Check back later today for Daniel’s Den, and visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,192 and $1,202 so far today…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,197…Silver is off 5 cents at $14.70…Copper is unchanged at $2.72…Nickel has added 6 cents to $6.16…Zinc is a penny higher at $1.11 while Cobalt is steady at $29.26…Crude Oil has jumped $1.36 a barrel to $67.26…the American Petroleum Institute reported late yesterday that U.S. Crude stocks fell last week by 5.2 million barrels, more than 3 times the drop analysts were expecting…the government’s official figures are due within the hour…the U.S. Dollar Index has slipped one-fifth of a point to 94.96…today’s Fed minutes are expected to cement market assumptions for 2 more interest rate increases this year, though this is already largely factored into the Gold price…Gold bugs should be excited by this – net shorts in COMEX Gold contracts rose to a record high in the week ending August 14 at 77,273 contracts, according to data from U.S. Commodity Futures Trading Commission…with weakness now appearing in the U.S. Dollar Index after last week’s surge above 96, the possibility of a near-term significant short squeeze in Gold is very real…
2. This morning’s results from Target (TGZ, NYSE) underscore the strength of U.S. consumers…“There’s no doubt that, like others, we’re currently benefiting from a very strong consumer environment – perhaps the strongest I’ve seen in my career,” Target Chairman and CEO Brian Cornell told analysts on a call this morning…Q2 results beat on earnings, revenue and comparable store sales…just when many investors have written off brick-and-mortar retailers, Target is seeing its biggest jump in foot traffic and best growth in sales at stores open for more than a year, the company said this morning…“We’re seeing a great consumer response, unprecedented traffic. As we go back and look, we’ve never seen traffic growth like this,” Cornell told CNBC’s “Squawk Box”…
3. The Dow is off slightly through the first 30 minutes of trading…with the S&P 500 Index poised to set a new record today for the longest bull market in U.S. history, there’s no apparent reason it can’t run further…the Fed’s rate increases since 2015 are moving too gradually to hold it back, though President Trump wants rate hikes to be even more gradual…he told Reuters this week that he’s “not thrilled” with the Fed’s rate increases under Chairman Jerome Powell, his own appointee, and that he should be “given some help” by the central bank in his trade battle with China…in Toronto, the TSX is 51 points higher while the Venture, on a 4-session winning streak, is off a point at 691 as of 7:00 am Pacific…Osisko Gold (OSK, TSX) has cut 5.2 m grading 510 g/t Au, including 2,930 g/t Au over 0.90 m (476.8 m to 477.7 m) at its Windfall Lake Project in Quebec…the intersection contains local visible Gold in veinlets and as disseminated grains and 5% pyrite stringers in a crustiform vein hosted in a sericite and fuchsite altered gabbro…the Lynx zone infill hole also featured 2 other Gold zones…Canopy Growth (WEED, TSX), which hit a new all-time high of $52.48 yesterday, announced this morning that it has received amended licenses from Health Canada that increase the size and sophistication of its national footprint…increased production capacity at its Smiths Falls and Mirabel sites will increase Canopy’s ability to reach consumers in every market once recreational sales are permitted in mid-October…
4. Aben Resources (ABN, TSX-V) has closed its previously announced non-brokered private placement financing at 30 cents for aggregate gross proceeds of approximately $4.3 million…the company intends to ramp up its drill program in the North Boundary zone of its Forrest Kerr Project in the northern part of the Eskay Camp following very encouraging results from the first hole of its 2018 program…meanwhile, approximately 4.8 million Aben warrants have been exercised since the beginning of June, raising an additional $721,000 in net proceeds for the company…President and CEO Jim Pettit, stated: “With the closing of this financing, we are pleased to welcome Eric Sprott as a large, strategic shareholder of Aben. The company is well positioned with over $6 million in the treasury to expand the 2018 drill program at its flagship Forrest Kerr Gold Project. Additional drilling is warranted on the back of the results from the first drill hole in the program at the newly discovered North Boundary zone, which intersected 4 separate high-grade intervals, including 62.4 g/t Au over 6 m within 38.7 g/t Au over 10 m from 114.0 to 124.0 m. Aben has now completed 4,850 m of drilling in 16 holes and is awaiting assay results. The majority of these holes were drilled at the North Boundary zone, and the company will provide updates as results become available”…
5. Seabridge Gold (SEA, TSX) has commenced drilling the Quartz Rise high-grade Gold target at its 100%-owned Iskut Project in the Eskay Camp…last year’s drill program, the first ever at Quartz Rise, confirmed the presence of a Gold-bearing intermediate sulphidation epithermal system beneath the Quartz Rise lithocap – the company’s target concept…Rudi Fronk, Seabridge Chairman and CEO, commented: “The Quartz Rise target began as a theoretical concept based on our understanding of porphyry Gold-Copper systems at our KSM project. In 15 months of work, we have learned a great deal and the concept has become a real, data-driven target. We believe we can now find the source of the high-grade Gold associated with sulphide-bearing quartz veins at Quartz Rise. Our research continues to uncover compelling reasons why the lithocap may be hiding a significant, near-surface epithermal precious metals system”…last year’s initial drilling intercepted several narrow, discontinuous intervals of high-grade Gold…a subsequent 3-D IP survey together with detailed geological mapping and sampling of available rock faces indicate that the 2017 drilling may not have been in the correct orientation…new results from cliff face sampling show exceptional Gold results that appear to correspond with a favourable IP chargeability anomaly under Quartz Rise…
6. Orca Gold (ORG, TSX-V) announced this morning that it has completed a further 96 drill holes – 15 holes for 3,811 m of diamond core and 81 holes for 12,662 m of reverse circulation – at its Block 14 Gold Project in Sudan…meanwhile, the company’s Feasibility Study is on track for completion in November and is expected to show that Block 14 is one of the best pre-development Gold projects in Africa today…drill results will be released in early September in support of an updated resource calculation for the project…this new resource will also form the basis of the November Feasibility Study….currently, Block 14 features an Indicated resource of 72.7 Mt grading 1.3 g/t for 3 million ounces of Gold, and an Inferred resource of 19.8 Mt grading 1.2 g/t Au for 750,000 ounces of Gold…
7. Trudeau’s “annual recovery fee” (sounds better than a “tax”, doesn’t it?): Canada’s major producers of cannabis are urging the federal government to suspend the introduction of an $82 million levy on their revenue (it also only helps the black market that Trudeau has insisted will be eliminated through the legalization of marijuana) in the wake of Ontario’s decision to delay the opening of physical stores by nearly 6 months…Health Canada proposed the creation in July of an “annual recovery fee” of 2.3% on the revenue of licensed producers to recoup the costs of regulating the cannabis industry…however, just as the consultation period on the federal fee ended less than 2 weeks ago, Ontario announced it was postponing the opening of physical stores in the province from October 17 to April 1, 2019…Health Canada is predicting it will eventually need to recoup more than $100 million a year from licensed producers to cover regulatory costs, but it remains unclear exactly how much revenue the licensed producers will earn and the exact level of any fee that should be levied on an annual basis…the executive director of the Cannabis Council of Canada said producers are unlikely to make as much money as the government anticipates in the early goings of legalization, which starts October 17…
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Jon: Any updates on TPS? Thanks!
Comment by adrobyshev — August 22, 2018 @ 8:31 am
Yes, adrobyshev…we’ll have more on TPS in the next couple of days…really solid situation to accumulate at current levels, and their recent MOU with Sicame is just the start of some big things to come…
Comment by Jon - BMR — August 22, 2018 @ 9:06 am
Hey guys, any updates on Torino Power Solutions?
Thank you for all your hard work, appreciated!
Comment by Ed — August 22, 2018 @ 9:23 am