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7 @ 7:00 - BullMarketRun.com

April 12, 2018

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,337 and $1,353 so far today…as of 7:00 am Pacific, bullion is down $14 an ounce at $1,339…Silver has slipped 17 cents to $16.48…Copper is off 6 cents to $3.07…Nickel is down 7 cents at $6.19 while Zinc has fallen 6 pennies to $1.41…Cobalt is unchanged at $41.50…Crude Oil, near 3-year highs, has eased off 43 cents to $66.39…geopolitical concerns remain in focus for Oil traders…meanwhile, global Oil stocks continue to drop…OPEC said today that the global Oil stocks surplus was close to evaporating due to healthy energy demand (Canada, are you listening????) and its own supply cuts…Oil stocks in the developed world fell by 17.4 million barrels in February to 2.85 billion barrels, bringing the surplus down to about 43 million barrels above the 5-year average…the U.S. Dollar Index has climbed nearly half a point to 89.96…Bitcoin surged more than 17% this morning on short-covering…

2. The best way to get through to the “snowflakes” of metro Vancouver and give them a strong dose of reality regarding the necessity of the Kinder Morgan pipeline expansion, would be to jack up their gasoline prices (and the cost of their groceries)…make their pocketbooks hurt…thanks in part to $35 per tonne carbon taxes, B.C. residents already pay the highest gas prices in North America at around $1.50 per liter…given the B.C. government’s illegal, unconstitutional attempt to block the already federally approved pipeline expansion, actions that are damaging Canada’s international reputation as a safe place to invest, Alberta’s most effective step at this point to slay the Green Monster would be to turn off the Oil taps flowing to the left coast…indeed, the Alberta government served notice earlier this week of plans to quickly introduce legislation that would give the province the power to reduce Oil flows and prompt a spike in gas prices in British Columbia…Dan McTeague, an analyst with GasBuddy.com, told Global News what that disruption in Oil and gas flows could mean:  “If we do see a disruption in the Trans Mountain Pipeline, the existing pipeline, if Alberta decides to turn off the taps entirely, then you’re looking at a drop of at least 50% of the fuel supplies – diesel, gasoline, and even Oil to supply perhaps even a portion of the Parkland refinery’s output.  To put it into perspective, Parkland probably provides about 25% to 30% of all the fuel needs of the Lower Mainland and Vancouver Island.  You would obviously have a number of gas stations that would close down, they simply wouldn’t have enough supply. They’d probably have enough for a day or two.  The effect at the pumps?  If you could find gasoline, I think a starting point would be about $2 a liter.”   Turning off the Oil and gas taps would also cause grocery prices to spike, but try to get a “snowflake” to undersrtand how that works…the Green Monster wants a carbon-free future for British Columbians- give it to them right now

3. There appears to be a truce in the internal war at Colorado Resources (CXO, TSX-V)…the company and former CEO Adam Travis have entered into a settlement agreement with respect to the composition of the company’s board of directors and nominees to be elected at CXO’s 2018 AGM next Tuesday…under the terms of the agreement, two of the company’s previously announced director nominees, Cecil Bond and Robert Shaw, Colorado’s new President and CEO, will be included on management’s slate of 5 director nominees, as will 2 of Travis’s previously announced director nominees, Bryan Wilson and Patrick Soares…it’s expected that an independent 5th nominee will be announced prior to the meeting for election or, if not yet determined, announced as soon as possible thereafter and appointed to the board…the meeting will proceed as planned next Tuesday…investors should note that any proxies submitted to date remain valid and, absent instructions otherwise, shall be voted in favor of the election of the reconstituted slate of nominees for the meeting…

4. The Dow has jumped 309 points through the first 30 minutes of trading…tech stocks are strong and banks shares are gaining as well…before the bell, BlackRock posted earnings per share and revenue that surpassed analysts’ expectations…Delta Air Lines reported quarterly earnings that also beat estimates, despite rising costs…Citigroup, J.P. Morgan Chase and Wells Fargo are among the companies scheduled to report tomorrow morning with earnings season really kicking into gear next week…should help U.S. markets head higher…in Toronto, the TSX is up 40 points while the Venture has added 4 points to 781Pascal Biosciences (PAS, TSX-V), off 2 pennies at 56 cents, continues to look very strong as the chart shows a healthy overall uptrend despite Tuesday’s pullback…Azimut Exploration (AZM, TSX-V), just a few pennies below its best levels since early 2017, is up 1 cent at 40 cents with drill programs in progress in the James Bay region of Quebec…

5. Too bad a Venture stock doesn’t hold this:  Researchers have found hundreds of years’ worth of critical rare-earth metals beneath Japanese waters –  enough to supply the world on a “semi-infinite basis”, according to a study published this week…the materials sit in a roughly 965 sq. mile Pacific Ocean seabed near Minamitorishima Island which is 1,150 miles southeast of Tokyo…the seabed contains more than 16 million tons of rare earth oxides, according to the study…that’s equivalent to 780 years’ worth of yttrium supply, 620 years of europium, 420 years of terbium and 730 years of dysprosium, a discovery that “has the potential to supply these metals on a semi-infinite basis to the world,” the study said…rare earth metals are crucial in the making of high-tech products such as electric vehicles, mobile phones and batteries, and the world has relied on China for almost all of its rare earth material…the Wall Street Journal reported yesterday that the discovery of the deposits could pit Japan against China to become the world’s largest producer of the materials…Japan started seeking its own rare earth metals after China held back shipments in 2010 during a dispute over islands both countries claim…

6. Second Cup wants to convert some of its coffee shops into cannabis dispensaries…National Access Cannabis (NAC, TSX-V) and The Second Cup Ltd. have established a strategic alliance to develop and operate a network of National Access-branded recreational cannabis dispensaries initially across Western Canada, expanding to include additional provinces where legally permissible…National Access will apply for licenses to dispense cannabis products and upon receipt, work with Second Cup and applicable franchisees to leverage Second Cup’s extensive Canadian retail footprint to construct retail stores carrying leading cannabis products, including products supplied by CannaRoyalty Corp., California’s largest legal distributor of cannabis products….conversion of any Second Cup cafe to a National Access-branded recreational cannabis dispensary will be conditional on obtaining a retail license from provincial regulators and the approval of Second Cup and the applicable franchisee and landlord…in consideration of Second Cup agreeing to enter into this strategic alliance, National Access has issued to Second Cup warrants to purchase 5 million common shares of the company…the warrants have an exercise price of 91 cents per common share and expire in April 2023

7.  Former House Speaker John Boehner, who was once also a fierce opponent of marijuana legalization, is joining the advisory board of Acreage Holdings, the U.S. arm of MPX Bioceuticals (MPXEF, OCT)…former Massachusetts governor and 2016 Libertarian Party Vice-presidential candidate Bill Weld is also joining the board of Acreage…although medical cannabis is legal, to varying degrees, in nearly 30 states and legal for recreational use in 9 states, it remains illegal at the federal level…Boehner and Weld wrote in a joint statement, “We both believe the time has come for serious consideration of a shift in federal marijuana policy.”  Involvement from figures like Boehner should help the pro-marijuana advocates south of the border…

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  1. What does BMR think of Sprotts LDI.v and their microdiamond discovery?

    Comment by large — April 12, 2018 @ 9:26 am

  2. Jon, how much do you know about Lamontagne Geophysics? Rumours are they are the ones Steve has contracted for Nickel Mountain. Would like to know your thoughts on this, if true.

    Comment by pole — April 12, 2018 @ 12:05 pm

  3. Jon…May want to take a look again at Cypress Dev’t ‘CYP’
    with a maiden lithium resource in Nevada about to be released.
    They have hit high grade lithium in all 20 holes…very interesting

    Comment by bob — April 12, 2018 @ 1:32 pm

  4. Lamontagne is the best in Canada at borehole EM, pole – their technology is ultra-sensitive and accurate, so there isn’t a better way to track into massive sulphides than through these guys. They also have great experience and a very successful history in the Sudbury Camp, and that would be particularly valuable in the case of GGI and Nickel Mountain because there are similarities in the geophysical signatures between the two and how those signatures match up with massive sulphides. Syd Visser of SJ Geophysics did a great job last year for GGI with his excellent system (he used to work for Lamontagne), and of course that’s what helped guide geologists to a big discovery, but Lamontagne is the Ferrari of downhole geophysics…

    Comment by Jon - BMR — April 12, 2018 @ 3:40 pm

  5. Thanks for that in depth answer Jon. I Can hardly wait for the drills to start turning at Nickel Mountain!

    Comment by pole — April 12, 2018 @ 4:24 pm

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