Gold has traded between $1,263 and $1,277 so far today…as of 11:55 am Pacific, bullion is off $8 an ounce at $1,270…strong new support around $1,260…Silver has retreated 22 cents to $17.18…base metals are doing well again today…Copper is up 3 more cents at $2.62…Nickel has added 8 cents to $4.06 while Zinc leads the way at $1.14 with a gain of more than 2%…Cobalt has matched its early 2017 high at $25.63…Crude Oil is up slightly at $45.19 while the U.S. Dollar Index is flat at 97.28…
Copper prices have rallied to close out the week after severe weather hit some mines in South America and labor issues recurred in Indonesia…snow and strong winds in northern Chile’s Atacama Desert this week reduced output at BHP Billiton’s Escondida mine, Codelco’s Chuquicamata operation, and Antofagasta PLC’s Zaldivar Project, among others…those mine disruptions in Chile were the major supply-side news this week…
Meanwhile, fresh Chinese import data showed an 8.5% month-on-month increase in refined Copper imports which has also helped prices to rebound…
May’s Misfortune
There is new political uncertainty in Great Britain following yesterday’s general elections…Conservative Prime Minister Theresa May still won the most number of seats but unexpectedly lost her majority as the Labour Party under far-left socialist Jeremy Corbyn significantly increased its presence in Parliament…May’s call for an early vote backfired, and this morning she announced she would form an alliance with Northern Ireland’s Democratic Unionist Party (DUP)…the DUP are pro-union (not Europe but UK), pro-Brexit and socially conservative…they won 10 seats…combined with the Conservatives, this would give May a bare majority less than 2 weeks ahead of complex talks on Britain’s exit from the EU…
Markets Undercut Media Narrative
Yesterday’s other big losers, in addition to the British PM, were much of the mainstream media and J. “Edgar” Comey whose testimony before the Senate Intelligence Committee seriously damaged any case against President Trump in the Russia probe as evidenced by Gold’s behavior and the Dow pushing to a new all-time high during Comey’s questioning (the Dow went higher again this morning)…significantly, the only thing that was NOT leaked by the “Deep State” during recent months is the fact, confirmed by Comey yesterday, that Trump was never under investigation by the FBI…”obstruction of justice” claims against Trump will go nowhere, according to many legal experts, and Comey also revealed under questioning that shortly after his firing he leaked notes from a confidential meeting with the President to the New York Times in order to prompt the appointment of a special counsel…that leak, including the precise timing of it, is now under scrutiny and it raises many questions about Comey…the markets made it clear yesterday, and again today, that the predominantly left-wing media has been way off base in its witch hunt against Trump with an agenda of defamation, distraction and deception…real, objective journalism in America is dead…
Crude Oil Update
Baker Hughes reported this morning that 8 more rigs came online in the U.S. this week, marking a record 21 straight weeks of increases…
Meanwhile, Asian markets remain oversupplied with traders putting excess Crude into floating storage, an indicator of a glut…Thomson Reuters Eikon shipping figures show at least 25 supertankers sitting in the Strait of Malacca and the Singapore Strait, holding unsold fuel…those are similar amounts to May and April, indicating that even in Asia, with its strong demand growth, traders are struggling to clear inventories…
Nearest key support for Crude Oil is $43 as you can see in John’s 15-month weekly chart…$43 is a price the Saudis will have to vigorously defend in order to avoid a further sell-off…WTIC’s technicals could turn quite bullish again over the summer but only if the price is able to push through new resistance around $50 a barrel…
Cobalt (And Silver) Country – Northern Ontario
We have some great coverage lined up for next week from our recent trip to northern Ontario’s prolific Cobalt-Silver Camp…several quality juniors are active on the ground right now, including Castle Silver Resources (CSR, TSX-V), Cobalt Power Group (CPO, TSX-V) and First Cobalt (FCC, TSX-V) and it will be interesting to see initial results from these companies…
One of the most important individuals in this district is lifelong Cobalt resident Gino Chitaroni, President of PolyMet Labs who’s truly the “Cobalt King” in this area – he knows everything about the region and of course is also extremely knowledgeable about the Cobalt market…
He’ll be sharing some important insights with BMR readers starting Monday as our coverage of this fascinating district continues…
Gino Chitaroni is all smiles as nearly decade high prices in Cobalt have sparked the biggest rush in 30 years in the northern Ontario Silver-Cobalt Camp.
In today’s Morning Musings…
1. Nearly 20 million tonne Zn-Pb-Ag resource for $6 million…
2. Cobalt Power (CPO, TSX-V) starts to flex its muscles again…
3. Daniel’s Den – an ocean under the Sahara, and a beautiful Castle on a hill…
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 BMRTop 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!
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 BMRTop 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!
To read the rest of today’s Morning Musings, sign up NOW or login as a current subscriber with your username and password.
Guess you could call a volume alert for the heart of gold, GGI. Boy is it ever slow up there, probably about to change in the next week or two, let’s hope….
Comment by Laddy — June 9, 2017 @ 1:11 pm
Great article tonight re: CSR today June, 9 Northern Miner: “Castle Silver Resources markets Cobalt potential in Asia”
Comment by donald — June 9, 2017 @ 8:01 pm
High Volume Alert(s) ! …ESM +1500% …AOI +400% …OK +170% …R +160% …GUG +150% …PLU +130% …EU +130%
Also, on a “low note”, the silence at SRL is deafening. No trades/volume since Tuesday.
Comment by Daniel — June 10, 2017 @ 10:16 am