BullMarketRun.com

Check the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,240 and $1,247 so far today in advance of a Fed statement tomorrow that’s expected to include another interest rate hike, the 3rd of 2017…the Gold market responded very favorably to rate increases in both December 2016 and December 2015, so we’ll see if 2017 will turn into a “three-peat“…as of 7:00 am Pacific, the yellow metal is off $1 an ounce at $1,240…Silver has slipped 3 cents to $15.64…Copper is unchanged at $3.00 while Nickel is off modestly at $5.00…Cobalt continues to trade above a decade high $34…Crude Oil has added 20 cents to $57.79 while the U.S. Dollar Index has gained one-fifth of a point to 94.08…Goldman Sachs‘ analysts say they doubt that bitcoin is taking material investment flows away from the Gold market, citing regulatory hurdles for professional investors in bitcoin and the absence of outflows from Gold ETF’s…further, Goldman said in a report yesterday, the demand for bitcoin is mostly speculative, with total market capitalization still a small percentage of that for the Gold market…

2. Fed officials will be relieved to see this as they begin 2 days of meetings:  U.S. producer prices rose in November as gasoline prices surged and the cost of other goods increased, leading to the largest annual gain in nearly 6 years…the fairly strong report from the Labor Department this morning suggested a broad acceleration in wholesale price pressures…the producer price index for final demand increased 0.4% last month, advancing by the same margin for 3 straight months…in the 12 months through November, the PPI shot up 3.1% – the biggest gain since January 2012…

3. Interesting report from CNBC this morning: Chamath Palihapitiya, who first bought bitcoin years ago at an average price of about $100, still believes the cryptocurrency has much further to go despite the monster rally this year. “I think this thing is a $100,000 a coin probably in the next 3 to 4 years. And I think it is in the next 20 years a million dollars a coin,” he said in an exclusive interview this morning with CNBC’s “Squawk Box”…the investor said he and two other friends in Silicon Valley at one point owned 5% of the entire float of bitcoin in 2013…his initial dollar cost average for his investment in the digital currency was $100, and he has sold some on the move higher…

4. The Dow is up 95 points through the first half hour of trading, boosted by gains in Boeing and Verizon…in Toronto, the TSX has inched 16 points higher while the Venture is flat at 793…common sense prevails in British Columbia as the new provincial government has decided to continue with the critical Site C Dam Project…Castle Silver Resources (CSR, TSX-V), having confirmed a technical breakout above key 2017 resistance in the high 20’s, touched a new multi-year high of 34 cents in early trading on the heels of more high-grade Cobalt results from its package of past producing mines in the northern Ontario Cobalt Camp…more results are pending and the company also plans a near-term name change to better reflect its focus on Cobalt which includes the proprietary Re-20X process that was originally developed in association with Canada’s National Research Council…HIVE Blockchain Technologies (HIVE, TSX-V) is one of the early trading leaders, up 35 cents at $3.48…Ascendant Resources (ASND, TSX-V) has reported its 5th consecutive month of positive adjusted EBITDA of $1.6-million at the El Mochito Zinc mine in Honduras…with strong operational and financial momentum, management says it’s confident that El Mochito is on a solid path to sustained profitability and expects to exit 2017 with positive free cash flow…on a calendar day basis, milled tonnes per day increased by 72% since January 2017, only 11 months after the company assumed ownership of the mine…

5. Skeena Resources (SKE, TSX-V) is up slightly in early trading after releasing encouraging results from the first 17 holes of its current 72-hole, 9,000-m underground drill program at the company’s flagship Snip Gold Project in the Eskay Camp, northwest of the new Nickel Corridor…highlights include drill hole UG17–013 which intersected 341 g/t Au over 1.50 m across a singular sample of mineralized 150 Vein…this intersection is located 15 m downdip of an historic 150 Vein stope and substantiates the historic data as it matches spatially the modeled 150 Vein which was interpreted solely from historical drilling…the historical Snip database that Skeena inherited from Barrick comprises 3,549 surface and underground drill holes totaling 280,000 m drilled between 1986–1999…the 17-year-old digital dataset was inherited without complete documentation to support drill hole locations or analytical results…as such, underground mine access is being used to verify the remnant zones derived from previous drill campaigns and the locations and extents of historical excavations and mined-out areas…

6. Orca Gold (ORG, TSX-V) has commenced drilling on the Morondo permit in Ivory Coast…Orca CEO Rick Clark stated, “Orca is now active in two prolific Gold environments in Africa, Sudan and Cote d’Ivoire. It is a busy time for the company with a 25,000-m drill program and feasibility study in process at our Block 14 Gold Project in Sudan and an initial drill campaign under way in Cote d’Ivoire. With ministerial approval now in hand for the portion of our transaction with Kinross that covers the Morondo permit, we are moving forward with closing the deal and are wasting no time getting back on the ground at Morondo to follow up on our initial discovery made in 2010. With positive results, we intend to fast-track Morondo towards resource definition in 2018. At the same time, early next year we will commence exploration and evaluation of our broad property portfolio in Cote d’Ivoire. We look forward to keeping the market informed as we move into the new year.”

7. It should come as no surprise that on a Sunday, 2 days ago, Ottawa released the 2018-2019 “equalization” payments for the country’s so-called “have-not” provinces…Canadian taxpayers with any common sense should be outraged that such an absurd socialist redistribution system continues to exist in this country, a scheme that effectively rewards failure and punishes success…western provinces, in particular, are consistently burdened with providing welfare to the east…Quebec, which prefers importing Middle Eastern Oil over Crude from Alberta, has no problem taking cash from Alberta or other western provinces…Quebec next year will receive a staggering $11.7 billion – once again by far the biggest payment from Ottawa (Canadian taxpayers)…that’s also a $700 million increase compared to last year…Ontario, meanwhile, will receive $960 million…the “have” provinces which won’t receive any funds through the program will once again be B.C., Alberta and Saskatchewan, along with Newfoundland and Labrador…what a messed-up country this is…the “equalization” formula is based on a 3-year average of economic growth but why such a scheme is accepted by Canadian taxpayers certainly helps explain why this country is underachieving economically…

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