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7 @ 7:00 - BullMarketRun.com

March 15, 2017

7 @ 7:00

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

1. Gold has traded between $1,200 and $1,206 so far today, just a few hours ahead of a widely anticipated interest rate hike by the Federal Reserve…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,200 while Silver has added 2 cents to $16.86…this morning’s CPI report was a non-event for precious metals…consumer prices in February posted their smallest increase since last July, a seasonally adjusted 0.1% which was in line with expectations…the core index, excluding the volatile food and energy sectors, was up 0.2%…the Labor Department says consumer prices have risen 2.7% over the past year (2.2% excluding volatile food and energy)…

2. By an overwhelming 5613 margin, the Idaho House of Representatives has voted to end all Idaho taxation on precious metals, e.g. Gold and Silver coins and bars…the entire Republican caucus voted for the measure…if the Republican-controlled Idaho Senate follows suit and Governor Butch Otter (R) signs the bill, as expected, Idaho citizens will better be able to use Gold and Silver as a form of savings and to protect against currency devaluation…backed by the Sound Money Defense League, Idaho Freedom Foundation, Money Metals Exchange and and grassroots activists, HB206 expands Idaho’s existing sales tax exemption to end Idaho income taxation of sales of precious metals bullion…

3. The bigger news coming out of today’s Fed meeting will be Fed officials’ projections of how much more they expect to lift rates this year – that’s what the market will be watching…in December, they penciled in 3 quarter-percentage-point increases for 2017…traders will be eager to see if officials stick to those forecasts or add a 4th, given recent signs of a strengthening labor market and inflation that’s trending higher, albeit gradually…Fed statement at 11:00 am Pacific followed by the Ma Yellen news conference…

4. North American markets have a generally positive tone this morning going into the Fed decision…the Venture is flat at 793 but the TSX and Dow are both modestly higher…Americans spent only slightly more last month at retail stores compared with January, a sign of consumer caution despite rising optimism about the economy…the Commerce Department says retail sales ticked up a seasonally adjusted 0.1% in February, after a much bigger gain (revised) of 0.6% the previous month…meanwhile, President Trump’s promise to roll back strict environmental regulations has led to the highest home builder sentiment in 12 years…it was announced this morning that the National Association of Home Builders/Wells Fargo Housing Market index hit 71 in March, a sizable jump from 58 in March of 2016…anything above 50 is considered positive sentiment…

5. Data obtained by CTV News shows the number of Canadians registered to use medical marijuana has soared from 30,000 to nearly 130,000 since Justin Trudeau became Prime Minister, after campaigning on a promise to legalize the drug…in the month before the October 2015 election, 30,357 people had prescriptions to use the drug, according to figures from Health Canada…that number more than quadrupled to 129,876 by December 2016…as police in Canada’s biggest cities shut down unregulated pot dispensaries, many individuals are obtaining the drug legally by seeking prescriptions from doctors at clinics so they can register with Health Canada…some of those clinic doctors never meet their patients in person – they communicate via Skype video conferencing…patients then get their pot in the mail…after all, it’s 2017, Trudeau would argue…

6. Columbus Gold (CGT, TSX) says it will announce the results of an independent Feasibility Study for its Montagne d’Or Gold Project in French Guiana next Monday, March 20, following the market close…the study was funded by Nordgold (NORD, LSE) which has earned a majority interest in the project by spending a minimum of $30 million U.S. and completing a Bankable Feasibility Study…

7. A Tanzanian export ban on Gold and Copper ore has cast a shadow of doubt over a potential $4 billion (U.S.) merger between Barrick Gold (ABX, TSX) subsidiary Acacia Mining (ACA, LSE) and Endeavour Mining (EDV, TSX) according to a report this morning in the Globe and Mail…the EndeavourAcacia deal could be delayed or scuttled by Tanzania’s unexpected move March 3 to freeze the export of Gold and Copper ore…a merger would create an African mining giant with mines in 5 countries…Acacia said it responded to the ban by halting its exports from Tanzania where the company’s only producing Gold mines are located…Tanzania’s new President, John Magufuli, is an anti-corruption campaigner and economic nationalist nicknamed “The Bulldozer” who has repeatedly criticized the foreign-owned mining companies in his East African country, accusing them of “a lot of funny deals” to avoid taxes in Tanzania…

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  1. Interesting news out of Idaho. HB-2014 is a similar bill. Sounds like it’s going to pass in Arizona quite soon. Ron Paul was in town last Wednesday rallying people in support of HB-2014. Which states are next?!

    Comment by Daniel — March 15, 2017 @ 7:34 am

  2. very interesting from Idaho as the worlds bankers seem intent on leading us all into a cashless society. Have to make stronger box springs to hold the mstals stored there.

    Comment by charleybarley — March 15, 2017 @ 8:18 am

  3. Bayhorse Silver (BHS) which has been mentioned several times here has finally started to actually mine and should now be considered a silver producer with a possible second mine soon to come online. Still selling at around .10 a share. If it goes like it certainly should will join the sub list here.

    Comment by Carl — March 15, 2017 @ 9:27 am

  4. Bayhorse Silver (BHS) which has been mentioned here a few times has now started actual production and should be considered a silver producer. Plus it has a second mine (BTG) soon to possibly come on line. Still selling around .10 a share.

    Comment by Carl — March 15, 2017 @ 9:30 am

  5. Yes Carl, BayHorse “BHS” silver is Canada’s newest producing silver mine. David Morgan follows this closely and will be visiting the mine site. It’s a SCREAMING Buy at these levels.

    Comment by Jeff — March 15, 2017 @ 10:21 am

  6. Fed raises rates as expected, no change in rate forecast through 2018…

    Comment by Jon - BMR — March 15, 2017 @ 11:11 am

  7. Look at Gold go!

    As a police officer in Canada I find it troubling to think of massive increases in availability of Cannabis without adequate legislation regarding drug impairment. I think companies like Cannabix Technologies have seen the writing on the wall, but I can’t help but feel the delay in creating legislation and case law needed to prosecute impaired (by drug) operation charges is likely going to be very large. Time will tell.

    Comment by Charles — March 15, 2017 @ 12:02 pm

  8. You’re right, Charles, and thank you for your service! The increased social acceptance of marijuana, an unfortunate development IMHO despite the stock opportunities it has created, has made the job of law enforcement even more challenging with a big increase in drugged drivers a significant problem now. All the more reason why the Cannabix breathalyzer is so urgently needed.

    Comment by Jon - BMR — March 15, 2017 @ 4:29 pm

  9. Jon what’s your thoughts on Canada’s newest producing silver mine!! Yes I’m referring to Bayhorse Silver “BHS”….

    Comment by Jeff — March 15, 2017 @ 4:41 pm

  10. Regarding BHS….great share structure!!!

    Comment by GregJ. — March 15, 2017 @ 5:49 pm

  11. Thanks Jon,
    And you’re right, a THC breathalyzer has a ton of potential. We will see if those who are working so hard to legalize the drug will work equally hard to underpin it’s use with legislation. Although it’s likely too much to hope. ;o)

    Comment by Charles — March 15, 2017 @ 6:14 pm

  12. GregJ, yes great share structure on BHS with management holding about 60% of the issued shares.
    Low market cap, stock grossly undervalued now they are producing silver – positive cash flow!!

    Comment by Jeff — March 15, 2017 @ 6:43 pm

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