
Comment by Jon - BMR — April 15, 2016 @ 5:37 am
Lithium plays looking good again this morning, updated BFF and CYP charts coming up…BFF is working thru Fib. resistance at 19 cents, strong momentum. ABR continues to aggressively grind thru paper. PE has retraced to what should be new support…
Comment by Jon - ABR — April 15, 2016 @ 6:10 am