Gold has traded between $1,350 and $1,369 so far today…as of 9:45 am Pacific, bullion is down $8 an ounce at $1,357…Silver is up 8 cents at $20.33…Copper has added 3 pennies to $2.16…Crude Oil has slipped 55 cents to $44.86 while the U.S. Dollar Index has gained one-quarter of a point to 96.61…
Gold is taking a back seat today to global stock markets which are up sharply…Abenomics may not be working very well but it’s sure popular among the masses in Japan!…Abe’s coalition notched a landslide victory for the upper house in Japan’s parliament yesterday, sending the Nikkei 4% higher overnight…the Japanese had cast the election as a referendum on his “Abenomics” recipe of hyper-easy monetary policy, spending and modest reform…with signs the strategy is failing, the government plans to compile a post-election stimulus package that could exceed 10 trillion yen ($99 billion U.S.) as Abe doubles down…the aging Japanese population doesn’t want the medicine it really needs – massive economic structural reform…
The Bank of England meets later this week – expect new stimulus measures from them as well…
Data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed that hedge funds and money managers again raised their net long positions in COMEX Gold and Silver contracts to record highs in the week to July 5, after the June 23 vote by Britain to leave the EU…
Citigroup “Especially Bullish” On Commodities For 2017
Citigroup says that it’s bullish on commodities including Oil in 2017 as the impact of the UK’s vote to quite the EU fades away and global growth chugs along…with markets rebalancing, Citigroup expects investors to plow more cash into funds…
“Citi is especially bullish commodities for 2017,” analysts led by Ed Morse wrote in a note received today, 2 months after the New York-based bank said that raw materials’ markets had turned the corner. “The Oil market is trending water for now, but the Oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade.”
Hecla Mining (HL, NYSE), which has made a bid for Dolly Varden (DV, TSX-V), has hiked its guidance for Gold and Silver production in 2016 after the company reported a big year-on-year jump in output during the 2nd quarter…Silver production rose 71.2% from the year-ago period to 4,241,338 ounces, while Gold output was up 40.9% to 62,695 ounces…this led to AgEq production of 11.8 million ounces, a 38.4% increase…byproduct output of Lead and Zinc also rose…meanwhile, Hecla has upped its estimate of Silver production for 2016 by 5% to 15.75 million ounces, and Gold production by 13% to 233,000 ounces…
In today’s Morning Musings…
1. An amazing new long-term chart for Copper – this could make you a lot of money!…
2. NexGen (NXE, TSX-V) starts 35,000-m drill program at Rook 1…
3. The “beat” picks up in the Heart of Gold Camp…
4. Updated Silver charts – a move of historic proportions underway?…
5. Daniel’s Den – the unbelievable statistics (the REAL story) from Friday’s “blowout” jobs number, and alternative bull markets!…
Plus more…click here if you’re a non-subscriber to receive 3 Top Picks for the rest of July, or login with your username and password to view the rest of today’s Morning Musings…
SAVE 25% with a risk-free subscription (as little as $1 per day) as you gain full access to this and other exclusive BMR content…
Two copper plays I like – CBK, AHR
Comment by Mmurphy — July 11, 2016 @ 9:34 am
Was it just weekend you added the ticker at the top? Nice Touch.
Comment by Mmurphy — July 11, 2016 @ 9:48 am
Yes it was, MMurphy…more great stuff coming…
Comment by Jon - BMR — July 11, 2016 @ 11:01 am
Group Ten Metals. Up substantially again after I mentioned it last week.
Anyone care to comment on this beauty?
Comment by Tran — July 11, 2016 @ 1:42 pm
Thanks for the updates. The royalties and cash payments were agreed upon in 2013 i believe ( 4 million) but have they received any of it?? Your input is greatly appreciated…
Comment by john — July 11, 2016 @ 2:18 pm
Hey Jon.. whats your take on all the delays on BLO and the development.?? I have emailed Rav a few times and all i get back is we are working diligently..
I forwarded you the email I sent to him… this is getting a bit nervous regarding the successful completion of the device… thoughts mate?
Comment by Jeremy — July 11, 2016 @ 2:40 pm
BLO has proven to quite volatile, Jeremy, and a profitable stock to trade if your timing is right and you’ve bought on weakness and sold into strength…I do believe they’re on track from everything I’ve seen and heard, but of course the market is always impatient…the stock has fallen recently on low volume, though the volume did pick up today…now there’s some 15-cent PP stock that’s free-trading from March…a slow summer but a much better fall for BLO?…we’ll see what happens…
Comment by Jon - BMR — July 11, 2016 @ 3:05 pm
A comment made, I believe by a spokesperson from MADD a few days ago in essence said that they would be mad as hell if there was no legislation or way to curb or police people driving high prior to the legalization of weed. In other words, we need policies and laws and ways to police and punish those who drive “high” prior to legalizing it. Devices that can detect weed in the system needs to be there prior to the legalization.
Comment by john — July 11, 2016 @ 3:11 pm
yes sir it is the impatience that is always concerning.. I havent sold anything yet.. was waiting for a pop and sustained levels above 30 .. sell the 7 cent shares to fund the 30 cent warrants:)
I am not a trader as such… but do have an issue with my exit plans.. 🙁 hoping for some news of some sort.. as per my email.. even that you have the parts to even build the thing!:)
Comment by Jeremy — July 11, 2016 @ 3:31 pm
Yes Blo has been disappointing hope to see something soon… I believe July 15 was going to be a significant day for that private placement so hope to see news this week
Nice to see Wrr picking up steam
Comment by Matt — July 11, 2016 @ 5:43 pm
Hi Dan,
You recently did a piece on Benton Resources. I would like to reread it. Could you give me the date it was published?
Thanks,
John
Comment by John — July 11, 2016 @ 6:43 pm
John, Daniel’s first piece on Benton I believe was June 13 (7 Gold Stocks…).
Comment by Jon - BMR — July 11, 2016 @ 7:02 pm