Gold has traded between $1,226 and $1,233 so far today…as of 8:00 am Pacific, bullion is up $2 an ounce at $1,230…Silver is flat at $16.15…Copper is off a penny at $2.17…Crude Oil, ahead of Sunday’s critical meeting of Oil producers, is down $1.39 a barrel at $40.11 while the U.S. Dollar Index has retreated one-quarter of a point to 94.69…
Bullion climbed to a 3-week high on Tuesday, only to give up gains as world stocks rose to their best levels since late December yesterday, boosted by robust Chinese economic data and a surge in Oil prices earlier this week…interestingly, while Gold backed off to strong support at its 50-day moving average (SMA) yesterday, Silver has recently been outperforming the yellow metal and hit its highest level this week since October…Silver can be a leading indicator, so its breakout above the key $16 level has to be considered positive for both metals…
Bullion-backed exchange-traded funds have seen outflows in recent days, weighing on Gold prices…assets in SPDR Gold Trust fell to 806.82 tonnes yesterday, the lowest in a month…
China’s economy stabilized last quarter and gathered steam in March as a surge in new credit spurred a property sector rebound while raising fresh questions over the sustainability of the debt-fueled expansion…GDP rose 6.7% in the 1st quarter from a year earlier, meeting the median projection of economists surveyed by Bloomberg and in line with the government’s growth target of 6.5% to 7% for the full year (if China’s figures can be trusted)…new credit, industrial output, fixed-assessment investment and retail sales picked up in March and beat analysts’ forecasts…
Oil Update
Crude is under pressure today with traders reluctant to buy immediately ahead of Sunday’s meeting of major Oil exporters who want to rein in ballooning global over-production…momentum appears to be building behind an agreement that will almost certainly exclude Iran and potentially Libya…while there will probably be little effect on the physical market over the immediate to near-term, any agreement may produce an important psychological shift in the setting of Oil prices…we’ll see…
Leadership will need to come from Saudi Arabia and Russia…the Saudis pumped 10.19 million barrels a day in March, a decline of 30,000 barrels a day but still close to peak levels, while Russia’s output hit a 3-decade high in March at 10.91 million barrels a day, according to official statistics…
Oil prices have jumped by more than a third since the idea of limiting production at current levels was first floated in mid-February but the rally has stalled recently amid uncertainty about the outcome of the talks…
The view today from analysts at Commerzbank: “Our expectations for the meeting are low. Although an agreement on production caps is likely to be reached, it will probably not include any concrete figures or obligations, let alone any sanctions to be imposed in the event of non-compliance. In other words, the meeting will do nothing to change the current situation on the Oil market.”
Gold 4-Month Daily Chart
After breaking out above a downsloping wedge, Gold retraced the last couple of days to its still-rising 50-day SMA and near top of that wedge around $1,220 where very strong support has been built…the two key support levels are $1,220 and $1,200, while resistance in recent weeks has been stiff around $1,260…
In today’s Morning Musings…
1. Strong week for Silver – updated chart…
2. Lithium plays continue to power higher – updates and new charts…
3. The Venture junior hunting for Gold and Copper with a 515% gain already this year…
4. An overlooked TSX Gold stock under 50 cents with a 5-million ounce resource just added to the BMR Top 50 Opportunities List…
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!…
Is anyone else having issues of the site auto-logging you off??? happens about an hour after I log in.. just want to know if I am the only one:)
Comment by Jeremy — April 15, 2016 @ 8:00 am
Jeremy, similarly, I used multiple platforms (computer, tablet and iphone), and it has been a bit frustrating as every time I change platform to access BMR site, I always need to login even though I haven’t logged out and ask to keep login info. To access the Sunday sizzler, I always need to logout and login again. Not the end of the world, but it is annoying…
Comment by rgiroux — April 15, 2016 @ 8:21 am
ABR: finally out of the 3 cents resistance… up to 4 cents… Hopefully it will hold with the paper out…
Comment by rgiroux — April 15, 2016 @ 8:22 am
Hi rgiroux, has this started just recently by chance? We did implement some new security procedures about a week ago and we’re assessing that at the moment and may adjust.
Comment by Jon - BMR — April 15, 2016 @ 8:23 am
Jon, in the comments section you mentioned that the eastern side of Rodadero could host a Mercedes-style large gold system with silver. Will you be commenting more about this in the Sunday sizzler report. That comment has really got me intrigued.
Comment by pole — April 15, 2016 @ 9:47 am
Yes, pole, we’ll explain better on Sunday and back it up with some independent insight. It’s a known fact that the Gold content does increase going eastward at Rodadero, and the Rambo/Progreso area, where high-grade ore is also being mined at Progreso from eastward trending veins, is the most prospective for a new Gold discovery of scale. If it is as described by various geologists, GGI should quickly be getting into a mineralized vein system at Rambo. It would be Gold, and possibly Gold and Silver, as both are found at Progreso.
Comment by Jon - BMR — April 15, 2016 @ 10:04 am
Thanks, looking forward to Sunday’s report.
Comment by pole — April 15, 2016 @ 10:12 am
Another great day for the venture. Looking at the 5 year weekly, the RSI has broken above 70pts for the first time in 5 YEARS! Lovn it!
Comment by tony t — April 15, 2016 @ 10:26 am
Interesting first core photos from Rambo on GGI site right at the close. Monday news?
garibaldiresources.com/s/Rodadero.asp?ReportID=667395
Comment by Maxwell — April 15, 2016 @ 12:00 pm
ABR (+33%, 8M shares traded) and AIX (+28%, 2.5M shares traded), great day ! Lots of speculation in these two but AIX is certainly doing the right thing this time.
Comment by rgiroux — April 15, 2016 @ 12:09 pm
Maxwell: lots to digest in these photos !
Comment by rgiroux — April 15, 2016 @ 12:12 pm
Excellent day indeed, Richard, for ABR, patience pays off. England has been working hard at this. The stock has had to soak up a lot of paper in relation to its share count as there have been a lot of penny flippers. If the right catalysts come together, could gain a lot of traction.
Comment by Jon - BMR — April 15, 2016 @ 12:42 pm
Jon, Any comments on the core photos from Rambo.
Comment by pole — April 15, 2016 @ 1:45 pm
Yes, pole, this is the type of core one would expect to see in this area, which is a very encouraging early sign: widespread disseminated pyrite, quartz veining, stockworks; either gold or gold and silver. Looks like they found a vein(s) early on. Based on surface analysis of the general area, and what’s known about the Progreso veins that are being mined, a series of parallel veins are trending east-west and probably envelope the full area from Progeso (and south of Progeso) to Rambo and north of Rambo—–and out to the east, and this core helps support that. I suspect they would initially want to drill from the north toward the south to intersect the vein system that way.
Comment by Jon - BMR — April 15, 2016 @ 2:14 pm
Thanks for that Jon.
Comment by pole — April 15, 2016 @ 3:26 pm
Some nice movers today, quite a few in the Lithium space, but RRS with its Silcon Ridge play in Quebec jumped 44% today on no news to close at 13 cents on volume of 1.7 million shares. Nice to see that one finally come to life…it has been looking good but the rise has been slow and gradual. Today it showed some serious energy.
Comment by Jon - BMR — April 15, 2016 @ 3:45 pm
GGI – They also include SE drill core and quite a few of them. Would that be new drill core from Silver Eagle as well?
Comment by Dan1 — April 15, 2016 @ 3:51 pm
Hi Dan, no. That is from the Silver Eagle initial drlling as best I can tell (from the first 15 holes). That was Silver-only of course (high-grade deposit) in very silicified rock but nonetheless makes for an interesting comparison in terms of core.
Comment by Jon - BMR — April 15, 2016 @ 4:10 pm
Non resource, Jon, checkout PTE.V. May be one to keep an eye on folks, do your DD.
Comment by Laddy — April 16, 2016 @ 8:11 am
Thanks, Laddy, good one. Like the chart and I could probably use one of their SmartBurners too.
Comment by Jon - BMR — April 16, 2016 @ 8:14 am