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7 @ 7:00 - BullMarketRun.com

January 9, 2019

7 @ 7:00

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1. Gold has traded between $1,279 and $1,293 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,290Silver is 3 cents higher at $15.64…Palladium touched a record high of $1,342 after a Chinese official said the government was contemplating additional policies to increase domestic buying of automobiles…base metal prices are firming…Copper and Nickel are up modestly at $2.69 and $5.04, respectively, while Zinc is unchanged at $1.15Crude Oil has pushed back above $50 a barrel, up $1.40 at $51.18…this extends WTI’s recent gains to nearly 20% as a weaker dollar, U.S.-China trade talk progress and OPEC cuts combine to take commodity markets higher…the Dollar Index has fallen half a point to 95.42…the world’s largest money manager expects the Bank of Canada to hit the brakes on policy tightening this year…BlackRock says the central bank will probably hold rates steady until at least 2020 as Canadian growth cools and lower Oil prices work their way through the economy, weighing on the inflation outlook…short-end traders largely agree – overnight index swaps are barely pricing in any tightening over the next 12 months…

2. Gold holdings of global exchange-traded funds and similar products rose 3% in 2018, finishing the year strong with the 3rd straight month of net inflows in December, according to the World Gold Council (WGC)…holdings rose by 69 tonnes to 2,440 tonnes in 2018, which equated to $3.4 billion inflows…the main drivers last year were the European funds…on an absolute basis, North American funds – which tend to be more price and momentum driven – led outflows, driven by the weak performance of Gold in the 3rd quarter…these flows reversed in the 4th quarter to make up most of the previous losses…“This is the first time since 2012 that the value of total Gold-backed ETF holdings has finished the year above $100 billion (U.S.),” the WGC said…

3. Apple (AAPL, NASDAQCEO Tim Cook was notably reassuring when asked about the prospects of U.S.-China trade talks in an interview yesterday with CNBC’s Jim Cramer…Cook cast the trade-related economic weakness in China as “temporary”, saying it was in both countries “best interests” to reach an agreement…“It is a very complex trade agreement and it needs to be updated, but as I’ve said before, I’m very optimistic that this will happen,” he told Cramer…“That clearly will be good not only for us, frankly, but I think more about the world in general.  The world needs a strong U.S. and China economy for the world economy to be strong”

4. The rule of law doesn’t matter to British Columbia’s Oil-hating anti-pipeline extremists…rallies took place in the southern part of the province yesterday (David Suzuki, of course, was among the participants) in support of those arrested late Monday at a Northern B.C. anti-pipeline protest camp…more than a dozen people violated the conditions of an interim court injunction that required the removal of a blockade on a forest service road that is preventing access to a pipeline project, so it makes sense to throw these people in jail…Coastal GasLink’s 670-km pipeline is designed to transport Natural Gas from the Montney gas-producing region near Dawson Creek to the LNG Canada facility in Kitimat…the Coastal GasLink project received its Environmental Assessment Certificate in 2014 after submitting an extensive 7,200-page application to the B.C. Environmental Assessment Office (EAO) and participating in a thorough public comment period culminating in a robust 2-year environmental and technical review to obtain the permits…necessary regulatory permits from the B.C. Oil and Gas Commission (OGC) followed shortly afterward, providing the company with all the necessary regulatory permits to proceed with construction…the pipeline route travels through Wet’suwet’en First Nation territory, and all the nation’s elected leaders signed a benefits agreement…none of this matters to the Oil haters, though, who are like terrorists – you can’t negotiate with them…Canada needs to get tough with individuals who are trying to block approved projects…

5. New Gold (NGD, TSX), hitting new multi-month highs, has reported best-ever quarterly production of 77,202 ounces at its Rainy River mine in Northwest Ontario, a 39% increase over the prior quarter…the stronger operational performance achieved in September continued into the 4th quarter with the last 4 months of the year contributing 45% of the 227,284 ounces produced for 2018, achieving revised annual guidance…during 2019 the company will launch a comprehensive review that includes alternative underground mining scenarios at Rainy River with the overall objective of reducing capital costs and improving the return on investment for the underground portion of the life of mine…further details will be provided in the 2019 guidance news release scheduled for the 2nd half of January…meanwhile, New Gold’s New Afton mine in British Columbia delivered another solid quarter with Gold production of 18,778 ounces, contributing to annual production of 77,329 ounces, which exceeded the high end of annual guidance…New Afton churned out 20.8 million pounds of Copper for the quarter and 85.1 million pounds for the year, also at the high end of annual guidance…new CEO Renaud Adams commented, “It is encouraging to see the improvement in overall performance achieved at Rainy River in the final 4 months of the year. This marks a pivotal turning point for Rainy River as we reposition the asset for long-term success.  The stronger production delivered during these months allowed the operation to comfortably meet revised annual production guidance.  We begin 2019 on a positive note and we expect to build on the successes achieved at Rainy River in 2019 with a disciplined strategy of driving operational and cost-efficiencies throughout the operation.  It is with a renewed commitment that we have relaunched a development strategy for the New Afton C zone which will significantly extend the mine life of this core asset and unlock its long-term value potential. We look forward to delivering positive results from both our core assets to create sustainable shareholder value”

6. The Dow is up 187 points through the first 30 minutes of trading on continuing optimism regarding U.S.-China trade talks…the TSX has jumped 87 points with Gold producers helping out including Kirkland Lake Gold (KL, TSX) which yesterday reported record levels of quarterly and annual Gold production for Q4 and the full year…production in the 4th quarter totalled 230,993 ounces, 28% higher than the previous record of 180,155 ounces achieved in the 3rd quarter of 2018Kirkland Lake’s total production in 2018 came to 723,477 ounces, a 21% increase from 2017, and the company’s cash position at year-end stood at an impressive $332 million…the Venture has added 4 points to 592 after its 8-session winning streak was snapped yesterday…

7. The final and deepest hole of GT Gold’s (GTT, TSX-V2018 Saddle North porphyry drill program, hole TTD109, has returned the strongest intercept to date – 0.62 g/t Au, 0.36% Cu and 1.17 g/t Ag over 1,150 m including 1.28 g/t Au, 0.57% Cu and 2.30 g/t Ag over 342.5 m…results confirm the presence of a high-grade stockwork and sheeted vein-rich “core zone” encompassing grades exceeding 1.0% CuEq and 1.5 g/t AuEq on Section 5740, which reaches from near-surface (hole TTD108) to greater than 1,300 m down-dip, where it remains open, with associated true widths that approximate 100 m near-surface in hole TTD108, expanding with depth to greater than 300 m in holes TTD093, and 300 m farther down-dip in TTD109…results from the previous 10 holes at Saddle North demonstrate that this high-grade core zone extends along strike for at least 500 m to and lies within a much broader, strongly mineralized envelope which has a drilled strike length in excess of 650 metres, a true width of approximately 700 metres, and a down-dip extent of more than 1,300 m…Charlie Greig, GTT’s VP-Exploration, commented:  “As with previous holes from Saddle North, our final hole of the 2018 Saddle North drill program delivers an exceptional porphyry-style Gold-Copper intercept and it’s a great way to begin 2019.  Hole 109 confirms we have a large, high-grade system with grades increasing to depth. With broad intercepts of mineralization returning grades in excess of 1.0% or 1.5% CuEq in holes 93 and 109, we are excited by the prospects for what may lie even deeper in this system.  In just our first eleven holes at Saddle North we have outlined a truly significant Copper-Gold mineralized system consisting of a large, northwest-southeast trending zone encompassing an extensive high-grade core dipping and/or plunging steeply west-southwest.  As hole 108 has already shown, the higher-grade mineralization comes very close to surface, and a high-grade core, hundreds of metres thick, has now been demonstrated in our deeper holes”GTT should be trading higher but management’s market strategy has been clumsy…

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1 Comment

  1. An interesting tweet by CCW… https://twitter.com/canadacobalt/status/1083037317097492481

    Note #bighit

    Comment by adrobyshev — January 9, 2019 @ 10:58 pm

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