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7 @ 7:00 - BullMarketRun.com

February 15, 2019

7 @ 7:00

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1. Gold has traded between $1,311 and $1,321 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,316…Silver is relatively unchanged at $15.61…Copper has added 2 pennies to $2.80…Nickel has slid 5 cents to $5.52 while Zinc is 2 cents higher at $1.21…Brent Crude reached a new 2019 high this morning as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors…the international Oil benchmark pushed past $65 for the first time this year…OPEC, along with allies led by Russia, made voluntary production cuts beginning last month aimed at tightening the market…meanwhile, top exporter and de facto OPEC leader Saudi Arabia said Tuesday that it would cut over half a million barrels per day (bpd) more in March than the deal called for, sending prices surging…WTI has jumped 95 cents a barrel to $55.36 while the U.S. Dollar Index has edged up slightly to 97.10…U.S. consumer sentiment gained more than expected in early February…the University of Michigan consumer sentiment index rose to 95.5 this month from 91.2 in January, preliminary data showed…with a deadline looming, U.S. and Chinese negotiators will hold more talks in Washington next week aimed at ending a battle over Beijing’s technology ambitions…the announcement Friday came after U.S. Trade Representative Robert Lighthizer told Chinese President Xi Jinping that negotiators “made headway” in talks this week in Beijing…

2. Copper prices will surge over the next 6 years, peaking at $10,000 per tonne amid lack of supply and increasing demand for green technology, according to a just-released report from Capital Economics“Constrained supply growth and surging demand from electric vehicles mean that we think that the price of Copper will rise by over 60%, to nearly $10,000 per tonne, by 2025…this rally is almost 3 times higher than consensus estimates,” Capital Economics‘ senior commodities economist Ross Strachan wrote…the supply deficit will continue to support higher prices until 2027, the report said…“A price of around $7,000 per tonne in real 2018 terms is needed to encourage enough new mines to balance the market.  Prices are currently around 15% lower. Moreover, even when investment decisions are made, it will typically take at least 3 years before production begins,” Strachan added…demand for Copper is set to increase in the next 2 decades, growing on average by 2.3% year, the report projects…

3. The economically illiterate Loony Left in New York just killed 25,000 high-paying jobs (average of $150,000 a year) in that state and they’re celebrating…in a statement issued yesterday, Amazon (AMZN,. NASDAQ) cited the lack of cooperation from certain elected officials as part of its reason to leave New York…“For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term,” the company said in a statement…Alexandria Ocasio-Cortez, the new darling of the whacky far left in the United States, and an outspoken opponent of the new Amazon headquarters, tweeted that “anything is possible,” taking a victory lap upon hearing the news…killing 25,000 high-paying jobs isn’t enough for AOC, however…her “Green New Deal”, supported by a growing number of Trump-hating Democrats, is an existential threat to America (and Canada), and reveals how “climate change” extremists have a much deeper agenda…the boogeyman of “climate change”  has been used all along as a means to an end, and the ultimate goal is to bring socialism to the United States and Canada (Canada is already halfway there)…

4. Canopy Growth (WEED, TSX) generated $97.7 million in revenue in the 3 months ended December 31, including its first sales of non-medical cannabis products, up from $21.7 million in the previous year’s fiscal 3rd quarter…the Ontario-based company recorded a loss from operations for the quarter, but turned a net profit due to gains on the fair value of its assets and liabilities…loss from operations was $157.2 million, compared with a loss of $26 million a year earlier…net income attributable to shareholders, including net gains on the fair value of its assets, was $67.6 million or 22 cents per basic share, up from $1.6 million or 1 cent per basic share a year earlier…“Our successful first full quarter with recreational sales in Canada reinforces our long held strategy of making meaningful investments early in order to secure market share,” stated Bruce Linton, Chairman & Co-CEO…“With a strong cash position, we added strategic assets and IP through acquisitions to accelerate the sophistication of our inputs with ebbu, and our consumer-facing outputs with Storz and Bickel.  The Canadian recreational cannabis market will be dominated in the long term by businesses delivering excellent products and consumer experiences.  Sales from the first wave of products and retail environments launched in the 3rd quarter demonstrate that we are capturing consumers’ attention”Canopy’s international sales accounted for 16% of its medical revenues in the quarter…a particular focus was Germany, where the company sold 204 kilograms at an average price of $13.28 per gram…although Canopy has not started selling into the U.S., where cannabis remains illegal at the federal level, it is beginning to position itself to enter the market…after the passage of legislation in the U.S. removing hemp-derived cannabidiol from the Controlled Substances Act in December, Canopy announced that it would invest between $100 million (U.S.) and $150 million (U.S.) in an Hemp Industrial Park in the state of New York…in the fall, Canopy acquired a hemp-focused research firm in Colorado called Ebbu Inc. for more than $400 million (Canadian) in stock and cash…

5. The legal marijuana system in Canada is far from working properly yet, which should come as no surprise given the extent of government involvement…what a tangled web Trudeau has weaved – with inflated prices, bans on edibles, heavy regulation of cultivators and limits on private retailing, consumers continue dialling up their friendly neighbourhood dealer to avoid all that…according to Statistics Canada, government pot is still about 50% more expensive than the black market stuff that Trudeau insisted would disappear – that was his argument for legalizing marijuana, eliminating the black market…users may be willing to pay a premium for legality, but not nearly as many of them as Trudeau hoped…unlike their legal counterparts, Canada’s black market dealers have plenty of supply and continued demand…

6. The Dow has jumped 282 points through the first 30 minutes of trading…stocks are surging amid increasing hopes for a U.S.-China trade deal with equities on pace to post another solid weekly gain, the 8th in a row for the Dow and the NASDAQ and the 7th straight for the S&P 500…in Toronto, the TSX has gained 86 points….Pretium Resources (PVG, TSX) is under pressure in early trading after reporting Q4 full-year 2018 financials…investors still see under-performance on the operations side, even though the company’s all-in-sustaining cost for the 2nd half of 2018 was $745 (U.S.) per ounce, well within guidance, while it has also posted positive adjusted earnings for 6 quarters in a row – every quarter since the start of commercial production…Imperial Metals (III, TSX-V) has enjoyed its best back-to-back volume sessions since September with the share price hitting its best level ($2.16) yesterday in nearly 5 months…New Gold (NGD, TSX) remains under pressure after the company released disappointing 2019 guidance in the eyes of investors yesterday, though new President and CEO Renaud Adams may have deliberately set the bar low in order to exceed expectations through the balance of the year…the Venture is up 2 points at 611 as of 7:00 am Pacific…the Venture’s EMA(20) has been providing support this week during a healthy minor pullback that helps set the stage for what should be a strong finish to the month…the first reversal to the upside since the 2nd half of 2017 has occurred in the SMA(50), a very reliable trend indicator for the Index

7. The Globe and Mail reported this morning that SNC-Lavalin (SNC, TSX) has been one of the leading recipients of support from the federal export agency, obtaining at least $2 billion in loans over the past 2 decades, and possibly billions more…a triple-bylined item led by Geoffrey York says that much of the support – at least $800 million in loans and as much as $1.7-billion – was provided to SNC after news broke of an RCMP investigation into alleged corruption at the company in 2011…since then, the engineering company has faced corruption allegations in Canada, 2 Asian countries and 3 African countries….Federal prosecutors charged SNC in 2015 with bribery and corruption in connection with its dealings in Libya…a Globe analysis shows that SNC has received billions of dollars in federal support in 19 separate loans from Export Development Canada…SNC joins companies such as Enbridge and Brookfield as the top recipients of financial aid from the federal export agency over the past 18 years…citing “commercial confidentiality,” EDC refuses to disclose the exact amount of each of its transactions…the EDC has provided $2 billion to $4.3 billion in loans to SNC-Lavalin or its customers since 2002…when will Canadian politicians start doing things differently?…

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6 Comments

  1. Hi Jon,
    Any thoughts on CCW’s after hours NR today? I am not sure I get it. Something big is definitely up, but why this NR?
    TIA,
    Frank

    Comment by Frank — February 15, 2019 @ 1:55 pm

  2. Any thoughts on CCW? Frank really toying with investors patience. Disappointing to say the least.

    Comment by Vladdy — February 15, 2019 @ 2:17 pm

  3. There are a number of plays testing our patients, PATIENTS FOLKS!!! Geepers..

    Comment by Laddy — February 16, 2019 @ 10:23 am

  4. Patience is a virtue. Gives us time to read up on fine-grain pyrite.

    Comment by Gojira — February 16, 2019 @ 3:02 pm

  5. IMR investors caught on to it pretty quickly on Tuesday, Gojira; it’s what geos in the area are most excited to see when it comes to sulphides, next to visible Gold, within their model for Gold mineralization and deposits which includes the faulting, favorable alteration and veining…

    Comment by Jon - BMR — February 16, 2019 @ 3:30 pm

  6. The problem with CCW, compared to IMR, is that they haven’t updated the shareholders on the under-ground assays since the 3 holes in November. Secondly, nothing on RE-20x either. The new zone is more understandable with it’s delays…..most recent also. At the end of the day, something is definitely up. Just wondering if you are at liberty to expand slightly further on what you wrote to Gojira? Is there a LOI, etc……..
    Thanks in advance,
    Frank

    Comment by Frank — February 17, 2019 @ 1:20 pm

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