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Gold has traded between $1,322 and $1,336 so far today…as of 10:00 am Pacific, bullion is down $5 an ounce at $1,333…Silver is off 19 cents at $20.07…Copper, which has enjoyed a strong week, is off a penny at $2.22 after trading as high today as $2.25…Crude Oil has climbed 20 cents to $45.88 while the U.S. Dollar Index has surged half a point to 96.60…

After 6 weeks of gains, the longest rally since March 2014, Gold came under pressure this week and is down about 2.5% with a few more hours of trading to go…uncertainty around the implications of Britain’s Brexit vote eased somewhat this week with the formation of a new government, but that issue hasn’t gone away and will have an impact on the markets for many months to come…

Significantly, the Venture has largely shrugged off weakness in both Gold and Oil in recent days and is poised for another sharp weekly advance…the drop in Gold should be viewed as a healthy pullback within an ongoing and powerful overall uptrend…there’s no reason the support band between about $1,290 and $1,320 should not hold…

Holdings in SPDR Gold Trust fell 0.25% to 962.85 tonnes yesterday…

RBC Capital Markets on its bullish outlook for Gold:  “We believe that the sharp increase in buying volumes indicates appetite for sticky, fundamental demand in the Gold space, and that this should provide a support for a higher Gold price as investors continue to buy any pullbacks.  The influx in ETF demand in 2016 is also approaching the record level of 662 tonnes seen in 2009, as investors seek Gold as a store of value and hedge against negative real rates.”

A Policy Of Appeasement Isn’t Working

Yet another terrorist attack, this time with a truck in Nice, France, that mowed down innocent civilians like bowling pins and killed more than 80 people in a brutal, evil massacre…when will Barack Obama, Hillary Clinton, Justin Trudeau and other political elites across the West finally understand that we really are in a war against terrorism that threatens to tear Western Civilization apart?…according to them, of course, “Climate Change” is the greatest threat we face, not radical Islamism – a problem that political correctness forces them to not even identify…jihadists are merely a geopolitical “nuisance”, not an existential threat, in their view – until, of course, ISIS or another group attacks with biological weapons and wipes out entire cities…history will judge our “leaders” accordingly…it is simply indefensible that a caliphate was allowed to establish itself in the first place, giving ISIS momentum and allowing it to spread its message of hate and recruit sympathizers from across the globe…

The U.S. needs to organize an international coalition, including Muslim nations, to combat the “metastasized cancer” inside of Islam, retired Lt. Gen. Michael Flynn told CNBC this morning in the wake of the deadly attack France last night…Flynn, the former director of the Defense Intelligence Agency under President Obama, became disillusioned by the administration’s refusal to recognize radical Islam as the enemy…

Mixed Economic Data

U.S. retail sales for June beat economists’ expectations, rising 0.6% last month versus consensus of a 0.1% increase…however, a key measure of U.S. consumers’ attitudes was lower so far this month, as high-income consumers digested Britain’s surprise vote to leave the European Union…the Index of Consumer Sentiment hit only 89.5 in July’s preliminary reading, the University of Michigan reported this morning…economists expected the preliminary July number to reach 93, down just slightly from June’s final reading of 93.5…

In other economic data released this morning, U.S. consumer prices increased for the 4th straight month in June…the CPI rose 0.2% last month, the Labor Department said, after a similar gain in May…

In today’s Morning Musings…

1. TSX Gold Index update…

2. Three juniors ready for fresh climbs higher…

3. What to expect when Deveron UAS (DVR, CSE) starts trading…

4. Daniel’s Den – Peru, and an update on the baby Intel of wearable technology…

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