USD dollar index is up 0.17% to 109.130 this morning with the 10-year yield down 0.85% to 4.567% and the 30-year yield down 0.78% to 4.807%.
Gold (-0.28%), silver (-1.628%), copper (-1.62%), and oil (-1.37%) down $0.71 to $78.00/bbl are all lower.
Stock index futures are higher, with the DJIA (+0.57%) down 246, the S&P 500 (+0.65%) up 38.6 points, and the NASDAQ (+0.74%) up 156 points.
Risk barometer Bitcoin (+3.15%) is up $3,131 to $102,480.
US Stocks
Unsurprisingly, stocks have caught a strong bid this morning in advance of Monday’s Inauguration Day ceremonies and the MLK holiday.
Stock futures at 8:33 a.m. are ahead sharply, taking the VIX:US down to 15.80, which is near six full points from where it was on Monday. I refrained from adding any volatility this week as stated in Monday’s Email Alert:
“To repeat: Do not add to UVIX:US or the VIX:US calls unless the SPY:US is under the 100-dma at $578.48 after 3:00 pm Whipsaw potential is very high.”
It was (and is) my thinking that the narcissistic characteristics in Trump will want a surging stock market in advance of his inauguration, and I have no doubt that phone calls were made in that regard.
FCX:US
- Bought 1,000 FCX at $40.00. New adjusted cost is 3,000 shares at $37.77.
- Bought 50% position (50 contracts) FCX March $40 calls at $2.50
I usually refrain from buying anything on a Friday, so I will wait until Tuesday to add the other half.
GLD:US
I was unable to buy the position in GLD:US, so I will re-enter the order on Tuesday.
- BUY full position GLD March $250 calls at $7.00 on Tuesday a.m.
GTCH/GGLDF
Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) is finally gaining traction as investor look soberly at the 2.317-million-ounce gold asset in the highly-favourable jurisdiction of Nevada, especially in light of Barrick Gold Corp.’s (ABX:TSX; GOLD:NYSE) unfortunate (and very costly) loss of $250 million worth of gold confiscated by the Mali army over a dispute over taxes.
Barrick has since ceased all operations at the site putting a major dent (13%) in their earnings outlook.
As I have repeatedly stated, these junior gold miners and explorers operating in safe countries that have respect for Rule of Law are going to carry a large premium when the M & A cycle resumes which I fully expect in 2025.
Getchell Gold Corp. is a perfect candidate with Fondaway Canyon wide open along strike and to depth to further enhancements of their sizable resource.
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