BullMarketRun.com

Gold has traded between $1,129 and $1,138 so far today…as of 11:15 am Pacific, bullion is down slightly at $1,131…Silver is off 16 cents at $15.91…Copper is unchanged at $2.50…Nickel is 4 cents lower at $4.89…Crude Oil has slipped 76 cents to $52.54 while the U.S. Dollar Index has retreated one-fifth of a point to 103.03…

Russia’s central bank remains a noted buyer of Gold, says Commerzbank, citing news of continued purchases last month. “After having already purchased considerable quantities in October  – around 40 tonnes – the Russian central bank again bought large amounts of Gold – roughly 31 tonnes – in November,” Commerzbank says. “It is clearly taking advantage of the lower Gold price to do so, especially since the strong Russian ruble makes Gold even cheaper in local currency. In recent months, the Gold purchases of the Russian central bank have presumably put the brakes on the Gold price slide.”

Gold will need more than Russia, though, to help rescue it from its current downtrend…

From Europe comes word today that time is running out for the oldest bank in the world, and Italy’s 3rd-largest, after it warned that it would run out of cash at a faster pace than previously forecast, in just 4 months’ time as opposed to 11…Monte dei Paschi’s shares closed down 12% today…

Obama-Trudeau Climate Change Fanaticism On Display Again

A new congressional investigation has determined that the Obama administration fired a top scientist and intimidated staff at the Department of Energy in order to further its climate change agenda, according to a wide-ranging report released yesterday by Rep. Lamar Smith (R., Texas), chair of the House Committee on Science, Space, and Technology…the report also alleges the administration ordered top officials to obstruct Congress in order to forward this agenda…

Meanwhile, President Obama yesterday ordered U.S.-owned waters in the Arctic Ocean and certain areas in the Atlantic Ocean placed “indefinitely” off-limits for future Oil and gas leases in a final fossil-fuel crackdown before he leaves office…the move, intended to protect the area’s ecosystem, is a final push by Obama to seal his environmental “legacy”, and a possible way to bind the hands of his successor…the outgoing President got support, not surprisingly, from Canadian Prime Minister Justin Trudeau which further underscores how Canada and the incoming Trump administration will be at opposite ends of wide-ranging policy issues from energy and climate change to taxation, regulatory frameworks, trade and global affairs…

“Today, in partnership with our neighbors and allies in Canada, the United States is taking historic steps to build a strong Arctic economy, preserve a healthy Arctic ecosystem and protect our fragile Arctic waters, including designating the bulk of our Arctic water and certain areas in the Atlantic Ocean as indefinitely off limits to future Oil and gas leasing,” the White House said in a statement…

Oil Update

Crude Oil reversed lower this morning after the U.S. Energy Information Administration reported that commercial Crude Oil inventories rose by 2.3 million barrels in the last week vs. expectations that stockpiles would fall for a 5th consecutive week…the Crude build was offset in part by a drop in stockpiles at the Cushing, Oklahoma, delivery hub and declines in fuel stocks…