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1. Gold has traded between $1,234 and $1,245 so far today, touching a new 5-week high…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,243 as equity markets remain under pressure…Gold holdings of global ETFs and similar products rose for the 2nd straight month in November, this time by 21.2 tonnes, the World Gold Council reported this morning…holdings are still down 6.1 tonnes for the year to date, although the WGC said ETF flows are now positive for 2018 in U.S. dollar terms…Silver is off 4 cents at $14.43…Copper has retreated another 3 pennies to $2.78 after pulling back from important resistance between $2.86 and $2.90…Nickel is 15 cents lower at $4.94 while Zinc is unchanged at $1.23…Cobalt also remains flat at $25.06…Crude Oil has tumbled $1.38 a barrel to $51.51 while the U.S. Dollar Index has slid one-quarter of a point to 96.73…the U.S. trade deficit jumped to a 10-year high in October as soybean exports continued to fall and imports of consumer goods rose to a record high…80% of the daily moves in U.S. stocks are machine-led, a fund manager told CNBC this morning…the phenomenon, also called algorithm or algo trading, refers to market transactions that use advanced mathematical models to make high-speed trading decisions (these trades also occur on the Venture)…many believe that the different sell-off episodes seen throughout 2018 have been caused by these machines, as they act on immediate data releases, without taking the time to digest them as humans would…“80% of daily volume in the U.S. is done by machines, so what you get is a lack of focus on earnings, a lack of focus on outlooks and you just get short-term movements based on very specific data that is released every day and that creates noise,” stated Guy De Blonay, fund manager at Jupiter Asset Management…
2. A fascinating situation is unfolding between Canada and the United States, and China, which is also impacting markets today…it was reported yesterday that Canadian authorities in Vancouver have arrested Huawei Technologies‘ Chief Financial Officer at the request of the U.S. government for alleged violations of Iranian sanctions, the latest move by Washington to crack down on the Chinese cellular-technology giant…the arrest of Meng Wanzhou has infuriated the Chinese government and comes just days after the U.S.-China trade “truce” and amid a year-long U.S. government campaign against a company it rightly views as a national security threat…the Chinese government has perfected the art of spying and stealing intellectual property…in the past year, Washington has taken a series of steps to restrict Huawei’s business on American soil and, more recently, launched an extraordinary international outreach campaign to persuade allied countries to enact similar curbs…the U.S. is seeking Wanzhou’s extradition so as to have her appear in federal court in the Eastern District of New York…
3. Oil prices are under renewed pressure today on fears OPEC will fail to cut output enough at its current meetings in Vienna…the cartel and its allies are working towards cutting Oil output by up to 1.5 million barrels per day – that’s what the market would love to see – but could fail to reach a deal if no compromise is found with non-OPEC Russia, according to the Saudi energy minister…OPEC is meeting today but is also waiting for news from Russian Energy Minister Alexander Novak who flew back to Russia from Vienna for consultations with President Putin…Novak returns to Vienna tomorrow for talks between Saudi-led OPEC and its allies…OPEC hopes to prop up the price of Crude, which has lost one-third of its value since early October, but it’s also facing pressure from President Trump who actually wants to see lower Oil prices…”We hope to conclude something by the end of the day tomorrow…we have to get the non-OPEC countries on board,” Saudi energy minister Khalid al-Falih told reporters…
4. The climate change-obsessed Trudeau Liberals and their Green Monster friends in British Columbia ought to be very careful – the “yellow vests” in France are worrying greens around the world…the worst riots in Paris in decades were sparked by higher fuel taxes, and French President Emmanuel Macron responded by scrapping them yesterday…but taxes on fossil fuels are just what international climate negotiators, meeting in Poland this week, say are desperately needed to help wean the world off fossil fuels and slow “climate change” to “save the planet”…yesterday, just in time for the conference of globalist climate change extremists in Poland, the B.C. government rolled out its new “Climate Action Plan” to great cheerleading from the left…the NDP-Green plan proposes sweeping changes that will touch every part of the economy using the province’s abundant supply of clean hydro-electric power to help shift individuals and industry off their reliance on fossil fuels that currently make up two-thirds of B.C.’s energy consumption…details of the rebates and tax credits aimed at spurring the change will not be released until budget day in February, but Premier Horgan says his province is now back on track to cut greenhouse gas emissions in line with Canada’s international commitments on climate…the plan aims to cut almost 19 million tonnes of GHG emissions annually from transportation, industry and buildings by the year 2030…the escalating carbon tax will be used in part to help B.C. industries become global leaders in low-carbon energy and commodities, these politicians claim…building codes will be revised to ensure new energy-efficient designs…infrastructure to support zero-emission vehicles will be expanded…and new power transmission lines will offer heavy polluters the opportunity to convert to cleaner energy for production…one project that fits perfectly into the NDP-Green plan would be the province’s first magmatic Nickel-Copper-Cobalt-Palladium-Platinum-Gold-Silver massive sulphide discovery in the heart of the Eskay Camp – Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain Project is the type of venture that Premier Horgan would cheer on as it features the much-needed metals that will power his vision of a “green economy” while at the same time it would serve as a sign that he supports Northwest B.C. where the NDP and Greens need to boost support in order to remain in power…
5. Blue Moon Zinc (MOON, TSX-V) reported this morning what appears to be the best intercept ever encountered at its Zinc-rich Blue Moon VMS deposit in Northern California…assays are still pending from several holes but MOON announced this morning that recently completed Phase 1 drilling intersected multiple sections of massive sulphides including 11.5 m (38.5 feet, core length) of massive sulphides in drill hole BMZ78…assays are expected in early January, which means samples are likely going through high-grade re-checks…historically, the deposit was mined by Hecla during WWII at an average grade of 12.3% Zinc…there is plenty of room for expansion at this deposit which already hosts 7.8 million tons at 8.07% Zinc equivalent…this includes 771 million pounds of Zinc @ 4.95%, 71 million pounds of Copper, 300,000 ounces of Gold and 10 million ounces of Silver…historical metallurgical work has indicated very high recoveries…“Receiving the key multi-year drill permit earlier in 2018 is a project milestone,” stated President and CEO Patrick McGrath…“The company looks forward to receiving the final assays for the 2018 drill program and planning our follow-up drilling program to continue to expand and explore” this deposit and new discoveries…pre-Christmas bottom fishers should find MOON to be a profitable pick-up between 4 and 5 cents heading into January results…
6. The Dow has fallen another 455 points as of 7:00 am Pacific after an 800-point drop Tuesday (markets were closed yesterday for the funeral of George H.W. Bush)…fresh economic data just out shows the U.S. services sector expanded slightly more than expected in the month of November…the TSX has slid 329 points through the first 30 minutes of trading while the Venture has declined 2 points to 561…technically, the Venture’s RSI(2) on the daily chart is now at an extreme low of just barely above 1 as the Index continues to show classic signs of a December bottoming pattern…Dolly Varden (DV, TSX-V) has cut 22 m grading 333 g/t Silver in the Kitsol Zone of its Dolly Varden Property, 1.5 km northwest of the Tobrit mine…National Access Cannabis (META, TSX-V) announced this morning that it has achieved $3 million in cumulative sales in its first 43 days of retail operation and $3.95 million in its first 50 days…the average gross margin achieved over the first 50 days of operation of retail locations was over 30%, with consumable cannabis making up 94% of total sales…NAC is currently the largest private cannabis retail operator in the country and has plans to open up to 75 retail cannabis locations in Ontario over the next 18 months, subject to regulatory approval, along with continued growth in other areas of the country…it currently has 14 NewLeaf Cannabis stores in Alberta and 4 Meta Cannabis Supply Co. stores in Manitoba…
7. More news from Wesdome Gold Mines (WDO, TSX) this morning which continues to release impressive underground drifting and drilling results from 7 Zone exploration and development activities at its wholly-owned Eagle River mine in Wawa, Ontario, including 151.4 g/t Au (uncut) over 1.99 m true width…the 7 Zone is the intermediate zone parallel to the 300 Zone to the north and the historic 8 Zone to the south…all 3 zones are currently in production…ongoing development on the 1038 m level has now confirmed that mineralization east of the western core of the 7 Zone has merged to form one continuous zone now defined over 146 m in strike length and grading 30.5 g/t Au (uncut) over an average true thickness of 2.61 m…additionally, ongoing drilling has now confirmed that this longer strike length extends to depth over an addition 100 m to the 1,250 m level and remains open down-dip…this extension is a substantial addition of potential resources compared to previous interpretations, and thus will be the focus of future drilling…
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Comment by Jeremy — December 6, 2018 @ 9:25 am
Great read.. Thx. Jeremy!!!
Comment by GregJ. — December 6, 2018 @ 12:08 pm
Ggi news
https://www.ftmig.com/company-news-releases/garibaldi-broadens-nickel-mountain-system/
Comment by Nick — December 6, 2018 @ 3:37 pm
Doesn’t feel like any Christmas presents from GGI’s investor meeting or news release. Kinda the same old…..wait for assays. Hopefully $1 holds.
Comment by Weatheritout80 — December 6, 2018 @ 5:29 pm
News looks very good to me, Weatheritout, and event was enjoyed by all. Excellent presentation by Lightfoot. Christmas is still almost 3 weeks away. What’s your beef?
Comment by Jon - BMR — December 6, 2018 @ 6:09 pm
Nothing new Jon. I’m in it for the long haul but I have a feeling it’s not going to be this year. HC1 and 2 didn’t pan out, got the vibe from Lightfoot that their in the right geology but still looking for the feeder. Again I hope I’m wrong but definitely no shock and Awe and see us drifting lower.
Comment by Weatheritout80 — December 6, 2018 @ 6:26 pm
Jon, what do you think Frank’s strategy is right now regarding future? Gold projects are much readily financed than other minerals. If he’s got a gold play coming, it’s probably best he waits to see what comes of those assays no? It would seem he would have a ton of suitors if this is potential as big as you say.
Comment by flyinthruu — December 6, 2018 @ 6:33 pm
I know I ask alot of questions. I like getting some of the background scoop or the mentality / ins and outs of things. I undestand now Steve R. did a masterful job raising money.
Comment by flyinthruu — December 6, 2018 @ 7:01 pm
The press release seems to me to say very little. Did the presentation today make a cogent case that, if reported to investors unable to attend, would make a difference? Did Mr. Regoci participate in the presentation, and if so, what message did he have? I know BMR believes passionately in the importance of management’s ability to tell the company’s story well and to provide frequent and timely updates. Their written communications just don’t seem to do that, so am relying on Jon and the rest of the BMR team to provide more illumination based on their verbal and boots-on-the-ground checks and, to the degree possible,hold specific GGI contacts to a more transparent standard.
Hoping the remaining assays will “burnish the brand”.
Boz67
Comment by Boz67 — December 6, 2018 @ 7:13 pm
In a general update with no assays, Boz67, what more would u want them to say, specifically?
Comment by Jon - BMR — December 6, 2018 @ 7:24 pm
Was hoping for more than that. Very underwhelming and disappointing update. Long way to go it sounds like.
Comment by Smitty — December 6, 2018 @ 7:38 pm
Re: the GGI presentation today, it seems to me that a lot of people out there had the wrong idea what the purpose of the presentation was for. Maybe GGI, if they continue to do these should put out an NR stating they are holding an informational investor end of year presentation or something along those lines so people don’t get their expectations all out of whack. The one last year I heard was excellent and very informational, and after listening to this years presentation, especially Lightfoot’s part, I thought it was very informational and Lightfoot basically stated why all of the so called experts out there are totally wrong about Nickel Mountain. Just need tonnage now and looks like we are on our way!
Comment by GREGH — December 6, 2018 @ 7:42 pm
Gregh, today’s event was FAR more informational than last year – there was no detailed presentation last year like the one this time around, and of course Lightfoot wasn’t even there last year. Your comparison between the 2 is way off, but u weren’t at either.
In terms of the purpose, it was exactly as advertised and what I anticipated it would be – a Lightfoot presentation with Regoci and Hanson contributing, refreshments, snacks…some investors hung around for more than 3 hours…polished 400 pound rock + core on display…no dancing girls, though…
Comment by Jon - BMR — December 6, 2018 @ 7:45 pm
Jon
I wasn’t trying to make a comparison between last years and this years presentation, I was not at either one, sorry you took it that way, basically I was trying to point out the fact, whether you or GGI realize it or not there was a ton of misinformation and speculation as to what this presentation was going to be about, and how some people’s expectations were getting all out of whack. This shouldn’t be happening if Regoci would do a better job of communication with his shareholders and the market. Regoci once again great at the financial side of things but horrible about communicating with his shareholders and the market.
Comment by GREGH — December 6, 2018 @ 8:09 pm
Gregh, there was 1 invitation GGI sent out and today’s event was exactly as advertised by them. If some people chose to believe the regular BS on some of the boards by anonymous posters, that’s their problem. Get real – u r blaming Regoci for BS on the boards??? You were actually spreading some of it yourself in your earlier comment.
Comment by Jon - BMR — December 6, 2018 @ 8:25 pm
Jon did you get a chance to interview Lightfoot today? If so will we see it soon? Tks
Comment by Dwight — December 6, 2018 @ 8:39 pm
I’ve arranged an interview with Lightfoot for tomorrow afternoon, Dwight…
Comment by Jon - BMR — December 6, 2018 @ 8:45 pm
Jon
you don’t answer any of my questions anymore so I was very surprised to see you get down on me for actually posting something actually positive regarding the GGI presentations this year and last. I was not comparing the 2 at all. I also didn’t say Regoci was responsible for the BS on the boards but he is definitely responsible for lack of communication regarding what the presentation was going to be about to the general market and to all of his investors. All investors did not get an invitation to the presentation.
Comment by GREGH — December 6, 2018 @ 8:55 pm
Will Lightfoot’s presentation be shown on the company website? Always like listening to his views. He has been spot on so far.
Comment by Patrick — December 7, 2018 @ 4:34 am
Hi Jon, I was curious if you’ll be expanding upon your comment about 2 to 3 weeks ago that smart money is getting positions into resources…
Comment by flyinthruu — December 7, 2018 @ 4:37 am
It’s on YouTube so far
Comment by donald — December 7, 2018 @ 4:37 am
I have a little bit already, flyinthru, but more when I can…
Comment by Jon - BMR — December 7, 2018 @ 4:41 am
Oh for sure. It’s been great info. Thank you.
Comment by flyinthruu — December 7, 2018 @ 4:54 am
Adding lightfoot discussion to the GGI website for all who don’t live in Van to see is a great idea. GGI has a proper tape of the mtg I suspect rather than that so so quality one that we ha e so far from an investor. When will that be up ?
Comment by Daviddaviddavid — December 7, 2018 @ 7:47 am
Presentation doesn’t come up on a youtube search. Poor communication from the company.
Comment by Patrick — December 7, 2018 @ 7:56 am
Patrick, whoever posted something on Youtube yesterday was not from the company, it was an individual in attendance…I’m sure GGI is looking at doing a clean version that can be produced and put up shortly, but these things aren’t done properly in a few hours’ time…
Comment by Jon - BMR — December 7, 2018 @ 7:59 am
Yes I’ll wait for the real stuff to come out from the company.the same traders that pushed it up are taking their money back, not sure why the panic and shock of what it’s doing this morning,, I’ve set my sights on spring.the vultures have to feed first!!!
Comment by Laddy — December 7, 2018 @ 8:12 am
Ok Jon will wait to see the real thing. This breakout in gold and silver looks very much like the real thing and should be the beginning of something very powerful. Time to load up on all those cheap shares that have been beaten up for so long. Thats if you have any money left to pick some of them up cheap. Was looking at a few cheapies earlier ABI, SPA and BHS all look dirt cheap to me.
Comment by Patrick — December 7, 2018 @ 8:50 am
hi guys,
It was great attending the GGi shareholder event. Great comment,flyinthru, about Steve raising money the proper way. I left early, but left in a very good mood. While, sitting at a loss right now, I know eventually this deposit will be proven out, and I will make money!. I for one told Steve, he is doing a great job. While, I did not speak to lightfoot, did not have the time, Jeremy was very approachable, and was available to answer any questions. It was great meeting you there Jon. You take a lot of pride in doing what you are doing, and your team is awesome! I hope GGI will have more of these shareholder events in the future. It will sure clear up all the BS that is out there! Cheers!
Comment by randd51 — December 7, 2018 @ 10:33 am
Instinet unwinding a lot of CCW shares today…tax-loss or risk-off behavior? High-volume but only one seller….
Comment by flyinthruu — December 7, 2018 @ 10:58 am
Especially BHS!!! Reported by management to be self funding sometime during Dec/Jan 2019 timeframe. On the cusp of production.
Comment by Carl — December 7, 2018 @ 3:50 pm
Thank you Randd51 for sharing and attending.I would have loved to attend but am presently out of the province.Also really would have liked to meet Jon in person and GGI.
Comment by GregJ. — December 7, 2018 @ 5:17 pm
Any update on CCW, Jon? Instinet selling did not help yesterday. Hopefully we receive results in the near future?
Comment by Vladdy — December 8, 2018 @ 8:17 am
Almost a million in volume on CCW yesterday with majority at 50. I didn’t even see the shares on L2. All hidden. Seem coordinated to actually get people filled but I could be wrong.
Comment by flyinthruu — December 8, 2018 @ 9:25 am
Vladdy, weak hands into strong hands yesterday on CCW, and I personally took advantage of Instinet’s giveaway by adding another 67,000 shares. Whoever Instinet was, he/she has no idea what’s unfolding in Gowganda right now, so this only could have been related to normal December market pressures compounded by the volatility we’ve seen on the broader indexes. Paper from Instinet yesterday was gobbled up confidently as bargain hunters kept stepping up to the plate. CCW remains comfortably within its primary uptrend channel with a 200-day SMA that continues to climb.
Comment by Jon - BMR — December 8, 2018 @ 9:41 am
Jon, companies in the past will normally announce an intersection of visual rich mineralization (ie: Voisey Bay, Diamondfields, massive sulphide). What is preventing GGI from releasing any info on the length of massive sulphide encountered on any of their holes. Should we assume that no long intervals (greater than 14m) have been hit. Interested in your opinion.
Comment by Paul — December 8, 2018 @ 10:34 am
Paul, GGI releasing visuals has been a problem with the regulators going back to last year, in part I suspect because nothing like this has ever been drilled into in British Columbia (or in many other places for that matter). Even when they wanted to give a detailed description of the massive sulphide intersection in hole 14 last year, they were prevented from doing so according to reliable sources (“it’s easy to mistake pentlandite” was apparently one of the claims). There was much GGI couldn’t say, even with the backup of XRF readings. Therefore, you haven’t seen Regoci provide a visual at all this year, except when he was forced to provide some additional information regarding the Central Zone discovery. After Lightfoot’s presentation Thursday, and the news release, if you don’t believe they have more exceptionally good holes to report, then you’re not being very discerning.
Nickel Mountain is on its way to becoming a mine and I believe that’ll be quite evident from our upcoming video series with Lightfoot after my interview with him yesterday.
Comment by Jon - BMR — December 8, 2018 @ 4:19 pm
Thanks for the reply Jon. What I believe, is reliant on what the company and people like yourself communicate to me. I saw the presentation online. My concern is has the company intersected wider intervals of massive sulphide and are some of those hits from significant step-out holes. The lab delays are another concern that I hope the company will address for the future. It is very hard to build momentum in a stock with such huge gaps between news. The company needs to address this. Also, of major concern to me would be Eric Sprott. What are his thoughts, and is there any concern of him selling in the new year.
Comment by Paul — December 9, 2018 @ 2:04 pm
Paul, Lightfoot’s presentation should give you and everyone who saw it the confidence that Nickel Mountain is very much on track – the results so far from the first 10 holes this year have been excellent despite no “feeder zone” hit right off the bat which chased away some of the speculators. No problem. As far as Sprott is concerned, he’s totally on board from what I’m hearing and I suspect he’ll be adding in the New Year when he’s allowed to. Interestingly, it’s typically investors with SMALL positions who are crowd followers, impatient, and spooked by volatile markets. Sprott’s approach should give you comfort. Look at the history of Eskay Creek, Paul – it went from discovery to production very quickly but it also took 109 holes and multiple zones for them to hit the motherlode. GGI hasn’t even drilled 50 holes yet at Nickel Mountain but they’ll be well over 100 next year. As far as the lab goes, it is what it is – you can’t do anything about it. Actually, you should view the lab delays as a blessing – a big intercept of high-grade Nickel would go over a lot better after tax loss selling season, don’t u think?
Comment by Jon - BMR — December 9, 2018 @ 3:49 pm