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Gold has traded between $1,254 and $1,269 so far today…as of 11:30 am Pacific, the yellow metal is down $11 an ounce at $1,257 (200-day moving average)…Silver has slipped 29 cents to $16.88…Copper is up 2 pennies at $2.59…Nickel has climbed 6 cents to $4.26…Crude Oil is 57 cents higher at $48.76 while the U.S. Dollar Index has climbed one-tenth of a point to 98.06…

Copper made an unusual move this morning, and we’ve already seen the potential for volatility in Gold this week given a range of factors including lack of liquidity as many financial markets in Asia and Europe were closed today for the May Day holiday…Tokyo markets will be closed for 3 days from Wednesday for a string of holidays known as Golden Week…meanwhile, the Fed starts a 2-day meeting tomorrow…no rate increase is expected Wednesday but Fed funds futures are pricing in about a two-thirds chance of a June rate hike…the U.S. monthly jobs report is due Friday while tensions with North Korea continue to demand attention…

July Copper futures suddenly surged to a near 1-month high this morning as prices briefly leaped by more than 2.5% around 6:31 am Pacific, hitting $2.69 a pound, the highest price since April 5…low volume due to European and Asian holidays was likely a contributing factor…in addition, thousands of workers at the world’s 2nd-largest Copper mine (Freeport–McMoRan’s Grasberg mine in Indonesia) staged a rally today ahead of a planned month-long strike to protest layoffs…

Hedge funds continued to buy Gold for the 6th consecutive week, in the period ending last Tuesday according to Friday’s fresh data, despite the market’s recent failure to break above $1,300 an ounce and diminished “risk-off” investor sentiment…Gold net length increased only 6% from the previous week, down from double-digit percentage gains seen in the previous 3 weeks…the modest expansion in bullish positioning had little impact on prices as June Comex Gold futures fell slightly during the survey period…

The U.S. Mint reports that American Eagle Gold bullion coin sales recorded their worst April performance in 5 years and the lowest sales pace in 16 months…

Oil Update

U.S. drillers added 9 Oil rigs in the week to April 28, bringing Baker Hughes‘ count to the most since April 2015, the energy services company said Friday…Crude output in the U.S. has hit its highest since August 2015, according to government data…

“The U.S. rig count indicates that there is plenty more to come,” analysts at JBC Energy said in a report, referring to the outlook for U.S. production…

Prices also came under pressure after an official survey showed over the weekend that growth in Chinese manufacturing slowed faster than expected in April, potentially weighing on the outlook for Oil demand (and other commodities)…

Iran’s Oil minister said on Saturday that OPEC and non-OPEC producers had given positive signals for an extension of output cuts, which Tehran would back…despite OPEC’s efforts, the Oil glut has been slow to shift…the International Energy Agency said in its latest monthly market report that Oil stocks in industrialized countries were about 336 million barrels above the 5-year average, a key indicator for OPEC…

CRB Index Update

The CRB Index is currently in the low end of a range it has remained within since April of 2016 – a very distinctive 1-year horizontal channel between 177 and 196…

The CRB is off slightly at 181 this morning but it’s reasonable to believe we’ll see another test of the 177 level before the CRB gains some traction again…Slow Stochastics (SS) appears to be forming a low “W”, which generally indicates a turnaround is on the horizon, while RSI(14) at 40% also appears to be close to a reversal…

A little more weakness should be expected in the CRB before the Index firms up again which seems to jive with what the Venture is telling us…

In Today’s Morning Musings….

1. The 7-cent Gold junior with a multi-million ounce resource under strong accumulation…

2. Updated Silver charts – key near-term support the metal needs to hold…

3. Three tightly-held plays that could “pop” in May..,.

4. Daniel’s Den – The GDXJ debacle and the impact on 2 Gold stocks in particular, plus a busy news week!…

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Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere?  Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017.  BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends.  BMR is daily information that puts you ahead of the crowd!

We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee.  If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!

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