Gold has traded between $1,333 and $1,342 so far today…as of 11:15 am Pacific, bullion is flat at $1,337…Silver has retreated 25 cents to $19.59…Copper has enjoyed a good week and is up another penny at $2.19…Crude Oil has slipped nearly $2 a barrel to $44.50 on OPEC rumors while the U.S. Dollar Index is up slightly at 95.47…
Gold is headed for its best weekly performance in 2 months, thanks to central bank decisions in the U.S. and Japan this week, while the metal is also on track to post a 3rd straight quarterly gain in what would be the longest rally since 2011…
Holdings of SPDR Gold Trust rose for a second straight session yesterday, adding 0.69% to 950.92 tonnes…Gold assets in global ETFs have expanded every month this year apart from a dip in April, when they lost less than 1%…
China’s peak season for Gold demand kicks off next week with the National Day holiday, lasting until Lunar New Year early next year…meanwhile, demand for Gold in India (lackluster for much of 2016) is expected to improve in the final quarter due to the wedding season as well as festivals such as Diwali and Dussehra…
Rumors Swirl Around Next Week’s OPEC Meeting
Oil prices came under pressure today on a Bloomberg report that Saudi Arabia did not expect an agreement at talks next week among major Crude exporters aimed at freezing production…
Prices were headed for their largest weekly gain in more than a month, reacting earlier this morning to a Reuters’ report that Saudi Arabia has offered to reduce production if rival Iran caps its own output this year…
Canadian Oil Exports To U.S. Surge, More Pipeline Capacity Urgently Needed
Canada is sending a record amount of Oil to the U.S., filling pipelines to capacity and threatening to push more Crude into rail cars…U.S. imports from its northern neighbor jumped 17% to 3.46 million barrels a day last week, the U.S. Energy Information Administration said Wednesday in a preliminary report…that’s the most since the agency began collecting such data in 2010…exports have surged as Alberta recovers from wildfires that disrupted supplies earlier this year…
Supplies from the Oil sands are piling up as producers bring back output and projects that had been delayed by the fires come online…the glut highlights Canada’s dependence on the U.S. market after TransCanada Corp.’s 7-year struggle to get approval for the Keystone XL link to the Gulf of Mexico was blocked by the Obama administration, while its proposed Energy East line to the Atlantic Coast faces mounting opposition from radical environmentalists and native groups…the stress on existing lines means more Crude will be hauled by rail at higher costs and the discount on Canadian Crude will likely widen…
Canada’s Crude output is expected to rise about 5% to more than 4 million barrels a day in 2017, above the country’s pipeline export capacity, according to the Canadian Association of Petroleum Producers…Canadian Crude-by-rail exports rose to a 6-month high of 109,000 barrels a day in April before declining after wildfires took about 1 million barrels a day of production off the market, National Energy Board data show…
50 Indigenous Communities In Canada Unveil “Treaty” To Target Oil Sands Expansion
A coalition of First Nations leaders is ratcheting up pressure on Canada’s Oil Sands industry…at news conferences in Montreal and Vancouver yesterday, representatives of 50 indigenous communities in Canada unveiled a “treaty” that commits them to work together to stop all new pipelines, rail projects and increased tanker traffic that would facilitate Oil sands expansion. “Our Nations hereby join together under the present treaty to officially prohibit and to agree to collectively challenge and resist the use of our respective territories and coasts in connection with the expansion of the production of the Alberta Tar Sands, including for the transport of such expanded production, whether by pipeline, rail or tanker,” the agreement says…
In Today’s Morning Musings…
1. TSX Gold Index update – what’s around the corner?…
2. Momentum builds in Cannabix Technologies (BLO, CSE)…
3. The case for Minco Silver (MSV, TSX)…
4. Daniel’s Den – America’s coming infrastructure boom…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
think maybe all that stuff you mentioned just makes way to much sense Daniel,maybe bs barack could downgrade to a Cessna for his time left, ah but it doesn’t matter, the next president has his own plane….
Comment by Laddy — September 23, 2016 @ 11:45 am
$MKN $TUO $SVG MAKENA COMMENCES DRILLING AT CLONE GOLD PROSPECT IN THE GOLDEN TRIANGLE REGION OF BC Makena has achieved significant drill results that returned grades of 12.80 metres (42 feet) of 44.75 grams per tonne (1.305 ounces per ton) gold, including 4.87 metres (16 feet) of 76.80 grams per tonne (2.240 ounces per ton) gold (Oct. 22, 2009). During another phase of a work program, the company completed a 102-tonne bulk sample from which the average grade was four ounces per ton or 137.1 grams per tonne gold over the 102 individually tested one-tonne samples (Oct. 25, 2011).http://www.stockwatch.com/News/Item.aspx?bid=Z-C:MKN-2408738&symbol=MKN®ion=C
Comment by TheSkipper — September 23, 2016 @ 5:07 pm
JOn – BLO is really news driven isnt it?? rather that chart driven… thoughts?
Comment by Jeremy — September 24, 2016 @ 8:18 am
Both, Jeremy. Ignoring the technicals on BLO is dangerous – history has shown that. You saw what happened Friday with the anticipated breakout above .26.
Comment by Jon - BMR — September 24, 2016 @ 8:18 am
Jon – CXO – very concerning to say the least… got caught flat footed.. what in the world will ever bring this stock back from the brink????? and Aebn as well…
Comment by Jeremy — September 24, 2016 @ 8:19 am
Jeremy, first, it’s critical to understand that this particular district is one of the most prolific on the entire planet when u look at Eskay Creek, Valley of the Kings, KSM, Snip, and so much other ground that has yet to be even tested and will be, increasingly, in the year ahead. That is undeniable, and of course CXO controls 600 sq. km between KSP and KingPin. Second largest land position. Ask yourself, does it really make sense that there could be major deposits (and a new mine coming on stream, one of the highest grade mines in the world) surrounding KSP in all directions, and nothing at KSP or KingPin for that matter? Makes no sense at all. Receding glaciers and major new infrastructure are game-changers.
The geology throughout this district is prolific and yet can also be complex, and that’s why it took 109 holes to find Eskay Creek (many geologists and investors were giving up on Eskay Creek long before hole 109). While there’s certainly no major discovery yet at Inel, a fact that has disappointed investors, there is a lot of smoke. That’s important because that smoke will lead to the fire, wherever it is. Only a portion of Inel has been tested, and Inel itself is just a fraction of KSP. There are so many other areas to explore and drill, so we remain absolutely 100% behind this stock because these are still the very early innings.
The activity level in this camp is going to rise exponentially in the year ahead. We’ll elaborate on that in our Sunday Sizzler. As for CXO, ironically, the short-term traders have now pushed the stock into oversold territory which is great, and they’re not looking at context or the Big Picture. Also, one of the major factors behind the sell-off Thursday was related to investors who don’t see another property for CXO to work on over the winter months, which as of today is indeed the case (the “dead-money-for-6-months” theory, in other words). I believe the CXO group is smart enough to realize it needs a winter project to complement KSP/KingPin, so I’m anticipating some important developments there.
As far as ABN goes, they’ve just started! They consolidated a huge amount of ground on the northern Eskay rift that a lot of geologists are extremely excited about, and just now they’re on the ground and starting to look at it. This is a really significant package and the Forrest Kerr Project is going to keep ABN busy for YEARS to come. I also expect them to pick up a winter project. 20 million shares O/S, tremendous upside potential looking out over the next 12 months and beyond. We found this one for our readers when it was trading at 7 cents, it ran to 34 cents (3 cents above John’s near-term measured Fib. resistance – you have to pay attention to resistance and support levels because charts do matter), and it has staged a very normal pullback. They’re just getting going, we’re in a bull market, and they’ve got a market cap of only $3 million. Think about it. With some vision you can see where that one is headed.
Our coverage of the Heart of Gold Camp is just in its infancy – this is an unbelievable district, already proven but with much more potential. Unquestionably there will be more major discoveries – the ground is too good. This will take much perseverance, money, and technical expertise – and there is plenty of that in this camp. The potential pay-offs are astronomical when you consider the wealth that has already been created in this district. The stocks will be volatile, so having core positions and trading positions is a wise strategy.
Comment by Jon - BMR — September 24, 2016 @ 8:51 am
Jon – thank you for the essay:) If I consider myself normal, I am probably still reacting to the wounds that have yet to heal from 2011 onward. there is a ;here we go again’ mindset with CXO.. like with EQT etc.. still gunshy if you will.
Unlike Dave and others I am not a trader as such.. as mentioned the exit plan is what the real issue is for me as well…
and it generates questions like above. thx for your patience with Captain Normal over here:) appreciated
Comment by Jeremy — September 25, 2016 @ 6:38 am