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1. Gold has traded between $1,197 and $1,204 so far today…as of 7:00 am Pacific, bullion is flat at $1,202…a strong support band stretches from $1,204 to $1,194…Silver has added 6 cents to $14.05…Copper is up 2 pennies at $2.77…Nickel is off slightly at $5.07 while Zinc is relatively unchanged at $1.16…signs are mounting of a slowdown in the global economy…Germany reported today that its economy shrank for the first time in 3-and-a-half years – 0.8% in annualized terms in the 3rd quarter – confirming that Europe’s anchor economy is losing steam after years of strong expansion…meanwhile, Japan’s economy contracted at an annualized pace of 1.2% in the same period while a slowdown in China, driven in part by a crackdown on risky financing and jitters over the trade dispute between Beijing and Washington, is hurting spending on cars, other consumer products and property, according to official data released today…the raft of weakening data across the globe stands in contrast with a U.S. economy that grew at an annualized rate of 3.5% in Q3, underpinned by robust consumer and government spending…Crude Oil is trying to end a record-breaking 12-session losing skid…WTI is up $1.06 a barrel to $56.75 while the U.S. Dollar Index is off slightly at 96.89…
2. Bitcoin’s moment of relative stability ended abruptly today…the world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9% to a low of $5,640…Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall after a very volatile 1st half of the year…other cryptocurrencies have fared even worse today…Ether fell by as much as 13% while XRP, the 3rd largest cryptocurrency by market capitalization, dropped 15%…analysts believe the rout is likely being spurned by uncertainty around Bitcoin cash…the entire cryptocurrency market capitalization has dropped by about $15 billion over 24 hours, according to CoinMarketCap.com…the total market cap is now roughly $85 billion, down more than 70% since the start of this year…
3. Oil is rebounding today, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market…Reuters reported that OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day, a larger figure than officials mentioned previously…the Oil market has quickly moved from concerns about too little supply, due to the Iran embargo and Venezuela’s output struggles, to fears about over-supply driven by a ramping up in OPEC and U.S. production at a time when the global economy appears to be slowing…
4. Pan American Silver (PAAS, TSX) knows a good deal when it sees it – the company announced this morning that it’s acquiring troubled Tahoe Resources (THO, TSX) in a friendly transaction that represents a premium of 62.8% to Tahoe’s VWAP for the 20-day period ending yesterday based on total consideration (includes the base purchase price and the contingent purchase price related to a restart of the Escobal mine in Guatemala)…Michael Steinmann, President and CEO of Pan American Silver, commented: “The combination of Pan American and Tahoe will establish the world’s premier Silver mining company with an industry-leading portfolio of assets, superior growth opportunities and attractive operating margins. This transaction doubles our Silver reserves and further improves our cost profile. We will build on that strong foundation, optimizing these high-quality assets to deliver profitable growth and superior returns”…Kevin McArthur, Executive Chair of Tahoe Resources, stated: “This transaction allows our shareholders to participate in the creation of the world’s premier Silver company with the contribution of the world-class Escobal mine to Pan American’s existing asset base. In addition to the upfront premium, we will continue to participate in the upside inherent in a restart of Escobal through the CVRs. Pan American’s excellent track record of developing mines and fostering strong, mutually beneficial relationships with local stakeholders gives us confidence that the combined company will be best positioned to maximize value for shareholders”…at closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively…upon satisfaction of the payment conditions under the terms of the CVR, Pan American and Tahoe shareholders will own approximately 68% and 32%, respectively, of the combined company…PAAS has fallen $2 a share to $16.68 in early trading while THO has jumped $1.30 to $4.20…
5. Canadian cannabis producer Canopy Growth (WEED, TSX) posted a bigger-than-expected quarterly net loss today on higher spending before the full legalization of recreational use of pot in mid-October…revenue was $23.3 million (CDN) in the quarter, well short of the average analyst expectation of $60 million despite growing 33% from the prior year’s 2nd quarter…the results represent Canopy’s first sequential top-line decline…the rate of growth also trailed that of rivals Tilray (TLRY, NASDAQ) and Aphria (APH, TSX)…pot producers have been growing revenues but expenses have also been on a significant upswing for the sector…Canopy of course is no exception which is why it was fortunate to draw a multi-billion dollar investment from Corona beer maker Constellation Brands (STZ, NYSE) over the summer…in the reported quarter, Canopy’s operating expenses rose more than 6 times to $180.6 million (CDN) from $27.7 million a year earlier…the company said that going ahead, it expects marketing expenses to drop after formal legalization…in its medical marijuana business, the number of patients grew 34% to 84,400 in the quarter, while sales rose 9% to 2,197 kilograms…Canopy’s net loss widened to $330.6 million or $1.52 per share in the quarter ended September 30…WEED opened $4 lower this morning at $46.73…
6. The Dow has rebounded 154 points as of 7:00 am Pacific, but trading remains volatile…Apple’s decline from its recent all-time high now totals more than 20%…investors have grown concerned that the Cupertino, California-based company, renowned for years of innovative technology, will suffer declines in iPhone unit sales over the next couple of years…in Toronto, the TSX has climbed 83 points while the Venture is down 3 points at 623…this marks a new low for the year for the Venture…extreme RSI(2) conditions indicate a rebound is quite likely as early as tomorrow or Friday…Sun Metals (SUNM,TSX-V) gapped up at the open this morning on news of full assay results for drill hole SD-421 at the company’s Stardust Project in north-central British Columbia…a 100-m intersection, outside of the current NI-43–101 resource estimate, returned 2.5% Copper, 3 g/t Au and 52.5 g/t Ag for a 4.99% Copper equivalent, downhole from the previously reported best-ever intercept at the deposit…drilling by Sun Metals has intersected consistently stronger and more pervasive mineralization than historically encountered at Stardust by previous operators…geologists are attempting to track a major mineralizing fluid pathway toward the heart of the high-grade system…
7. Chemesis International (CSI, CSE) announced this morning that it has entered into a multi-year licensing deal with Kevin Smith and Jason Mewes (also known as Jay and Silent Bob) for the development and promotion of cannabis products in the United States, including flower, oils, extracts, prerolls, cones, edibles and other consumer products having recreational adult and medicinal uses. “Kevin Smith is many things to many people,” stated Edgar Montero, CEO of Chemesis. “To us, he is one of the most prolific content creators of our generation and the foremost authority on all things comedy, comics, and superfandom. His fans respect him because he views the world with a critical eye for excellence and authenticity, but he also is able to sit back and enjoy the moment. What better way to enjoy the moment than with our products, and what better critics to assure their quality than Kevin and Jay”…Kevin Smith is a filmmaker, actor, comic book writer, author and podcaster well known for his comedy film Clerks, which he also starred in as the character Silent Bob…Jason Mewes is also an actor known for his work in Clerks as the character Jay…both Jay and Silent Bob have since appeared in Smith’s follow-up films Mallrats, Chasing Amy, Dogma, Clerks 2 and Jay and Silent Bob Strike Back…
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Hi Jon, doesn’t Ggi have multiple land holdings in Golden Triangle ? Seems and base metal deposits are all over the place. Now a copper/ gold find from Sun. I am waiting with baited breath for ggi to expand and join the sulfide zones so they can rejoin the party.
Comment by donald — November 14, 2018 @ 12:27 pm
Good news for GEMC.V 30% bounce, good volume…
Comment by PatrickLamane — November 14, 2018 @ 1:10 pm
Either Ggi has something so huge here, their keeping it as quiet as they can for some reason, not sure why? Or they have nothing exciting to report, because we all know they are holding plenty of results by now!
The suspense is killing me and I’m sure lots of others by now, we either go back to .20 or we explode to 20 bucks!
So is it a voisey you 2.0 or a bust?? Ideas from others would be awesome
Comment by Gregory — November 14, 2018 @ 2:40 pm
It’s the first real drill season and a monumental task what they are doing. Why stress? Rather best results come out in a but when market is better anyway.
Comment by flyinthruu — November 14, 2018 @ 2:50 pm
Your assumption that they’re “holding plenty of results” by now is very questionable, Gregory…lab is just really slow, even though their protocol is apparently first-rate…I’m hearing thru the rumour mill that a big event is being planned for about mid-December…that would obviously be after more news, so I would say they’re extremely confident about how this deposit is coming together…to me that’s the most important thing at the moment…
Comment by Jon - BMR — November 14, 2018 @ 2:56 pm
CBC WORLD AT SIX had a piece on Cobalt ON. Spoke to Frank Basa and First Cobalt Corp.
Perhaps this is the beginning of the campaign to get the region back on the map. It was a pleasant surprise on my drive home this evening!!!
Comment by PJ — November 14, 2018 @ 4:59 pm
When things look the darkest, is usually when opportunity is staring us in the face.
Comment by Charles — November 14, 2018 @ 5:05 pm
Just out, from CBC Radio – The World at 6 (this evening)…Canada Cobalt featured in story on Cobalt Camp (17:15 mark)…
https://www.cbc.ca/listen/shows/cbc-news-the-world-at-six
As an addendum to that, what’s also really important to understand about the Cobalt Camp is how the Archean rocks have been hugely under-explored given the historical focus on the super high-grade Silver in the Nipissing diabase…so Canada Cobalt is not only the Cobalt Camp Champ but should soon confirm a major double whammy with a new discovery in the Archean rocks adjacent to the Castle mine which are the same as those you see 75 miles northeast at Kirkland Lake…hang on for the ride…IMR, too…
Comment by Jon - BMR — November 14, 2018 @ 7:41 pm
CCW stood out on CBC interview with underground tour of mine, etc. FCC was in diapers when Frank and Elaine worked for Agnico in the 70’s.
Comment by donald — November 14, 2018 @ 9:25 pm
Jaxon Mining Ships First Core Samples From Fall 2018 Drilling Program To Bureau Veritas Minerals For Assay
November 14, 2018
November 14, 2018, Vancouver, Canada – Jaxon Mining Inc. (the “Company”) (TSXV: JAX) is pleased to report it has shipped a total of 43 core samples from its first hole (BB18-01) from the Backbone Prospect at its Red Spring Project in British Columbia. The fall drilling program, now completed, originally targeted up to eight drill holes but was terminated after the completion of the fifth drill hole due to operational and crew safety concerns caused by increasing cold and deteriorating weather conditions.
The 43 core samples are sampled from half cut HQ diameter diamond drill cores with total interception length of 54 metres from down hole 6 metres to 59 metres. Of the 43 samples, 32 were collected from 1 metre intervals, two samples were collected from 2 metre intervals and five samples were collected from 3 metre intervals due to the fractured and broken rock in some sections of the core.
These 43 samples with inserted blanks, standards and duplicates were received by the Vancouver laboratory of Bureau Veritas Minerals on November 7, 2018. The Company expects to receive initial assay results by the end of November 2018.
The samples of the core from the other four drill holes are being prepared and will be shipped for assay over the next several weeks. The Company anticipates a series of news releases announcing the assay results towards the end of November, through December and into January 2019.
Comment by robtr31 — November 14, 2018 @ 11:18 pm
Any thoughts on why the delay with moon. Their oct 9 release said updates within next several days. It’s now been a month.
Comment by Smitty — November 15, 2018 @ 4:19 am
Probaby related to the filing and acceptance of MOON’s new technical report, smitty, which is silly but a regulatory thing…very little will change will change with that report…
Comment by Jon - BMR — November 15, 2018 @ 4:26 am
Thanks Jon, weird though that they released the news saying update within several days in that same release on the technical report issue. If that is the hold up wonder why they would have included them together.
Comment by Smitty — November 15, 2018 @ 4:51 am
Probably because they never expected such a regulatory delay, Smitty, but that’s the Canadian way now…
Comment by Jon - BMR — November 15, 2018 @ 5:29 am
Nice to see some stronger bids on ccw this morn…
Comment by flyinthruu — November 15, 2018 @ 6:24 am
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBLO-2684896&symbol=BLO®ion=C
Nice to see BLO news
Comment by Silverhook — November 15, 2018 @ 6:59 am
More free CBC coverage for CCW: https://www.cbc.ca/news/business/cobalt-canada-batteries-1.4903276
Comment by adrobyshev — November 15, 2018 @ 7:32 am
CCW, coiled and ready to rip…nice story from CBC (it’s a rare event I praise the CBC) but of course the other story here that the media and the masses will soon be waking up to is the discovery in the Archean rocks to the east…this could be huge…no one has covered the Cobalt Camp like we have the past 3 years…the underground Cobalt grades at Castle are phenomenal, but a new deposit type in the Archean rocks east of the mine is a major new development for the entire district…a double whammy for CCW…what’s Battery Mineral Resources going to do?…this is going to set off something big…
Comment by Jon - BMR — November 15, 2018 @ 7:43 am
Basa indicated the region could see several hundred millions dollars come pouring in….if they Aussies are as good as you say, they should take a crack at this for sure. Thanks for all the DD and coverage BMR.
Comment by flyinthruu — November 15, 2018 @ 7:52 am
Nice buying on CCW…
Comment by flyinthruu — November 15, 2018 @ 9:38 am
Hope the news hit today on CCW and we get a glimpse of what that fuss is all about 🙂
Comment by roychr — November 15, 2018 @ 10:13 am