Category: Gold
343 Posts
POSTED ON October 21, 2014 BY Travis McPherson

Billionaire natural resource “first movers”, the Lundins, are acquiring one of the best gold projects in the world in the worst market in decades. Lukas Lundin’s Fortress Minerals is acquiring the Fruta del Norte (FDN) gold project from Kinross Gold for $240 million in cash and stock.  The company will change its name to Lundin Gold Inc… Continue Reading

POSTED ON October 21, 2014 BY Travis McPherson

As reported earlier (here), billionaire Swede Lukas Lundin has been in talks with Kinross and the Ecuadorian government for a potential deal on the infamous high-grade gold deposit known as Fruta del Norte. After 5,200 shares traded today, the Lundin Group shell, Fortress Minerals (FST.H:TSXV) was halted pending news. As we speculated earlier, this would… Continue Reading

POSTED ON October 20, 2014 BY Travis McPherson

The opportunity to buy a $1 bill and pay only $0.50 for it was created earlier this year in the shadow of the largest gold M&A deal of the year. The $3.6 billion acquisition of Osisko was announced in April when Goldcorp made a hostile offer for the Canadian gold miner and ultimately saw Agnico-Eagle/Yamana jointly outbid… Continue Reading

POSTED ON October 17, 2014 BY CEO Technician

I will have a full market summary out on Sunday but for now I found two of this afternoon’s Commitments of Traders (CoT) reports to be quite curious; small speculators have moved to a record short position in gold futures (net short 6,592 contracts for a notional value of roughly $818 million), while total speculative… Continue Reading

POSTED ON October 16, 2014 BY CEO Technician

Ten days ago before all the recent fun started we penned a piece entitled “2008 Redux?”. The main point of this piece was to highlight the striking similarities between the current market and the lead up to the 2008 market meltdown. Most notably we just witnessed one of the worst months ever (September) for commodities… Continue Reading

POSTED ON September 29, 2014 BY CEO Technician

With one day left in the month, September is shaping up to be the worst monthly performance for the senior gold miners (both the GDX and HUI are down roughly 18.5% for the month) since the dreadful month of June 2013: Click to enlarge HUI Gold Bugs Index (Monthly) The gold miners are down 5 weeks in… Continue Reading

POSTED ON September 23, 2014 BY Travis McPherson

In 2008, Venezuela’s former President Hugo Chavez nationalized mining and energy assets in a failed attempt to gain control over his struggling economy.  As a result, there are now 28 unresolved cases filed at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) by companies seeking retribution for these actions, including the energy giant Exxon… Continue Reading

POSTED ON September 19, 2014 BY CEO Technician

Past gold price bottoms have closely coincided with small speculators moving to a net short position in gold futures. As of Tuesday September 16th the small specs were still holding out with a net long position of more than 4,000 contracts and had actually increased their bullish bets in the previous week: Click to enlarge… Continue Reading

POSTED ON September 12, 2014 BY CEO Technician

This morning gold has broken key support near $1240 and hopes for a head and shoulders pattern bottom are all but dashed: Click to enlarge The white oval is the ‘last stand’ area of support I highlighted earlier in the week – gold is currently at a level of ‘oversold’ (green ovals) that has historically… Continue Reading

POSTED ON September 08, 2014 BY CEO Technician

Gold is under heavy pressure again this morning and a ‘last stand’ for gold bulls is fast approaching: Click to enlarge The gold futures chart shows a bearish engulfing candlestick forming today after last week’s breakdown from the large symmetrical triangle The $1240 level (support from early June) is now the last line of defense before… Continue Reading