вторник, 31 января 2017 г.

Long Liquidation Looks Bullish for Gold

Rudi Fronk and Jim Anthony, cofounders of Seabridge Gold, examine the gold COMEX data and find it supports a bottom in the gold correction.

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Environmental Permitting Process Advancing at NOVAGOLD's Donlin Gold Project

NOVAGOLD's announcement that it is nearing the end of the Environmental Impact Statement process at its 50%-owned Donlin Gold project in Alaska was welcomed by a pair of observers.

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Silver and platinum prices well placed

FastMarkets

Tuesday, 31 January 2017

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METALS MORNING VIEW: Silver and platinum prices well placed

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By William Adamswilliam.adams@fastmarkets.com

January 31, 2017, 08:15 GMT

Precious metals are up an average of 0.7% this morning January 31, with palladium prices rebounding 1.7%, platinum prices up 0.6% and gold and silver prices both up around 0.3%. This follows a generally firmer day yesterday, when prices closed up an average of 0.3%. Concerns over President Trump’s unpredictability, with the sudden firing of acting Attorney General Sally Yates, seem to be underpinning bullion prices.

Base metals are little changed this morning, January 31: aluminium prices are off 0.3%, tin prices are up 0.3%, nickel prices are up 0.2%, while the rest are up a few dollars per tonne. Three-month copper prices are at $5,853 per tonne – although volume remains light, with 1,200 lots traded as of 06:44 GMT.

Yesterday’s trading on the LME saw fairly independent moves, some of which were large, with lead prices rebounding 3.3%, nickel prices up 1.9%, tin prices dropping 1.4%, copper and aluminium prices off 0.8% and zinc prices up 0.7%.

Equities were weaker yesterday, with the Euro Stoxx 50 closing down 1.2% and the Dow off 0.6%. In Asia, the Nikkei is off 1.7%, the Kospi is down 0.8% and the ASX 200 is down 0.7%.

In FX, the dollar index is treading water around 100.40, but the trend is to the downside. The euro is slightly weaker at 1.0690, as are sterling at 1.2495 and the aussie at 0.7558. Meanwhile, the yen is attracting some safe-haven interest, firming to 113.62. In emerging market currencies, most are flat, but the real and peso are strengthening, while the rand is weaker.

The economic agenda is busy today, with Japan’s monetary policy decisions, statement and housing starts; French GDP and consumer spending; and German retail sales. There are CPI numbers due out across much of Europe; unemployment data out in Germany, Italy and the EU; UK lending data; and EU GDP.

US data includes employment costs, house prices, Chicago PMI and consumer confidence – see table below for more details.

Generally the dips in base metals prices seem to be attracting buying, the exceptions being aluminium that probably overshot on the upside in recent weeks, and tin that is still trying to find support having broken out of its extended sideways range. The consolidations in copper, lead and zinc prices mean those metals are still well placed to push ahead. The backwardation in lead may provide lead prices with further fuel, but all eyes will be on whether the backwardation attracts metal into LME warehouses or not – if anything, in recent days LME lead stocks have started to fall at a faster pace.

The precious metals have had an orderly pullback as profit-taking/liquidation emerged after the US inauguration, but the dips were well supported and the likes of silver and platinum are now well placed to extend gains. Gold prices pulled back slightly further, as did palladium prices, but the overall trends remain to the upside and gold may well pick up more safe-haven buying if President Trump starts to make more aggressive decisions.

Overnight Performance
GMT	06:44	+/-	+/- %	Lots
Cu	5853	2.5	0.0%	459
Al	1804.5	-5.5	-0.3%	406
Ni	9745	15	0.2%	164
Zn	2784	2	0.1%	89
Pb	2352.5	3	0.1%	64
Sn	19700	55	0.3%	18
	Average		0.1%	1,200
Gold	1200.46	3.56	0.3%
Silver	17.181	0.041	0.2%
Platinum	991.5	5.5	0.6%
Palladium	749.5	12.5	1.7%
	Average PM		0.7%

Economic Agenda
GMT	Country	Data	Actual	Expected	Previous
2:56am	Japan	BOJ Outlook Report
2:56am	Japan	BOJ Policy Rate	-0.1%	-0.1%	-0.1%
2:56am	Japan	Monetary Policy Statement
5:00am	Japan	Housing Starts y/y	3.9%	8.5%	6.7%
6:30am	France	French Prelim GDP q/q	0.4%	0.4%	0.2%
6:30am	Japan	BOJ Press Conference
7:00am	Germany	German Retail Sales m/m		0.6%	-1.8%
7:45am	France	French Consumer Spending m/m		0.2%	0.4%
7:45am	France	French Prelim CPI m/m		-0.5%	0.3%
8:00am	EU	ECB President Draghi Speaks
8:00am	Spain	Spanish Flash CPI y/y		2.4%	1.6%
8:55am	Germamy	German Unemployment Change		-5K	-17K
9:00am	Italy	Italian Monthly Unemployment Rate		11.8%	11.9%
9:30am	UK	Net Lending to Individuals m/m		5.3B	5.1B
9:30am	UK	M4 Money Supply m/m		0.3%	0.4%
9:30am	UK	Mortgage Approvals		69K	68K
10:00am	EU	CPI Flash Estimate y/y		1.5%	1.1%
10:00am	EU	Core CPI Flash Estimate y/y		0.9%	0.9%
10:00am	EU	Prelim Flash GDP q/q		0.4%	0.3%
10:00am	EU	Unemployment Rate		9.8%	9.8%
1:30pm	US	Employment Cost Index q/q		0.6%	0.6%
2:00pm	US	S&P/CS Composite-20 HPI y/y		5.0%	5.1%
2:45pm	US	Chicago PMI		55.1	54.6
3:00pm	US	CB Consumer Confidence		112.6	113.7

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понедельник, 30 января 2017 г.

Gold is One Tweet Away from New Highs

President Trump's recent comments on Mexico and building a wall should give gold investors optimism, says Daniel Ameduri, cofounder of Future Money Trends.

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пятница, 27 января 2017 г.

The Silver Lining of the 'Violent, Stunning, Historic Collapse of Palladium' and How to Profit from It

Palladium took a dive this week, and Chen Lin, author of the popular newsletter What Is Chen Buying, What Is Chen Selling?, explains what happened and how investors can profit from the drop.

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Gold prices consolidate after yesterday’s weakness

Precious metals prices are down around 0.5% this morning, January 27, with spot gold prices at $1,182.10 per oz, which follows losses averaging 1.2% yesterday when palladium prices fell 1.8% to $722 per oz and gold prices closed 1% lower at $1,188.25 per oz. Strong equity markets and no major shocks yet from the new US administration seem to be weighing on precious metals prices.

Base metals are for the most part firmer this morning January 27, with LME prices up an average of 0.3% led by a 1% gain in nickel prices to $9,440 per tonne. Copper is the metal bucking the trend with a 0.2% decline in prices to $5,837 per tonne.

Volumes have been noticeably light due to the start of the Chinese Lunar New Year holiday, with just 1,253 lots traded, compared with an average at around this time of day last week of 8,060 lots.

The firmer tone follows yesterday’s weakness when the base metals prices closed down an average of 2.2% on a day that saw nickel price slump 4% and lead prices off 3.2%.

In international markets, the spot Brent crude oil price is little changed at 56.14 per barrel.

Equities were mixed yesterday, with the Euro Stoxx 50 closing down 0.2% but the Dow ending up 0.2% at 20,100. This morning most of Asia is closed for the start of the Chinese Lunar New Year holidays. The Nikkei is up 0.3% and the ASX 200 is up 0.8%.

In FX, the dollar turned higher yesterday and it is further gaining ground this morning with the dollar index recently quoted at 100.74, after a recent low of 99.79. The dollar’s strength has brought downward pressure on other currencies, with the euro weaker at 1.0667, the yen at 115.10, the aussie at 0.7527 and sterling at 1.2547. Emerging market currencies are also weaker.

The economic agenda is fairly busy, Japan’s core CPI climbed 0.1% in December, slightly weaker than the 0.2% seen in November. There is money supply and private loans data out of the EU, plus there is an EcoFin meeting today, while US data includes advanced GDP and GDP prices, durable goods orders and revised University of Michigan consumer sentiment and inflation expectations – see table below.

The weaker tone in the base metals yesterday is of little surprise as there was likely to be some adjustment ahead of the Chinese Lunar New Year holiday, especially given the general show of strength in recent days/weeks. That said, nickel prices have been showing weakness since December 19, so it is trading its own fundamentals that have been weakened by developments in Indonesia over the allowing of nickel ore exports. Tin prices have also been weaker, again due to a belief that politicians have changed Chinese export rules on refined tin, although this has yet to be confirmed. Tin stocks have also been rising. The rest of the metals now seem to be consolidating recent gains and a stronger dollar and thinner trading volumes due to the Chinese New Year holiday may well lead to some choppier trading.

Precious metals prices are in retreat, stronger equity prices and a lack, so far, of geopolitical stress are weighing on prices, as is the stronger dollar. However, there is still room for a pick-up in geopolitical tension and the standoff between the Trump administration and Mexico may be the start of that. We should get a feel for how bullish underlying sentiment is for gold, by seeing how far prices fall before they find solid support. We expect dips to be well supported.

Overnight Performance
GMT	06:11	+/-	+/- %	Lots
Cu	5837	-13	-0.2%	455
Al	1824	6	0.3%	213
Ni	9440	90	1.0%	354
Zn	2767.5	3.5	0.1%	99
Pb	2323	19	0.8%	132
Sn	20005	0	0.0%
	Average		0.3%	1,253
Gold	1182.1	-6.15	-0.5%
Silver	16.683	-0.092	-0.5%
Platinum	968	-6	-0.6%
Palladium	718.6	-3.4	-0.5%
	Average PM		-0.5%

Economic Agenda
GMT	Country	Data	Actual	Expected	Previous
All Day	China	Bank Holiday
5:00am	Japan	BOJ Core CPI y/y	0.1%	0.1%	0.2%
9:00am	EU	M3 Money Supply y/y		4.9%	4.8%
9:00am	EU	Private Loans y/y		2.0%	1.9%
All Day	EU	ECOFIN Meetings
1:30pm	US	Advance GDP q/q		2.1%	3.5%
1:30pm	US	Core Durable Goods Orders m/m		0.5%	0.6%
1:30pm	US	Advance GDP Price Index q/q		2.1%	1.4%
1:30pm	US	Durable Goods Orders m/m		2.7%	-4.5%
3:00pm	US	Revised UoM Consumer Sentiment		98.2	98.1
3:00pm	US	Revised UoM Inflation Expectations			2.6%

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1.Fastmarkets represents that: i.It will supply the Services in a professional way, using the care that can be reasonably expected for this type of business, and in accordance with the practices and policies which are commonly applicable in the information services industry.
ii.it is duly empowered to supply the Information and Service(s) to the Client for the purposes specified in this Agreement and that the Service(s) and its use by the Client as specified in this Agreement will not infringe any intellectual property rights of any third party.

2.Although Fastmarkets will use all reasonable endeavours to ensure the accuracy and reliability of the Services, neither Fastmarkets, the Data Sources, or any third-party provider will be liable to the Client (or any third party) for direct, indirect or consequential loss or damage, including but not limited to loss of data, trading or other economic losses, arising out of any reliance on the accuracy of the Information (including but not limited to data, news and opinions) contained in the Service(s) or resulting in any way from the supply (or failure of supply) of the Services. However, Fastmarkets accepts liability for physical loss or damage to the Site caused by its negligence or wilful misconduct.
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четверг, 26 января 2017 г.

2017 Could Be Transformative for Integra Gold

Integra Gold's recently released drill results on the Triangle deposit continue to show mineralization continuity, and more than one research firm highlights that 2017 is shaping up to be a...

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среда, 25 января 2017 г.

Rise Buys $40 Million Mine for $2 Million

The purchase of the Idaho Maryland Gold Mine in northern California by Rise Resources caught the attention of 321 Gold's Bob Moriarty.

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METAL MORNING VIEW 25/01: Gold prices slip as safe-haven interest wanes

FastMarkets

By William Adamswilliam.adams@fastmarkets.com

January 25, 2017, 07:42 GMT

Precious metals are off an average of 0.2% this morning, Wednesday January 25, gold and silver prices are down 0.5% with spot gold prices at $1,203.13 per oz, while platinum is off 0.2% and palladium is bucking the trend with a 0.3% gain. On Tuesday, bullion prices were down around 0.7%, while the PGMs were up around 1.5%.

Base metals this morning, are consolidating. Prices are on average off 0.3%, between 0.1% for copper at $5,937 per tonne and 0.7% for nickel at $9,760 per tonne, while aluminium is bucking the trend, its prices are up 0.3%

This consolidation, however, comes after strong gains averaging 1.6% on Tuesday. Lead outperformed with prices up 2.7% while copper prices were up 2.3% at $5,945.50 per tonne.

In Shanghai this morning, the base metals are for the most part up with average gains of 0.8%, nickel prices are the only ones in negative territory, prices are down 0.6%, zinc prices are little changed, while lead prices are up 0.6%, tin prices are up 1.3%, copper prices are up 1.5% at 47,560 yuan per tonne and aluminium is leading the pack with a 2.1% rise. Spot copper prices in Changjiang are up 1.3% at 47,390-47,590 yuan per tonne, the LME/Shanghai copper arb ratio is weaker at 8.01 and the spread between the spot and March futures contracts is either side of level.

In other markets in China, May iron ore futures on the Dalian Commodity Exchange are up 1%, on SHFE steel rebar prices are up 1.3%, while gold and silver prices are both down 1.5%. In international markets, spot Brent crude oil prices are up 0.3% at $55.93 per barrel.

Equities were upbeat on Tuesday helped by stronger earnings expectations, the Euro Stoxx 50 closed up 0.3%, the S&P 500 and Nasdaq touched intraday records and the Dow closed up 0.6% at 19,912.71. Equities in Asia are stronger this morning – the Nikkei is up 1.4%, helped by stronger Japanese exports, the Hang Seng and the Kospi are up 0.2%, the CSI 300 is up 0.2% and the ASX 200 is up 0.4%.

In FX, the dollar index is hovering in low ground, it was recently quoted at 100.30, the low on Friday January 20, was 99.91. The euro at 1.0752 is holding just below recent highs, the sterling is firmer at 1.2523, the yen is consolidating around 113.67 and the Australian dollar is weaker at 0.7537.

Data out late yesterday showed Japan posted its first trade surplus in six years in 2016, later there is data out on German Ifo business climate, there is a 30-year German bond auction, data on UK industrial order expectations, US house prices and crude oil inventories – see table below for more details.

Aluminium prices have been leading on the upside, the move has been helped by further talk of production cutbacks in China on the back of stricter environmental standards. Lead prices also performed well, with copper and zinc following, tin prices rebounded, while nickel prices remain depressed as they continue to suffer following Indonesia’s ore export rule changes, but elsewhere in the nickel market availability is looking tighter. For now the path of least resistance is to the upside for most of the metals, but the markets would be in danger of seeing risk-off should there be any political shocks out of the USA.

Gold prices are starting to struggle and that seems to be on the back of a lack of shocks from the early days of the new US administration, but as it is still early days, we would be surprised if there was too much long liquidation. The PGMs remain upbeat and the strength in other industrial metals may well help the PGMs hold on to their gains more, even if gold prices slip.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

Overnight Performance
GMT	06:02	+/-	+/- %	Lots
Cu	5937	-8.5	-0.1%	2160
Al	1872.5	6.5	0.3%	2166
Ni	9760	-65	-0.7%	1225
Zn	2816.5	-13	-0.5%	1423
Pb	2374	-8	-0.3%	209
Sn	20520	-80	-0.4%	10
	Average		-0.3%	7,193
Gold	1203.13	-5.87	-0.5%
Silver	16.979	-0.086	-0.5%
Platinum	989	-2	-0.2%
Palladium	787.3	2.3	0.3%
	Average PM		-0.2%

SHFE Prices 06:06 GMT	RMB	Change	% Change
Cu	47560	690	1.5%
AL	14035	295	2.1%
Zn	22760	25	0.1%
Pb	18750	105	0.6%
Ni	82050	-480	-0.6%
Sn	147310	1930	1.3%
Average change (base metals)	0		0.8%
Rebar	3304	41	1.3%
Iron ore	640	6.5	1.0%
Au	268.6	-4.1	-1.5%
Ag	4064	-61	-1.5%

Economic Agenda
GMT	Country	Data	Actual	Expected	Previous
9:00am	Germany	German Ifo Business Climate		111.3	111
	Germany	German 30-y Bond Auction			0.64\|1.7
11:00am	UK	CBI Industrial Order Expectations		2	0
2:00pm	US	HPI m/m		0.4%	0.4%
3:30pm	US	Crude Oil Inventories		1.5M	2.3M

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