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7 @ 7:00 - BullMarketRun.com

November 13, 2017

7 @ 7:00

Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,275 and $1,280 so far today…as of 7:00 am Pacific, the yellow metal is up $2 an ounce at $1,277 after a slight gain last week…bullion got a mild bid overnight on Chinese buying interest as the onshore Gold premium moved above $10 in early Shanghai trade…a large seller shook up quiet trading in Gold on Friday…minor losses accelerated shortly after 8 am Pacific as volume spiked on a sale of about 40,000 contracts, or 4 million ounces of Gold, which led prices down $8 in a span of about 15 minutes…traders said the move looked like the liquidation of a large position in the Gold market, but with an unclear catalyst…Silver has climbed 11 cents to $16.97…Copper and Nickel are both strong today with Copper up 6 pennies to $3.12 while Nickel has jumped 17 cents to $5.63 after a healthy pullback last week…Crude Oil is 11 cents higher at $56.85 while the U.S. Dollar Index is flat at 94.53…the Dollar Index lost some technical momentum last week but has strong support between 93 and 94

2. Nickel prices have bounced back today after 2 straight losing sessions, getting support from output cuts in major steelmaking cities in China while Vale has temporarily suspended operations at its Coleman mine near Sudbury due to safety concerns…Nickel has climbed about 25% this year as it begins to benefit from new demand expectations created by projected growth in electric vehicle sales…

3. Fresh data show that Crude output by OPEC members dropped by 0.46% to 32.59 million barrels a day in October, compared with the month prior…the move was driven by reduced production in countries including Iraq, Nigeria and Iran…OPEC also raised its forecasts for world Oil demand growth for the current year and 2018…the cartel now expects demand growth to rise by 1.53 million barrels a day in 2017 and 1.51 million barrels a day in 2018…the rebound in Oil prices, which could really intensify if tensions continue to escalate between Saudi Arabia and Iran, has certainly stimulated the U.S. shale machine…Baker Hughes released numbers Friday showing the U.S. Oil rig count climbed by 9 to 738, the largest gain since June…data from the U.S. Energy Information Administration (EIA) shows American shale Oil producers have stepped up their output despite the slowdown in drilling activity in recent months…the EIA projects U.S. production could reach “a record level of more than 6 million barrels a day in November”

4. Chasing Gold in Egypt again – the country expects to finalize contracts by the end of the year with local and foreign companies which were awarded 5 Gold mining concessions, the energy minister said today…Egypt began accepting bids in January for the 5 concessions which were offered in the country’s first tender for new Gold exploration since 2009…government officials want Gold production to become a growth area for the economy which has struggled since a 2011 uprising drove foreign investors and tourists away…

5. Pretium Resources (PVG, TSX), operating one of the world’s highest-grade Gold mines in the prolific Eskay Camp, posted an adjusted profit of $8.3 million in the the 3rd quarter when commercial production was declared at the Brucejack mine at the beginning of July…output for Q3 totaled 82,203 ounces of Gold and 83,233 ounces of Silver…all-in sustaining costs averaged $788 an ounce and are expected to decrease as the mill feed grade ramps up…

6. Mobile chipmaker Qualcomm has rejected rival Broadcom’s $103 billion takeover bid, saying the offer “dramatically” undervalues the company…meanwhile, it’s a bad day for General Electric as the company slashed its 2018 profit forecast and also cut its annual dividend in half from 96 cents to 48 cents, meaning shareholders are getting $4.1 billion less in dividends each year…it’s the 8th-largest dividend cut in the history of the S&P 500 by dollar value..

7. The Dow is flat as of 7:00 am Pacific…in Toronto, the TSX is up 8 points as of 7:00 am Pacific while the Venture has added 3.5 points to 800 – the first time since early June the Index has touched that level…key resistance is in the very low 800’s…an interesting technical feature on the short-term Venture chart is a cup-with-handle pattern with the Index now trying to break out above the recently formed handle as well as Fib. resistance at 803Cannabix Technologies (BLO, CSE) is showing strength again to begin the new week, up 9 cents at 85 cents through the first 30 minutes of trading…Calyx Bio-Ventures (CYX, TSX-V) is up slightly on continued high volume after a nice move last week following the completion of a $1 million financing and an update on the company’s plan to deploy its first data mining facility…Fintech Select (FTEC, TSX-V) is up in early trading after announcing that it has signed a definitive agreement with 8159181 Canada Inc., a cryptocurrency exchange dealer, for the rollout of the company’s national point-of-sale cryptocurrency purchasing solution…chart support at 31 cents, previous Fib. resistance…Radient Technologies (RTI, TSX-V) is showing a similar bullish cup-with-handle pattern as the Venture after closing last week at 79 cents…

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5 Comments

  1. Looks like CSR is coming back to life!!!
    CSR Drills into High-Grade Cobalt Near-Surface Close to Castle Silver Mine Adit
    Read more at http://www.stockhouse.com/news/press-releases/2017/11/13/csr-drills-into-high-grade-cobalt-near-surface-close-to-castle-silver-mine-adit#wdR3S6FEORC11FSa.99

    Comment by Paul — November 13, 2017 @ 9:22 am

  2. Venture Volume could be a tell tale sign here.. almost 200 mill at 1:30.. we could hit 300 by days end…

    Comment by Jeremy — November 13, 2017 @ 10:38 am

  3. well we came close to 300 mill… we may have something here;)

    Comment by Jeremy — November 13, 2017 @ 2:03 pm

  4. TAC traded alot in the NNA area!!

    Comment by STEVEN1 — November 13, 2017 @ 6:37 pm

  5. Subscriber ALERT: Important BMR Evening Alert to be posted at approximately 8:30 pm Pacific.

    Comment by Jon - BMR — November 13, 2017 @ 7:09 pm

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