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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,262 and $1,271 so far today…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,270…Silver has eased off 4 cents to $16.64…Copper and Nickel are both relatively flat at $2.86 and $4.64, respectively…Crude Oil is unchanged at $49.16 while the U.S. Dollar Index is steady at 93.02…strangely, despite Gold’s advance last month, holdings in the largest Gold-backed exchange-traded-fund, the SPDR Gold Trust, fell more than 7%, the biggest monthly outflow since April 2013…that’s a hard one to explain…

2. The American Petroleum Institute (API) said yesterday that U.S. Crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million…analysts were expecting inventories to fall by 2.9 million barrels last week, according to a Reuters survey…a government report is due to be released within the hour and is expected to show that inventories have decreased…meanwhile, Russia’s Oil output stood at 10.95 million barrels per day (bpd) in July, unchanged for a 3rd month and in line with its pledge to curb production in an effort to support the price of Crude…Goldman Sachs says 2nd quarter company results had shown that Oil majors “are adapting to $50 per barrel prices and can afford to pay dividends in cash” at that level…

3. U.S. companies added 178,000 jobs in July (private payrolls) on a surge in service-related occupations despite a decrease in manufacturing jobs, according to this morning’s private payrolls report from ADP and Moody’s Analytics…the Labor Department will release its non-farm payrolls report Friday…the ADP/Moody’s number was just shy of Wall Street expectations of 185,000…as the economy inches closer to full employment, the report showed that job growth continues but is slowing somewhat…the July count was the 2nd lowest of 2017…

4. The Dow topped 22,000 for the first time this morning after Apple posted quarterly results that exceeded expectations…the company reported earnings per share of $1.67 on revenue of $45.4 billion…analysts polled by Reuters expected EPS of $1.67 on revenue of $44.89 billion…John’s latest Dow chart shows next measured Fib. resistance at 23,000, so expect the index to continue trending higher during this 2nd half of the year…

5. The Venture is up 3 points at 771 as of 7:00 am Pacific…GT Gold (GTT, TSX-V) has hit a new high of $1.32 in early trading after pushing past Fib. resistance at $1.16 as expected…we’ll have an updated GTT chart in today’s Morning Musings…Colorado Resources (CXO, TSX-V) is looking better than it has in many months from a technical perspective as it has finally broken out above its 200-day SMA which is now reversing to the upside…CXO is active on multiple fronts including KSP in the Eskay Heart of Gold Camp, Castle (next to GT Gold), North ROK (east of GT Gold) and Green Springs in Nevada…Aben Resources (ABN, TSX-V), also breaking out technically, is unchanged at 16.5 cents as it prepares to drill high-grade targets at its Forrest Kerr Project in the northern part of the Heart of Gold Camp…

6. Kirkland Lake Gold (KL, TSX) reported strong Q2 financial results this morning…the company’s net earnings jumped to $34.6 million (U.S.), or 17 cents per share, compared to $13.1 million or 6 cents per share in the previous quarter this year, and $10.6 million (9 cents per share) in Q2 2016…revenue more than doubled from Q2 2016 to $189.9 million in Q2 2017, based on sales of 151,208 ounces at average realized price of $1,256 per ounce…cash and cash equivalents of $267.4 million at June 30, 2017…both Fosterville and Macassa were key drivers of KL’s improved cost performance, which included achieving AISC per ounce sold of $729 (U.S.) on a consolidated basis…Tony Makuch, President and CEO, stated: “Both of our high-grade, cornerstone assets, Fosterville and Macassa, performed very well in Q2 2017. Fosterville achieved record production, very low unit costs and average grades well above target levels. In addition, we recently released an updated mineral reserve estimate for Fosterville, which more than doubled underground reserve ounces, came close to doubling the grade, and significantly increased the value of the operation. There also remains significant exploration upside for further growth, both through continued expansion of existing deposits, and by exploring our many large district targets in the area. At Macassa, we continued to see year-over-year improvement in both production levels and unit costs. We also made excellent progress with our drilling programs, having recently announced a significant extension to the South Mine Complex.”

7.  Investors should take note that Golden Predator Mining (GPY, TSX-V) now controls 24.65% of CSE-listed Taku Gold (TAK, CSE)…it was announced within the last 45 minutes that GPY has entered into another property option agreement with Taku pursuant to which the company has granted to Taku the option to acquire Golden Predator’s 100% interest in the Sonora Gulch Property in Yukon’s White Gold district in exchange for shares of Taku and a 1% NSR…the agreement follows the previously announced sale of additional non-core assets located in the White Gold District from GPY to Taku…Golden Predator is focused on the high-grade Gold 3 Aces Project in southeastern Yukon…the company views the sale of the White Gold assets as an opportunity to maximize value from its non-core assets…tightly-held TAK, which has been a relatively light trader, is up 4 pennies at 24 cents through the first 30 minutes of trading…

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