Trump moving the USD with his comment
It is just the environment we are in where the incoming president can make a comment saying he thinks the dollar is “too strong” and we see it pull back 1.25 on the index. Chris Temple joins us to wrap up the markets and explain the type of investing climate we are in. It is not a time to go all in on one area but rather look at the long term trends and pick solid companies.
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Today was a freakin’ blast in the resource markets today. Gold stocks up, Silver Stocks up, Uranium Stocks up, Lithium Stocks up…….
There also was a flood of positive news releases today, and it was overwhelming to keep up with all the success the solid companies have been making. I started posting them on the editorial from yesterday called “An Outlook For This Week” but gave up because there were just too many press releases today.
However, if anyone wants to go back to yesterday’s blog there are a number of press releases posted in the bottom half of that blog:
http://www.kereport.com/2017/01/16/an-outlook-for-this-week/
Continued solid performance with positive cash flows into all these sectors since the beginning of the year. The uranium companies have been especially impressive over the past few weeks.
http://stockcharts.com/freecharts/perf.php?GDX,GDXJ,LIT,SILJ,URA
Nice perf chart Steele.
Yes, it has been a good month indeed. I’ll keep your lineup, but switch it to a one month Bar Chart for grins and giggles:
http://stockcharts.com/freecharts/perf.php?GDX,GDXJ,LIT,SILJ,URA&p=1&O=111000
3 Month Bar Chart illustrates just how strong Uranium stocks have been for the last few months:
http://stockcharts.com/freecharts/perf.php?GDX,GDXJ,LIT,SILJ,URA&p=2&O=111000
(As noted below, I expect these trends to reverse though in the short term for Uranium. On a side note, I expect some of the Lithium stocks to start their next run and some like Galaxy, Lithium Americas, and Pilbara have already started to stretch their legs…)
Of course, Precious Metals stocks had a rough Nov/Dec, but started turning up the end of December and have been getting their shine on in January thus far.
This is why it’s good to be diversified and trim back a sector that really runs into the strength, and reallocate some into the sectors that may be next up to bat.
Make that chart period 11 days (year to date more or less as of today) and it looks good.
Agreed SilverbugDave. Really since late December the metals have been on the move for Q1 Run. Like they have the last few years. Seasonality in play….
Oops! Probably no real need to panic here, but it will be interesting to see if there’s any short-term spillover effect to other uranium companies.
http://seekingalpha.com/news/3235631-cameco-sees-2016-earnings-significantly-lower-analyst-estimates
It would not surprise me at all to see Cameco slide tomorrow and start dragging down some of the other Uranium companies and URA the ETF. We’ve discussed on the weekend show that Uranium stocks were due for a cool down.
Personally, I’ve already trimmed last week and welcome any cool down in Uranium stocks so that I can add back at better prices. Having said that I enjoyed the gains today in UEX, URG, LTBR, and UUUU and there were about another dozen on my watch list that had some nice gains as well.
On the downside…. DNN and NXE pulled back, and may continue to do so, but I reduced their position size Thur/Fri, and hope they pull back another 10-15%. Denison actually had a good news release out today, so when a stock sells off in that situation it means sentiment is slipping.
UEC also announced a financing today that took the steam out their rally, so thank goodness I trimmed that last week. It was my strategy to take some chips of the table last week when things seemed frothy in the sector, and I was expecting UEC to do a capital raise while the shares were elevated. (That financing sure surprised a lot of other investors all jacked up on the Amir Adnani and Marin Katusa promotion train though).
The biggest bullet I dodged was selling out of URRE on Tues/Wed of last week. They also announced a financing that has tanked their stock. I sold out on fundamental reasons, due conversations I had with other investors where we dissected the company, and because I wasn’t happy about them spitting their focus between Uranium and Lithium. They seem to have an identity crisis. In addition, I noted on here that the crazy rise in their share price seemed unwarranted….. and it was…..
Bottom line, I’m very bullish on the Uranium sector in the mid to long term, and feel a correction in these stocks is needed to knock the froth out of this market. Some stocks like Energy Fuels, Ur-Energy, Western Uranium, Lightbridge, Goviex, Berkeley Energy, and Plateau Uranium have been incredibly strong and resilient though.
If these Uranium miners pull back more, and people start throwing in the towel, then I’ll be waiting with a catcher”s mitt to buy up shares from panicking investors that piled in at the near-term top…. 😉
I just bought a couple thousand CVV based on your recommendation at 56 cents. For this type of small stocks it is hard to do fundamental analysis so I treat them as speculation. Hope it pays off.
Hi Dragonite. I never recommended buying Canalaska. I personally had owned it in the past, but sold out of it last year and. haven’t owned it about 6 months.
On the weekend show we were discussing double barrel companies strengths and weaknesses. I mentioned that some double barrel companies lost focus in the Uranium sector, like URRE’s recent venture into Lithium, or Brazil Resources Uranium properties not getting valued in their new Goldmining Inc.
The Diamond tangent that Canalaska (CVV) went on, was one of the key choices that caused their share-price to drop when they struck out and split their attention. Many shareholder felt they were losing focus and losing ground on the Uranium hunt. I mentioned that it was worth exploring the Diamond rabbit hole when that came about, but it doesn’t look so far like it has panned out. The rant ended with the thought that now they may get things back on track with Uranium exploration again moving forward. I’ve narrowed much of my Athabasca Basin Exploration focus down to Nexgen, Denison, UEX co at present, but have traded ALX Uranium as a kicker. I may look into CVV again, as they do have some good properties, but it wouldn’t be my top pick in that region.
The good news is that CVV has not been one of the frothy Uranium miners over the last few months, so they are more poised to make a comeback if they start hitting those high grades again on there Athabasca exploration projects. You’ll likely do quite well over the mid to longer term as they are widely followed and respected.
Thank you for the update. I will hold this till it go to the sky or drop dead.
How about SKYHARBOUR?
I already have large amount of UEX, Cameco, Denison so I am not adding anymore. I do like Athabasca though.
Still getting a handle on Skyharbour, and I don’t own it but have it on my short list.
There is a LOT of buzz around their properties in different articles etc… (for example they are featured in the Thom Calandra article Wolfster posted below).
The share performance has been very impressive (although a bit over-heated) in this recent rally. Other investors seem very enthusiastic though.
The last I remember seeing was this announcement about their upcoming drill program:
Skyharbour Resources Announces Plans for Upcoming Drill Program at Moore Lake Uranium Project, and Receives Approval for DTC Eligibility in the US
Jan. 10, 2017 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (SYH) (SYHBF)
https://www.ceo.ca/@nasdaq/skyharbour-resources-announces-plans-for-upcoming-drill
I like the Athabasca as well, but feel like I got the exposure I want with Nexgen, Dension, and UEX. Again, I’ve been trading ALX Uranium for short jaunts, but the other 3 companies are much more solid. I’m willing to consider one more explorer to swap out ALX with to give me a fourth.
My master plan over the next 3-5 years is to own 4 producers, 4 developers, and 4 explorers, and gradually migrate that over to 6 producers, 4 developers, and 2 explorers over time. Right now I only hold 9 Uranium stocks though and would need to build up larger reserves and profits before taking on any more than that.
All the best to you Dragonite.
I think Rick Rule mentioned buying some uranium companies and holding for 3-5 years. Much easier said than done, but could (should?) be a rewarding play.
Agreed. Rick Rule is correct that it will be a 3-5 year run in the Uranium stocks.
The only 2 Uranium stocks I completely sold out of were ALX 2 weeks ago and URRE last week. I only trimmed back my position in Energy Fuels, Denison, Nexgen, UEX corp, and took a little gain off the top in Bannerman (on a fairly new position, but it took a healthy jump right after I bought it). I didn’t touch (URG) Ur-Energy and have let that one run as it has been very strong lately, but may end up trimming this week if the whole sector turns south. I added Centrus and Lightbridge recently to get exposure to the fuel supply, processing, and enrichment side of the supply equation in the Nuclear Energy sector.
My intent is to hold most of this group of stock for the longer term, and if we get a nice pullback, I’ll but adding back what I just trimmed at lower prices.
Of course, I’ll keep watching Uranium Resources and ALX Uranium, and also have my eye on Anfield Resources, Peninsula Energy, Western Uranium, GoviEx, Toro Energy, Berkeley Energy, and Skyharbour Resources.
Cheers!
Very good list. I own a couple of these, but made a classic error on Cameco last year, getting stopped out a week before it bottomed in November and then took off. Humbling. Just bought it too soon and had too tight of a stop.
I left off Uranium Energy Corp (UEC) off that list but had trimmed them back as well last week.
I have not owned Cameco in quite some time. It’s too big for me to get my head around. It’s like the Goldcorp or Barrick of Uranium.
However, buy holding Denison, who along with Areva, own part of the mill that processes the Cameco ore, then I have some exposure to Cameco’s production on their earn in.
In addition, I think Cameco or Rio Tinto will make a move to buy Nexgen at one point in this next cycle, but it makes the most sense for Cameco to buy them. I chat with retired Cameco employees from time to time an many key investors in Nexgen, and it truly is an amazing story that is developing with them. I’m hoping their stock pulls back nicely so I can buy back some of the position I just trimmed last week, as now I feel too underweight in that holding.
Would you buy URRE again Excelsior, in light of their finance raising?
I’m putting URRE in the time out pen, because they’ve made a number of decisions that put me in a quandary.
As I mentioned last week, I sold out completely from URRE on Tues & Wed because they seem to have a bit of identity crisis. I’ve followed them for about 6-7 years and have respect for their past track record of production in prior cycles, and I was looking at their NM and TX properties and their 2 fully built and permitted processing centers in Texas as their focus. They when they bought the insitu assets of Anatolia Energy in Turkey, I thought it made sense because insitu can be a lower cost of production and less disruptive than hard rock mining…. but it was still a very unexpected decision that came from left field, and they are nowhere close to Turkey.
What started bothering me was how weird Turkey’s government has been getting since the failed coup, but there are companies that have been operating there for a long time and know how to play the game, so if Anatolia Energy knows the ropes, I felt they may be just fine. However, there is no real history or Uranium production in Turkey, and a trader pal of mine point this out emphatically to me, and some of it started to resonate in my mind.
Uranium Resources then announced from even further left field that they were getting into Lithium Exploration. (huh?) I’ve been pretty clear that I’m a fan of the real Jr Lithium Producers and Jr explorers, but that 90% of the companies exploring for Lithium don’t have a wing or a prayer. It just seemed like an insane strategy to start getting into the Lithium space at this late hour with soooo many other companies that already got on the bandwagon. This has been bothering me for a while, but the share price started moving up on this announcement, so I’ve been waiting for a strong move to liquidate.
Then they sold many of their NM properties to Laramide towards the end of last year, and kept putting more focus on the Lithium.
Bob UK – I’m not sure if their new strategy will work or not, but when the price went up so extreme last week, I decided to liquidate into the strength and huge volume liquidity event. For now, I have bigger fish to fry in the Uranium mining sector and Lithium sector respectively.
I figured a few of these companies would do a financing while the prices have been elevated, but honestly, I sold for the reasons outlined above when I saw all the volume and price spike, and just got lucky on the timing in relation to their announcement on the fiancing. Really dodged a bullet there. 😮
Thanks for such a detailed response Excelsior. Yep, Turkey rings some alarm bells for me.
A UK listed gold junior miner in Africa was bought by a Turkish miner last year. The share price did stuff that was all a bit odd, leaving lots of the shareholders miffed to say the least, and watching things it put me off Turkey big time.
To be clear, there are a few companies operating in Turkey that know how to get things done in their environment, but I feel much safer with a Gold/Silver or Base Metals company than a Uranium company there.
I do have exposure to Frontline gold in their operation of Turkish tailings facilities that I believe will be a sleeper stock, but they are diversified into Canada and Africa as well. Mariana Resources is another company I trust to get things done in Turkey. Lydian is operating nearby in Armenia and Georgia, and seem to have a good handle on things. I was fine with Eurasian Minerals operating & exploring in Turkey, but they sold some of those assets on jurisdiction concerns as well.
I’m not ruling out completely the risking jurisdictions, but treading with caution.
Editorial: Kazatomprom’s cuts and uranium’s rebound
JOHN CUMMING JANUARY 17, 2017 – The Northern Miner
The propaganda power of main stream media (MSM) is best indicated by history:
https://pbs.twimg.com/media/C2Lu2yXUoAEbrHI.png
Isn’t it amazing who supports which party?
The change in the dollar did not coincide with the timing of Trump’s tweets.
Trump’s FIRST MAJOR TWEET that the dollar was too strong occurred on Dec 22, on a slow volume day that could have caused a major swing.
The RISE in the Euro’s sharp rise occurred on the start of London trading on Monday morning (yesterday).
To place the cause of TODAY’s US rise in the dollar as due to Trump tweeting is BS.
It was volume/momentum play, partly due to Euro rising, partly due to US stocks falling, partly due to Chinese (Hong Kong) investors getting out of US dollars. IMHO.
Offshore yuan trades 6.7975 yuan to the dollar vs 6.8490 for onshore yuan.
THE SPREAD BETWEEN ONSHORE AND OFFSHORE COMPLETELY NARROWS AGAIN AS NET FLOW OF DOLLARS STOP LEAVING CHINA’S SHORES .
(Again supporting my thesis, that the MSM is blowing wind on the effectiveness of Trump’s tweets.)
The euro currency is higher after a report indicated German investor confidence improved in January, although it did come in less than the estimate. The ZEW Center for European Economic Research said its index of investor and analyst expectations increased to 16.6 from 13.8 in the previous month,because of rising inflation levels globally the central banks that are in an easing mode will later this year start reconsidering their accommodative policies and start talking about a move to a more neutral policy.
The British pound is sharply higher after a report showed U.K. inflation in December surged at the fastest rate since 2014. Consumer prices advanced 1.6% from 1.2% growth in November.
There was additional support for the pound after U.K. Prime Minister May said parliament will get to vote on the final agreement for the U.K to exit the European Union.
Higher crude oil prices supported the Canadian dollar and the Australian dollar.
“There are two ways to be fooled. One is to believe what isn’t true; the other is to refuse to believe what is true.”
Søren Kierkegaard
Good quote CFS.
“Get Paid Fighting Against Trump” – Ads Across American Cities Reportedly Offer Money To Inauguration Agitators
Job ads running in more than 20 cities offer $2,500 per month for agitators to demonstrate at this week’s presidential inauguration events. Demand Protest, a San Francisco company that bills itself as the “largest private grassroots support organization in the United States,” posted identical ads Jan. 12 in multiple cities on Backpage.com seeking “operatives,” to “Get paid fighting against Trump!”
Fake news. They were just outed by Tucker Carlson after getting over on the Washinton Times
Tweet needed?
Lowe’s Announces Nearly 2,400 Layoffs For Full-Time Workers
Associated Press – 1 hour ago
CHARLOTTE, N.C. (AP) — North Carolina-based home improvement retailer Lowe’s says it’s told approximately 2,400 full-time workers that they will be laid off.
A statement from the store said the majority of the cuts are at the store level, with other cuts occurring at distribution centers, customer support centers and vice presidents at the company’s corporate office in Mooresville.
interesting……..
I’m guessing Chris is referring to NAK.
🙂 Sorry Dirk, I was busy writing, and took a break to get food and hadn’t refreshed the screen when I posted my thoughts below. I do believe you are correct though.
Check out the stock gumshoe article posted in the Northern Dynasty thread below, that is breaking down the Casey Research’s NAK promotion piece.
It sure sounds like what Mr T was talking about….
Right
Thought so. Thanks Mr. T.
I believe the Gold stock that Chris Temple was referencing that’s around $2 and that there has been a great deal of promotion around it running up thousands of percent on the EPA rules being overturned by Trump is……. Northern Dynasty. (NAK)
I’ve seen Doug Casey’s research or Stanberry plugging that theme hard, and their promotion has been working as volume is flooding back into that stock. Mr T is correct that whether or not they get their permit is still a huge unknown, as is whether the rules will be changed by Trump regarding the EPA veto.
Nobody doubts the quality and size of their Pebble deposit in Alaska, but until they get their permit (which has been stalled for about a decade) then that’s a pretty risky bet on what Trump will be able to accomplish when he gets into office.
For clarity though, I do wish any investors trading NAK, like Dick Tracy, all the success in the world; and I do hope they get that permit granted at one point. That polymetallic deposit would be huge for Alaskan jobs, for the resource sector, and for rewarding a company that stayed the course. It’s just a big “IF” at this point.
Thanks Excelsior – I was wondering why I keep seeing people buying NAK cropping up on various boards. Had not looked into it myself. Big IF there by the sound of it.
A big “If” indeed. I was just noting that this was likely the stock Chris Temple was discussing that has been promoted very heavily recently by some well known promoters, under the guise that Trump was going to overturn the EPA’s decision.
It is definitely a a large and well endowed polymetallic deposit, and if it was ever put into production, it would provide a great deal of jobs in Alaska and be a stellar US mine, but it may not be worth the impact to the environment, and as mentioned this project has been held up for a long time.
I thought there was some problem about salmon breeding grounds that down stream native canadians objected to?
I believe it was a number of concerns about how the mine may impact the environment. If they can’t find a solution that ensures the safety and satisfies all parties then the mine will never happen.
Shad :
The biggest job associated with the Pebble Deposit will be the management of 10 Billion Tons of toxic waste for eternity. How much is that going to cost?
Agreed that this is a huge unknown JohnK. For clarity I don’t own this stock, have never owned it, am not promoting or defending it. I was simply pointing out this stock has had a bunch of promotion lately, and they have a long road to haul to get this thing permitted. It could be a wild goose chase and lead many investors into a dead end. On the other hand, it is really is a huge deposit that would be a juggernaut IF it ever was to get permitted. I mentioned on here about a month or two back that I wouldn’t touch this unless the permit issue was behind them. Yes, the price would soar on that news and the gains would be getting in before that, but it is too big of a question mark for me personally.
Here is what they have on their website about what they need to do to get the permits and it sounds substantial:
____________________________________________________________________________
**Pebble| Permitting
“The Pebble Project must satisfy permitting requirements at three levels: federal, state and local (borough). The process will involve 11 regulatory agencies, 60+ categories of permits and significant ongoing opportunities for public involvement.
The first step in the permitting process is for the Pebble Partnership to provide the required information for an Environmental Impact Statement (EIS) under the federal National Environmental Policy Act (NEPA), including a Project Description and the Environmental Baseline Document. The EIS will be prepared by a third-party contractor under the direction of a lead federal agency, expected to be the US Army Corps of Engineers.
The Pebble EIS will be the focal point of project permitting. It will determine whether sufficient evaluation of the project’s environmental effects and development alternatives has been undertaken. It will also provide the basis for federal, state and local government agencies to make individual permitting decisions.
The Alaska Department of Natural Resources Large Mine Permitting Team is responsible for coordinating permitting activities for large mine projects within the state.
To satisfy permitting requirements under NEPA and other regulatory statutes, the Pebble Partnership must provide:
– a comprehensive project design and operating plan for mine-site and infrastructure facilities;
– documentation of development alternatives investigated;
– mitigation and compensation strategies, and identification of residual effects; and
– environmental monitoring, reclamation and closure plans.”
http://www.northerndynastyminerals.com/ndm/Pebble_Permitting.asp
Personally, I agree with Cory and Chris Temple that the market is a little overly optimistic about exactly what will be done once he is in office, but I’m just laying out the bread crumb trail of how this whole thing has escalated on Trump Euphoria.
*Here is an editorial release that ran in Reuters at the end of last year about how a “Trump Win” would salvage this project in Alaska.
____________________________________________________________________________
Trump win ignites hope for stalled Alaska Copper, Gold Mine
POLITICS | Wed Dec 21, 2016 | 3:37pm EST
http://www.reuters.com/article/us-mining-alaska-trump-idUSKBN14A287
Now back in September there was a press release Northern Dynasty put out:
September 29, 2016 – Northern Dynasty/Pebble Partnership Cap Legal Costs to Conclude Litigation with US EPA
*Then in October the company put out this press release (with the link to it):
Northern Dynasty: Pebble Partnership, EPA Agree to Mediation to Resolve FACA Litigation
October 27, 2016 — Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) announces that its wholly-owned subsidiary, Alaska-based Pebble Limited Partnership and the US Environmental Protection Agency (“EPA”) have filed a joint Notice in federal court stating their intent to enter into mediation in an effort to resolve ongoing litigation under the Federal Advisory Committee Act (“FACA”).”
http://www.northerndynastyminerals.com/ndm/NewsReleases.asp?ReportID=769062
Now there was a warning editorial put out in the summer before these press releases from the company. It was very critical of the company and the promoters around the stock, pointing out how people like Rick Rule had promoted the stock but then dumped shares. I’m not sure what their position is now that these issues have gone to mediation but I’ll paste a small passage and a link to their article:
________________________________________________________________________
Northern Dynasty Minerals (NAK): Looming Dilution Potential, 6 More Downside Risks
by Sonya Colberg, Senior Editor – 8/16/2016 – theStreetSweeper
“Momentum traders keyed in on the stock on Monday, July 11, when Insider Monkey noted that Sprott Asset Management disclosed a 5.45 interest in NAK. Volume jumped to 5.8 million, more than double the shares traded the Friday before – the day of the company’s Sprott filing. The share price closed 29 percent higher at $0.54.”
(Source: Yahoo)
“But by July 29, Sprott had already begun selling part of its NAK stock. The firm disclosed its ownership had dropped to 3.9% or 10,490,200 shares …. a sale of 4,234,300 shares.”
* Pushing NAK
“Then – and we have to extend congratulations here on the apparent huge following and ton of money made – Rick Rule, with Sprott Resource Corp. and Sprott Holdings, suggested the stock during a BNN interview on Aug. 11.”
(Source: BNN)
“According to his comments on BNN: “It is an ultra-high risk optionality play. One of the biggest, and highest grade copper gold deposits in the world, it is subject to a legal and political dispute. In our opinion, a political resolution with Alaskan Indigenous owners would solve the legal dispute, and both sides have ample incentive to reach a mutually beneficial agreement. This will be a binary outcome, a huge win, or a substantial loss, and the time frame is indeterminate.”
“Some of the air had gone out of the stock from the time of the Sprott disclosure until Mr. Rule’s suggestion last week … But NAK again rose – notwithstanding the fact that Sprott Resource Corp. itself extended its losses recently, reporting $17.5 million net loss in the second quarter. Traders apparently also didn’t notice Sprott’s stock chart:”
“Indeed, the suggestion from Sprott advanced the NAK stock runup.”
“Congratulations to those who got in on the momentum trading over the past four weeks or so.”
“Congrads to Sprott … likely poised to sell more stock right now…”
Here was a technical look at the runup in the NAK stock after multiple newsletter writers started getting exciting about the projects being back in mediation. Eventually it just became a momentum play:
____________________________________________________________________________
Thoughts on Market Structure During A Parabolic Rally
by @Goldfinger on January 6, 2017
“A quick lesson on market structure and how to trade a stock in the midst of a parabolic uptrend.”
“$NAK $NDM (Northern Dynasty Minerals) is a stock we have traded recently and done quite well with..:”
https://www.ceo.ca/@goldfinger/thoughts-on-market-structure-during-a-parabolic-rally
Next came the next Katusa promotion (which some investors were excited about because they had made good returns. However the chatter on some stockboards is have questioned whether these are newsletter pumps where early investors unload their shares to retail masses as they get excited by the promotion pieces)
Here’s a recent example:
______________________________________________________________________________
A Huge Investment Opportunity is Setting Up in 2017
Marin Katusa – DECEMBER 9, 2016
“The hottest mining story in the world right now is Northern Dynasty Minerals. The Way of the Alligator led me to publish my thoughts and research on Northern Dynasty in February 2016. Northern Dynasty is sitting on the world’s largest undeveloped gold and copper deposit. Its shares have skyrocketed since my research went out. ”
“Now, some very large funds are positioning themselves in this monster world class deposit. We were the first to the story… the rest of the world is catching on… and we are sitting on a huge win. It’s happening because we go The Way of the Alligator…”
https://katusaresearch.com/huge-investment-opportunity-setting-2017/
Here’s a piece that really got the ball rolling back a year ago in January 2016:
‘We’re on the cusp of a resolution,’ says Hunter Dickinson president of Pebble spat
26TH JANUARY 2016 – BY: HENRY LAZENBY
“Speaking at the Vancouver Resource Investment Conference, held this week, Thiessen, who is also Northern Dynasty’s president and CEO, noted that, once the EPA issues were resolved, the PLP would be free to undertake a “normalised” permitting process for its flagship Pebble mine, in south-west Alaska.”
“We’re on the cusp of a resolution. The US will not allow this travesty [of the EPA] to create a precedent, as it would have far-reaching consequences. I think the EPA would ultimately be proven wrong. I believe in a near-term outcome,” stated Thiessen during a question and answer session with Marin Katusa of Katusa Research.”
“The PLP last year filed a federal legal action arguing that, without a permit application outlining plans to develop the Pebble polymetallic deposit in hand, the EPA’s stated intention to pre-emptively veto the Pebble project – under a rarely used Clean Water Act Section 404 (c) regulatory process – exceeded the federal agency’s authority and violated federal laws….”
Then there were these Marin Katusa interviews with Frank Curzio that threw a few logs on the fire:
Ep. 445: Marin Katusa: A Revolutionary New Strategy
on September 7, 2016 by Frank Curzio
One of the Stocks Mentioned: Northern Dynasty (NAK)
http://www.frankcurzio.com/marin-katusa-revolutionary-new-strategy/
Quite recently this new interview with Frank and Marin touch on Northern Dynasty again:
Ep. 481: Let Marin Katusa Double Your Money
on January 12, 2017 by Frank Curzio
One of the Stocks mentioned again: Northern Dynasty Minerals Ltd. (NAK)
Let’s just not forget that this company has been plugged for a long time by newsletter writers. Here is one of the old Casey Research pieces promoting gains that could have been made in you guessed it…. Northern Dynasty back in the earlier days of the beginning of the secular bull run:
“Investing in Northern Dynasty Minerals (NDM) in November 2002 would have handed you a windfall 3,336% gain in under 5 years.”
Stock Gumshoe just put out a great piece for their last File of the Year in Dember of 2016, and it was decoding the latest Casey Pitch on you guessed it….. NAK.
****** I’m pretty sure this Casey promo piece that Stock Gumshoe is breaking down, is the same piece that Chris Temple was mentioning in this interview******
____________________________________________________________________________
Checking in on the “Executive Order 0001″ Teaser
By Travis Johnson, Stock Gumshoe, December 23, 2016
The Casey pitch is about, as you might expect, a “tiny stock” — and it’s very much a “Trump” play. Here’s how the ad gets our juices flowing:
“On his first day as President, Donald Trump will roll back one of Obama’s biggest mistakes… But not the one you expect.
“The result will unlock a $128 billion fortune in a forgotten part of America. And it could send a tiny $1 stock through the roof…
‘Trump’s election could be the best thing to happen to the stock market. And this company could be the best investment of his entire presidency.’ ~ Doug Casey, author of NY Times bestseller, ‘Crisis Investing’”
We’re seeing “Trump stocks” pitched left and right, of course, from the financials who would benefit from rising interest rates to the various construction and energy companies that would benefit from huge increases in infrastructure spending… but this sounds like another thing entirely. What are they talking about? More from the ad:
“Donald Trump can’t repeal Obamacare on his very first day – he needs the Senate’s help for that.
“And it will take some planning before he can start construction of a wall on the Mexican border.
“But on Friday, Jan. 20, President-elect Trump’s first executive order will roll back one of President Obama’s biggest mistakes….
“… the Trump transition team has studied the Presidential rules closely.
“They saw how President Obama issued ‘executive orders’ at an unprecedented rate.
“And the Trump team is planning to use the same strategy to reverse Obama’s massive expansion of red tape and regulatory overreach.
“Trump believes these regulations are what’s keeping American production low – and keeping American workers unemployed….
“… he’s not looking to help big banks or give a major corporation a tax break.
“He’s actually going to introduce a measure that should immediately add 3,000 jobs in a downtrodden, forgotten part of America…. Alaska.”
Ah, so now I think I know where we’re headed with this one. Sounds like Casey is looking at one of those big and as-yet undeveloped Alaska mines that’s trying to get environmental or regulatory approval… and, thankfully, there aren’t so many of those. Which one is the pitch about? More clues:
“Trump’s executive order will wake a sleeping giant – the Alaskan mining industry.
“And there’s one publicly-traded company in particular that could see their share prices soar almost immediately.
“This company’s stock is currently hanging around $1 – but according to the most recent study done in 2013 they’re sitting on a resource mother lode:
“The largest gold deposit in the world.
“They haven’t been able to pull this gold out of the ground – until Trump got elected….
“…underneath the surface of a remote property in Alaska, geologists believe there’s over 107 million ounces of gold.
“At today’s prices, that’s worth $128 billion.”
So that should be clear now, but we’ll grab these last couple clues from the ad just to be sure:
“‘Beneath hills blanketed with a crazy quilt of moss and lichen, lurks a multibillion-dollar fortune… perhaps the greatest lode on the planet,’ The New York Times said about this site.
“Mining.com added, ‘It is arguably the richest prize in mining.’
“The company’s share price is currently just around $1….
“There is the real potential here to make as much as 10 or 20 times your money.”
So yes, what’s being teased here is the proposed Pebble Mine in Alaska, which was left almost for dead a few months ago but has seen the flames of hope fanned a little bit by a recent decision to mediate their court case against the EPA… and fanned further still by Trump’s win in the election because of his professed goal of bringing the EPA’s regulatory impulses to heel.
Does that mean President Trump will sign an Executive Order on his first day that immediately grants the Pebble Mine a mining permit? No, that’s likely beyond his control… but his new EPA may well take a different tack in the lawsuit/mediation with the Pebble project, I have no idea.
The company that owns the Pebble Project is Northern Dynasty Minerals (NDM in Toronto, NAK in NY), and…..”
http://www.stockgumshoe.com/2016/12/friday-file-last-of-the-year/
______________________________________________________________________________
**** (interested people should really read the rest of this Stock Gumshoe piece)
Shad:
A lot of people toting this project.
Like I said to Dick Tracy. Like the the stock,not the project.
For a little history of the impacts of copper mining,Google Anaconda Copper in Montana.
Just remember 10 Billion tons of toxic waste in a seismically active area which coincidetially is the headwaters for the worlds largest Red Salmon run.Not a good combination.What is left when the Gold,Copper and moly are gone?You want jobs in Western Alaska,stop importing seafood from Asia.
Very solid points to consider JohnK on the potential environmental impacts.
Again, to be clear, I was just reporting on the situation and all the promotion going around NAK and thought it was the company Mr T mentioned to be cautious of (and he confirmed it was).
I’m a fan of the environment and going camping and hiking regularly, and the last thing anyone serious in the mining community wants to see is a negative impact on water, animals/vegetation, or the local communities.
Like I said above, if they can’t find a way to properly mitigate the risks to the environment, to the toxic chemicals, and assure it won’t impact the salmon run, or local wildlife, then they shouldn’t build the mine. I’m willing to admit I don’t understand all the environmental impacts and doubt anyone on this board does either. There are always 2 sides to the coin when looking at mine development, and I leave that up to the experts and direct stakeholders that continue to deliberate on things in mediation to decide.
Cheers!
This one is a little closer to home for me.I do have an opinion on this project.
I use to be on board with the project,I am no longer.The toxic waste is to big of an issue.
At some point in time,greed and money cannot be your only motivation.
Some things make sense and some things don’t.
Good to know JohnK, and I do agree that if a project is going to trash the environment, then it doesn’t need to be a mine.
This is why I sold out of Maya Gold & Silver – because they have a Mercury and Cyanide issue that they are not addressing properly, and that will eventually get into the water supply and hurt the local people. Their 3rd party contractors they hired to assess the risk asked them to fix it and mitigate the old tailings from terrible mining operations in the past, and their response was to put a tarp over it. I wrote the company about it a few times with no response, so I said “see ya….”
It is one of the concerns I have with Constantine Metals affecting the salmon run there and bald eagle population, and why I’m considering swapping out of it for Callinex.
With Sabina Gold & Silver, I believe they have demonstrated that the caribou herds are nowhere close to their projects, and to determine where the herds will be in 10 years due to “Climate Change” is a bit of red herring. That is why I feel better about them getting their permit.
Nunavut proposed Gold mine needs more study, Ottawa says (SBB) Sabina Gold & Silver
Cecilia Jamasmie | 29 minutes ago
http://www.mining.com/nunavut-proposed-gold-mine-needs-more-study-ottawa-says/
I hopped out of my Constantine position the more I worried about salmon and eagles…. Rotated into Heron Resources for Aussie Zinc exposure and few animals.
http://www.heronresources.com.au/downloads/presentations/hrr_p20161129.pdf
I ended up selling out of Sabina Gold today as well, because I had a nice gain, and I don’t want the permitting head aches to worry about. There are plenty of Gold & Silver companies without all the conflict 🙂
I really do believe Sabina will get their permit this time though, and when/if they do, then I’ll have another look at it.
For Clarity – I’m not saying Norther Dynasty is good or bad, but simply agreeing with the point raised in the editorial that investors should be concerned when they keep seeing recycled promotion on a stock that has been locked up in a permitting nightmare for a long long time, and in placing too much confidence and euphoria in what Trump may or may not be able to do.
Nobody has any idea what Trump will do, or what the EPA will do, or what all the environmental lobbyist and groups will do, or what the government will do.
It is all a crapshoot, but personally I want to see the permit granted before I’ll get into it. Nobody can deny that the stock has been on an absolute tear though this year, and the Rick Rule, Marin Katusa, Doug Casey promotion appears to have worked, and in fairness made a lot of investors some nice money.
It should also be noted that they are in mediation to try to resolve everything.
If nothing else Northern Dynasty will either be an epic story of perseverance or an epic let down.
Wishing everyone invested all the best, but still prepared for the worst.
Mining – What a business……
good point on the recycle of info
Ex.. awesome rebound for NIM-V!! Congrats!!
And congrats to( AWOL)? Matthew..
Thanks Ann.
Gold looks strong enough to get through the current resistance very soon:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=5&dy=22&id=p72215410287&a=496083091
Thank Ann. Yes (NIM) Nicola Mining has been doing well again lately.
This press release that came out last week got the markets attention again.
____________________________________________________________________________
Nicola Mining Ships and Receives Payment for 296.352 Dry Metric Tonnes Concentrate Grading 97.1 Grams Gold and 535.5 Grams Silver Per Tonne
(Marketwired – Jan. 10, 2017) – Nicola Mining Inc. (TSX VENTURE:NIM)
hi excelsior, haven’t posted in a while but thx for all your tips. I picked up a bunch of husif a while back when you last touted it. what do you think of u308 uranium/ uweff. been holding this for a while. not doing much!
I only follow U308 company in a more broad sense and have it on my watchlist, but don’t know much about it.
JohnK follows the stock more closely so maybe he could comment if he sees this. I’ll have to do more homework if both you guys have it on your radar, but I’ve been pretty stocked up on Uranium companies since the end of last year, and just lightened the load a bit.
I’ll check it out though dw jones and it is good to see you posting again.
All the best to you in this wild year of 2017 !
I’m in the same boat as Excelsior. I have been tracking , but don’t know the specifics.I will certainly give it a look.
Thanks JohnK. I was thinking you owned it and followed their exploration results closely. Well, while the Uranium stocks are in pullback mode, it’s the perfect time for homework assignments 🙂
Platinum Group Metals appears to be nearing capitulation. Still a falling knife at this point, though.
http://stockcharts.com/h-sc/ui?s=plg
https://www.barchart.com/stocks/quotes/PLG
Agreed Steele. I’m getting read to deploy some dry powder into several different PGM stocks in the near future, as most are oversold.
Hey guys hope everyone is doing well!
Matt keep up the great work you do for free it’s very much appreciated and nice to see you, shad, Robert moriarty etc always helping out the people. You guys are truly for the people and many more bloggers in here.
It’s nice to see that we still have good people in this world that care to share and give back.
gold is headed higher and miners are getting ready for another move up. The way to play this market is no secret because my friend matt has mentioned this a hundred times. Play each and every individual stock according to its chart and cycle. There are many that are at bottoms or slightly above it. There are many others that have already made a move. Pick and choose and rotate. Brian may have said this as well and shad.
All the best and I was a buyer today!
Shad I bet you want to know which company 🙂
Hello Glenn, hope all is well. That’s a good reminder for most investors. Play each stock’s specific cycle (while paying attention to the metal itself, of course), and rotate. By doing just that, my portfolio briefly exceeded its 2016 high today even though most of its components are still a long way from making a new high.
The modest rebalancing I did today cost me almost $300 in commissions but that’s hardly a deterrent.
Great points Glenfidish and Matthew.
I completely agree with playing each stock’s specific cycle and technical/fundamental data points…. and then rotate into a better setup.
It does take a fair bit of work & understanding to actively manage a portfolio (so it is not advisable for those that want to set it and forget it). Also, mistakes will be made, but if done using charting as a tool, with a grasp on the company fundamentals. and with good risk management practices, then it can truly maximize overall returns in a portfolio.
Hi Glenfidish. Always good to see you posting here on the KER. Don’t be a stranger now…
….. and OF COURSE I want to know which company you were a buyer of today 😉
Scorpio Gold just had its highest closing price in 18 months…
http://stockcharts.com/h-sc/ui?s=SGN.V&p=D&yr=1&mn=8&dy=7&id=p22258283571
+18
Thom really chatting up uranium especially the Athabasca Basin plays.
http://thomcalandra.com/uraniums-explorers-verbatim/
I would never trust Calandra again after his Payola behavior.
I’m more interested in his message, than his sins of the past. Thom’s had some good research and highlights stocks that don’t get as much coverage in the space. No doubt he messed up in the past, but the past does not equal the future.
He still digs up some interesting resource ideas, and I’ll typically give one of his pieces a quick glance over for stock ideas when I see the updates.
Oh I learned my lessons from the past.Lost a lot following a Grandich pick where he defended management to the bitter end.Thats when I learned to invest only in companies where management has a proven track record.I’ll gladly miss out on trying to find the next McEwan or Friedland (or Ivan Bebek)before their first discovery and am fully aware that everyone has a hidden agenda.Even on here we all exchange thoughts but have a biased based upon our portfolio.Doesnt make us bad.Its up to each individual to decide what to do with as much information as possible.Also find it very useful and pertinent to know when someone is touting a stock.Cheers.
Well stated Wolfster. It is up to everyone to make decisions and take accountability for the decisions they’ve made when investing in stocks and not blame others. Following a winning management team helps mitigate some of the risks. I like seeing teams that are good at the commodity they are exploring/developing, and don’t expect everyone to be as well known as a McEwen or Friedland, but do want to see a track record of some success and expertise. I look at the CEOs, but also think it is important to see if there is good finance team that can raise money, good Geologist for exploration, or good engineers for mine build out.
There is no way to discuss press releases, company updates, corporate presentations, stock fundamentals, etc…. without people claiming it is pumping, but I personally put up info on tons of companies I’m not invested in all the time, when it seems significant to the blog or the mining sector.
For example, I have never had a position in Northern Dynasty, but blew my wad posting on it up above, and am not planning on starting a position on it any time soon. On Monday morning I posted a dozen press releases and only had positions in about 1/3 of the companies mentioned. I do talk my book from time to time like all of us do, but how else can we share information if we don’t talk about what we like and what we are watching, why we like these companies, and where the potential challenges or threats are?
As for Thom or newsletter writers in general – They get paid to promote companies (this KER website included by the way), or they have the model where they charge subscribers for membership like the Brent Cook, Eric Coffin, Gwen Preston model and then pump the stocks they are invested in.
I have no problem with any of it because we all ultimately are supposed to do our own due diligence, and the only person that pushes buy or sell is the person behind their computer or smart phone making the trade. That’s why I can read someone like Thom, take his ideas into consideration, and do my own homework, and I appreciate you posting his updates for this very reason.
The real problem is when other less logical/more emotional investors get into the habit of blaming other pundits or gurus for the decisions they make.
Everyone should take personal accountability for their own actions, and treat all information as potentiality, and then do their own homework and sink or swim based on the decisions that ONLY THEY can make.
Good luck to everyone in their investing decisions.
Thanks Wolfster. Those panels they are hosting sound very interesting. From that piece:
“Please see our TCR Network snap of what we will be addressing at this coming weekend’s two metals investing conferences in Vancouver, British Columbia — in Canada.”
“Our thrust largely will be Canada’s mostly rich uranium deposits of Athabasca Basin East and Athabasca Basin West.”
“I will assist two uranium panels whose talking heads hail from Skyharbour Resources, CanAlaska Uranium, Fission Uranium, NexGen Energy, Denison Mines.”
“The plan is to show a proprietary slide deck* that will help illustrate the international attraction of rich grades, easy access and existing refineries and explorations camps across the multi-province Athabasca Basin of Canada.”
Scorpio is a very good pick matt! Jaguar is another. There are still some companies out there that are yet to break out of there w pattern or double bottom. Those companies are what I’m currently looking at. If anyone in here wants to share some, now is the time. I believe we have a big move coming soon.
Don’t forget Impact Silver (which I’ve been buying a lot of, lately) and Americas Silver.
USA will start trading on the NYSE on Thursday.
http://stockcharts.com/h-sc/ui?s=USA.TO&p=W&yr=4&mn=1&dy=0&id=p88866225480&a=445290028
Love em’ both. Own em’ both.
This is great news for Americas Silver Corp $USA to get the Dual Listing and tap into many more US-based investors. It always seemed a little funny when they went from Scorpio Mining to “US Silver & Gold” for a brief stint, and then “Amercias Silver,” but didn’t have a primary US listing. Their stock symbol being $USA and mostly marketed to Canadians always cracked me up too.
Now the OTC, which was $USAPF, but since the reverse-split has been $USAPD, is turning into $USAS on the NYSE in 2 days. Time to play with the Big Boys in the Silver space now!
This will not only bring in a bigger pool of US investors and liquidity, but it will likely increase it’s presence & weighting in ETFs and Mining Funds.
Ever Upward!
Good call Glenfidish. I also own both Scorpio and Jaguar as well (and have traded them for great profits and hold core positions in both). My outlook is that this year will be very constructive for both companies. They are 2 out of my 3 entries for the 2017 stock picking contest on ceo. 😮
Here are my current gold positions in order of weighting (not including prospect generators or copper/gold companies). Of course there are dozens more I’ve traded in and out of or have on my wish list, but for better or for worse here’s what I’m currently holding:
Argonaut Gold
Teranga Gold
Jaguar Mining
Blackham Resources
Red Eagle Mining
Alkane Resources
Scorpio Gold
Mexus Gold
Resource Capital Gold Corp
Novo Resources
Pure Gold Mining
Hummingbird Resources
Avnel Gold
Minera Alamos
Montan Mining
Frontline Gold
Metanor Resources
K92 Mining
Monarques Gold
Sabina Gold & Silver
Here are a Few I’ve sold in and out of in the last year or have on my wish list that I may swap out for some of the ones above:
Rye Patch Gold Corp
Orvana Minerals
Aura Minerals
Avesoro
Mandalay Resources
Golden Queen Mining
Torex Gold
Klondex Mines
Richmont Mines
Belo Sun
Continental Gold
Golden Predator
Comstock Mining Inc
Gold Bullion Development
Galane Gold
Goldquest Mining
Mariana Resources
Auryn Resources
Helio Resources
GoGold Resources
Orsur Mining
Troy Resources
Medusa Mining
Northern Star Resources
Dynacor Gold Mines
Beadell Resources
Resolute Mining
Roxgold Inc
I’ve also started considering Newcastle gold, Atlantic Gold, MX gold, Northern Vertex, Orezone, West African Resources, Santa Fe Gold, Rupert Resources, Victoria Gold, and TMAC Resources as a few other development stage Gold companies that look prospective for this next cycle.
I should have included Barkerville Gold, Benton Resources, Luna Gold, and West Kirkland in with some other developers that look nice.
As for the Explorers, there are too many that have my attention at present. I’ve got about 5 pages of them and really only want 3-4 out of that, so it is an endless process.
For the prospect generators/royalty companies the main ones I hold are:
– Marlin Gold mining (Gold producer, streaming & royalty company combo)
– Golden Valley Mines (they own half of Abitibi Royalties but have other upside projects with Sirio, Bonterra, Uranium Valley mines, and a nickel company)
– Eurasian Minerals – some active royalties, some near term, and a huge pipeline of projects
– Strategic Metals – near term royalties, equity stakes in many companies, and earn in for shares or royalties on other JVs
– Millrock Resources – Same model as Eurasian & Strategic Metals
– Teuton Resources – Large land package in Golden triangle around Pretium, Seabridge, and IDM mining assets, and they are JV’s with Tudor Gold, American Creek, and Silver Grail on a number of projects
For Prospect Generators, I am considering building positions in Altius, Globex, Aurico, Transition Metals, Midland Exploration, Solitario Exploration, Miranda gold, Terraco Gold, Riverside Resources, Mundoro Capital, Eagle Plains, Revelo Resources, and Mirasol Resources.
Wow!
That’s a very nice list and pickings to choose from. Very generous of you to share. How you trade all those vechicles and don’t forget is beyond me.
Thank you once again
Always glad to share ideas sir.
I’ve been following most of them for years, get their regular news updates, stay organized on spreadsheets, check the charts periodically, and see it as actively managing my own ETF (only with the companies and weightings I prefer). I do make substitutions quite often or switch the positions sizings based on technical or fundamental data points, but it is a bit like the game wack-a-mole. One pops up higher than the rest and I’ll trim and allocate to one that has it’s head underwater that I believe will pop next….. rinse and repeat.
P.S. – Glenfidish – I sold out of Sabina Gold earlier today and took those chips off the table for a nice swing trade profit.
All this permitting talk and environmental concerns, has me interested in putting money on companies with less uncertainty and conflict surrounding them.
Interested in making 2017 more of a stress free year. 🙂
Thanks for the reminder matt.. yes you have been to the party very early.
Yes, sometimes too early. I don’t think Galane Gold is going to get going until the market becomes confident that gold really is heading much higher — and I’m ok with that.
http://stockcharts.com/h-sc/ui?s=GG.V&p=W&yr=4&mn=1&dy=0&id=p78994700653&a=478858128
I really like the setup on this one..Thanks for sharing another one.
The latest listing off commodity ETFs:
http://etfdailynews.com/etfs/commodity-precious-metals-etfs/
Silver is looking very good relative to gold…
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=0&id=p17618646734&a=500198093
Ex,are you looking at the recent sell off on big volume on callinex as someone knowing bad news is on the horizon or a final buying opportunity?? Seems like someone had a real desire to get off of their stock
Wolf by looking at the chart alone and not company details, I’d say wait before entering. The weekly gap at .30 looks attractive. I’d put a nice bid at .30 and see if that gets filled but I’d also purchase slightly above once slow stochastics reach oversold area. A bit more to go imo but getting close.
Thanks. Technically I was looking at the gap in .30’s too but wondered if it could retrace that far with drill results coming in the next week or so.Time will tell.
I agree sometimes it never goes to were it looks most obvious and sometimes markets have a tendency to reward those who are patient. I agree with both you wolf and shads buying level.
I agree that the gap is getting filled on the chart, but am not sure it will get down to $.30. I’ll be a buyer between $.37-$.33 on CNX as I anticipate it making a higher low. There was a larger seller liquidating shares recently that has brought in selling pressure on low volume, but it is has a way of spiking back up suddenly.
Callinex has an exciting drill program coming up in 2017, and they are a potential takeover target for Hudbay. They’re getting some newsletter coverage and I enjoyed watching their corporate presentations in 2016, and have been looking for a good entry point to get positioned.
Lately I’ve put more emphasis on building positions in Tinka & Constantine, but may rotate out of Constantine into Callinex if the right setup occurs.
Nomi Prins on dollar, debt and Gold:
http://usawatchdog.com/end-of-2017-gold-up-dollar-down-nomi-prins/
https://mcalvanyweeklycommentary.com/wp-content/uploads/ica2017-0118.mp3
Russell Napier, a very canny Scot. Well worth the time to listen.
Thanks to ALL above for all the great info…………..
+1
Anytime jerry I also appreciate your good work.
04:29 PM EST, 01/17/2017 (MT Newswires) — U.S. investors continued to cash-in on the Trump rally leaving the Dow Jones Industrial Average lower for a third straight day on heavy losses in financial and industrial stocks.
The upcoming presidential inauguration was blamed for Tuesday’s losses as the expectation dims for President-elect Trump to enact all his policy incentives — including tax cuts, easing banking regulations, and raising fiscal spending. Wall Street is bracing for a “sell the fact” reaction after Friday’s swearing-in as President Trump faces a daunting list of policy objectives.
The catalyst for today’s selling came after Trump called the strengthening dollar anti-competitive, and noted the inflated prices for pharmaceuticals. The dollar tanked against the yen, healthcare stocks fell driving Dow futures down as much as 100 points before the open.
European equities were also defensive as investors digested a speech today by UK Prime Minister Theresa May on her government’s plan for Brexit. May maintained her position that the country will break completely from the UK, but surprised financial markets with a commitment to put a vote before the UK parliament.
The economic calendar and a flurry of mostly hawkish Fed-speak was dwarfed by the sell-off in the dollar, and lower equity prices. The Empire State manufacturing index fell to 6.5 in January from a downward revised 7.6 in December, missing estimates for a decline to 8.0.
Wednesday’s calendar is beefed up by the release of the December consumer price index, industrial production, capacity utilization, the January housing market index and latest Beige Book report from the Federal Reserve. Minneapolis Fed President Neel Kashkari and Fed Chair Janet Yellen are speaking during the day.
Here’s where the markets stood at the close:
US MARKETS
Dow Jones Industrial Index was down 58.96 points (-0.30%)
S&P 500 was down 6.75 points (-0.30%)
Nasdaq Composite Index was down 35.39 points (-0.63%)
GLOBAL SENTIMENT
FTSE 100 was down 1.46%
Nikkei 225 was down 1.48%
Hang Seng Index was up 0.54%
Shanghai China Composite Index was up 0.17%