Gold has traded between $1,271 and $1,279 so far today…as of 10:15 am Pacific, bullion is down $2 an ounce at $1,273…Silver is up 7 cents at $17.79…Copper has added another penny to $2.20…Crude Oil has fallen $1.56 a barrel to $47.14 while the U.S. Dollar Index has climbed one-fifth of a point to 98.48…
Hedge funds and money managers raised their net long position in COMEX Gold for the first time in 4 weeks in the week to October 25, and cut it slightly in Silver, according to U.S. Commodity Futures Trading Commission data on Friday…
Gold and other precious metals faced their largest outflows out of U.S.-based funds last week since 2013 – in the range of $902 million…a “capitulation” before a sudden and dramatic turn higher?…
“Weinergate”: The Wall Street Journal reports, following Friday’s FBI bombshell, that investigators found 650,000 emails on a laptop that they believe was used by former Rep. Anthony Weiner and his estranged wife Huma Abedin, a close Hillary Clinton aide for many years (the mainstream media has done no research on Abedin and her intriguing background), and underlying metadata suggests thousands of those messages could have been sent to or from the private server that Clinton used while she was Secretary of State…in August 2015, Donald Trump tweeted (and correctly predicted), “It came out that Huma Abedin knows all about Hillary’s private illegal emails. Huma’s PR husband, Anthony Weiner, will tell the world.”
As the U.S. Presidential race enters its final full week of campaigning, Clinton is attempting to become the first woman President and the first Democrat to succeed another 2-term Democrat since Martin Van Buren followed Andrew Jackson in 1837…she could also become the first President to be indicted…meanwhile, if Trump manages an upset, he’ll become the oldest person ever to take the oath of office and the first to transition directly from the business world to the Presidency without any past experience as a high-ranking government official…polls released over the weekend are showing a tightening race but it’ll likely be a few days yet before sampling of the electorate reveals the full impact of Friday’s news from the FBI on the re-opening of the Clinton case…
Venezuela – A Latin American Syria In The Works?
Keep an eye on developments in Venezuela which continues its free-fall…some analysts are concerned that it could morph into a Latin American Syria, complete with the world’s largest proven Oil reserves to finance it…of particular concern, Iran is believed to be partnering with Venezuela’s drug traders and creating a foothold in the country…
Copper & Natural Gas
The outlook for Copper in the coming months is looking positive, according to Macquarie’s China Copper survey, which interviews smelters, traders and fabricators who are active in China…fabricators and traders have expressed intentions to dynamically build inventories while smelters are restocking raw materials…
Natural Gas prices might have a great run this winter due to the prospect of a La Niña…last week, Desjardins Capital Markets published a note in which they outlined their outlook and key drivers for Natural Gas over the coming winter months…despite an unusually warm fall in the north so far, the climatologists at the National Oceanic and Atmospheric Administration’s Climate Prediction Center are expecting this to change, which would be very positive for Natural Gas…trading opportunities in that space?…we’ll explore that this week…
In Today’s Morning Musings…
1. Almadex Minerals (AMZ, TSX-V) and Arizona Mining (AZ, TSX) both push to new highs…
2. Canadian Zeolite (CNZ, TSX-V) continues to gain momentum following last week’s news…
3. Updates on the HGU (double leveraged Gold Index ETF) and Silver…
4. Daniel’s Den – “Inside the investor’s brain”…
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…
Daniel – great article, says it all. KEY, investors vs. traders.
AZ – looks like it may be a double top, watch carefully
Comment by dave — October 31, 2016 @ 9:55 am
By the way, Dines writes an entire book about the human mind vs. investing. It is a great book and has helped me a lot over the years. I do fall into the catagory of pulling too early. Need to get better in this area.
Comment by dave — October 31, 2016 @ 10:22 am
Jon, GDM is one investors should keep an eye on. Drilling starts one week from today into an interesting anomaly that proved to be bigger than originally thought. Picked up RTM today as well. We’ll see what they have hit very soon.
Comment by Dan1 — October 31, 2016 @ 12:05 pm
Due to reasons beyond my control, the stock I talked about Friday will be delayed until tomorrow.
Comment by dave — October 31, 2016 @ 1:28 pm
CLIVE MAUND REPORT!!! GOLD COMPLETES BOTTOMING! https://www.clivemaund.com/gmu.php?art_id=68&date=2016-10-30
Comment by STEVEN1 — November 1, 2016 @ 4:36 am
Morning Jon, amm about to pop! pg oversold
Comment by Greg — November 1, 2016 @ 5:55 am
Benton Resources (BEX, TSX-V) halted this morning as well as WPC Resources (WPQ, TSX-V)…keep an eye on both.
Comment by Jon - BMR — November 1, 2016 @ 6:08 am
I have my friend in WPQ, hearing deal done
Comment by dave — November 1, 2016 @ 6:30 am
WPQ – Level 2 showing .13 open, yummy
Comment by dave — November 1, 2016 @ 6:53 am
News out from SKE…
Skeena Resources Ltd. has released the final assay results from the recently completed drill program at the past-producing Snip high-grade gold project, located in the Golden Triangle of northwest British Columbia. Highlights include 24.44 g/t (grams per tonne) gold over 3.2 metres, including 38.3 g/t gold over 1.9 metres, in hole S-16-16, which, along with hole S-16-17, were targeted to further extend the newly discovered Twin West structural corridor.
Skeena chairman Ron Netolitzky stated: “The 2016 drill program successfully tested several promising high-grade targets away from the historical mine workings, including the new 200 Footwall zone. The option agreement with Barrick Gold precluded us from drilling within 25 metres of historic workings until Skeena takes ownership of the property. We have now met the key commitment of $2-million in exploration spending that allows Skeena to begin the process of transferring the property over from Barrick Gold, pending certain regulatory approvals. Our objective over the next few months is to complete the acquisition of the mine and to prepare for an aggressive underground drill program in 2017.”
Comment by Jon - BMR — November 1, 2016 @ 7:20 am