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Gold has traded between $1,285 and $1,293 so far today…as of 11:30 am Pacific, the yellow metal is down $1 an ounce at $1,287…Silver is off 4 cents at $18.47…Copper has added 3 pennies to $2.57…Nickel is up a penny at $4.41…Crude Oil has retreated 46 cents to $52.76 while the U.S. Dollar Index has slipped another one-third of a point to 100.15…

Going into Easter, Gold posted its biggest weekly gain since June of last year with an advance of $33 an ounce or 2.6%…expectations seem to be restrained, however, as sentiment among investors is far from overly frothy at the moment…of course that sets up the possibility for a surprise to the upside where Gold could robustly push past resistance at $1,300…historically, April has been one of the best months of the year for bullion and April 2017 has proven to be no exception so far…this last half of the month certainly carries the potential for more geopolitical flare-ups while Presidential elections in France this coming Sunday and a return of the U.S. debt ceiling debate also loom large…

Vice President Mike Pence says the “era of strategic patience” with North Korea is over…Pence made the comments on the border between North and South Korea yesterday, just hours after North Korea’s failed missile test which some are speculating may have been disrupted by a secretive U.S. program of cyber and electronic warfare designed to sabotage launches…if so, that’s another victory for the U.S. military after a flawless strike against a Syrian air base and the unleashing of the Mother of all Bombs that obliterated about 100 ISIS terrorists and a network of underground tunnels in Afghanistan…

Gold Poised For More Gains

The short-term (9-month) chart for Gold in U.S. dollars shows RSI(14) pushing above 70% for the 1st time during that span…this suggests that momentum is on the upswing, so shorts ought to be exceedingly careful right now…

Gold In Canadian Dollars

Another fascinating chart from John that gives us great confidence Gold is in the midst of a run that will take it to almost $1,900 CDN (~$1,400 U.S.)…

This 2.5-year weekly chart has been amazingly accurate…

Look how the metal last December once again touched uptrend support at $1,499 with a turnaround beginning immediately at that point…

The previous move off the uptrend line in late 2015 took Gold up 25.5% to $1,752 in just over 2 months, while the increase after 8 months was 30%…the pattern lends additional credence to the view that Gold will test measured Fib. resistance at $1,880 CDN during 2017….

Buy pressure is increasing rapidly, now at its highest levels in 2 years…this suggests the U.S. dollar may encounter some weakness but one thing’s for sure – Gold’s climb this year has quite a bit further to go when viewed in the context of the Canadian dollar…

Gold 2.5-Year Weekly Chart In $CDN

Crude Oil Update

Who to believe?…

The Energy Information Administration (EIA) says global Crude inventories fell by a rate of 200,000 barrels a day during the 1st quarter of this year…

Meanwhile, OPEC paints a much less optimistic picture…it shows global Oil inventories increased by 430,000 barrels a day during Q1…

The outlook for the current quarter is no clearer…the IEA sees further progress with demand for OPEC Oil running about 1 million barrels a day ahead of production…but OPEC sees a world with supply still running ahead of demand which will add about 280,000 barrels a day to inventories…

If this has you confused, there is one thing they both agree on – things will change in the 2nd half of the year…inventories could be drawn down at a rate of about 1.2 million barrels a day in the 3rd quarter if OPEC’s 6-month cut is extended, as seems likely…extending those cuts will be more painful for producers than it is now, however, as many of them (within and outside OPEC) have brought forward planned maintenance (which involves shutting production) to help reach their targets…they won’t be able to repeat that trick later in the year…

John’s Crude Oil charts have proven to be more consistent than the information coming from the IEA and OPEC…the technicals are showing a continuing bull market that should intensify as the year progresses, leading to a high of around $70 a barrel…

In Today’s Morning Musings….

1. Barkerville (BGM, TSX-V) makes another leap on more drill results from Cariboo…

2. Getting in ahead of the action on a 6-5-cent Gold stock…

3. Silver’s immediate challenge…

4. Daniel’s Den – Investors are missing the Midas Touch!… 

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