Gold has traded between $1,248 and $1,255 so far today…as of 11:55 am Pacific, bullion is up $2 an ounce at $1,249…Silver has added 15 cents to $16.78..Copper is flat at $2.65..Nickel is unchanged at $4.19…Crude Oil has rallied 55 cents to $44.79 while the U.S. Dollar Index has tumbled nearly half a point to 96.04…
Copper, Lead and Zinc prices hit near 3-month highs today, boosted by a drop in the dollar, signs of tighter supplies and optimism over Chinese demand…meanwhile, Cobalt has hit another new multi-year high of $26.76…the greenback touched its lowest level against the euro in a year after hawkish comments from the head of the Bank of England fuelled bets on tighter monetary policy in Europe…
Good sign – Frank Holmes has launched a new metals-focused exchange-traded fund, the U.S. Global Go Gold & Precious Metals Miners ETF (also known as GOAU on the NYSE)…it’ll give investors exposure to Gold producers as well as royalty companies…juniors with a market cap of at least $200 million may also be included…Holmes says the model for GOAU has outperformed the GDX 95% of the time…
Crude Oil Update
Oil prices pushed higher today after U.S. government data showed a bigger than expected drop in gasoline inventories and falling weekly Crude output…Crude inventories rose by 118,000 barrels in the week to June 23 as refineries cut output…that compared with analysts’ expectations for a decrease of 2.6 million barrels, though the number was less bearish than a report yesterday from the American Petroleum Institute (API)…meanwhile, gasoline stocks fell by 894,000 barrels, compared with analysts’ expectations in a Reuters’ poll for a 583,000 barrel drop, EIA said…
WTIC has declined for 5 straight weeks but has been showing support, as expected, around $43…the recent intense bearish trend has weakened considerably, so a further rebound in prices is likely on the way…whether that’ll just be temporary remains to be seen…
The Wall Street Journal reported this morning that members of OPEC have held informal talks in recent days about how to halt the recent slide in Oil prices which are currently down more than 15% since late May…
In today’s Morning Musings…
1. Understanding Gold’s current pattern – two highly informative charts…
2. GGI’s bull’s-eye target has got Nickel sulphide experts excited…
3. Big opportunity in the Eskay Heart of Gold Camp’s Big Daddy, Pretium Resources (PVG, TSX)…
4. Daniel’s Den – after Daniel’s trip, the “Indiana Jones” of the junior resource market has much to report starting Friday!…
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.
The CSR chart has breakout written all over it. Cmon, lets get the news out.
Comment by dave — June 28, 2017 @ 12:47 pm
Hi Jon, will CSR and others focus only on cobalt , or on silver also ? Silver seems like the icing on the cake, gravity separation then to the smelter.
Comment by donald — June 28, 2017 @ 5:52 pm
One of many things I like about CSR, Donald, is the fact they’ve really been the only company in the district emphasizing to any significant degree the importance of Silver to the equation…..Silver will be critical to the economics…Frank has a handle on that…
Comment by Jon - BMR — June 28, 2017 @ 6:51 pm
What do you think about Zinc One Resources!? Keith Neumeyer involded here.
Comment by maikenders — June 29, 2017 @ 7:04 am
Jon: you guys have mentioned QNC being a buy? 12 a good buy?
Comment by STEVEN1 — June 29, 2017 @ 7:28 am
Steven1
…..If you believe in their product and the potential for sales then 12c is a good buy. Someone appears to be buying up all stock at 12c.
Comment by John - BMR — June 29, 2017 @ 12:30 pm