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7 @ 7:00 - BullMarketRun.com

July 10, 2018

7 @ 7:00

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

1. Gold has traded between $1,247 and $1,260 so far todayas of 7:00 am Pacific, bullion is off $an ounce at $1,253Gold’s net short positioning currently stands at 1,254 contracts, according to Friday’s latest COT report, which is the biggest net short since 2015“Speculative financial investors remained pessimistic in the week to 3 July, though the increase in net-short positions in Gold was not as pronounced as one might have assumed given the price slide,” said commodity analysts at Commerzbank…holdings of SPDR Gold Trust, the world’s largest Gold-backed ETF, have hit their lowest level (800.77 tonnes) since August of last year…contrarians are encouraged by those statistics…Silver has slipped 7 cents to $16.00…base metals are under some additional pressure…Copper, Nickel and Zinc are at $2.87, $6.34 and $1.21, respectively, down modestly from yesterday…Cobalt is steady at $32.89 while Crude Oil has firmed up 81 cents to $74.66…the U.S. Dollar Index has rebounded one-third of a point to 94.36…after an historic Supreme Court nomination last night that has thrown another curveball at the apocalyptic left, President Trump departed this morning for a 7-day tour through Europe that will begin with him confronting jittery NATO allies over military spending and end with a summit with President Vladimir Putin that will seek to reset U.S. relations with Moscow…

2. Crude Oil prices are trading near new multi-year highs this morning due to growing supply outages…Norway has shut 1 Oilfield as hundreds of workers began a strike, while Libya says its production more than halved in recent months…the disruptions add to supply worries around the world…Venezuela’s socialist economy is crumbling while Iranian exports are suffering due to U.S sanctions…OPEC, meanwhile, appears to have little capacity to fill the gap as demand for Oil quickens…“In a worst-case scenario, you lose 2 million barrels a day from Iran and 1 million from Venezuela, totaling 3 million barrels a day, and suddenly the increases from OPEC aren’t nearly enough to cover it,” stated Tom Pugh, commodities economist at consultancy Capital Economics…the United States, unlike Canada, is going all-out to increase production to meet global demand…the number of rigs drilling for Oil in the U.S. has risen by 5 to 863, according to data published Friday…the Energy Information Administration forecasts U.S. Crude production to average a record 11.8 million barrels a day next year, as the industry responds to higher Oil prices and logistical constraints are addressed…

3. Canadian politicians could learn a lot from what’s happening in Texas which has claimed top spot in CNBC’s 2018 America’s Top States for Business rankings…“The Texas economy remains in a broad-based expansion,” said Dallas Federal Reserve economists Christopher Slijk and Jason Saving in a recent report.  “The state’s energy sector continues to boom, and areas of the state tied to Oil and gas are growing at their strongest pace since 2014…Texas posted a torrid 5.2% GDP increase in the 4th quarter last year and has added more than 350,000 jobs in the past 12 months with the largest increase in the energy sector…put another way, 1 in 7 jobs created in the United States in the past year was created in Texas…the state is also not just a 1-trick pony as it has notched high marks in the CNBC survey in multiple categories of competitiveness including workforce, infrastructure, technology and innovation, and access to capital…

4. Kirkland Lake Gold (KL, TSX) has reported Q2 production of 164,685 ounces, pushing the total for the 1st half of 2018 to 312,329 ounces…Q2 was driven by record quarterly production from Macassa of 60,571 ounces and record monthly production in June at Fosterville of 31,710 ounces…the company is well positioned to achieve its full-year 2018 consolidated production guidance of over 620,000 ounces…consolidated Q2 2018 production of 164,685 ounces compared to 160,305 ounces in the 2nd quarter of 2017 and 147,644 ounces in the 1st quarter of this year…cash and cash equivalents increased $43 million or 16% during Q2 to approximately $318 million as of June 30, 2018

5. The Dow is up another 117 points through the first 30 minutes of tradingin Toronto, the TSX has climbed 71 points…Toronto-Dominion Bank (TD, TSX) will buy Saskatchewan-based Greystone Managed Investments for roughly $792-million in stock and cash, a transaction which the bank says makes its asset management division the biggest money manager in Canada…acquiring the institutional money manager is expected to add another $36 billion in Canadian assets under management and expertise in real estate, mortgages and infrastructure investments as competition in the industry heats up…the Venture is flat at 742 as of 7:00 am PacificNational Access Cannabis (META, TSX-V) has hit a new all-time high of $1.26 in early trading…MYM Nutraceuticals (MYM, CSE) has entered into an agreement to acquire a 49% stake in Colombian cannabis company Colombia Organica which currently holds a seed-to-sale licence for low THC (tetrahydrocannabinol) cannabis…this license permits Colombia Organica to grow, produce and create cannabis derivatives to be commercialized and/or exported…further, Colombia Organica is in the licensing process for the cultivation and production of high THC cannabis extracts…

6. Cornerstone Metals (CCC, TSX-V) announced this morning that the company will resume drilling at its Carlin Vanadium Project in Nevada during the first week of August…Cornerstone has secured a drill contractor to conduct an infill and deposit expansion reverse circulation (RC) drill program under its current BLM permit, and the program will consist of 40 to 50 shallow vertical and angled RC drill holes…of those, 3 holes will twin historic holes to provide additional comparisons for grades…15 will be conducted to infill parts of the deposit to tight 40-m centres…in addition, 2232 holes will be drilled selectively on edges of the deposit with the objective of expanding the size of the deposit…upon completion of the drill program, a resource estimate will be prepared, based on all historic and Cornerstone drilling on the property…CEO Paul Cowley conducted a site visit last week to identify and rank multiple options for the plant, waste rock and tailings facilities sites on the property, and to review infrastructure, including road, rail and power access…location and surrounding and onsite infrastructure are strong aspects of the project…

7. Canalaska Uranium (CVV, TSX-V) announced this morning that it has modelled historical drill data and defined a 400-m-long high-grade Nickel target within a 1,200-m-long horizon of semi-continuous Nickel mineralization, north of the former producing Manibridge Nickel mine in Manitoba’s Thompson Nickel belt…the Manibridge Project is located in an area of generally high Nickel tenor mineralization, outlined by discovery drill holes and recent airborne geophysical surveys, as well as a number of untested targets…additional airborne survey work is currently being tendered by the company, with the aim to have several drill targets ready by this fall…historical drilling in the mineral zone reported significant Nickel values over mineable widths…

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  1. Texas is 1 of 7 states with no state income tax, a nice incentive for businesses and employees to relocate.

    Comment by Daniel — July 10, 2018 @ 8:47 am

  2. GT Gold Video – http://iresourcenetwork.com/companies/gold/?utm_campaign=website&utm_source=sendgrid.com&utm_medium=email

    Comment by Buckshot — July 10, 2018 @ 8:49 am

  3. whats the avg wage per hr and the minimum wage currently in Texas?

    Comment by David — July 10, 2018 @ 10:17 am

  4. Anyone know the reason that they are standing in line to buy IMR?

    Comment by Marshall — July 10, 2018 @ 10:32 am

  5. Marshall- i was looking at IMR too. Tonnes of crosses by TD today. Would normally associate that activity with bought deals but would be surprising to see TD promote a penny stock…would be great to hear what BMR has to say.

    Comment by MuskyHunter — July 10, 2018 @ 1:05 pm

  6. Jon, Iron Creek has a historical estimate of 1.3 mill tonnes of cobalt grading around 0.59%. Any thoughts what Castle (and Beaver) could have?

    Comment by BigBid — July 10, 2018 @ 1:57 pm

  7. Well, BigBid, 640 meters of underground workings at Iron Creek and a 400-m mineralized zone that FCC is working on extending…Castle has, of course, 18 km of undergound workings with 1 of the 11 levels connecting to all the workings of Gowganda Camp…plus there’s the regional exploration potential of the Castle Property…in terms of resource potential and scale, and location, I’d take Castle over Iron Creek, and when it comes to recovery, CCW has Re-2OX…

    Comment by Jon - BMR — July 10, 2018 @ 2:47 pm

  8. I know FCC has more shares outstanding now than earlier this year, but even so, it was a much high market cap than $150 mill (I think they were higher than $300 mill MC at one point). Nice reminder really for CCW especially when the market has taken a breather overall.

    Comment by BigBid — July 10, 2018 @ 3:52 pm

  9. Whats the deal with Dr Copper????

    Comment by Jeremy — July 10, 2018 @ 7:01 pm

  10. Copper looks fine, Jeremy…bottomed just below $2 in 2016, broke out above a multi-year downsloping channel in early 2017 around $2.60, ran to Fib. resistance near $3.30 as projected, and has since pulled back recently toward strong new support…a 50% retracement of that move would take Copper to the mid-$2.60’s…support on the short-term chart at $2.79…

    Comment by Jon - BMR — July 10, 2018 @ 8:47 pm

  11. Someone please wake me up when GGI and CLM have their News …….zzzzzz

    Comment by jerseyman2 — July 10, 2018 @ 8:47 pm

  12. what you guys think of ASL ? Sprott owns 15 M out of their 28 M outstanding shares. and they just got a new Vanadium play. over 0.74% of vanadium (just a comparison to CCC who has 0.515%)

    Comment by George — July 11, 2018 @ 4:50 am

  13. Thx Jon.. seems there would be more nefarious reasons for this drop… like trade tariffs etc..

    Comment by Jeremy — July 11, 2018 @ 6:03 am

  14. Obviously that’s the catalyst for the healthy correction in a lot of commodities, Jeremy…and therein also lies the opportunity for investors as those trade fears are widely overblown by the mainstream media…

    Comment by Jon - BMR — July 11, 2018 @ 6:18 am

  15. MSM… really??? LOL…. not so patienly waiting for the venture to rally… hope we dont have to wait another 7 years:)

    Comment by Jeremy — July 11, 2018 @ 6:35 am

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