Millennium Minerals, an Accident Waiting to Happen

Bob Moriarty of 321 Gold dissects Millennium Minerals' latest moves in Australia.

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Pretium Resources Adds Capital to Brucejack's Accelerated Operations Schedule

Pretium Resources is ramping up Brucejack ahead of schedule and the $100 million offering the company just closed will fund working capital requirements for its start-up.

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Three Outstanding Opportunities in the Natural Resources Sector

Aside from the exuberance surrounding the tops of bull markets, the general investment public is uninterested and underinvested in natural resource equities, says Matt Geiger, founder of MJG Capital...

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PLATINUM TODAY: Consolidating today, but looking stronger overall

Short Term: Medium Term: Long Term: Resistances: R1 915 DTL (broken at) R2 926 Oct 2016 lows R3 991 Neckline triggered at R4 1009 20 DMA R5 1021 Nov 9 peak R6 1029 Feb 9 peak R7 1045.50 Recent high R8 1090 May 2016 peak R9 1195 Aug 2016 peak R10 1289 Jan 2015 peak Support: S1 1009 20 DMA S2 1009 UTL S3 977 Neckline S4 948 Jan 19 low S5 911 Feb low/HSL S6 889 Low so far S7 811 Jan low S8 807 Support 2004 S9 745 2008 low Stochastics:Bullish but converging Legend: BB – Bollinger band DMA – daily moving average Fibo – Fibonacci retracement level (H)SL – (horizontal) support line H&S – head-and-shoulder pattern U/DTL – up/downtrend line Technical Comment Analysis The rebound has triggered a potential inverse H&S; the count from this pattern is $1,108 per oz. Having broken higher in recent weeks, prices pushed higher again on Friday February 24 to set a fresh high for the year at $1,045.50 per oz. The recent pullback found support around the UTL and the 20 DMA; although both were breached intraday, the market avoided closing below the lines. The stochastics have jumped higher having turned quite bearish last week, but they are converging again to cross lower, so it may be that prices need to consolidate again after the run up to set fresh highs.  Overall we expect the uptrend to continue. Macro factors Investor interest in ETFs has flattened out again after a show of strength in the middle part of February – holdings have climbed to 2.37 million oz from 2.33 million oz on February 8. The funds’ stance had turned a little more bullish in January and that ran until early February. However, in recent weeks the net long fund position (NLFP) has dipped. Both the gross long and gross short positions are in low ground so there is potential for either side to pick up. On balance, we would expect funds to get longer, but having hit resistance in February, the funds seemed in no hurry to extend exposure. That said, that may have changed with prices setting fresh highs for the year again.   Conclusion Now that prices have pushed higher again, we would not be surprised to see investment interest pick up. On the chart, prices look well placed to extend gains. All trades or trading strategies mentioned in the report are hypothetical, for illustration only and do not constitute trading recommendations.

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Canada Zinc: Right Time, Right Metal

321 Gold founder Bob Moriarty turns his attention to Canada Zinc, a company that has a giant zinc deposit in northern British Columbia.

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PLATINUM TODAY: Prices meeting stiff resistance

Short Term: Medium Term: Long Term: Resistances: R1 926 Mid-Oct lows R2 952 Various highs mid-Oct/late-mid Nov R3 956 40 DMA R4 1003 50% Fibo (Jan 2016 low>Aug 2016 high) R5 1006 20 DMA R6 1006 200 DMA R7 1021 Nov 9 peak R8 1038 Aug peak R9 1090 High (May) R10 1102 UTL Nov/Jun low R11 1118 DTL (Feb 2013/Jul 2014 highs) R12 1176-92 Late 2014 low/Apr-May high Support: S1 1102 UTL Nov 2015/Jun lows S2 1076 50% Fibo Jun>Aug rally S3 1006 200 DMA S4 1006 20 DMA S5 989 40 DMA S6 959 100 DMA S7 957 61.8% Fibo Jan>Aug rally S8 952 Various highs mid-Oct/late-mid Nov S9 951 50% Fibo Jan-May S10 945-947 Jul/Aug 2015 lows S11 929 Support/resistance Jul/Aug 2015 Feb-Apr 2016 S12 910-880 Support/resistance Oct 2015-Feb 2016 S13 811 Low so far Stochastics:Fastline turning lower Legend: DMA - Daily moving average Fibo - Fibonacci retracement level BB - Bollinger band RL - Resistance line SL - Support line UTL - Uptrend line DTL - Downtrend line H&S - Head-and-shoulder pattern Technical Comment Analysis Platinum has edged to a four-month high of $1,031 per oz overnight but further attempts higher have so far struggled, as implied by the longer upper shadow on today’s candlestick formation. We expect prices to continue to find support around $1,000 per oz, with additional support seen around $990 from the 40 DMA and at $970 from the 55 DMA. $1,003 marks the 50% retracement level of the 2016 rally from $811 to $1,195 per oz We expect resistance above around $1,048, which marks the 38.2% Fibo of the 2016 rally. But we note a potential ‘Golden Cross’ – the 20 DMA is poised to cross above the 200 DMA, which will continue to signal bullish price sentiment. Macro factors The Nymex net length was virtually unchanged in the week to February 21 when funds/CTAs carried out a near-equal volume of long liquidation and short covering. The net length stands at 39,642 contracts, up  14,228 contracts or 56% in the year to date. But while there has been a modest rise in speculative longs, the recent price strength is still heavily dependent on short covering. But with open shorts at the lowest since August 2014 – during protracted industrial action by South African mine workers – the metal is vulnerable to a sell-off triggered by the return of short selling unless speculative bulls re-engage and enable prices to vault the $1,020-30 per oz resistance band. ETF holdings are at a 2017 high of 2.37 million oz, following recent demand from US-listed investors. Vehicle sales globally recorded strong growth last year, supporting rising demand for emission-control devices. Passenger vehicle sales in the three largest markets (the USA, China and the EU) increased 8.5% in 2016 to 56.5 million vehicles. Chinese passenger vehicle sales surged by 13.7% on the previous year, supported by the tax break on small vehicles, according to the China Assn of Automobile Manufacturers. Sales in Europe also enjoyed strong growth last year, rising 6.8% year-on-year. But we believe sales will grow far more modestly in 2017; sales in China are forecast to climb a further 5% in 2017 to 29.4 million vehicles, while sales in Europe are forecast to grow only 1% due to political and economic uncertainties. Sales in the USA contracted by 1.8% year-on-year in January, while passenger vehicle sales in China contracted by 1.1%. By contrast, passenger vehicle sales in Europe increased by a strong 10.2% year-on-year in January. Platinum continues to grapple with the fallout from the Volkswagen emissions scandal – major cities such as Paris and Madrid have pledged to ban all diesel vehicles by the middle of the next decade. The UK government is also thought to be considering a diesel scrappage scheme after receiving a final warning for failing to comply with EU air pollution limits for nitrogen dioxide. The global platinum market will remain in a structural deficit for a sixth consecutive year in 2017, according to the latest forecast by the World Platinum Investment Council (WPIC). It sees global demand contracting by 2% to 7.84 million oz – lower automotive, industrial and investment demand will outweigh an increase in jewellery consumption. It forecasts total global supply to record a similar 2% decline, mostly owing to a drop in secondary supply, resulting in an overall deficit of 100,000 oz. The WPIC also projects platinum to record a much narrower 170,000-oz deficit this year, down from the 520,000-oz deficit it forecast previously. This reflects an upwards revision in scrap supplies due in part to higher availability from Chinese jewellery fabricators, where a destocking phase is under way, and while higher steel prices boost supply from spent autocatalysts. Conclusion Platinum prices moved to tackle overhead resistance with a little more conviction on Friday. But while prices remain supported, resistance is proving stubbornly strong. We maintain our positive outlook for now but the danger is that, unless prices can make a sustained break higher, they will be vulnerable to stale liquidation, particularly if Nymex shorts start to re-engage. All trades or trading strategies mentioned in the report are hypothetical, for illustration only and do not constitute trading recommendations.

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Jack Chan's Weekly Gold and Silver Update

Technical analyst Jack Chan charts the latest moves in the gold and silver sectors.

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Chevrier Gold Project: A New District-Scale Start With Lots Of Upside For Genesis Metals

The Critical Investor takes an in-depth look at Genesis Metals, which is developing a new geologic model for its 100%-owned flagship Chevrier Gold deposit in Quebec.

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GOLD TODAY: Prices overcome resistance, confirming robust sentiment

Short Term: Medium Term: Long Term: Resistances: R1 1244.80 Feb 9 high R2 1249 50% Fibo (Jul-Dec sell-off) R3 1295 Former SL R4 1302 RL R5 1308 R6 1343-1375 2016 high ground Support: S1 1229 20 DMA S2 1216.45 Recent dip low S3 1223 UTL S4 1181.05 Jan 27 low Stochastics:Bullish Legend: BB – Bollinger band DMA – daily moving average Fibo – Fibonacci retracement level H&S – head-and-shouder pattern HRL – horizontal resistance line R/SL – resistance/support line UTL – uptrend line Technical Comment Analysis Spot gold prices overcame resistance at $1,220.30 per oz on February 2, the high from January 23. They then climbed to $1,244.80 per oz on February 8 where resistance was formidable, but yesterday prices had finally mopped up what scale-up selling there was ahead around $1,245 per oz. Prices have since extended this year’s rally to $1,256 per oz.  We have been saying for a long time that the late-January pullback seems to have been merely a pause in the developing uptrend, which was a constructive development. This latest consolidation seems like another pause so now we see the rally as continuing. The stochastics are bullish, which supports the move.  As we have been saying in recent weeks, there is a wall to climb – the initial breakdown level was around $1,300 per oz when prices fell out of the summer triangle. We would not be surprised by bouts of consolidation on the way up but we see prices returning to last year’s high ground. Macro picture The recent lack in gold’s upward momentum suggested overhead selling; now that has been absorbed, the underlying bullish sentiment can carry prices higher, we think, until the next batch of selling dominates.  The funds trading Comex gold were doubly bearish last week: the longs cut 4,149 contracts and shorts added 3,248 contracts. The net long fund position of 109,752 contracts has ranged between 96,550 and 119,155 contracts so far this year and was in the range of 26,560-315,963 contracts last year. Given last year’s high, there is plenty of room for the funds to buy more. Despite a hawkish Fed, the fact gold prices are running higher in tandem with other riskier assets such as equities suggests there is a sufficient number of investors who are worried enough to take out insurance by buying gold to hedge against corrections in other markets down the road. Insurance must be in place before the corrections start. The main bullish drivers remain unchanged – they are the concerns about Brexit, European elections, Greek debt and the potential for corrections elsewhere.  Gold ETFs are being bought into again. Holdings stand at 2,032 tonnes, up from a low this year of 1,939 tonnes (see ETF report and chart). Conclusion The push higher confirms underlying sentiment remains robust. We remain bullish. All trades or trading strategies mentioned in the report are hypothetical, for illustration only and do not constitute trading recommendations.

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Buckle Up: Inflation at 58-Month High

The stage has been set for high levels of uncertainly, and with uncertainty comes opportunities in commodities, posits Lior Gantz, editor of Wealth Research Group, who also sees opportunities in...

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Gold prices extend2017 gains, rally looking robust

FastMarkets

While the base metals struggled on Thursday February 23, precious metals prices had gains of between 0.4% for palladium prices and 1% for gold and silver prices, while platinum prices were up 0.8%. There have been follow through gains in the precious metals this morning too, with prices up an average of 0.5%, led by a 0.8% gain in palladium, while gold prices are up 0.3% at $1,252.87 per oz.

The base metals are firmer this morning, Friday February 24, with metals prices on the London Metal Exchange up an average of 1.1%, led by a 1.5% gain in nickel prices, while copper is up 0.5% at $5,898 per tonne and aluminium is up the least with a 0.2% rise.

Volume has been higher than recently, with 8,233 lots traded as of 07:02 GMT. This price rebound follows a very weak day on Thursday that saw prices down an average of 2.1%, led by a 2.9% fall in copper prices that closed at $5,853 per tonne.

In Shanghai, the base metals on the Shanghai Futures Exchange are down 1.3% on average with copper prices off 1.9% at 47,660 yuan per tonne, while tin is off the least with a 0.8% fall. Spot copper in Changjiang is down 2.6% at 47,120-47,320 yuan per tonne – this reflects the weakness the market saw on the opening after the sell-off on the LME on Thursday, the weaker prices therefore do seem to have attracted some bargain hunting as the Asian morning has progressed. The LME/Shanghai copper arb ratio has weakened to 8.08.

In other metals in China, May iron ore prices on the Dalian Commodity Exchange are down 2.4%, on SHFE steel rebar prices are off 1.7%, while gold prices are up 1.4% and silver prices are up 1.1%. In international markets spot Brent crude oil prices are off 0.1% at $56.38 per barrel and US 10-year treasuries are 2.3795%.

In equities on Thursday, the Euro Stoxx 50 was off 0.2% and the Dow closed up 0.2%. Asia this morning is generally weaker with the Kospi off 0.6%, the Nikkei and Hang Seng are off 0.5%, the ASX 200 is down 0.8% and the CSI 300 is little changed.

In FX, the dollar index pulled back on Thursday and was recently quoted at 100.93, down from a high on Thursday of 101.72. The euro is firmer at 1.0590, as are the Australian dollar at 0.7716, the yen at 112.79 and the sterling at 1.2553. The yuan is flat at 6.8710, but most of the emerging market currencies we follow are showing strength, especially the rupee, peso and rand – all of which suggests a fairly confident broader market.

The economic calendar is relatively light today with UK mortgage approvals, US new home sales and revised University of Michigan consumer sentiment and inflation expectations – see table below for more details.

A wave of weakness flushed through the base metals on Thursday, which has put all prices on more of a back footing but the fact rebounds are being seen this morning, suggests bargain hunting and a weaker dollar will be helping with that. The sell-offs suggests a degree liquidation as prices had struggled to make headway after recent strength. Given the pullback and initial rebound this morning, we will now need to see what follow through trading there is this morning as Europe and then the US open up.

Earlier on this week, the precious metals had an opportunity to sell-off but dips were bought into and gold and silver prices have since pushed higher to extend this year’s rally – this shows the overall rally remains robust and underlying sentiment remains bullish. The PGMs have yet to push above recent highs. We remain bullish for bullion and platinum, less so for palladium.

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

Overnight Performance GMT 07:02 +/- +/- % Lots Cu 5898 45 0.8% 3646 Al 1870 4.5 0.2% 1565 Ni 10710 155 1.5% 919 Zn 2819.5 38 1.4% 1754 Pb 2259 25.5 1.1% 334 Sn 19140 265 1.4% 15 Average 1.1%        8,233 Gold 1252.87 3.62 0.3%   Silver 18.22 0.04 0.2% Platinum 1013 6 0.6% Palladium 776.4 6.4 0.8% Average PM 0.5%     SHFE Prices 07:02 GMT RMB Change % Change Cu 47660 -910 -1.9% AL 13780 -165 -1.2% Zn 22820 -385 -1.7% Pb 18710 -220 -1.2% Ni 88490 -890 -1.0% Sn 145550 -1230 -0.8% Average change (base metals)     -1.3% Rebar 3454 -58 -1.7% Iron ore 698.5 -17.5 -2.4% Au 281.35 3.95 1.4% Ag 4277 48 1.1% Economic Agenda GMT Country Data Actual Expected Previous 9:30am GBP BBA Mortgage Approvals 41.9K 43.2K 3:00pm USD New Home Sales 575K 536K 3:00pm USD Revised UoM Consumer Sentiment 96.1 95.7 3:00pm USD Revised UoM Inflation Expectations 2.8%

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Seabridge Gold Ups the Ante with Nevada Acquisition Deal and Updated Resource at Deep Kerr

Seabridge Gold's recent announcement of an increased resource estimate at its KSM project caught the attention of one analyst, and follows another announcement that the company intends to purchase a...

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