For travel reasons, this is an abbreviated version of our Morning Musings…the regular version will resume tomorrow…as of 7:25 am Pacific, Gold is off $26 an ounce to $1,522, Silver has declined $1.04 to $35.30 while the U.S. Dollar Index has climbed nearly three-quarters of a point to 75.72…the CDNX is down in sympathy with the broader markets and the retreat in precious metals…the Venture is currently 35 points lower at 1901…new U.S. claims for unemployment benefits rose more than expected last week, a government report showed this morning, suggesting little improvement in the labor market this month after employment stumbled in May…initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000 according to the Labor Department…the prior week’s figure was revised up to 420,000…economists polled by Reuters had forecast claims to edge up to 415,000 from a previously reported count of 414,000…the data is the latest in a series to underscore the weakness in the U.S. economy which has persisted through the second quarter…the Federal Reserve yesterday acknowledged the slowdown, but generally perceives it as temporary, with Chairman Bernanke giving no hint at this point of rolling out “QE3″…John has two charts for us this morning, the first one being Copper which of course has proven to be such a reliable leading indicator of the global economy and the primary direction of the CDNX…Copper is down slightly this morning, just over 1% to $4.05 a pound, but the metal is showing encouraging technical signs which strengthens the case that we’re at or very close to a bottom in the markets and that the second half of the year could be much better…
John’s second chart is a snapshot of Canaco Resources (CAN, TSX-V) which has a tendency to act as a “bellwether” for the CDNX…Canaco released more good drill results yesterday and is holding up so far this morning, unchanged at $3.70…
BMR – For travel reasons, this is an abbreviated version of our Morning Musings…
Bert – Don’t tell me ye folks running for the hills’—— I told you not to tell me.
Comment by Bert — June 23, 2011 @ 6:57 am
When the bear market begins, will BMR (BullMarketRun) have to change their name?
Comment by Seamus — June 23, 2011 @ 7:36 am
Semus
If i may, i will respond. The answer is no, the name, will follow the market, Bear Market Run
Comment by Bert — June 23, 2011 @ 9:08 am
Which is a bull market in gold….
Comment by Herb — June 23, 2011 @ 1:55 pm
Hello BMR followers
The US did a great job today of pounding Oil and Gold in an attempt to keep inflation controlled and to give the appearance
that they were successful!! This may have scared many in the past, but we now have China, who will say thank you for the
reduced prices and will shortly bid the prices back up. Again and again, the US is attempting to use outdated tactics that
will place them further behind, until they realize that the only solution is for the US worker to roll up his sleeves, and
compete with the rest of the world…………unfortunately, this will be very painful and slow to occur. Which is why gold
is the asset of choice.
Comment by Bob — June 23, 2011 @ 4:36 pm
BMR
any idea what is going on with SFF lots of volume, price up, no news, something going on or is someone pumping this up?
thanks
Comment by GREG H — June 23, 2011 @ 9:30 pm
Have to agree 100% with Bob. A lot of people are being fooled by this organized takedown of commodities in order to set the stage to introduce more QE in whatever form. This so called “flight to safety” will come badly unstuck at some stage and all it is doing is transferring cheap PM’s and oil from the west to the east. This is still a huge bull market in PM’s and all you bear market deflationists need to get your heads out of the sand and realize everything is being organized in order to monetize all this global debt which will soon lead to rampant inflation. When this happens your bonds and your $’s are not going to be much of a safe haven. The real bull market is only starting.
Comment by Patrick — June 24, 2011 @ 2:05 am
Correct patrick and bob
Comment by Hugh — June 24, 2011 @ 4:32 am