Cory’s back with comments on gold
I’m very happy to be back at my desk! A big thanks to Al and Chris for covering for me.
In this market wrap I focus on the gold market over the past 2 weeks. What was most impressive for gold was its ability to consolidate the gains this year while the USD and US markets continued to move higher. I also have an opinion on what could be the next big driver for gold.
Thank you to everyone who sent me their questions while I was away. I tried to get back to all of them. If I missed any I am very sorry, please send them again. Also please keep them coming!
Click download link to listen on this device: Download Show
Thanks Tony! It was a good time but glad to be back. Definitely a very unique place to visit.
Kranzler latest:
https://www.youtube.com/watch?v=JhsN68SiJbg
Good you back ! Japan love to go 1 day Lucky Boy !
Nige in D.C.
Cory:
Did you have a chance to get a feel from the Japanese people and their thoughts on gold? Curious if and how they invest it metals, especially since their Gov’t seems intent on ruining their money’s value?
Hey Silverdollar,
I had a few different chats while down there. I visited with a couple exploration companies in the area so naturally those people are very interested in gold. As for some of the other people I had a chance to speak with I was surprised. I thought they would be more interested in gold but they really remain very focused on the USD and US markets. Gold was brought up but not to the extent of how they felt panicked to get in. Maybe it was just the people I talked to but it was something I noticed. Thanks for the question because I definitely had a few conversations about their investing thoughts…
Interesting observations on the interest foreign investors still being interested in holding USD and US stocks. Welcome back sir.
Cory,
Did you check out Irving resources by any chance whilst in Japan?
Thanks
Nick
Or JapanGold?
The view from Russia:
WASHINGTON (AP) — President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition.
Yet some of the CEOs suggested that there were still plenty of openings for U.S. factory jobs but too few qualified people to fill them. They urged the White House to support vocational training for the high-tech skills that today’s manufacturers increasingly require — a topic Trump has seldom addressed.
White House officials said Trump heard the CEOs’ concerns about a shortage of qualified workers and said he supports efforts to increase training for factory jobs. But they didn’t provide details.
“We were challenged by the president to … come up with a program to make sure the American worker is trained for the manufacturing jobs of tomorrow,” Reed Cordish, a White House official, said after Thursday’s meetings.
Trump officials said the meetings were intended to provide the White House with ideas in four areas: taxes and trade; regulatory reform; infrastructure; and the “workforce of the future,” including advanced training. Proposed solutions may be included in future presidential executive orders or legislative proposals, a White House official said.
The gathering occurred amid the same kind of jovially informal atmosphere that has prevailed in several meetings Trump has held with CEOs in the four weeks since his inauguration. Most of the executives thanked the president for reaching out to them, and several expressed gratitude for his interest in meeting them face to face.
“All the CEOs are very encouraged by the pro-business policies of President Trump,” Andrew Liveris, CEO of Dow Chemical, said afterward outside the White House. “Some of us have said this is probably the most pro-business administration since the Founding Fathers.”
Other CEOs at the meeting included Jeff Immelt of General Electric, Doug Oberhelman of Caterpillar, Inge Thulin of 3M and Denise Morrison of Campbell Soup.
One executive said in discussions with White House officials that his company has 50 participants in a factory apprenticeship program, but could take 500 if enough were qualified. But he said that in his experience, most students coming out of high school lack the math and English skills to absorb technical manuals.
Some economists argue that businesses should offer higher pay and adopt more training if they can’t find the workers they need. Higher pay would draw more young people into the field.
In the meantime, some data supports the CEOs’ concerns about the shortage of qualified applicants. Government figures show there are 324,000 open factory jobs nationwide — triple the number in 2009, during the depths of the recession.
Separately, the administration sent mixed signals Thursday about a contentious proposed tax on imports, known as a “border adjustment.” The proposal has the support of House Republican leaders, including Speaker Paul Ryan.
In an interview with Reuters, Trump expressed general support for a “form of tax on the border,” saying it “could lead to a lot more jobs in the United States.” But he stopped short of endorsing the House proposal specifically.
Earlier Thursday, Treasury Secretary Steven Mnuchin gave a more lukewarm assessment of the proposal in an interview with the business network CNBC.
“We think there are some very interesting aspects of it,” Mnuchin said but added: “We think there are some concerns about it.”
Several of the manufacturing CEOs pushed for the tax during their meeting with Trump, a White House official said. But others, particularly those who rely on imported goods, were opposed, the official said.
The border-adjusted tax is opposed by large retailers such as Wal-Mart and Target, who argue that they could end up paying more in taxes than they earn in profits under the proposal. The official wasn’t authorized to discuss a closed-door meeting and spoke on condition of anonymity.
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Cruz praises Trump as most conservative President in recent history.
Bix Weir from Anarcapulco:
That event sounds like a hoot and I’d heard Jeff Berwick plug it on Palisade in the past. What I wild group that is….
Argonaut Gold Announces Agreement to Acquire Key Fresnillo Mineral Concession Adjacent to the El Castillo Mine
(Marketwired – Feb. 23, 2017) – Argonaut Gold Inc. (AR) (ARNGF)
Pete Dougherty, President & CEO commented: “We are excited to have entered into an agreement that is beneficial to both parties. We will now be able to mine the remaining mineralization on our side of the concession boundary as we move the pit wall back onto the San Juan Concession. This, coupled with the known mineralization on the San Juan Concession, allows us the opportunity to expand the pit even farther. We have increased our footprint in the area threefold going from approximately 200 hectares to over 620 hectares. We believe this is a very strategic acquisition, as it means El Castillo has the potential to be an important part of our future production.”
ARGONAUT GOLD is Halted due to this news about their property Acquisition and related capital raise. Looks like a good fit to expand El Castillo. #Gold #Production
AR sold off on the news of the acquisition this morning (normal) so I’ve been adding a little to my position. If anyone understand what they are doing to triple the land package around their operating El Castillo and how they’ve been partnering with Fresnillo for some time to make this a win-win transaction for both companies, then it’s easy to see how this will be a boon to Argonaut for years to come.
Northern Dynasty Minerals Ltd – NAK Stock Chart Technical Analysis for 02-23-17
ClayTrader – Video Charts
https://www.youtube.com/watch?v=Cm1sBEfThRg&feature=youtu.be
I sold 2/3 yesterday of my NAK for a nice profit on the bounce yesterday, but based on this TA video from ClayTrader – I just used those profits to buy 1/2 of that position sold back at $1.54 which is basically near his $1.55 line in the sand. We’ll see if it sinks or sails from here….
Hat Tip to MarkedToFuture for posting that Northern Dynasty TA video and some other interesting info on ceo recently. Much appreciated!
Japan is a nice and reasonably priced country to visit. A lot better than it used to be.
Listening to a good interview with Bob M. and thought I’d post it here:
Bob Moriarty – The Media, Divide & Conquer
Proven And Probable – Published on Feb 6, 2017
Bob Moriarty the founder of 321gold and 321energy sits down with Maurice Jackson of Proven and Probable to discuss the fake media and the propaganda they expel on the citizenry. We will discuss the CIA and demonetization of President Trump.In addition, we will address the virtues of a Republic versus a Democracy and immigration and Middle East. Finally, we will be discussing the future of America and what actions you the investor needs to take!
Metals are up again in overseas trading:
Gold – $1252.60
Silver – $18.20
Platinum – $1011
Palladium – $774
Gold Breaks Out and the Rally Continues
Gary Wagner – Thursday February 23, 2017
http://www.kitco.com/commentaries/2017-02-23/Gold-Breaks-Out-and-the-Rally-Continues.html
Things falling apart at the LME?
We need to talk about the London Metal Exchange: Andy Home
By Andy Home | LONDON
It’s time to talk about the London Metal Exchange (LME).
The venerable old institution that sets the global reference price for metals such as aluminum and copper seems to be lurching from crisis to crisis.
Volumes are down. They fell 4 percent in 2015 and another 8 percent last year, the first time since the turn of the century activity has contracted over two consecutive years.
Discontent is up, particularly among the core broker community, which has bridled at higher trading fees and lambasted the exchange’s wooing of financial players.
The LME’s chief operating officer Stuart Sloan left in December. One month later came the resignation of its chief executive officer Garry Jones.
To lose one senior office is unfortunate, to lose two in such quick succession suggests deeper tensions with the LME’s owner Hong Kong Exchanges and Clearing (HKEx), which has been trying to monetize its massive $2.2 billion investment in the London exchange.
Rivals are lurking in the wings….http://www.reuters.com/article/us-lme-structure-ahome-idUSKBN1621Z3
Welcome back CORY….I hope you had a good time.