Check back later today for an additional post and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,285 and $1,294 so far today…as of 7:00 am Pacific, bullion is up $8 an ounce at $1,292 after a 4-week plunge landed at strong support intra-day last Friday at 1,260…one factor helping the market is that participants in the key Gold-buying nation of China have returned from a week-long holiday, and premiums are strong there today…Silver has jumped 23 cents to $17.18…Copper is up 2 pennies at $3.01 while Nickel is off slightly at $4.93…Nickel jumped 4% yesterday in its best session in nearly 3 weeks on expectations that production in China will be curtailed in the coming weeks on environmental grounds as the National Congress draws near…Crude Oil has surged $1 a barrel to $50.60 while the U.S. Dollar Index is down modestly at 93.65…net bets on higher Gold prices by speculative investors fell for the 4th straight week…Gold, however, held just above its rising 200-day moving average last week with that SMA currently at $1,259…meanwhile, global Gold ETFs have been in demand again over the last 2 days, recording inflows of 7 tonnes…
2. Saudi Arabia says its state Oil company was undertaking an “unprecedented” effort to cut petroleum exports as the Kingdom looks for every way to bolster Oil prices…the move is part of Saudi Arabia’s efforts to boost confidence in OPEC-driven production cuts totaling almost 2% of the global Oil market…Saudi Arabian Oil Co., known as Aramco, is slashing over 7% of the Crude it exports by sea in November compared with last year…the move underscores the Saudis’ new emphasis on not just production levels but the amount it and its Oil allies export into the global market…OPEC Secretary-General Mohammed Barkindo said in a speech yesterday that there is “clear evidence” that the Oil market is coming into balance and that the group remains committed to its goal of reducing global stockpiles…the Saudis are pushing to get prices up to the $60 level…one of their key motivations is to make a success of the Aramco IPO planned for next year…
3. India’s Gold imports in September rose 31% from a year ago as jewelers increased their purchases ahead of a festival at the end of the month…however, the September figure was lower than the monthly average for 2017 of 75 tonnes as buyers were under the impression that Gold purchases were included in the Prevention of Money Laundering Act (PMLA) that was launched in August…Indian jewelers thought the PMLA required them to keep records of customers’ personal identification number or tax code for transactions above 50,000 rupees ($765.58) which limited Gold sales by buyers hesitant to give the information…however, Indian authorities last Friday withdrew the amendment that made jewelers subject to anti-money laundering legislation…excluding the industry from the PMLA will help revive demand but sentiment is still weak…
4. The Dow has jumped 75 points after the first 30 minutes of trading…retail giant Wal-Mart (WMT, NYSE) announced a $20 billion buyback before the bell and reiterated its earnings outlook for the current fiscal year…it was 10 years ago yesterday when the S&P 500 recorded its last record closing high until March 2013, thanks to the Great Crash and the Great Recession…the TSX is 47 points higher to begin the Canadian trading week following Thanksgiving while the Venture has added 3 points to 791…blockchain plays are active again this morning including Hive Blockchain Technologies (HIVE, TSX-V) and Datametrex AI (DM, TSX-V) which has gained 1.5 cents to 12.5 cents…Blue Moon Zinc (MOON, TSX-V) has engaged Mine Development Associates Inc. to carry out a Preliminary Economic Assessment of the Blue Moon Zinc Project in the foothills of California…the PEA is expected to be completed during Q1 2018…Dalradian Resources (DRA, TSX) is raising $84.75 million through private placements and the exercise of warrants held by Osisko Gold Royalties (OR, TSX)…Sean Roosen, Chair and CEO of Osisko, said, “We are very pleased to participate in the advancement of one of the world’s top undeveloped Gold projects in a new emerging Gold camp“…Aurora Cannabis (ACB, TSX) has arranged a bought deal with a syndicate of underwriters led by Canaccord Genuity to raise gross proceeds of $50.1 million (16.7 million units of the company at $3 per unit)…
5. Good sign for the mining sector – over the past month alone, 3 new mining IPOs have been announced, including what could turn out to be the biggest in the sector in a decade…Luxembourg-based Zinc miner VM Holding SA, planning a dual listing in Toronto and New York, hopes to raise $750 million (U.S.)…Ero Copper, which has a Copper mine in Brazil, has announced plans to raise $103 million…meanwhile, Titan Mining, whose chief asset is a Zinc mine in New York State, is aiming to whip up $45 million…it’s notable that all 3 of those IPO’s involve base metal deals…
6. As BMR has been anticipating, the United States has decided to revoke economic sanctions on the Democratic Republic of the Sudan with the State Department citing the country’s efforts in fighting terrorism and easing humanitarian distress…the permanent lifting of the sanctions will be effective in just 2 days…that’s music to the ears of Orca Gold (ORG, TSX-V) CEO Richard Clark who commented this morning, “We have been working in Sudan since 2010 and can say that it’s one of the most favourable jurisdictions we have ever conducted mineral exploration and development in. We are excited that this decision has been made as we are preparing to build the first full-scale commercial Gold mine in the country. The removal of the decades-long economic sanctions not only paves the way to a brighter economic future for The Sudan and its people, but hopefully encourages our peers, investors and partners to start looking at the country and join us in uncovering the incredible potential of this mineral-prolific jurisdiction.” ORG hit a new multi-year high of 74 cents in early trading and is up 4 pennies at 70 cents as of 7:00 am Pacific…
7. Atac Resources (ATAC, TSX-V) has released high-grade Gold intersections from diamond drilling at its Sunrise, Conrad and Osiris zones within the company’s 100%-owned Osiris Project at the Rackla Gold Property in the Yukon (Osiris is located wholly outside of the area currently under option to Barrick)…hole OS-17–249 returned two high-grade intersections – 15.2 m @ 13.5 g/t Au and 10.4 m @ 8 g/t Au – to extend the Sunrize zone at depth…meanwhile, hole OS-17–244 has returned 12.2 m @ 9.6 g/t Au to add contunuity to stratigraphically controlled mineralization at the Osiris zone, while drill hole OS-17–241 within the 650 Fault corridor at the Conrad Zone intersected 5.6 m @ 14.5 g/t Au…results from an additional 11 holes from the Osiris Project are still pending…ATAC is unchanged at 70 cents as of 7:00 am Pacific…
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Any thoughts on GGM once again at .035 this morning?
Comment by mike — October 10, 2017 @ 9:48 am
ANON is virtually the lone seller today, mike, and they’ve dumped over 7 million shares the past month, so that should tell u everything…I believe we’re seeing the final flushing out of all that ridiculous cheap flow-through paper that GGM has issued over time…when GGM gets its act together, and I’m sure it will soon, these levels will be viewed as they should be – extremely cheap vs. asset value…same thing emerged in late 2016…stock became a 10-bagger within just a few months…
Comment by Jon - BMR — October 10, 2017 @ 10:07 am
Thanks for that, I guess I’ll climb back in off of the ledge now.
Comment by mike — October 10, 2017 @ 11:24 am
Good afternoon Jon, do you have a clue as to whether GGI will first announce pp closed, then news from the field, or together in one release?
Thanks
Comment by Phil — October 10, 2017 @ 12:04 pm
Just passing the time waiting for ggi to explode, wondering about egm,Jon, noticed they got back to drilling and going right into November, I would think we could see some results start trickleing in soon, will you have something on them in the weeks ahead and do you still hold some egm?
Comment by Laddy — October 10, 2017 @ 12:21 pm
Hey all … I am thinking about getting prepared… for drill results that dont measure up.. or maybe they do.. sell on news??? or a breakout on news.. how to protect the profits you have and not lose them yet protect against a melt up based on great results.
what y’all thinking???
Comment by Jeremy — October 10, 2017 @ 1:18 pm
I’m hanging on tightly to every single share I own Jeremy. Have not sold a single share yet. I have lots of faith in Jon and Steve. The NR should be a hum-dinger in my opinion. Just have to be patient.
Comment by pole — October 10, 2017 @ 1:43 pm
Jeremy
if you fiqure out how to do that please let me know, lol, I’ve been thinking about the not measuring up part myself, hard to think that I may actually be part of something that could be life changing, so it has been hard to just sit tight and watch this unfold, but every time the doubt starts to creep in I just go back and re read all the recent NR’s and all of the facts that Jon and BMR have posted over the last 6-9 months, and then there are 3 things I keep telling myself 1.the 176 meters that they hit when they tried not to hit, (that to me says it all) 2.You have Sprott (HUGE) and last but not least….. 3.TENOR TENOR TENOR!!
Comment by Gregh — October 10, 2017 @ 2:49 pm
The time is near Jeremy….if by now you haven’t read between the lines then there is not much hope for you.
Comment by large — October 10, 2017 @ 2:52 pm
Large – I post to engage dialog.. I am in deep with ggi and mts.. it is year changing.. not life changing yet but it could be.. thus the question.. being right and sitting tight is what I have done so far.. and days like today dont rattle me ‘much’ ..
and Gregs comments are very valid..
I have read between the lines and know that this could be the real thing.. but I held Noront from .25 to 7 and back down… what mistake did I make??
dont want to repeat.. so having a plan isnt a bad thing.. just am asking for dialog as to what that plan could be!!
the ol story of sell half… stop loss… what if the results arent stellar.. well the next ones will be.. etc etc etc.. the story we get caught up in..
so just creating dialog mate!! nothing more… my portfolio was 1.7 in 2011.. went to 300k now back to 950 … a bit gun shy since I had it and let it slip away due to stories.. I believe in the groundwork Jon has done.. but the market doesnt care.. it does what it wants..
I hold with caution:) just sayin!!
Comment by Jeremy — October 10, 2017 @ 5:44 pm
Hard not to feel like Jeremy does with all of the dis appointments in the past in the mining sector in general. Worries me too that everyone is so positive that GGI is going to release huge news, someone has to be the contrarian, lol
Comment by Gregh — October 10, 2017 @ 7:20 pm
Jeremy I’ve felt the same way all day…. fear creeps in and then I have to remind myself of the facts which BMR has posted and as Gregh has again stated ….it’s not easy. I hope I wake up to a GREAT NR from GGI for all of us!
Comment by Ciara — October 10, 2017 @ 8:50 pm
‘Twas the night before Christmas when all , oh never mind couldn’t resist lol
Comment by Gregh — October 10, 2017 @ 9:59 pm
Jeremy you need to develop a trading strategy which enables you to sleep soundly on your investment. I sold another bundle last week for $2.25 which is my fourth sale and I sleep very well at night. Does that mean I don’t think we have the goods? far from it but I need the peace of mind of taking some profits while keeping a nice bunch of shares for the moon shot. I think our chances of a “massive discovery” are high. We have the tenor, as Jon rightfully keeps pointing out. We have the historical holes with grades. We have the “string of pearls” theory with very good VTEM hits. Also now we have MTS drilling into one of the pearls not on our property but a hit will go a long way to validating this theory. To be honest I think this could be even bigger than Diamond Fields because of the string of pearls. Just an indication of what this can to to an SP. DIamond Fields went from $4.65-$8.00 overnight on the release of assays on hole 2 on 17-11-1994. By 03-04-1996 the share price at buyout was $172 post split equivalent. I personally think/hope a repeat is possible but I will continue to sell for peace of mind but I will definitely have some shares left for a buyout if the glorious day does arise. Good luck everyone.
Comment by Patrick — October 11, 2017 @ 2:24 am
Good dialog:) love it!! but I am not a trader… I am an investor.. and when to leave the table has always been an issue. the assays will determine the outcome, and one has to give one time to build up the deposit.. I am hopeful that the district is mining friendly 🙂 If I had 500K shares it would be different..
Its is a conundrum for sure:) but in the long term, all the things that have been mentioned are valid.. tenor, etc. Sprott to me was the piece that cemented the investing part for me.
but if you could trade a few to make some dough then that wouldn’t be so bad either.
Its the short term.. not my bailiwick!!
Will have lots of time to learn as I ease into retirement… 🙂 I suffer from analysis paralysis!!:) thx all for the dialog!!
Comment by Jeremy — October 11, 2017 @ 4:49 am
Hope we see a news release before Friday,,,,,,, the 13th. For those who are super.
Comment by Laddy — October 11, 2017 @ 4:54 am
This is what keeps me in:
“Nov 17 1994 – stock price jumps from $4.65 to $8.00 overnight. Assays from discovery drill hole #2 were announced at 2.23% nickel, 1.47% copper and .123% cobalt over 33 meters.
– one month later stock price went from $9.50 to $13.50 no newfindings since hole #2.
Jan 16 1995 – hole # 6 still no signs of massive sulfides. The “Freidland factor” pushes the stock back to $11.00.
Jan 18 1995 – historic hole #7 was presented to Diamond Fields ……104m of nearly 4% nickel.
Feb 6 1995 – press release on holes #7 + 8 (#8 was 111m) the average for both #7+8 was 3.7% nickel. The stock price went to $20.
Further drilling tests were showing the ore body to be shaped like and egg shaped deep bowl, and ovoid.
March 1995 – Continued drilling of the ovoid brought in more nickel increasing the estimated size with each passing week. Stock price was $24.00 by the end of March.
April 14 1995 – Tech bought 10% of DF at $36.00 a share or $108 million sight unseen. Not one person at Tech had seen the cores at Voisey Bay. More assays are released. The stock prices rises past $40.00.
May 1 1995 – The stock price is $50.00 a share.
May 9 1995 – INCO’s geologist estimates the ovoid’s ore reserve at 25 million tons, with a 10% chance its bigger. Takeover speculation moves stock price up to $56.00
June 8 1995 – stock price continues to $80.00 a share
Aug 3 1995 – Hole # 166 pulls up 1 meter of massive sulfides, the first showing in months of drilling outside the ovoid.
Sept 21 1995 – Stock is almost at $100 and DF did a 4-1 forward split with the new shares valued at $24.00 each.
Nov 17 1995 – Hole # 202 tapped into 40m of massive sulfides, the largest section of sulfides found outside the ovoid. Early December assays for Hole # 202 showed 3.36% nickel.
Dec 12 1995 – Stock price is at $26.00 and remains range bound for months.
Feb 1996 – Drill tests indicate the ovoid has reserves of 30 million tons and there was potentially twice as much in the second ore body.
April 3 1996 – The final 4.3 billion-dollar buy out draft is signed.
Note
Based on the information in the book I estimated that Diamond Fields had approximately 100 million shares and the buy-out realized a share price of $43.00 per share or $172.00 pre-split.”
Comment by Jeremy — October 11, 2017 @ 4:58 am
Tenor is King, Laddy…this is the Camp that gave birth to Eskay Creek, Brucejack, Snip – exceptionally high-grade mines…the tenor at Nickel Mountain is world class…Dr. Lightfoot says it has the right rocks, a sulphur source, and magma highways from the mantle…combined with the tenor, that tells you EVERYTHING…the grades that Nickel Mountain WILL produce could indeed be stunning, even better than Voisey’s Bay given the tenor…
Comment by Jon - BMR — October 11, 2017 @ 5:04 am
patients got us this far, little more aint going to hurt, time to Crown the King.
Comment by Laddy — October 11, 2017 @ 5:17 am
Circuit breaker halt on GGI… resumed immediately after. People are getting nervous
Comment by Weatheritout80 — October 11, 2017 @ 6:59 am
GGI – halted…circuit breaker triggered?….trading resumption….Roller coaster!
Comment by Foz1971 — October 11, 2017 @ 7:00 am
I enjoy the ride a lot more when it’s going the other way!
Comment by Ciara — October 11, 2017 @ 7:03 am
PAT.V raising $10 million $1.20 US funds taking the whole thing. One to look into.
Comment by large — October 11, 2017 @ 7:10 am
PAT. Why? I haven’t read between the lines on your post. So fill in the gaps why I should buy other than a fund wants in.
Comment by david — October 11, 2017 @ 7:55 am
When a US fund plops down $10 million at $1.20 and has already bought over a million shares in the open market above that price, I’m willing to bet its going much higher. Here is the website to do proper DD https://patriot1tech.com/
Comment by large — October 11, 2017 @ 9:17 am
Large –
I bet every casino in Vegas will want that system. Can they produce them fast enough? That is the only consideration.
Comment by Marshall — October 11, 2017 @ 10:47 am