Gold has traded between $1,265 and $1,275 so far today…as of 10:15 am Pacific, bullion is up $8 an ounce at $1,272…Silver has jumped 17 cents to $17.73…Copper has surged 4 cents to $2.14…Crude Oil is off 65 cents at $49.87 while the U.S. Dollar Index is flat at 98.74…
Gold is firmer today thanks to some short-covering as well as rising physical demand from India, but growing expectations of a U.S. interest rate hike are keeping a lid on prices…demand from India is expected to remain elevated as festivals, including Dhanteras and Diwali, will be celebrated at the end of the month – two of the most important Hindu festivals and a time when Gold is traditionally given as a gift. “Gold has been clearly supported by physical buying in the Indian market especially and Gold prices are at a slight premium there,” said Societe Generale head of metals research Robin Bhar…
Iron Ore surged by the daily limit of 6% today on the Dalian Commodity Exchange and rising steel prices in China sparked moves in metals across the board…after 3 years of slumping prices as mine supply rose and Chinese growth slowed, Iron Ore has gained 36% in 2016…Zinc, used to galvanize steel, surged to a 5-year high on the Shanghai Futures Exchange while Coking Coal, necessary for steel production, rallied to an all-time high on tight supplies…
Meanwhile, China’s renminbi has tumbled to multi-year lows against a strong dollar but so far Beijing seems unperturbed…the Chinese currency, also known as the yuan, today hit its lowest level since offshore trading was introduced in 2010, falling to 6.7882 renminbi to the dollar in trading in Hong Kong…the latest slide, as capital outflows increase in China, means the dollar has gained more than 1.5% against the renminbi since September…China’s State Administration of Foreign Exchange said a net $44.7 billion of funds left China last month, the most since it began publishing records in 2010…
Freeport McMoRan (FCX, NYSE), the world’s largest Copper-mining company but also a significant producer of Gold and other commodities, returned to profitability in the 3rd quarter…the company lists net earnings of $217 million, 16 cents per share, a big turnaround from a loss of $3.8 billion, or $3.58 per share, in the same period a year ago…
Canadian Debt Swells
Canada’s debt, swelled by a decade-long housing boom to almost triple the size of its economy, is drawing increasing concern from an international banking community that says it threatens growth and financial stability…
The combined debt of Canadian governments, companies and households reached $4.4 trillion (U.S.) in the 1st quarter, or 288% of gross domestic product, exceeding the same gauge for the U.S., the U.K. and Italy, according to the Bank for International Settlements…
While Canada boasts the lowest government debt load among Group-of-Seven countries (that may not last for much longer), household debt is the highest of its peers, the Switzerland-based BIS said in its quarterly report…in September, Statistics Canada reported household liabilities rose to 100.5% of GDP, exceeding the size of its economy for the first time…
Canada was the only developed country showing early signs of stress in its domestic banking system amid “unusually high” credit growth relative to GDP, the BIS said…
In Today’s Morning Musings…
1. Almadex Minerals (AMZ, TSX-V) hits new multi-year high on fresh results from El Cobre Gold-rich porphyry discovery…
2. Clean Commodities (CLE, TSX-V) finds encouragement on ground next to Northern Shield Resources’ (NRN, TSX-V) Huckleberry and Sequoi targets…
3. 1,226 g/t Ag over 6.15 m – drill result from Kootenay Silver’s (KTN, TSX-V) La Negra discovery in Mexico…
4. Eyeing a new winning ETF trade in a strategy that has produced 100% winners and a 450%+ return in 1 year…
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…
Hey BMR, what are your thoughts on the recent DBV developments regarding camp winterization and recent financing?
Comment by Steve A. — October 25, 2016 @ 9:29 am
Hi Steve A, certainly encouraging. You know how much we like the Hat. Chad Day is still a concern re: the entire area but there’s no way he and his bandits would risk another blockade.
Comment by Jon - BMR — October 25, 2016 @ 10:18 am
Benton Resources (BEX, TSX-V) options Cu-Ni-Pge project to Rio Tinto! Stock does nothing, so far.
Comment by Daniel — October 25, 2016 @ 10:30 am
CLE – I thought we would see the share price testing 10 cents with the news of discovering a sulphide bearing boulder and a gabbroic rock. Perhaps the market is waiting for those additional 85 rock and 96 soil samples as well as NRN’s Huckleberry results. The volume is encouraging with 197K (1:25pm MTN), we have not seen consistent volume like that for 3 month now.
Comment by Vepper — October 25, 2016 @ 11:25 am
Vepper – it was a rock:) one rock.. ok boulder..:) indicative but the lack of response indicates the lack of risk appetite as such..
BTW – I saw a BLO ad on BNN this morning… hmmmmmm
Comment by Jeremy — October 25, 2016 @ 2:16 pm
Actually, Jeremy, it’s 85 rocks at CLE’s ground…plus 96 soil/till samples…the big sulphide boulders are a big bonus, and confirmation of some things…it was that kind of sampling that got NRN running initially. Looking fwd to the results on the rocks, not just the assays but what their composition is…so much that can be learned from those rocks…as well there was probably lots of soil/till sampling in the Sequoi area where there’s no outcropping…very good indications could come from that work….Huckleberry drill results soon, followed by drilling at Sequoi…so they have 2 shots at this right off the bat…only 1 needs to connect to send the market into a frenzy…
Comment by Jon - BMR — October 25, 2016 @ 3:53 pm
Ya, and only .09 needs to get taken out to have CLE Ruuuuunnnnnn. ha.
Jeremy, your all right my man, how have you been doing. I always appreciate your humor.
I decided not to list my stocks. One of them soared today. I seem to have taken a bad rap as a pumper on this board and that is not my intention nor ever was my intention. Last year, NPH went from .15 to .90 – YFI went from .15 to .63 – EQT went from .07 to .22, all the lower price points were on this board mentioned at that time. I did hit EQT the hardest because it had diamond fields potential, and it still does if they return for more work.
Jon has picked many winners and BMR can do the pumping. I guess that’s what this is called when you talk about a stock many times.
Ya’ll have a good night, from Lima.
Comment by dave — October 25, 2016 @ 4:19 pm
Dear Dave,
I think it is a real loss for BMR and our community of investors if you stop sharing. That would apply to anyone here IMHO. From sharing, and not just stock picks but knowledge and research, comes understanding and ultimately growth and success as an investor.
At the end of the day, the decision to invest in a stock mentioned on this forum, the required due dilligence and the accountability for the outcome rests with the individual. Not with the person offering the suggestion.
I certainly have appreciated the input from all since I joined BMR.
Warmest regards,
Foz
Comment by Foz1971 — October 25, 2016 @ 5:47 pm
Keep talking Dave. I never thought of you as a pumper. Enjoy your comments and please don’t worry about listing your stocks.
Cheers,
John
Comment by John — October 25, 2016 @ 6:12 pm
Thanks Foz and John. It has been a rough day here for the 2 of us. We got hold of some bad food. I saw some comments and vented a little. The last thing I want to see is anyone lose money. There will always be drill misses and technology failure. Don’t marry a stock or at least sell if your up a double, nothing that jon has not mentioned here many times.
EXO – I mentioned here already. chart looks good, TA looks good, rumors on the street of something good coming. It looks like it has done a tight “W” in the chart since its announcement with samsung and the run up. I do own.
PMA – Interesting deal they are working on getting done with South listed on the London exchange. Oil play. The chart is in a bullish formation after the huge run. I do not own.
RTM – be careful trading this one, it is overbought. but it is getting pumped heavy because they hit what is to believe to be a kimberlite. So the stock is going crazy. I heard a few Sundays ago that this was recommended by a newsletter writer. I had a chance to get in at .07 but chose not to buy because 7 million warrants became free trading. Well, now they are gone. My suggestion is wait for a decent pullback should it happen or wait for the news even if its in the 30’s. If they hit diamonds, it wont matter you got in late, the stock will run. Low float, so with good news, it keeps on running. I do not own.
WPQ – Interesting deal getting wrapped up on aquiring the Lupin mine. Upon final news, this should give a good run. Probably an easy double quick from this level. I do own.
Do your DD.
Comment by dave — October 25, 2016 @ 8:41 pm
Dave, if I may, how do you decide to sell? I have a number of stocks in the green neither advancing nor declining. It would be nice to take the profits but then I might miss out future profits.
Comment by DavidW — October 26, 2016 @ 4:59 am
Morning Jeremy,
Re CLE, I can’t help but think of Diamond Fields story. So much happened in just a few months.
http://www.visualcapitalist.com/the-story-of-voiseys-bay-the-discovery-1-of-3/
Comment by Vepper — October 26, 2016 @ 5:38 am
Davidw – I use stockta.com as my guide. resistance and support. I also watch L@, years of experience helps you to know when the MM’s are trying to spook you out of your shares. Then you always have the fundamental side of things. I do not like being in a stock just prior to assays. If it took a momentum run, I will sell and wait to buy back on the news if good.
Comment by dave — October 26, 2016 @ 5:43 am
interesting pics on the e&l gallery,looking good.
Comment by Laddy — October 26, 2016 @ 6:03 am
Something that I don’t understand that maybe Jon or John can chime in on, or anybody else. How does a stock open much higher on piddidly assays and another one with fairly good assays do nothing. Take a look at TUO and EGM results. How is it that EGM with a much higher O/S going to open much higher while TUO drops. I lack in the fundamental side of trading because of incidents like this. And this is why I don’t like to be in a stock when assays come out. Another case is RTM, if they don’t deliver what the market is expecting, it drops like a rock.
Comment by dave — October 26, 2016 @ 6:18 am
Have to agree with you there Laddy.
Comment by pole — October 26, 2016 @ 6:37 am
Interesting looking rock on CLE too. I think Ryan should stop playing real estate and get the drill turning in next to NRN.
Comment by dave — October 26, 2016 @ 6:43 am
In the case of TUO, Dave, great results, highest gold grades yet from Treaty Creek, but EGM is continuing to drill and Tudor isn’t…that explains it…it’s all about speculation.
Comment by Jon - BMR — October 26, 2016 @ 6:48 am
Thanks Jon.
DYA and ADV, prime example of why not to marry a stock, or at least sell 50% when ya hit a double.
Comment by dave — October 26, 2016 @ 6:52 am
ETF Alert…HOU dropped down toward the $8 level this morning…as we stated yesterday, we were looking at an imminent trade opportunity in the HOU (TSX) as our next ETF play…we’ve pulled the trigger at $8.40…will explain more in Morning Musings…
Comment by Jon - BMR — October 26, 2016 @ 6:56 am
EXO – MACD starting to curl up for a cross. MFI nice W formation. Offers above dropped some.
DOS – volume alert. Warrants not in the money till .15
Comment by dave — October 26, 2016 @ 7:39 am
TUO – terrific JV’d properties, but Teuton has not be a mkt darling for a decade. its been hard to get momo with the drill programs these partners have done over the years in a lacklustre mkt.
RTM – there are diamonds in Wawa and the addition of Kivi is sure to stoke that fever, Kivi was in the area over 10 yrs ago with a major. DeBeers had a JV for a property and there was a couple instances of carat+ sized diamonds being found. But the waste rock is hard and a bulk sample or two seemed to kill the area. Fipke was there for years and GER held property for diamonds there as well. The initial find was just off the main highway.
Comment by david — October 26, 2016 @ 8:21 am
RTM will be interesting if they come back with something good.
Comment by dave — October 26, 2016 @ 8:39 am
By the way, I talked with the IR guy with RTM yesterday. He said they are expecting results back a week from this Friday, or after next week. Gauge how you want to play it before assays.
Comment by dave — October 26, 2016 @ 8:42 am