Gold has been a little firmer most of this morning…as of 8:45 am Pacific, the yellow metal is up $3 an ounce at $1,713…Silver is flat at $32.06…Copper is up 2 pennies at $3.38…Crude Oil is 87 cents higher at $99.08 while the U.S. Dollar Index has slipped one-third of a point to 78.92…
U.S. consumer confidence bounced back from a 2.5-year low in November as apprehension about job and income prospects eased, according to a private sector report released this morning…the Conference Board said its index of consumer attitudes jumped to 56.0 from a upwardly revised 40.9 the month before…it was the highest level since July and handily topped economists’ forecasts for 44.0 (October was originally reported as 39.8)…”Consumers’ assessment of current conditions finally improved, after six months of steady declines,” Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement…”Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak”…
Markets are cheering the news, fresh on the heels of a strong start to the Christmas shopping season…the Dow and TSX are extending yesterday’s gains while the CDNX has climbed 4 points to 1517…Jon is on special assignment today, checking a property in British Columbia, so today’s Morning Musings are abbreviated but John has a couple of charts to share…
The rally in the markets that began yesterday appears to have some energy to it…this is confirmed by the chart for the HXD which is the short ETF for the S&P/TSX 60 (double leveraged)…while the overall picture for the HXD remains positive, the immediate outlook has turned bearish as John shows below…
The HXD is currently down 18 cents at $10.63 after running as high as $11.31 last Thursday, a nearly 20% jump since we highlighted the opportunity at the end of October…
We’ve had several inquiries from readers regarding Canada Rare Earths (CJC, TSX-V) which has also been mentioned by some of our astute followers in our comments’ section…this morning we take a look at CJC from a purely technical point of view with the following chart…
As of 8:45 am Pacific, CJC is off a penny at 40 cents on light volume…
CMJ.v Colombian Mines EOM!!!
Comment by John — November 29, 2011 @ 9:04 am
If I may add to John’s chart, DO NOT be fooled by level 2. The ask was hit all day and with anon selling. They are trying hard to get your shares. Level 2 can change in an instant and to me is only good for an entry price if I am buying. We saw the same thing with CEV in the 30’s. Go by the chart and the TA. CJC is setting up nicely for a breakout followed by steller assays.
Comment by dave — November 29, 2011 @ 9:05 am
gotgoldreport.com/2011/11/got-gold-report-season-of-blue.html
Comment by Hugh — November 29, 2011 @ 9:18 am
@ Dave.
CJC as in Canada Rare Earths Inc.?
Comment by Kalkan — November 29, 2011 @ 9:23 am
Kalkan – Yes
Comment by dave — November 29, 2011 @ 9:52 am
I just heard from Chad with CJC. The drill core is much more intense and dynamic than GMA’s was and they are hitting metals that GMA did not hit. He has to be careful what he says to keep legal, but he threw in the hint of possible heavy REE’s. They expressed as I did yesterday that the longer the assays take, the more positive because of the many metals being hit and checked and re-checked in the core. They are preparing a NR for next week that will state the drill core and the such. There is a storm brewing, it is just taking a while to get here. Patience and add if you can.
Comment by dave — November 29, 2011 @ 10:24 am
@ Dave.
Sounds really interesting! Have to check this.
Comment by Kalkan — November 29, 2011 @ 10:31 am
I added this morning and I’m already ahead. 🙂
Comment by Andrew — November 29, 2011 @ 10:34 am
Bonjour Martin, Tabernac! VGD c’est pochroyable! Do you think they will have assays before Christmas? You made the right decision to sell. Now I’m wondering if I should take the loss and split in CAN, CEV, CJC and GCU (any symbol with “C”):)
Comment by Andrew — November 29, 2011 @ 11:37 am
GBB, ANOTHER NEW 52 week LOW….. Bring on the chart that tells us how great this stock is..LOL and wake me IF v.SD ever trades again and When CUI finds the Golden Elephant in Tanzania
Comment by John — November 29, 2011 @ 12:59 pm
Salut Andrew,
For now, I and long on HJD (2 x bear on emerging market) As i think thing will get messy at some point in 2012. Look at a 3 years chart for what the return could be if we get in a 2008-09 or worst situation :-). Gold junior would get it hard in that kind of manipulated environment! (I am so disapoint to see how silver is trading by the way!!)
At that point we would have a lot of cash to get in back in a beaten market. Would not be surprised to see Canaco trading at 75 cent somewhere down the road in a depressive day.
As for VGD and Martin, I guest the initial drilling at Wasa east and Joutel are now that good otherwise we would have already heard from it! potentiel remain very good but patience will be key i guest.
What do you think?
Good luck!
Comment by Martin — November 29, 2011 @ 1:42 pm
The Fed & World Central Banks are to take joint action to boost liquidity.
Another positive day on the market
Bert in denial, so says BMR –
Comment by Bert — November 30, 2011 @ 5:15 am
@ Dave
when do you think any news regarding CJcome out?
Do you think its time to enter CJC soon, or perhaps already..
Comment by Kalkan — November 30, 2011 @ 6:45 am
Kalkan, I would be adding soon. I am not sure when next week. The 30’s could be gone and she is gaining traction.
Comment by dave — November 30, 2011 @ 6:57 am
Allo Martin, HJD a great ETF if markets collapse – 10 bagger! The ETFs, HVU, HZD/U, HOD/U etc. can help reduce the risk of holding individual stocks but with such volatility I’m reluctant to hold overnight. Silver just did not mirror gold recently but its on its way up this morning. I’ve been starting to wonder if gold had reached a stalemate. Today’s global news has given new life to precious metals.
If CAN goes below une piasse I’m a buyer. 🙂
VGD say a news release before Christmas but the results are likely not significant otherwise why do a financing with Mineralfields and Pinetree before releasing assays? Apparently the cores looked good visually but there may not be any gold.
Bonne chance!
Comment by Andrew — November 30, 2011 @ 8:21 am
@ Dave
I bought my share today actually at 0.42. So now I will just sit tight and see.
Thanks for the scoop!
Comment by Kalkan — November 30, 2011 @ 8:43 am