Gold has traded between $1,249 and $1,259 so far today…as of 10:15 am Pacific, bullion is flat at $1,253…Silver has edged up 2 cents to $17.45…Copper is unchanged at $2.17…Crude Oil is 71 cents lower at $50.08 while the U.S. Dollar Index has jumped one-third of a point to 97.88…
Bond yields around the world rose today with the benchmark U.S. 10-year note yield near 1.79% after it briefly broke above 1.80% for the first time since early June…the 10-year German bund yield also rose to trade at 0.063% while Spain’s 10-year yield hit its highest level since July 25…higher Oil prices are raising the prospect of an inflation bump in the eyes of many traders…that reduces the value of already held bonds which leads to rising yields…in today’s Morning Musings, we’ll take a look at the relationship between Gold and the U.S. 10-year Treasury note…
Minutes from the latest FOMC meeting will be released at 11:00 am Pacific with traders looking for more insight into Fed thinking…
Government officials from major Oil producers, including Russia, are meeting in Istanbul this week to try to lay out more details of production cuts ahead of an official OPEC meeting in November…
Climate-change fanatics yesterday disrupted the flow of millions of barrels of Crude from Canada to the U.S. in a co-ordinated action that targeted several key pipelines simultaneously…activists in 4 states were arrested after they cut padlocks and chains and entered remote flow stations to turn off valves in an attempt to stop Crude moving through lines that carry as much as 15% of daily U.S. Oil consumption…the group posted videos online showing the early-morning raids…all in the name of “saving the planet”…
WTIC 6-Month Daily Chart
The overall Crude Oil pattern is very bullish…the only question is, how soon will there be a confirmed breakout above the neckline as shown in John’s 15-monthy weekly chart?…
It’s not wise to bet against an inverted head and shoulders pattern as well as newly-rising 50 and 200-day moving averages (SMA’s)…Crude Oil’s last major hurdle before gaining some serious momentum is the “neckline” and a band of resistance between approximately $50 and $52…
Oil bears have got it wrong…any modest pullback in Crude from current levels would likely be the final opportunity to get positioned before this market blasts through resistance…
Ivanhoe Mines (IVN, TSX) Jumps On Initial Resource Estimate For High-Grade Kakula
Robert Friedland’s Ivanhoe Mines (IVN, TSX) is up 17 cents to $2.35 as of 10:15 am Pacific after releasing an initial mineral resource estimate for the extremely high-grade Kakula discovery on the Kamoa Copper Project in the Democratic Republic of the Congo (DRC)…Kamoa-Kakula is a joint venture between Ivanhoe, Zijin Mining and the government of the Democratic Republic of Congo…Indicated resources for Kakula total 192 million tonnes at a grade of 3.45% Cu, containing 14.6 billion pounds of Copper at a 1% cut-off…Inferred Resources total 101 million tonnes at a grade of 2.74% Cu, containing 6.1 billion pounds of Copper at a 1% cut-off…
Kakula is the second major discovery on the Kamoa mining licence in the past 8 years…now, with the addition of Kakula’s resources, research by Wood Mackenzie – a prominent, international industry research and consulting group based in the U.K. – has independently demonstrated that the Kamoa-Kakula Project is the largest Copper discovery ever made in the history of mining on the African continent…in addition, research by Wood Mackenzie also shows that Kamoa-Kakula already ranks among the 10 largest Copper deposits in the world…
In Today’s Morning Musings…
1. The opportunity in Bengal Energy (BNG, TSX)…
2. Nighthawk Gold (NHK, TSX-V) drills 72.6 m grading 5.6 g/t Au at Colomac…
3. Updates on AMZ and LIO…
4. Daniel’s Den – Strategic Metals (SMD, TSX-V) very close to strong support…
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…
Excellent news from LION ONE Metals. Things are moving.
https://www.liononemetals.com/news/news-releases/lion-one-announces-fiji-gold-exploration-and-development-update
I’m particularly interested in whats beneath and around the old Kingston mine. Incredible numbers, and its not just gold.
_________
A shaft was sunk to 15 m and a drive of 10 m was made at the bottom of the shaft (reported that two shipments of ore were made, the initial shipment being 5 to 7 tons assaying 33% Cu and 85 g Au and 130 g silver per ton. The second shipment contained an unknown tonnage of ore averaging 40.6% Cu and 176 g of Au and 130 g of silver per ton.
In 1952, one ton of selected ore containing 20.3 % Cu and 460.3 g of silver and 98.9 g of gold per ton was extracted .
Comment by Carl — October 12, 2016 @ 9:50 am
EQT – news doesn’t appear good, no high grade and no cash in the bank for a mill operation as $6MM walks away
Comment by david — October 13, 2016 @ 5:19 am
GOLD – ABN has a new blurb suggesting thr Gold selloff was triggered by a small position liquidation, BUT it put a stink on the mkt and combined with Gold crossing the 200DMA, now they see it closing out the yr at $1200
Comment by david — October 13, 2016 @ 5:50 am
I believe that if Clinton wins election gold will spike up then fall off and if trump wins gold will tank then slowly go up. It will go up in final result either way.
Comment by charleybarley — October 13, 2016 @ 7:57 am
What could be particularly bullish for Gold, charleybarley, is if Clinton wins and the Democrats also take both the Senate and the House…similar situation occurred in 2008…any debt “ceiling” would essentially disappear and Gold would respond accordingly…
Comment by Jon - BMR — October 13, 2016 @ 8:36 am
I am not a political buff and stay away from it. But I have heard that neither one of them will be in office and a write in campaign will be done, allowing sanders in office.
Comment by dave — October 13, 2016 @ 9:59 am