Gold has traded between $1,231 and $1,246 so far today…as of 9:30 am Pacific, bullion is up $3 an ounce at $1,241…Silver is 8 cents higher at $17.07…Copper has slid 2 pennies to $2.26…Crude Oil has surged $1.36 a barrel $44.00 while the U.S. Dollar Index is off one-third of a point to 94.47 after some weaker-than-expected economic data…
CPM Group’s Silver Yearbook 2016 suggests that Silver prices may see stronger support as fundamentals seem to be lined up in the metal’s favor. “Prices are forecast to benefit from slowing mine supply, modestly rising fabrication demand, and ongoing strength in investment demand,” the New York research firm stated, adding that it anticipates Silver will trade as high as $18 an ounce this year (that forecast underestimates Silver’s increasing long-term momentum according to our exclusive charts posted yesterday)…
The firm’s findings suggest that Silver mine supply is expected to decline for the first time since 2011, mainly due to scheduled closures and planned production cutbacks. “Major contributors to this forecast decline in Silver output include Mexico, Australia, Chile, Guatemala, and Russia. Production losses are expected to be a mix of both primary as well as byproduct mines,” the firm said…
Canadian Hostage With Ties To Mining Sector Decapitated By Islamist Terrorists
Islamist terrorists in the Philippines have beheaded a Canadian, one of three Western hostages taken captive months ago…68-year-old John Ridsdel of Calgary was the former Chief Operating Officer of TVI Resource Development, a subsidiary of TVI Pacific (TVI, TSX) which runs Gold, Silver, Copper and Zinc mines in an area of Mindanao where extremists have been seeking to create an Islamic state for decades…the Abu Sayyaf terror group had issued public threats to kill one of the hostages, demanding $6.5 million for each of them by yesterday afternoon…Prime Minister Justin Trudeau confirmed the death of Ridsdel, saying, “This was an act of cold-blooded murder”…
The terrorists were thought to be holding more than a dozen hostages, including another Canadian, a Norwegian and a Filipino woman, as well as 14 Indonesian and 4 Malaysian crewmen who were abducted at gunpoint from three tugboats starting last month…Ridsdel’s head was recovered on Jolo Island in the jungle province of Sulu…the kidnappers reportedly took him last September from a marina on southern Samal Island, considered to be a safe part of the Philippines…
Would You Have To Borrow Or Sell For An Expected $400 Expense?
A Federal Reserve Board survey has found that 47% of Americans couldn’t meet an unexpected $400 expense without borrowing or selling something. National Post columnist John Robson noted yesterday, “Government is sucking the life out of the economy with excessive taxes to fuel spending that sucks the life out of society. It runs trillion-dollar deficits to fund trillion-dollar social programs. And with all this free money flying around, nobody has any. The welfare state model is busted. And so are Americans.”
Canadians can be added to that list now, as well…
Alberta’s Credit Rating Takes Another Hit
How the mighty have fallen – Ralph Klein, the greatest premier Alberta ever had, is probably rolling over in his grave…
Moody’s Investor Service announced yesterday that it has downgraded Alberta’s long-term debt rating to double-A1 from triple-A and has given it a negative outlook…it’s the second downgrade from a rating service since the province released its budget on April 14 that included removal of its debt ceiling and a forecast of $58 billion in debt by 2019…Moody’s says the downgrade “reflects the province’s growing and unconstrained debt burden, extended timeframe back to balance, weakened liquidity, and risks surrounding the success of the province’s medium-term fiscal plan given the outlook for subdued growth.” It also says the province forecasts Oil prices to be higher than what Moody’s is predicting…
Oil Update
The International Monetary Fund estimates the Middle East’s Oil-dependent economies missed out on $390 billion in Oil revenues last year alone and face up to $150 billion in income losses this year as a result of cheap Oil prices…the drop in revenues stemming from the export of Oil is the direct result of the plunge in Crude prices from a peak of around $115 a barrel in the middle of 2014 to below $30 at the start of this year and now above $40, the IMF said…
Market fundamentals continue to suggest that the combination of steady demand and weak supply growth will move global Oil markets closer into balance by the end of the year…the biggest bear risk to the Oil market at the moment is that Iran’s ramp-up accelerates and causes Saudi Arabia to respond in kind…
In today’s Morning Musings…
1. More Gold intercepts above 2,000 g/t Au at Pretium’s (PVG, TSX) Valley of the Kings…
2. A new opportunity under a nickel…
3. A look at a company with a growing Zinc resource + Tin…
4. Bonterra Resources (BTR, TSX-V) hits more high-grade Gold at its Gladiator Project in northwest Quebec…
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!…
I trust our government is sending in our Special Forces to eliminate the group that murdered John Ridsdel.
Comment by DavidW — April 26, 2016 @ 9:16 am
ggi results out.
Comment by Laddy — April 26, 2016 @ 12:57 pm
Is ggi good or bad news?
Comment by Matt — April 26, 2016 @ 1:06 pm
Obviously it’s very good news, Matt, since when this discovery was first announced, the key question was whether there were any significant chemical impurities that would inhibit recoveries or make recoveries not even possible. We’ll see what Met-Solve delivers, but the initial results shows higher recoveries than West High Yield’s initial met results from its deposit in southeast B.C. Kaketsa seems to have produced something quite clean here, and they’re talking about 3 key potential products (magnesium sulphate, magnesium carbonate, and magnesium oxide). The Nickel is the bonus part, and it’s in the sulphides which is very helpful for recovery and a possible high-grade concentrate.
Comment by Jon - BMR — April 26, 2016 @ 1:17 pm
Thanks Jon. Looking forward to see how the market reacts tomorrow
Comment by Matt — April 26, 2016 @ 1:26 pm
This is helpful, Matt, but the key drivers for GGI over the next few months will be Mexico and the Iskut River Gold Camp IMHO.
Comment by Jon - BMR — April 26, 2016 @ 1:40 pm
I agree Jon, while the meetalurgical results are very good, GGI will only move on a discovery. Hoping Rambo will be a start, but nothing but a few core pics since drilling started. Regoci needs to do a better job of informing investors. No matter how much we complain about it nothing changes. That’s whats so frustrating with GGI.
Comment by Dan1 — April 26, 2016 @ 2:08 pm
Another drone company in the USA VMRI:OTCQB
Comment by Robert — April 26, 2016 @ 3:22 pm
Well, the ultra 1 zone is a discovery, just not the right flavour at this point, think we should get something out of Rambo shortly.lots of potential with all of these projects and targets.
Comment by Laddy — April 26, 2016 @ 3:34 pm
Jon,any idea when we may hear more from Rambo?
Comment by pole — April 26, 2016 @ 3:35 pm
Hopefully fairly soon, pole, but I wouldn’t be surprised if we hear something first from GGI re: the Iskut River Gold Camp…we have our ears to the ground and there’s a lot of noise in the area with regard to land acquisition deals and additional staking – this is going to erupt big-time. Those who have a vision for that, and a vision for what Colorado is going to accomplish at KSP and KingPin, could literally make fortunes by this summer.
Comment by Jon - BMR — April 26, 2016 @ 3:52 pm
GGI
Regoci did mention the King Property in the NR if he could get geared up to drill that this summer maybe that could be the catalyst to finally get GGI going
That area is going to explode In my opinion
That interview with CXO was awesome you can just hear the excitement in his voice and the historical grades are really exciting and they were basically drilling blind back then
Hope CXO comes back down a little
Comment by Greg — April 26, 2016 @ 4:10 pm
Thanks for that Jon.
Comment by pole — April 26, 2016 @ 5:28 pm
So Jon, you predicted the venture will hit 1000 but year end. What is your year end prediction for gold ?
Comment by Sameer — April 26, 2016 @ 6:05 pm
Previous Believers
CXO properties are the best I have seen in 30 years of trading. Kinross seems to agree. They did a Private Placement in 2011 for 2 million $$$ at 90 cents a share. They still hold these shares – sold none. They like the property.
Comment by RustyChambers — April 26, 2016 @ 6:13 pm
If the Venture is to hit 1000 by year-end, that’s definitely a bullish signal as to the direction of Gold, Sameer, so I’m looking for $1,400+ on bullion by the end of 2016. That will set the stage for a very strong 2017 as well.
Comment by Jon - BMR — April 27, 2016 @ 3:52 am
EQT….Trading Halted….Pending news.
Comment by John - BMR — April 27, 2016 @ 4:47 am
EQT… well well…. we will see said the blind man!:)
Comment by Patricia — April 27, 2016 @ 4:51 am
Hopefully this is the official wrap-up of EQT’s Brazilian acquisition and some good news to go with it…EQT has been showing signs of a turnaround recently…
Comment by Jon - BMR — April 27, 2016 @ 5:14 am
Podcast with EQT CEO on Stockhouse,com
Comment by Robert — April 27, 2016 @ 6:39 am
EQT is behaving well and the new uptrend that John recently noted is starting to gain traction…nice to see they now have 100%…
Comment by Jon - BMR — April 27, 2016 @ 6:47 am
There is more news coming right behind this for EQT. It is a whopper. The .05’s are gone forever. The table is set and the dinner is being served. Enjoy
Comment by dave — April 27, 2016 @ 7:02 am
dave – you are safe!!! was wondering with the turmoil in Ecuador if you and your lady friend were doin ok…
Comment by Patricia — April 27, 2016 @ 7:19 am
Welcome back Dave, I was wondering about you as well!
Comment by jasi — April 27, 2016 @ 7:40 am
Dave, there is a big ask at 7.5 cents though. It they can break that then maybe it will move.
Comment by Dan1 — April 27, 2016 @ 8:23 am
Thank you gang. Yes, the earthquake was terrible. In Guayaquil, there was shaking in the stores. It was scary.
I will be off to Peru soon. I have this worked out to only cost me $39 for one way fare. I will be in Lima, but should have good wi-fi access.
I think EQT has a good shot at testing or breaking that .10 mark soon. I missed a lot of moves in many stocks, but I will be connected good in Lima when I leave.
I hope many of you have made a lot of money in all these that have moved.
Comment by dave — April 27, 2016 @ 9:28 am