BullMarketRun.com

1. Gold has traded between $1,292 and $1,310 so far today following yesterday’s Fed rate hike and the promise of 2 more to come in 2018 thanks to a robust U.S. economy…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,303…key nearest resistance is $1,305 which bullion must close above in back-to-back sessions for the bears to get pushed back…contrarians will like this – by one measure, Gold is trailing stocks by its widest margin in 13 years…the ratio of the S&P 500 to Gold has touched its highest level since mid-2005…in other words, stocks are outperforming Gold by a big margin…Silver has jumped 13 cents to $17.14, its highest price in 2 months…Silver, which often leads Gold in either direction, managed to stay above $17 in April for just 3 trading days, so we’ll see if this time is different…base metals are under mild pressure this morning with Copper, Nickel and Zinc trading at $3.25, $6.87 and $1.45, respectively…Cobalt has slipped another 68 cents to $36.74 but is nearing very strong support…Crude Oil is up 29 cents at $66.93 while the U.S. Dollar Index has jumped three-quarters of a point to 94.23, thanks to weakness in the euro…the European Central Bank laid out plans today to wind down its €2.5 trillion ($2.9 trillion U.S.) bond-buying program by December, but said it didn’t expect to raise rates “at least through the summer of 2019“…the ECB’s decision to start phasing out easy-money policies comes despite mounting evidence that the euro zone economy is slowing, amid threats ranging from international trade conflicts to political turbulence in Italy…meanwhile, Italy’s new agriculture minister says the government will not ratify the European Union’s free trade agreement with Canada, ratcheting up an international trade spat and potentially scuttling the EU’s biggest accord in years…

2. U.S. retail sales increased more than expected in May as consumers bought motor vehicle and a range of other goods even as they paid more for gasoline, the latest indication of an acceleration in economic growth during Q2…the Commerce Department said this morning that retail sales jumped a very healthy 0.8% last month, the biggest advance since November 2017…data for April was revised up to show sales rising 0.4% instead of the previously reported 0.2% gain…meanwhile, new applications for U.S. unemployment benefits unexpectedly fell last week and the number of Americans on jobless rolls declined to a near 44-1/2-year low, pointing to a rapidly tightening labor market…the U.S. economy is accelerating while the Canadian economy is going in the opposite direction – Canadians need to start asking themselves, why?…

3. Gold will leave behind its tight trading range and climb toward $1,400 an ounce in Q3, according to analysts at J.P. Morgan…“Our overall macro view remains largely unchanged and we still remain bullish on Copper, Gold and Silver,” the firm stated in a published report…the bank sees Gold prices climbing to $1,390 this summer and then pushing above $1,400 in 2019…despite the bullish call, J.P. Morgan downgraded its average annual price projections by 4% in 2018 and 2019…in February, the bank predicted Gold would average $1,408 an ounce in 2018 and $1,475 in 2019, but is now expecting $1,355 in 2018 and $1,412 in 2019…“We have reduced our outlook on precious metals prices a bit more materially but still retain a bullish forecast trajectory,” the report said…“With the risks of further dollar bullishness throughout this year and next clearly rising, in our view, we roll these write-downs throughout our forecast horizon”…

4. Major changes at GT Gold (GTT, TSX-V) announced this morning are bullish as two key individuals with the former Richmont Mines, bought out for approximately $1 billion (CDN) by Alamos Gold (AGI, TSX) late last year, are stepping in to take this promising junior to the next level…this unfolds immediately in advance of a major drill program that kicks off in the next few days at GTT’s Saddle South in northwest B.C. to follow up on last year’s exciting high-grade Gold discovery…Steve Burleton, who served most recently as Vice President, Business Development, at Richmont, replaces Kevin Keough as GT Gold President and CEO…Burleton is an experienced mining executive with a 20-year background in capital raising, corporate development and strategy…meanwhile, Renaud Adams has joined the GT Gold board…he was President and CEO of Richmont and skillfully guided the company to a takeover by Alamos which officially closed last November…Adams has 25 years of experience as an executive and operator in the mining industry…GTT begins drilling with 2 rigs in the next few days at Saddle South…the planned 18,000-m program is fully funded given the company’s $9 million cash position…GT Gold’s large-scale Tatogga Project in northwest British Columbia’s prolific Golden Triangle, about a 2-hour drive north of the Eskay Camp, covers 425 sq. km and features its own triangle of potential deposit opportunities – Saddle South, Saddle North and Quash-Pass, all with excellent nearby infrastructure and on trend with the Red Chris mine to the southeast….

5. The Dow is up 96 points through the first 30 minutes of trading…Comcast, the parent of CNBC, has announced a $65 billion bid ($35 per share in cash) for Twenty-First Century Fox units that are currently in an agreement to be acquired by Disney…the bid, announced yesterday, represents a 19% premium to Disney’s offer…in Toronto, the TSX has added 49 points while the Venture is off 1 point to 759…Cornerstone Metals (CCC, TSX-V) is up another 4 pennies at 94 cents through the first 30 minutes of trading…the company noted in a news release yesterday that a recent vote by the U.S. House of Representatives could help fast track the advancement of Cornerstone’s Carlin Vanadium Project near Carlin, Nevada…with the passing of amendment No. 122 to the National Defense Authorization Act, the House of Representatives has streamlined the permitting process (imagine, a government streamlining a permitting process!!!) to advance the Trump administration’s mission for mineral development in the U.S. by centralizing permitting review projects under a lead agency, streamlining permitting time frames specifically for critical and strategic minerals projects, while preserving environmental protections…the amendment will need approval from the U.S. Senate and President Trump to become law, but that seems a given…

6. The resource industry is watching closely as the Green Monster’s grip on power in British Columbia slowly but surely loosens:  Veteran B.C. NDP MLA Leonard Krog has officially announced he’s running to be the mayor of Nanaimo in an election slated for October 20, setting up what would be a critical provincial by-election within 6 months from that date if he were to win…such a development would put the razor-thin NDP-Green majority in jeopardy and potentially trigger a new provincial election…

7. Microsoft is working on technology that would eliminate cashiers and checkout lines from stores, in a nascent challenge to Amazon.com’s automated grocery shop, according to a Reuters‘ report…the Redmond, Washington-based software giant is developing systems that track what shoppers add to their carts…Microsoft has shown sample technology to retailers from around the world and has apparently had talks with Walmart about a potential collaboration…Microsoft’s technology aims to help retailers keep pace with Amazon Go, a highly automated store that opened to the public in Seattle in January…Amazon customers scan their smartphones at a turnstile to enter…cameras and sensors identify what they remove from the shelves…when customers are finished shopping, they simply leave the store and Amazon bills their credit cards on file…

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