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7 @ 7:00 - BullMarketRun.com

January 9, 2017

7 @ 7:00

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

1. Gold, coming off its biggest weekly increase in 2 months, is up another $6 an ounce at $1,178 as of 7:00 am Pacific…contrarians should like this…hedge funds and money managers cut their bullish positions in COMEX Gold contracts for the 8th straight week in the week to January 3, taking their holdings to the lowest levels in 11 months…

2. Crude Oil prices are under mild pressure to begin the new week but remain comfortably above new support at $50…WTI is off $1.33 a barrel at $52.66 as concerns about increased U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market…

3. The Venture is bucking the trend of lower broader equity markets in early trading today…as of 7:00 am Pacific, the Venture is up 5 points at 796 as it aims for its 10th winning session out of 11 following the December 20 intra-day correction low of 711…the TSX has lost 78 points while the Dow is down 48 points through the first 30 minutes of trading…

4. FLYHT Aerospace Solutions (FLY, TSX-V), building on the momentum of last week’s 20% advance, has hit a new 52-week high of 28 cents as one of the most active stocks in early trading today on the Venture

5. Auyrn Resources (AUG, TSX) announced this morning following a trading halt that it’s raising gross proceeds of $35 million in flow-through and non-flow-through financings ($5.01 and $3.67, respectively) that will give Goldcorp (G, TSX) a 12.5% equity interest in the company…Shawn Wallace, AUG President and CEO, stated, “We are very pleased to have secured an important investment with an industry leader such as Goldcorp, on favourable terms that minimizes dilution to our shareholders.  Auryn is now fully funded to complete one of the most extensive, globally significant exploration programs in 2017. The program will include a planned 55,000 m of exploration drilling across 6 projects in Canada and Peru and expect to make a number of advances that could potentially contribute to the realization of multiple major Gold discoveries.”

6. Marathon Gold (MOZ, TSX) has intersected more wide intervals of high-grade Gold at depth at its Marathon deposit in the Valentine Lake Camp…results released this morning included 3.01 g/t Au (uncut) over 47 m in extended MA-15109, 2.60 g/t Au over 44 m in MA-16150, 3.33 g/t Au over 13 m in MA-16152 and 3.87 g/t Au over 9 meters in MA-16151…meanwhile, shallow drilling in the central part of the deposit also hit high grade, near-surface mineralization with 15.78 g/t (uncut) over 5 m including 31.57 g/t Au (uncut) over 2 m in MA-16150Marathon currently has 2 rigs on site and has decided to proceed with a 3rd-party resource update by the end of February, earlier than originally anticipated…MOZ is up a nickel at 62 cents as of 7:00 am Pacific

7. Eldorado Gold (ELD, TSX), which last Friday reported 2016 Gold production of 486,000 ounces and lower than expected all-in-sustaining costs of approximately $915 an ounce, will rein in spending and delay development plans in Turkey and Brazil to cope with what it expects to be a lacklustre year for Gold…the Vancouver-based miner lowered its expectations for the price of Gold in 2017 to around $1,150 an ounce from a previous estimate closer to $1,300…in order to offset that expected hit to revenue, the company slashed spending plans in Turkey and Brazil and altered a capital deployment timeline at its Skouries mine in Greece…


  1. what does Eldorado know and/or think that we dont????

    Comment by Jeremy — January 9, 2017 @ 8:58 am

  2. PMA.V – deal signed. they received shares of sound energy valued at 26mill cdn, and the market cap is only $8million?

    Comment by omega — January 9, 2017 @ 9:44 am

  3. Dave- thanks re:PMA. Your comments, suggestions, and perspectives are always appreciated!

    Comment by johnz — January 9, 2017 @ 10:09 am

  4. looked a little deeper. that pma deal is more complicated and they have quite a bit of debt

    Comment by omega — January 9, 2017 @ 10:25 am

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