Gold is coming under pressure this morning…it has traded between $1,664 and and $1,682 so far this morning…as of 7:45 am Pacific, the yellow metal is down $12 an ounce at $1,664…Silver is off 34 cents at $31.68…Copper, set for a third straight monthly advance, is down a penny at $3.71…Crude Oil is off 70 cents at $97.24 while the U.S. Dollar Index is flat at 79.22…this is an abbreviated edition of Morning Musings due to travel…
Updated Copper Chart
Copper continues to look strong, trading at a 3-month high, which is a positive leading indicator for the 2013 global economy and equity markets…
U.S. Personal Income & Spending Up In December
On the heels of yesterday’s reported contraction in economic growth, which will encourage the Federal Reserve to continue its expansionary monetary policy, the government reported this morning that weekly jobless claims rose after two weeks of declines, though personal income climbed sharply and spending gained as well…jobless claims jumped 38,000 in the past week, personal income surged 2.6% (well ahead of estimates) while personal spending was up 0.2%…
Today’s Markets
Asian markets finished the month on a mostly positive note…Japan’s Nikkei average edged up, posting its best January in 15 years as gains in the banking sector lifted sentiment, offsetting gloomy earnings from such bellwether companies like Nintendo...the Nikkei rose 0.2% to a new 33-month high of 11,138.66 points and posted a 7.2% gain this month, its strongest January performance since 1998 after rallying 22.9% in 2012…China’s Shanghai Composite gained 3 points to close at 2385…the Index was up 5.1% for January…China’s January official Purchasing Managers Index (PMI) tomorrow is likely to show manufacturing activity in the world’s second-largest economy expanded at its fastest pace in nine months…
The turnaround in the Chinese stock market came, as expected, when it finally broke out of a 2-year down trendline as shown below in John’s 2.5-year weekly chart below…the same pattern appears to be forming in the Venture Exchange but investor patience is critical…
European shares are down marginally in late trading overseas while North American markets have started on a mixed note…the Dow is up a dozen points, the TSX is off 83 points while the Venture is flat at 1222…
Cap-Ex Ventures (CEV, TSX-V) Chart Update
Note: John, Jon and Terry do not hold positions in CEV.
just in..moments ago..and grandich darling…v.ole newest reserve and news release!!! Great reserves and up for sale. A great buyout or mine opportunity!! proven ounces and money in the bank. Sprott did their last financing. glta
Comment by Natalie — January 31, 2013 @ 7:50 am
There are a few situations that perhaps could bring life back to the vanc. exchange. For example barkerville, the “stopped” stock, BGM.V They will receive the up-dated report next week which the exchange has requested. They will be delivering tthis report near momths end to the exchange. I think that there is a very good chance of a favourable report perhaps not the large tonnage as first reported but very good results non the less. This stock would go up like a rocket.A companion stock, GCC-H,golden cariboo gold, would aalso fly as they have 2milion shares of BGM.
Comment by richard l — January 31, 2013 @ 4:52 pm
Anybody have a chance to listen to the Live Presentation today? BMR, anyone one you guys listen to it? Work prevented me from joining.
Comment by Dan — January 31, 2013 @ 6:23 pm
I missed it, Danny, but I can report that David Johnston has asked for interview time with BMR Monday afternoon. Wouldn’t say why but my hunch is, based on reports of the visuals from Jewel Ridge and what we know is going on at Gold Viking, and Johnston’s update last Monday, that RBW is about to make some noise and we’ll hear it Monday. Let’s cross our fingers but I am confident.
Comment by Jon - BMR — February 1, 2013 @ 5:19 am
Dan, I listened it. You miss nothing. No new material has been reveal except they will do an updated ( update and new release i suppose)beginning of next week. The speaker was not available because of personel family emergency. However Jeb Handwerger was present and he made comments on the gold and juniors market. He is very positif on both.
RBW is still very positif on their future. As Jon-BMR mention above they are positif on the visuals from Jewel Ridge and on Gold Viking.
Comment by Alain — February 1, 2013 @ 7:18 am
While I’m confident that Rainbow is moving forward in a positive way I’m not as confident that the market will R&R Rainbow Resources to the degree that it should. R&R being recognize and reward.
Comment by Rick — February 2, 2013 @ 5:40 am
What happened to Canamex, it got hammered on news, only 12 holes were drilled and none of the holes came even close to the last hole 1101 (4gpt over 108m). So whats your take? Are they ever going to find another few great holes, or was hole 1101 just a “ONE HOLE WONDER?
Comment by Gus — February 2, 2013 @ 6:10 pm
Jon,
Any development from discussions with David Johnston? Expected timeline for release?
Comment by Mike C — February 4, 2013 @ 10:13 am