Minimize

Welcome!

Wednesday Market Close with Big Al, Cory and Mr. T

Big Al
March 1, 2017

A spectacular day in the U.S. Equities Markets and the price of gold continued to show resilience. Was today an anomaly or a harbinger of things to come?

Click download link to listen on this device: Download Show

Discussion
96 Comments
    Mar 01, 2017 01:57 PM

    Kirby at usawatchdog……..
    interesting topics

    CFS
    Mar 01, 2017 01:59 PM
    CFS
    Mar 01, 2017 01:03 PM

    Ira Epstein Metals TA:

    https://youtu.be/UF9Ia0Kee3M?t=32

      Mar 01, 2017 01:51 PM

      thanks for posting……..I like this guy…….

    Mar 01, 2017 01:08 PM

    Gold bumps up against 1250…….off .29cents

    Mar 01, 2017 01:36 PM

    Trump’s debt orgy makes sense. The game will be up sooner or later, regardless. You might as well make use of the exorbitant privilege while you have it. Those days are drawing to a close.

    It’s sort of like someone knowing he’s going to have to declare bankruptcy because it is unavoidable. So why not max out your remaining credit cards before that event?

      Mar 01, 2017 01:01 PM

      +1. His only problem is dragging the Congress along. Many are simply looking at their reelection prospects and to hell with the country.

      Mar 01, 2017 01:54 PM

      Here here Peter!

    Mar 01, 2017 01:52 PM

    Cool Map showing Argonaut Gold, Richmont Mines, Wesdome, Red Pine, and MacDonald’s Mines projects. That is an interesting area play for sure:

    https://s3-us-west-2.amazonaws.com/cdn.ceo.ca/1cbe25k-bmkwawaholdworthloc.jpg

      Tad
      Mar 01, 2017 01:51 PM

      That’s an interesting map. Got some Wesdome and some Richmont. Will look at the others now. Thanks.

        Mar 01, 2017 01:54 PM

        I have some Argonaut and wish I had some Wesdome and Richmont 🙂

          Mar 01, 2017 01:56 PM

          There’s been a little buzz around Red Pine as well (I believe Gwen Preston has mentioned them a few times). The slide was from the MacDonald’s Mines presentation that someone else had posted, but the map just caught my attention as there were so many players on trend there.

            Mar 01, 2017 01:35 PM

            Could MacDonald mines be another Phoenix rising from the ashes?
            MacDonald has weathered the storm.
            I use to own shares for their PGMetals back in the day.
            I saw them make the yahoo volume gainers list today.Could be time to take another look,at least put them on the watch list.

            Mar 01, 2017 01:16 PM

            Hey JohnK,

            This article was released today on ceo and it is where I saw the MacDonald Mines map:

            MacDonald Mines (BMK.V) advancing Gold laden zones, and highly prospective for new discovery next to multi-million oz miner
            by @wh-ore on March 1, 2017

            https://www.ceo.ca/@wh-ore/macdonald-mines-bmkv-advancing-gold-laden-zones-and-highly-prospective-for-new-discovery-next-to-multi-million-oz-miners

            Mar 01, 2017 01:22 PM

            I don’t know much about them actually, but as a shareholder in Argonaut, and someone that has stalked Richmont and Wesdome for a long time, the actual area play map caught my attention.

    Mar 01, 2017 01:58 PM

    Oh, do we live in interesting times! Great comments. I found it strange that no one mentioned shorts covering. Of course it was ‘hopium’ that started it when things started going up with the futures after the speech. One report I read said 75% of the rise was shorts covering. http://www.zerohedge.com/news/2017-03-01/arora-report-three-quarters-todays-market-surge-massive-short-squeeze
    I personally believe the Fed will be laughed off the stage if they don’t raise and I can see some of the governors thinking they have lost all control at this juncture. I’m happy for Al that he seems to have given up the kool aid for now. The Netherlands vote could be a jolt but not to the degree of Brexit imo. Italy or France would be a different story.
    Al: Your adjective “resilient’ can be aptly applied to Silver.

      Mar 01, 2017 01:27 PM

      Silverdollar:
      Great comment about the short covering. All day long I kept thinking the same thing.
      The question now becomes who will buy this market when all the shorts have covered.
      From the onset of this recent rise it has been out there that a very large fund has been on the wrong side of this market.
      Your comment yesterday about the yen was very interesting also.Something tells me that the Japanese are having a bigger effect on our markets than we realize.I just haven’t figured out how.

          Mar 01, 2017 01:01 PM

          Hi Shad :
          I think the JCB is in the market defending the 10 year Japanese treasury. The last week of February there was over a 40% move in the Japanese 10 year on a relative basis.

            Mar 01, 2017 01:46 PM

            That is a big move on their 10 year. These Central Bankers are the best!!

          Mar 01, 2017 01:03 PM

          Peter Brandt gave a good rundown on the Gold-Yen correlation.

          https://www.peterlbrandt.com/gold-yen-correlation

            Mar 01, 2017 01:18 PM

            Good article. I get his emails, but must have missed that one.

            Tad
            Mar 01, 2017 01:58 PM

            Exactly! Thank you Steele.
            His thoughts are that it is temporary coincidence.
            I have quite a large position in GYEN. Long gold/short Yen. Have had it since 2014. It’s up around 10%.
            It’s a no-brainier long term.
            The yen is toilet paper. One day sentiment will crack and that etf will explode.
            Even if it doesn’t the likely outcome is that Gold & Yen will decouple. Win win.

            Tad
            Mar 02, 2017 02:08 AM

            Correction. I just checked.
            I bought it in May 2015.
            I’m up 12%.
            Not bad for a currency play.

            Tad
            Mar 02, 2017 02:14 AM

            Buying it in the first place with GBP Sterling helped though

            Mar 02, 2017 02:36 AM

            I agree with Brandt:

            “The current Gold Yen Correlation is coincidental, not causal.”

            Mar 02, 2017 02:10 PM

            If one looks at that 2 year chart of the Yen and Gold, it goes far beyond coincidental, and it is likely that many computer algos are keyed of the relationship for computer trading and HFT.

            Mar 02, 2017 02:00 PM

            Ex, I think the correlation is completely coincidental. As I explained a few weeks ago, the conditions that drive the two are the same but one does not drive the other. Gold is the safe haven while the yen only masquerades as a safe haven because those who’ve been using it to fund other investments are forced to reduce their risk by buying it when risk goes “off.”

    Mar 01, 2017 01:07 PM

    Gold might be making lower highs and lower lows so the bounce to 1250 may fail and it heads to the 1225 area after it breaks 1240.

    Mar 01, 2017 01:11 PM

    Here is a good BNN interview with Joe Conway on the Primero turnaround, and a recap of all their newsflow recently.

    It is encouraging having him at the helm, and in their overall strategy moving forward (with the only exception being the wildcard with the Mexican tax issues – It’s just an unknown). Primero could be a very compelling turn-around story for 2017.

    ________________________________________________________________________

    Joe Conway is back in saddle at struggling Primero Mining (P) (PPP)

    “Amid a strike at its main mine in Mexico, Primero Mining hasn’t released a 2017 forecast for output or costs. The company is also in a tax dispute with the Mexican government. We’re joined by mining veteran Joe Conway, who just returned as interim president and CEO.”

    http://www.bnn.ca/video/joe-conway-is-back-in-saddle-at-struggling-primero-mining~1068146

    CFS
    Mar 01, 2017 01:51 PM

    Epstein financial wrap TA:
    https://youtu.be/3udWq3fnlX8?t=33

    Mar 01, 2017 01:57 PM

    $VIX above 50MA, and making divergent higher lows; not a positive sign for this blowoff.

    https://twitter.com/McClellanOsc

    Mar 01, 2017 01:00 PM

    I’m down about 15% on Primero, I don’t like averaging down, at some point the knife has to stop falling. DT

      Mar 01, 2017 01:37 PM

      Just imagine good you’ll feel when you’re up 150% on Primero 🙂

    Mar 01, 2017 01:23 PM

    Bitcoin just crossed $1200 U.S

    Mar 01, 2017 01:26 PM

    If Jesse Livermore was alive, I wonder if he would be short, that sort of genius is very rare. DT

    Mar 01, 2017 01:56 PM
    Mar 01, 2017 01:57 PM

    Holder Foretells The Return Of Obama: “He’s Coming, And He’s Ready To Roll”

    Barack Obama, after making the very difficult decision to proceed with Penguin Random House to publish his and Michelle’s White House memoirs in a deal rumored to net him about $60 million, is, at least according to old pal Eric Holder, ready to take his place at the helm of the democrats’ Trump opposition efforts. Of course, this breaks with the tradition upheld by most former Presidents who have chosen to not publicly criticize their successors…but the rules don’t really apply to Obama now do they?

    http://www.zerohedge.com/news/2017-03-01/holder-foretells-return-dem-messiah-obamas-coming-and-hes-ready-roll

      Mar 01, 2017 01:35 PM

      Res ipsa loquitor.

      Mar 02, 2017 02:40 AM

      drain the swamp………obama is a sick puppy

    CFS
    Mar 01, 2017 01:12 PM

    Since Obama appears to be about to evade taxation on his book income by using a non-taxable foundation, just like the unindicted criminal Hillary, perhaps we will eventually see them both behind bars. Michelle is rumored to be receiving $2 million for her book.

    CFS
    Mar 01, 2017 01:20 PM

    On the other hand Obama’s corrupt behavior with Rezco was never investigated a decade ago, so he will probably go free. How the US could have been spared from his divisive and destructive behavior may only be reported in history books. Where he found the money for Iran hostage release has never been looked at.

    Mar 01, 2017 01:26 PM

    Comparisons of various Energy sources – Updated

    http://www.nucleartourist.com/basics/why.htm

      Mar 02, 2017 02:17 AM

      Galaxy ships second batch of Mt Cattlin ore
      2ND MARCH 2017

      BY: ESMARIE SWANEPOEL CREAMER MEDIA SENIOR DEPUTY EDITOR:

      (miningweekly.com) – “Lithium producer Galaxy Resources has successfully completed its second spodumene concentrate cargo loading at the port of Esperance, in Western Australia.”

      “The company has reported that 14 000 t of spodumene concentrate was shipped to customers in China on March 1….”

      http://www.miningweekly.com/article/galaxy-ships-second-batch-of-mt-cattlin-ore-2017-03-02/rep_id:3650

        Mar 02, 2017 02:19 AM

        Things are still moving forward like gangbusters for(LAC) (LACDF) Lithium Americas Corp partner on development of their brine project with their Major JV partner (SQM ), who had a great quarter and Record #Lithium Sales.

        http://cdn.ceo.ca/1cbg76f-IMG_9114.JPG

    CFS
    Mar 01, 2017 01:07 PM
    Mar 01, 2017 01:43 PM

    (ASM) Avino Silver & Gold Announces Financial Results for Q4 and Year End 2016

    * FOURTH QUARTER 2016 HIGHLIGHTS

     Generated revenues of $12.0 million from the sale of San Gonzalo and Avino concentrates
     Mine operating income amounted to $3.5 million an increase of 141% over the same period of 2015
     Net income after taxes amounted to $1.2 million or a Basic EPS of $0.03
     Produced 707,775 silver equivalent ounces, including 419,355 ounces of silver, 2,581 ounces of gold and 755,645 pounds of copper
     Total consolidated cash1 cost was $11.50 (US$8.62) per payable silver ounce
     Consolidated all-in sustaining cost (“AISC”)1 was $13.36 (US$10.01) per payable silver equivalent ounce, a 5% increase compared to $12.70 (US$9.51) per ounce in the fourth quarter of 2015
     Average realized selling prices for silver and gold were US$16.69 and US$1,194 per ounce respectively
     Cash of $15.8 million and short term investments consisting of cash of $13.4 million was on hand at the end of the quarter

    ** 2016 HIGHLIGHTS

     Generated revenues of $39.9 million from sales of San Gonzalo and Avino concentrates
     Mine operating income was $14.5 million, an increase of 79%
     Net income after taxes amounted to $2.0 million or a Basic EPS of $0.05
     Operating cash flows before movements in working capital to $7.6 million or $0.18 per share – Basic
     Produced 2,679,334 silver equivalent ounces, including 1,612,060 million ounces of silver, 7,119 ounces of gold and 4,206,585 pounds of copper
     Total cash cost1 was $11.24 (US$8.48) per silver equivalent ounce
     All-in sustaining cost (“AISC”)1 was $13.70 (US$10.34) per payable silver ounce, a 13% increase compared to $12.14 (US$9.49) per ounce in 2015
     Average realized selling prices for silver and gold were US$17.71 and US$1,258 per ounce respectively
     Cash of $15.8 million and short term investments consisting of cash of $13.4 million were on hand at December 31, 2016
     Invested $10.7 million in capital expenditures net of concentrate proceeds of $6.2 million from the sales of Avino mine concentrates

    http://www.kitco.com/pr/1738/article_03012017214857.pdf

      Mar 02, 2017 02:48 AM

      They also mentioned Golden Arrow as one of the other 3 companies to watch:

      (From that article posted above)

      “Golden Arrow Resources Corp. (GRG) (GARWF) was one of our top performers last year. The company benefited from a revival in the silver price twinned with renewed optimism for the Argentinean mining industry. Thanks to near term catalysts at both Chinchillas and Antofalla, Golden Arrow looks poised to carry this outperformance into 2017.”

      “Golden Arrow’s flagship asset is the Chinchillas project located in northern Argentina. Since acquiring the project in 2011, the company has successfully discovered 250 million silver-equivalent ounces. This makes Chinchillas one of the largest silver development stories in the world.”

    Mar 02, 2017 02:46 AM

    Pure Gold Intersects 69.0 g/t Gold Over 1.2 Metres and 30.0 g/t Gold Over 1.0 Metre at the Mcveigh, Madsen Gold Project
    (Marketwired – Feb. 28, 2017) –

    “Pure Gold Mining Inc. (PGM) (LRTNF) is pleased to announce drill results from the ongoing 70,000 metre drill program at the Company’s 100% owned Madsen Gold Project.”

    Highlights from new drilling include:
    30.0 g/t gold over 1.5 metres in hole PG16-306 (McVeigh)
    69.0 g/t gold over 1.2 metres in hole PG16-318 (McVeigh)
    58.8 g/t gold over 2.0 metres in hole PG17-304 (A3)
    * Including 113.3 g/t gold over 1.0 metre

    http://puregoldmining.ca/news/pure-gold-intersects-690-gt-gold-over-12-metres-and-300-gt-gold-over-15-metres-mcveigh-madsen

      Mar 02, 2017 02:18 AM

      Impressive drill results at Madsen once again.

    Mar 02, 2017 02:18 AM

    (MAI) (VGMTF) Minera Alamos Inc. Announces Completion of Surface Rights Agreement for La Fortuna Gold Project – Moves Forward with Mining Permit Applications
    Toronto, March 1, 2017 – #GOLD #DEVELOPMENT #Mexico

    http://mineraalamos.com/news/?id=501

    Mar 02, 2017 02:31 AM

    SilverCrest Reports First Drill Results from Babicanora Vein; Multiple Intercepts Greater Than 1,000 gpt AgEq*
    March 02, 2017

    http://www.bmcms1.com/staging/silvercrestmetals.com/news/2017/index.php?&content_id=309

      Mar 02, 2017 02:15 AM

      What a terrible day to release great news and get penalized 10%

        Mar 02, 2017 02:08 PM

        Agreed. That was actually a damn good drill result….. just bad timing…..

    Mar 02, 2017 02:47 AM

    Wow – I had a nice lick out of Jubilee Platinum today.

    Jubilee Platinum Plc $JLP.L
    $6.45 Up + $1.80 (+38.71% gain)

    Jubilee Platinum Plc $JUBPF
    $0.0899 Up + $0.0311 (52.89% gain)

    Mar 02, 2017 02:01 AM

    Correction:$3.60

    Mar 02, 2017 02:03 AM

    Correction: 1600 EXK @ $3.70

      Mar 02, 2017 02:08 AM

      Nice – Looks like you got it correct ! 🙂

      Mar 02, 2017 02:17 AM

      Marty did you see those drill results posted above for Silvercrest?

      Nice hits…

        Mar 02, 2017 02:11 AM

        Ex, I did, old mines still do work

    Mar 02, 2017 02:42 AM

    What’s Next For Sabina Gold As Nunavut Attracts More Miners?

    Thursday March 02, 2017 – Kitco News VIDEO Interview

    “Could Sabina Gold’s project in Nunavut be garnering some major mining companies’ attention? Sabina’s CEO Bruce McLeod makes the case for the company’s Back River project in Northern Canada, giving latest updates on recent permitting issues.”

    http://www.kitco.com/news/2017-03-02/What-s-Next-For-Sabina-Gold-As-Nunavut-Attracts-More-Miners.html

      Mar 02, 2017 02:13 AM

      Sabina, I like for the silver royalty of 42 million oz + if Glencore develops down the road

        Mar 02, 2017 02:04 PM

        If Sabina gets that permit, then they’ll be prime takeover targets. If you wanted that Agnico Eagle video earlier this from Kitco, she asked him point blank about Sabina and he didn’t deny it was a possibility 🙂

        I believe they’ll get their permit this time as there is much more community and First Nation’s support this time, and even the government sent it back for the board to review again. If they do, then it could be a very bullish year for Sabina. The only bummer would be if they got snapped up quickly before their shares had a chance to run for a while.

    Mar 02, 2017 02:48 AM

    Oh my goodness! an wonderful write-up dude. Thank you Nonetheless I’m experiencing concern with ur rss . Do not know why Unable to subscribe to it. Is there any person obtaining identical rss trouble? Any one who knows kindly respond.

    http://www.sneeci.net/soc/index.php/blogs/55976/204115/healthy-recipes-italian-recipe

    Mar 02, 2017 02:09 AM
    Mar 02, 2017 02:16 AM

    Here’s a bullish divergence: Silver is down 4% today yet Impact silver is still trading above yesterday’s low.

    Mar 02, 2017 02:47 AM

    For those who trade Americas Silver on the AMEX (USAS), here are some forks:

    http://stockcharts.com/h-sc/ui?s=USAS&p=D&yr=0&mn=9&dy=13&id=p36884150234&a=510240651

      Mar 02, 2017 02:21 AM

      Matthew, thank you.

        Mar 02, 2017 02:06 PM

        Agreed. Thanks Matthew and really forking appreciated 😉

        I’m not worried about ole’ USAS….. They’ll be just fine…..