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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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July 18, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for helpful updates and information!

1. Gold has traded between $1,414 and $1,424 so far todayas of 7:00 am Pacific, bullion has retreated $9 an ounce to $1,417…global Gold ETFs registered their biggest daily inflow in almost 4 weeks yesterday, according to Commerzbank, as holdings rose by 7.4 tonnes…Silver, outrunning Gold this week, has added another 8 cents to $16.02…this is a resistance level on the short-term chart, so it’s possible Silver may briefly digest its gains before vigorously pushing through $16 toward $17…the long-term Silver chart is pointing to a hugely significant breakout above a multi-year downtrend line…Nickel continues its winning ways, up another 27 cents at $6.74…Copper and Zinc are both steady at $2.70 and $1.12, respectively…Crude Oil has eased off 40 cents to $56.38 despite news that Iranian forces have seized a foreign tanker, according to the rogue nation’s state news agency…the Islamic Revolutionary Guard Corps took possession of a vessel carrying what they said was 1 million liters of smuggled fuel near the island of Larak in the Persian Gulf on Sunday…further details about the vessel, such as its nationality, weren’t disclosed…

2. Nickel is enlivening an otherwise torpid summer for the base metals complex as it’s on a bull charge in both London and Shanghai with the strong possibility of new multi-year highs this summer…Chinese speculators are surging into the Shanghai Futures Exchange Nickel contract…the trigger for this collective exuberance was Indonesia’s reaffirmation that it will stop allowing the export of unprocessed Nickel ore in 2022…Indonesia’s mining ministry forecasts that there will be 22 Nickel smelters operating in the country by that stage…that may be on the optimistic side but Indonesia’s policy of pushing miners towards downstream processing is undoubtedly working…all this evolving processing capacity will naturally reduce the amount of ore available for export by the time the ban comes into full force in 2022 (assuming, of course, the Indonesian government doesn’t change its mind again at that stage)…we’ll have more in a Nickel update for subscribers later today including a fresh chart that points to where Nickel prices are likely headed…demand for high quality Nickel feed is going to be more intense than ever in the years ahead due to EV’s and declining Tier 1 reserves…that’s why projects such as Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain, arguably featuring the richest magmatic Nickel massive sulphides ever found on the planet, are so critical…the hunger for high quality Nickel feed in the years ahead is going to be greater than ever…

3. TD Securities says expectations for central bankers to loosen monetary policy, coupled with worries about corporate earnings amid global trade tensions, are supportive influences for Gold“With dovish central bank expectations baked into the Gold cake, CTAs [Commodity Trading Advisers] remain comfortable with their position as prices are likely to ebb and flow within the range near $1,400/oz on equity performance, Fedspeak and economic data.  Indeed, with earnings season kicking off, any contraction in corporate profits would represent a second consecutive quarter of contraction and the first earnings recession since 2016″…worries that the trade battles have “taken a bite into corporate earnings” could ding stocks, helping Gold bounce higher, TDS added…

4. Treasury Secretary Steven Mnuchin told CNBC this morning that he and U.S. Trade Representative Robert Lighthizer will talk with Chinese counterparts later in the day but “complicated issues” remain in trade talks…“This will be the second conversation we’ve had.  There has been conversation at the staff level,” Mnuchin said in a “Squawk Box” interview…“We’re working under the direction of President Trump and President Xi from the meeting in Osaka and we’ll see where we get”…Mnuchin added that if the call went well, he would expect in-person meetings to take place…China and the U.S. agreed last month at the G-20 summit in Osaka to restart trade talks and avoid the implementation of additional tariffs…the world’s largest economies have been engaged in a trade spat for more than a year, keeping a cloud of uncertainty over the global economic outlook…The Wall Street Journal reported that U.S.-China trade talks have been at a standstill as the Trump administration weighs China’s demands to ease restrictions on telecom giant Huawei…Mnuchin said Huawei was not a sticking point on the negotiations, but “there are just a lot of complicated issues.  We were very far along [in] the deal.  We were disappointed that we went backwards on certain issues.  But if we can get a good deal, this is a great opportunity for U.S. companies and for U.S. workers”

5. Eric Sprott jumps into Discovery Metals (DSV, TSX-V)Discovery, a growing Silver play, has announced a $9 million financing at 23 cents per share, with most of it being taken by Eric Sprott…Discovery will issue 23.2 million common shares at 23 cents per share and 15.9 million subscription receipts at 23 cents per subscription receipt…Sprott is taking 17.5 million of the common shares ($4 million) and 15.9 million subscription receipts ($3.65 million)…if those subscription receipts are converted, he’ll maintain his 19.9% interest in Discovery following the completion of the company’s acquisition of Levon Resources…Taj Singh, President and CEO of Discovery commented, “We are excited to have Mr. Sprott’s support as we enter into our next phase of growth.  His investment ensures Discovery is well funded to pursue its exploration plans for its Coahuila projects (Mexico) and also for the Cordero Project, which will be added to Discovery’s portfolio upon closing of the Levon transaction.  For Discovery and Levon shareholders, Mr. Sprott’s investment is a strong endorsement of the combined company’s future business plans”…for more regarding Discovery, refer to the July 3 edition of Daniel’s Den

6. The Dow is down for the 3rd straight session, off 26 points through the first 30 minutes of tradingin Toronto, the TSX  is unchanged while the Venture has slipped 3 points on more softness in cannabis stocks…this week’s winners keep on winning…GT Gold (GTT, TSX-V) is on the verge of an important breakout through $1 with the stock steady at 96 cents as of 7:00 am Pacific…yesterday’s first drill results of the 2019 season at Saddle North were outstanding and continue to point toward a potential world class Copper-Gold porphyry system…in the Eskay Camp, a new discovery is likely to gain considerable traction in the days ahead as crews mobilize for drilling at Crystal Lake Mining’s (CLM, TSX-V) Burgundy Ridge which veteran prospectors say hosts some of the best alteration and mineralization they’ve ever seen at surface in the entire Golden Triangle…shallow RC drilling late last year combined with fresh clues from surface work this month suggest Burgundy Ridge could quickly turn into a major Copper-Gold-rich system…CLM jumped 4 cents yesterday on 1.6 million shares and is up another penny at 32 cents in early trading…besides CLM and Garibaldi, Metallis Resources (MTS, TSX-V) is starting to pick up steam in the Eskay CampMetallis crews are on the ground at Kirkham in preparation for drilling…Brixton Metals (BBB, TSX-V), which reported excellent results from its Silver-Gold rich Thorn Project on Monday, has gained 1.5 cents to 24 cents on strong volume in early trading…keep an eye on 2 other Golden Triangle plays, Dolly Varden Silver (DV, TSX-V) and Lawrence Roulston’s Auramex Resource (AUX, TSX-V)…Dolly Varden is in the midst of drilling while Auramex is getting ready to drill next month…

7. Barrick Gold (ABX, TSX; GOLD, NYSE) is flat in early trading after announcing preliminary 2nd quarter sales of 1.37 million ounces of Gold and 96 million pounds of Copper, as well as preliminary Q2 production of 1.35 million ounces of Gold and 97 million pounds of Copper…Q2 Gold costs per ounce are expected to be marginally higher than Q1 2019…the average market price for Gold in the 2nd quarter was $1,309 per ounce, while the average market price for Copper in the 2nd quarter was $2.77 per pound…preliminary Q2 Gold sales and production are in line with the solid base set in the 1st quarter and support annual production at the upper end of the 2019 group guidance range, driven by strong performances from Loulo-Gounkoto and Veladero offset by lower production at Barrick Nevada, as guided, and production interruptions at Pueblo Viejo…this is before including the impact of the Nevada Gold Mines joint venture transaction that was successfully completed on July 1 and is expected to positively impact the production outlook for the year…

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July 17, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,399 and $1,413 so far todayas of 7:00 am Pacific, bullion at its high of the morning, up $7 an ounce at $1,413…as BMR’s TA expert has been predicting, Silver prices are breaking out big-time in what’s expected to be one of the metal’s most important moves in many years…ETFs have also been posting heavy inflows in recent weeks and their buying will likely continue to accelerate…Bart Melek, head of commodity strategy at TD Securities, says investors are starting to recognize the value in the Silver market…“A lot of investors are starting to think that the Gold market has exhausted a lot of its momentum, but Silver still has a lot of room to move higher.  Investors are starting to recognize value in Silver”…Silver has jumped another 25 cents to $15.70 as it confirms a breakout above Fib. resistance in the $15.40’s on the short-term chart…more significantly, Silver is also starting to break out on its 25-year monthly chart that we closely track…we’ll have a subscriber update on that later today…Nickel continues its strong run, up 12 cents at $6.40…Copper and Zinc are both steady at $2.69 and $1.12, respectively…Crude Oil is up 32 cents at $57.94 while the U.S. Dollar Index has added one-tenth of a point to 97.30

2. Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, have contributed to a stunning drop in foreign demand for American homes…the dollar volume of homes purchased by foreign buyers from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors…the decline was due to a drop in the number and average price of purchases…foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 valued at $121 billion in the previous period…they paid a median price of $280,600,down from $290,400 the previous year…

3. Bitcoin dropped nearly 13% yesterday as U.S. lawmakers questioned Facebook (FB, NASDAQ) over its future crypto plans, intensifying scrutiny over digital coins…Bitcoin is trying to stabilize around $9,500 (U.S.) this morning after breaching the $13,000 mark last week…the cryptocurrency tumbled as the Senate Banking Committee questioned Facebook executive David Marcus about the tech giant’s plans to launch its own digital currency called Libra in 2020Facebook’s plan has raised some serious concerns, with Senator Sherrod Brown (D-Ohio) stating that the company “through scandal after scandal [showed] that it doesn’t deserve our trust” and that “we’d be crazy to give them a chance to let them experiment with people’s bank accounts”…distrust of Facebook was a theme voiced by others as well, including Republican Senator Martha McSally from Arizona…“I don’t trust you guys…instead of cleaning up your house you are launching into a new business model,” McSally said…initially, Bitcoin rallied on the news that Facebook is launching its own cryptocurrency with Bitcoin fans projecting wider global acceptance…but, soon after the announcement in June, Facebook was back in the hot seat…Facebook’s Marcus, former President of PayPal, tried to reassure the U.S. Senators, saying that Libra will not be launched until all the regulatory concerns have been addressed…“We know we need to take the time to get this right,” Marcus said…“The way we’ve built this is to separate social and financial data because we’ve heard loud and clear that they don’t want those two types of data streams connected, so this is the way the system is designed”

4. GT Gold (GTT, TSX-V) has drilled 500 m grading 0.91 g/t Au, 0.55% Cu and 1.34 g/t Ag at Saddle North (1.23% CuEq and 1.67 g/t AuEq over 500 m from 206 to 705 m)…that hole, TTD112, and 5 others released this morning, demonstrate that the high-grades identified in hole TTD108 last year continue up-dip to surface at this world class porphyry discovery in Northwest B.C.’s Red Chris district…holes TTD112 and TTD116 (0.93 g/t AuEq over 431 m from 17 m to 447 m) also show that a direct link of excellent and increasing grades identified in hole TTD108 exists between the near-surface mineralization through moderate depths to the deeper and generally highest grade mineralization at Saddle North…“This season’s drilling has started off very successfully,” remarked Charlie Greig, GT Gold’s VP Exploration…“We have shown that high-grade Cu-Au mineralization occurs closer to surface than was previously known and have linked these zones with the deep and very high-grade Cu-Au mineralization intersected last year.  Our phase one program continues to bring into clearer focus the potentially significant economics of our Saddle North discovery”GTT is up 4 cents at 94 cents as of 7:00 am Pacific and appears to be on track for a near-term breakout through the 90-cent to $1 resistance band…

5. Newest discovery in the Eskay Camp:  Crystal Lake Mining (CLM, TSX-V) has roared to life, with the company reporting a major expansion in the surface footprint of its very promising early stage Burgundy Ridge discovery at its Newmont Lake Project…crews mobilize next week for first-ever diamond drilling…4 shallow RC test holes during winter conditions last fall returned broad intervals of Copper-Gold rich mineralization in every hole including 2.6% Cu at a depth of approximately 120 m near the bottom of the last hole…Burgundy Ridge, initially discovered 6 years ago (a 3-m chip sample returned 5.1% Cu, 28.5 g/t Au and 89.7 g/t Ag) thanks to a receding glacier, features some of the most striking alteration and mineralization seen at surface anywhere in the Golden Triangle, according to multiple veteran prospectors and geologists…mapping, prospecting, sampling and hyperspectral analysis over the past 2 weeks has outlined an even larger target area (2 km x 2.5 km) wide open for further expansion…multiple “hot spots” will be the focus of initial drilling, including a significant new surface discovery 600 m west-southwest of October’s drilling discovery (a k-spar epidote altered and brecciated intrusion containing disseminated Copper sulphides in a high temperature alteration zone) in the direction of a very prominent untested gossan approximately 7.5 km away along trend…potentially, the system could be strengthening toward the west-southwest…Dr. Peter Lightfoot, Crystal Lake Technical Advisor who was instrumental in the discovery of the Golden Triangle’s first magmatic Nickel-Copper-rich massive sulphide system at Nickel Mountain, commented: “The data increasingly suggest that there is large-scale development at Burgundy Ridge of alkaline porphyritic stockwork vein systems with breccias.  These are very messy alkalic porphyries – exactly the right type of rocks – and they are associated with carbonate-bearing country rocks.  Tight correlations between Copper and Silver, Copper and Gold, and Copper and Cobalt are indicative of significant and coherent underlying mineralization processes at Burgundy Ridge, driven in part by an impressive fluid highway”CLM has jumped 4 cents to 31 cents through the first 30 minutes of trading…a powerful “Wave 5” move to new highs is interpreted to be unfolding on CLM’s long-term chart…

6. The Dow is off 2 points in early tradingin Toronto, the TSX has climbed 12 points while the Venture is off 1 point at 581 but should get a lift today from higher metal pricesSilvercrest Metals (SIL, TSX) has jumped 31 cents to $5.45 as of 7:00 am Pacific…other Silver stocks we’re tracking are also pushing higher or are on the cusp of breaking out…First Majestic (FR, TSX) is up 36 cents at $11.55 while GoGold (GGD, TSX) has added 1.5 cents to 43 cents…meanwhile, Canada Cobalt (CCW, TSX-V), which owns the high-grade Castle Silver-Cobalt mine in Northern Ontario, is on the verge of receiving an amendment to its advanced exploration permit in order to process high-grade Silver tailings in a unique and cost-effective manner through spiral concentrators underground on the 1st level of the mine…CCW is on the cusp of a breakout above its short-term downtrend line and is steady at 27 cents in early trading…Adventus Mining (ADZN, TSX-V) has arranged a $10 million bought deal financing at $1.00 per share to advance its VMS deposit in Ecuador, a JV with Salazar Resources (SRL, TSX-V)…

7. McEwen Mining (MUX, TSX) reports consolidated production for Q2 2019 of 36,216 Gold ounces and 850,525 Silver ounces, or 45,881 Gold equivalent ounces (GEOs) using the average Gold:Silver price ratio during Q2 of 88:1…the company’s San Jose and El Gallo mines, which accounted for 62% of its total Gold and Silver production in Q2, exceeded its targets…the company’s other 2 operations, the Gold Bar and Black Fox mines, performed better than in Q1, but below forecast…looking ahead, McEwen’s production guidance for the year 2019 has been reduced by 6% for Gold and is unchanged for Silver…on a Gold equivalent basis, Silver is forecast to represent 20% of the company’s 2019 consolidated production of 190,000 GEOs…MUX is up 2 pennies at $2.26 as the stock tries to gain traction above its 200-day moving average (SMA)…

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July 16, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,407 and $1,417 so far todayas of 7:00 am Pacific, bullion is off $5 an ounce at $1,409…Silver is now breaking out, jumping 21 cents to $15.57…a quick move to the $16 level appears to be in the works…ETFs have been posting heavy inflows in recent weeks and their buying will likely continue to accelerate…Nickel, on a tear, is up another 14 cents to $6.26 (see below)…Copper is steady at $2.72 while Zinc is a penny higher at $1.12…Crude Oil has added 29 cents to $59.87 while the U.S. Dollar Index has strengthened one-third of a point to 97.29…U.S. manufacturing output accelerated in June, climbing for the 2nd straight month, thanks in large part to increased production of motor vehicles and parts…the Federal Reserve says manufacturing production rose 0.4% last month, above the 0.2% expected by analysts in a Reuters‘ poll…the June numbers were stronger than the 0.2% growth seen in May, which had been the first growth of 2019 after several months of manufacturing declines or unchanged conditions…U.S. import prices fell by the most in 6 months in June, pulled down by declines in the costs of petroleum and other goods, suggesting imported inflation remains subdued…the Labor Department says import prices dropped 0.9% last month, the biggest decrease since December…the European Union’s antitrust chief is planning to open a formal investigation into Amazon (AMZN, NASDAQ) in the coming days, Bloomberg reports…the investigation itself does not come as a surprise, as the EU’s Competition Commissioner had already launched a preliminary probe into Amazon in September and was expected to announce whether a full probe would take place…the preliminary investigation focused on how Amazon uses data on its 3rd-party merchants that sell through Amazon…China is the great defender of the multilateral trading system, according to Chinese commerce minister Zhong Shan…he told the communist controlled “People’s Daily”, in a propaganda piece published yesterday, “The U.S. side has provoked economic and trade frictions against us and violated the principles of the WTO.  It is typical of unilateralism and protectionism.  We have to uphold our warrior spirit in firmly defending national and people’s interests in defending the multilateral trading system”

2. Nickel prices surged to their highest in 11 months today, propelled by buying from speculators and industrial consumers worried about potential future shortages…a key ingredient in batteries for electric vehicles (EVs), Nickel could be subject to increasingly heavy demand with an expected shift from diesel and petrol cars in the coming years…“We’ve been hearing about consistent strong Western consumer buying as the main driver of the price, probably related to EV Nickel hedging requirements,” said Nicholas Snowdon, metals analyst at Deutsche Bank in London…current estimates peg the future supply situation as less critical than forecasts from a year ago, but industrial buyers remain nervous about availability, Snowden said…“The balance has softened from a sizeable deficit to close to balance.  But it’s not a sudden swing back to significant surplus and ample availability, so I think there’s still a concern over making sure that you have enough raw materials”…as Nickel prices push through key technical levels, buying from speculators has extended the rally as commodity trading advisers’ (CTA) momentum kicks in…CTA funds often base trading decisions on chart patterns and technical levels…prices of Nickel, mainly used in the stainless steel industry, have also been boosted by worries of restricted ore supplies from major producer Indonesia because of a planned 2022 export ban…LME nickel has been the best-performing base metal this year with gains of 31% while most other base metals have fallen…

3. Never underestimate the American consumer: American shoppers increased their spending more than the so-called experts expected in June, despite a drop in gasoline prices, wrapping up a solid quarter for the resilient U.S. consumer…retail sales, a measure of purchases at stores, at restaurants and online, rose a seasonally adjusted 0.4% in June from a month earlier, the Commerce Department reported this morning…the June rise exceeded economists’ forecast for retail sales to increase by only 0.1% last month…4 consecutive months of rising retail sales suggests consumers remain a deep reservoir of strength for the U.S. economy…from a year earlier, retail sales were up 3.4% in June, and sales in April and May both logged in at 0.4%…consumer spending is the main source of demand in the U.S. economy, fuelling more than two-thirds of economic output…better-than-expected retail sales growth last month will feed into the broader pace of economic growth for the 2nd quarter…

4. Another reason Gold is at record highs in many currencies – falling interest rates have fuelled a fresh borrowing bonanza in the 1st quarter of 2019 with emerging market debt soaring to record highs and the global debt stock bulging by $3 trillion (U.S.), according to a report just released by the Institute of International Finance (IIF)…debt owed by governments, companies, financial institutions and households across developing economies soared to $69.1 trillion (U.S.) or 216% of GDP from $68.9 trillion a year earlier….debt-to-GDP ratios had risen at the fastest pace in Chile, Korea, Brazil, South Africa, Pakistan and China over the past year, the IIF found…“The persistent economy-wide increase in EM borrowing continues to feed into higher contingent liabilities for many sovereigns,” IIF deputy director Emre Tiftik wrote in a note…“Growing reliance on short-term debt leaves many emerging markets exposed to sudden shifts in global risk appetite,” Tiftik said, adding some $3 trillion of emerging market bonds and syndicated loans are coming due through end-2020 – a third of which were U.S. dollar denominated…across developed markets, the 1st quarter increase was chiefly driven by a buildup in government debt, which added $1 trillion…Finland, Canada and Japan have seen the biggest increase in debt-to-GDP ratios over the past year while some euro area economies, notably the Netherlands, Ireland and Portugal, have continued with deleveraging…

5. Thanks to a careful review of historical data, Great Bear Resources (GBR, TSX-V) has discovered the new high-grade Yuma Gold zone at its 100%-owned Dixie Project in the Red Lake district…like the recently discovered Bear-Rimini zone, Yuma is also hosted by the “LP Fault”, an 18-km-long Gold-bearing deep-seated crustal structure at Dixie…an historic drill hole (DC-1207) completed in 2007 is a 1.4-kilometre step-out to the southeast along the LP Fault from Great Bear’s Bear-Rimini discovery hole DNW-011, and was the only other hole to be drilled to-date into the footwall of the LP Fault…the final meters of DC-12-07 intersected silicified volcanic rocks visibly similar to those which yielded high-grade Gold at the Bear-Rimini discovery…lower-grade Gold mineralization was also intersected higher up the hole within the LP Fault, as was also the case in the Bear-Rimini zone…Great Bear’s geologists noted sparse fine visible Gold within strongly silicified felsic volcanic rocks towards the end of DC-12-07, where the company projected the Bear-Rimini zone’s on-strike Gold mineralization could occur…past operators had recorded this interval as un-mineralized and it had not been sampled…Great Bear sampled the previously uncut core, which assayed 5.5 m of 4.1 g/t beginning at 193.5 m downhole, including 2 m  of 10.6 g/t and including 0.5 m of 36.9 g/t…the historical hole had been terminated prematurely…2 historical drill holes were subsequently re-entered and extended by Great Bear…both holes intersected similar silicified geology to drill hole DC-12-07 and assays are pending…Chris Taylor, President and CEO of Great Bear said, “This is the cheapest discovery hole we’ve ever had, since the high-grade visible Gold interval was sitting unreported for 12 years in drill core stored on the property”

6. The Dow is flat through the first 30 minutes of tradingGoldman Sachs (GS, NYSE) beat Wall Street’s expectations for 2nd-quarter results today with outperformance in its investment banking and trading division...so far, just over 5% of S&P 500 companies have reported calendar Q2 results, according to FactSet…of those companies, more than 85% have posted better-than-expected earnings…in Toronto, the TSX is down 16 points while the Venture is flat at 579 as of 7:00 am PacificBrixton Metals (BBB, TSX-V), which soared 80% yesterday on some stellar drill results from its Thorn Project in Northwest B.C., is up half a penny at 24 cents on strong volume in early trading…it pushed as high as 27 cents shortly after the open before retreating to 20 cents on profit-taking…the long-term chart shows a breakout on record volume (volume is one of the best indicators of all) above a downtrend line going back to 2016Brixton also has the wind at its back from higher Silver prices…Garibaldi Resources (GGI, TSX-V) has eased off slightly after hitting a new 9-month high of $1.73 during trading yesterday…technically, very bullish chart dynamics (similar to 2017) suggest big things are in the works at Nickel Mountain…Great Bear (GBR, TSX-V) is up 28 cents at $4.80 on this morning’s news as it rapidly approaches the $5 level for the first time…Adventus Mining (ADZN, TSX-V) touched an all-time high of $1.16 in early trading…ADZN and Salazar Resources (SRL, TSX-V) are well-positioned for a strong 2nd half of 2019 as they make further progress with their VMS play in Ecuador…

7The Trump administration has raised national security concerns about Facebook’s (FB, NASDAQ) plans to launch a cryptocurrency as a growing chorus of U.S. and international officials voiced resistance to the tech giant operating its own digital money…“Many players have attempted to use cryptocurrencies to fund their malign behavior.  This is indeed a national security issue,” Treasury Secretary Steven Mnuchin said in remarks at a news briefing yesterday…should Facebook develop its digital coin, called Libra, to “have a payments system correctly with proper (anti-money-laundering safeguards), that’s fine,” Mnuchin said…but, he cautioned, “They’ve got a lot of work to do to convince us to get to that place”…Mnuchin’s remarks came just a day before Facebook executive David Marcus is set to take the hot seat in a Senate Banking Committee hearing…testimony that Marcus prepared for the panel sought to quell worries, similar to those already voiced by President Trump and Fed Chairman Jerome Powell, about Facebook’s foray into crypto and its potential impact on global currencies and central banks…meanwhile, Trump tweeted this morning that that the administration will “take a look” at Google following statements just made by billionaire tech investor Peter Thiel…“Billionaire Tech Investor Peter Thiel believes Google should be investigated for treason,” Trump said…“He accuses Google of working with the Chinese Government.  A great and brilliant guy who knows this subject better than anyone!  The Trump Administration will take a look!”

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July 15, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,410 and $1,418 so far todayas of 7:00 am Pacific, bullion is off $2 an ounce at $1,413…Silver has jumped 8 cents to $15.28…Silver ETFs have been posting heavy inflows in recent weeks, a precursor to a price breakout in the metal…“Holdings were topped up by 267 tonnes last week, by a good 540 tonnes since the beginning of the month, and even by over 1,000 tonnes since the start of June, when the inflows began,” stated Commerzbank…Nickel keeps pushing higher, up 3 pennies at $6.06…Copper has added 4 cents to $2.72 while Zinc is unchanged at $1.11…Crude Oil has slipped 7 cents to $60.14 while the U.S. Dollar Index is up slightly at 96.86…the New York Federal Reserve said this morning that its gauge of business growth in New York state recorded its biggest increase in more than 2 years in July, returning to positive territory to suggest regional activity was expanding again…the index’s increase reversed the prior month’s record 26-point drop that had stoked concerns about a sudden contraction in business activity across the state…

2. China’s economy grew at 6.2% year-on-year in the 2nd quarter, down from 6.4% in the previous quarter and its slowest pace since the early 1990’s as trade tensions with the U.S. hit investor sentiment…the Chinese economy will continue to face “downward pressure” in the 2nd half of this year, the country’s National Bureau of Statistics said in a statement…“The Chinese economy is still in a complex and grave situation,” it said…“Global growth has slowed and external uncertainties are on the rise”Beijing and Washington recently agreed to a temporary truce in their months-long trade battle and are planning to restart talks…White House trade adviser Peter Navarro said in an interview with CNBC on Friday that Trade Representative Robert Lighthizer will travel to Beijing with Treasury Secretary Steven Mnuchin in the near future…but many questions remain over whether the 2 sides can reach a deal to remove tariffs introduced over the past 12 months (and prevent new ones from being introduced)…Chinese officials might also be misreading the U.S. political situation, thinking Trump will lose in the 2020 elections…

3. Pakistan has been ordered to pay nearly $6 billion in damages by a World Bank arbitration court to Tethyan Copper, a joint venture between Antofagasta and Barrick Gold…the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) made the ruling in favor of Tethyan Copper back in 2017 but announced the amount in damages owed only just 3 days ago…the fine consists of a penalty totalling $4.08 billion and interest amounting to $1.87 billionTethyan Copper sought $11.43 billion in damages…the arbitration court is yet to release all the details about its ruling…the case centered on the massive Reko Diq Copper and Gold deposit discovered by Tethyan Copper more than a decade ago…it’s located at the foot of an extinct volcano near Pakistan’s border with Iran and Afghanistan…prior to an abrupt rejection of the company’s mining lease, Tethyan had completed a feasibility study showing that Reko Diq is one of the world’s largest undeveloped Copper and Gold deposits with a potential mine life of over 50 years and an estimated initial capital investment of over $3 billion (U.S.)…

4. First Majestic Silver’s (FR, TSX; AG, NYSE) total production in the 2nd quarter of 2019 reached 6.4 million Silver equivalent ounces, representing a 2% increase compared with the prior quarter…total production consisted of 3.2 million ounces of Silver, 33,576 ounces of Gold, 2.5 million pounds of Lead and 1.4 million pounds of Zinc…in the 1st half of 2019, total production reached 12.7 million ounces, or approximately 49% of the company’s guidance midpoint of producing 24.7 to 27.5 million Silver equivalent ounces in 2019“Our two primary assets, the San Dimas and Santa Elena mines, saw strong growth during the quarter, producing approximately 80% of our total metal production,” said Keith Neumeyer, President and CEO…“San Dimas continues to exceed guidance due to higher than expected grades and mining rates from the Jessica and Victoria veins.  At Santa Elena, the newly installed HIG mill is in its final commissioning stage and is expected to ramp up to reach design capacity of 3,000 tpd in the third quarter.  The HIG mill is anticipated to improve overall metallurgical recoveries and lower energy costs compared to traditional ball milling.  These two operations will continue to be a major focal point for future production growth and capital investments.  Last but certainly not least, I’m very proud to announce that in May we received Ermitano’s DTU permit.  This was the final permit required before initiating development activities at this high-grade Gold-Silver deposit near our Santa Elena mill.  Underground development activities are now expected to begin in the fourth quarter of 2019 with initial production in late 2020. Ermitano’s high grade resources are expected to significantly increase Santa Elena’s production profile and extend mine life for years to come”

5. The Dow is essentially unchanged through the first 30 minutes of tradingJ.P. Morgan has raised its 12-month S&P 500 forecast and told clients that the market is set for even more gains in the 2nd half as the Federal Reserve pivots toward easier monetary policy and the Trump administration looks to end an entrenched trade dispute with China…iToronto, the TSX is up 6 points while the Venture is flat at 576…the Canadian Marijuana Index is trying to rebound this morning after a brutal week in which it lost more than 10%, thanks in part to the CannTrust (TRST, TSX) scandal…according to Cowen & Co. analyst Vivien Azer, 52% of pot products are currently out of stock in Canada’s largest provinces, up slightly from June (governments can find a way to screw up anything)…CannTrust had the 4th-highest amount of product in the market after Canopy Growth, Aphria and Aurora Cannabis, meaning the shortages are likely to get worse before they get better…on the resource side, more hits in the Golden TriangleBrixton Metals (BBB, TSX-V) is a volume and price gain leader in early trading after reporting 554.7of 0.57 g/t Au, 0.24% Cu, 43.2 g/t Ag, 0.55% Zn and 0.28% Pb or 554.7 m of 1.97 g/t AuEq in drill hole THN-19150 at its Thorn Project in Northwest British Columbia…this included 136 m of 1.35 g/t Au, 0.31% Cu, 133.6 g/t Ag, 1.61% Zn and 0.89% Pb, or 5.00 g/t AuEq over 136 m…hopefully Brixton can effectively leverage the opportunity…BBB is up 2 pennies at 15 cents as of 7:00 am Pacific…CEO Gary R. Thompson stated, Brixton continues to unlock a mountain of value at the wholly-owned Thorn Project.  We are encouraged by the fact the hole exhibits an increase in mineralized porphyry clasts within the diatreme, which were not previously encountered.  The source porphyry to these mineralized clasts is yet to be discovered.  It is known that diatreme breccias and porphyry deposits tend to form in clusters.  The mineralized system at Thorn is huge; we need more drilling to prove up these zones.  Just to put this in perspective, there are 3 multi-kilometre targets on the property – the Chivas porphyry, the Camp Creek porphyry and the Outlaw sediment-hosted Gold target which are about 4 km away from one another”…drilling has extended the Oban Zone polymetallic mineralization to a depth of 651 m from the previously drilled vertical depth of 370 m for an increase of 281 m of new mineralization…

6. Chemesis International (CSI, CSE) has entered into a partnership with U.S.-based Happy Tea, a brand of CBD-(cannabidiol)-infused sachets and shots…this partnership allows Happy Tea to expand its product offering and realize cost savings by leveraging Chemesis’ extraction, finished goods manufacturing and retail distribution…Happy Tea currently offers 3 products including powdered drink mixes and flavoured oil shots comprising a blend of all-natural ingredients, antioxidants and are infused with 10mg of CBD…consumers can purchase these products individually or subscribe to monthly deliveries, which are shipped via the company’s e-commerce sales channels across the United States…Happy Tea will leverage Chemesis‘ multi-state operations to increase production capabilities and create retail brick and mortar exposure through the companies’ distribution networks…Chemesis has no Canadian exposure – it’s focused solely on the U.S., Colombia and Puerto Rico…

7The recent election of a Chinese official to a top U.N. organization is the latest sign of a steadily growing influence of China at the badly flawed world body – something the U.S. is viewing as a “concerted push” by China to advance its interests and authoritarian agenda abroad…Qu Dongyu, a Chinese government official, has been elected as the next director-general of the Food and Agriculture Organization, meaning that Chinese officials now run 4 out of 15 specialized U.N. agencies…the U.S. does not head any of the 15 agencies…the Chinese have been vigorously trying to expand their influence at the U.N. and other international organizations for a while now…the first Chinese national to head a specialized U.N. agency was at the World Health Organization (WHO) in 2007…Gordon Chang, an expert on China and East Asia, urged a more forceful response in facing China’s ambition, and warned that the U.S. is now in “an existential contest with the Chinese Communist Party.  That means we must, among other things, oppose at every turn China’s participation in U.N. bodies,” he said…

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July 12, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,403 and $1,413 so far todayas of 7:00 am Pacific, bullion is up $4 an ounce at $1,407…Silver has added a penny to $15.10…Nickel continues to lead base metals, up another 6 cents a pound to $5.97…Nickel prices have touched their highest in more than 3 months on worries that major producer Indonesia will resume an export ban on ore in 2022…Indonesia relaxed the ban on Nickel ore in 2017, but said at the time that it would last only 5 years and that exports would be restricted again in 2022…Copper and Zinc are steady at $2.68 and $1.10, respectively…Crude Oil has added 23 cents a barrel to $60.43…a tropical storm brewing in the Gulf of Mexico has helped boost the price of Oil and refined energy products this week, a development that could temporarily lift fuel costs for consumers depending on the severity of the storm…the U.S. Dollar Index is off slightly at 97.02…U.S. producer prices rose slightly in June as the cost of energy and other goods fell for a 2nd straight month, offsetting an acceleration in services, leading to the smallest annual increase in producer inflation in nearly 2-and-a-half years…the Labor Department said this morning that its producer price index for final demand edged up 0.1% last month after a similar gain in May…in the 12 months through June, the PPI rose 1.7%, the smallest gain since January 2017, slowing further from a 1.8% increase in May…euro zone industrial production rose more than expected in May, offsetting declines in the past 2 months and defying gloomy forecasts caused by prolonged trade tensions…EU statistics agency Eurostat said euro zone factory output increased by 0.9% in May on the month, above market consensus expectations of a 0.2% rise…

2. Singapore’s economy unexpectedly contracted in the 2nd quarter as exports continued to plunge amid a weakening global economy…GDP in the trade-reliant city state declined an annualized 3.4% in the quarter (much more than expected) compared with the first 3 months of the year…Singapore’s heavy reliance on trade and its complicated integration in regional and global supply chains makes it vulnerable to a slowdown in world growth…exports have already taken a big hit over the past few months, with shipments plunging in May by the most since early 2013

3. White House trade advisor Peter Navarro told CNBC’s “Squawk Box” this morning that reports on U.S.-China trade talks are not reliable, even calling stories in The Wall Street Journal “garbage”Navarro added, “My advice for investors is to be patient with the process and don’t believe anything you read in either the Chinese or the U.S. press about these negotiations unless it comes from the mouth of either the President or advisor Lighthizer.  There’s just going to be a lot of garbage coming out of The Wall Street Journal and the People’s Daily and everything in between.  I’ve seen this movie before.  There were all sorts of stories written and they were designed to shape the negotiations and they didn’t have any insight into them”

4. In a series of tweets late yesterday, President Trump talked up the greenback and said he’s “not a fan” of cryptocurrencies, suggesting that Facebook (FB, NASDAQ) may need a banking charter if the company wants to launch the digital token Libra…Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.  If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” the President tweeted…Trump is not the only one who has criticized Facebook’s plan to introduce Libra…Fed Chair Jerome Powell, French Finance minister Bruno Le Marie and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra…

5. The Dow has climbed another 137 points in early trading after topping the 27,000 level for the first time ever yesterday…iToronto, the TSX has lost 15 points while the Venture is 1 point lower at 579 as of 7:00 am Pacific…it hasn’t been a good week for cannabis stocks (impacting the Venture) as more cracks begin to appear in the sector…the Canadian Marijuana Index has lost nearly 8% this week and market leader Canopy Growth (WEED, TSX; CGC, NYSE) has fallen below its 300-day moving average (SMA) and a long-term uptrend line…meanwhile, nearly 50% has been wiped off the value of CannTrust Holdings (TRST, TSX) this week with a 9th analyst downgrading the stock following news Monday that Health Canada discovered that the company had been growing cannabis in 5 unlicensed rooms between October 2018 and March 2019 while inaccurate information was also provided to the regulator by Can’t Trust employees…the company, a former employee and whistleblower alleges, took extensive measures such as hanging white poly walls to hide thousands of cannabis plants from Health Canada…TRST has sunk to its lowest point since October 2017 and Bay Street analysts are now openly questioning whether the company will lose its growing licence…TRST also faces the possibility that it will be forced to destroy thousands of kilograms of cannabis, worth tens of millions of dollars…Canaccord Genuity analyst Derek Dley said in a note, “Clearly, the major concern among investors at this point is whether Health Canada will look to make an example out of Canntrust and potentially pull the company’s production licence”BMO has commenced coverage on Barkerville Gold Mines (BGM, TSX-V) with an “outperform speculative” rating and a share target of 80 cents…BMO analyst Andrew Mikitchook says the rating reflects “an expected revaluation as the company delivers development milestones on its 100%-owned Cariboo Gold Project.  In our opinion, the market will be watching for positive fast-tracked milestones in 2019 and 2020 toward initial production of 180,000 oz/year.  We expect the upcoming PEA and Feasibility to represent milestones that progress the project closer to a development decision and financing arrangements in 2020 that should represent more substantial revaluation catalysts”Gold Standard Ventures (GSV, TSX) has increased the size of its previously announced public offering to 15 million shares, at a price of $1.22 per share, for total gross proceeds of $18.3 million…the financing is expected to close by month-end…

6Cannabis investors can bank on more losses in the 2nd half of the year and maybe a surprise stack of writedowns…a Bloomberg dispatch to the Financial Post reports that although pot stocks enjoyed a heady start in 2019 due to global marijuana legalization efforts and the burgeoning use of CBD as a wellness product, backers are starting to judge their investments by profitability instead of hype, and patience is wearing thin…of the 5 largest Canadian pot companies, only Cronos Group (CRON, TSX, NASDAQ) is expected to report adjusted net income by the final quarter of the year…instead of profit, writedowns related to unfinished inventory may be in the offing for some Canadian companies…that has some investors voting with their feet, moving out of Canada and into the United States, where the marijuana companies are generally performing better despite a patchwork of state-by-state regulations…Purpose Investments‘ Greg Taylor says, “It’s symbolic that the Canadian guys have really not been able to deliver on some of their expectations and the American companies have”

7. The U.S. isn’t without its own problems, though, on the cannabis side…CNBC reported this morning that an underground economy is cutting into the profits of legal cannabis businesses…the illegal market in cannabis totals about $70 billion nationwide, 7 times the legal market, according to New Frontier Data…so far in 2019, the LAPD has arrested 277 people in connection with raids at unlicensed cannabis businesses with a total of 562 arrests last year…a team of CNBC producers carrying hidden cameras visited 10 illegal cannabis dispensaries across Los Angeles, and captured illegal activity inside, which authorities say is a significant problem…

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July 11, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,411 and $1,426 so far todayas of 7:00 am Pacific, bullion is off $5 an ounce at $1,414…the World Gold Council (WGC), in an outlook report released this morning, calls for Gold prices to remain strong this year due to expectations for softer monetary policy and continued central bank buying…further, much of the world’s bond yields are either negative or else real yields – adjusted for inflation – are below 1%, not offering investors much return in this market…during the next 6 to 12 months, the WGC said, Gold investment demand is likely to be underpinned by financial market uncertainty and accommodative monetary policy…“Weaker economic growth may soften Gold consumer demand near-term, but structural economic reforms in India and China will likely support long-term demand,” the WGC added…Silver is off a penny at $15.19…Nickel, at a 3-month high, has jumped a dime to $5.91…Nickel inventories in LME-registered warehouses are the lowest since 2013 at 153,612 tonnes…there was also a global deficit of 27,200 tonnes over January-April in the 2.4 million tonne-a-year Nickel market, according to the International Nickel Study Group…Copper and Zinc are steady at $2.68 and $1.09, respectively…Crude Oil has gained 30 cents to $60.30 while the U.S. Dollar Index has slipped one-tenth of a point to 97.02….

2U.S. underlying consumer prices increased by the most in nearly 1.5 years years in June amid solid gains in the costs of a range of goods and services, though this won’t change expectations of a Fed interest rate cut at the end of the month…the Labor Department said this morning that its consumer price index excluding the volatile food and energy components rose 0.3% last month, more than expected…that’s also the largest increase since January 2018 and followed 4 straight monthly gains of 0.1%…the so-called core CPI was boosted by strong increases in the prices for apparel, used cars and trucks, as well as household furnishings…however, the Fed, which has a 2% inflation target, tracks the PCE price index (core personal consumption expenditures) for monetary policy…that inflation measure increased by only 1.5% year-on-year in May and has undershot its target throughout 2019…Fed Chairman Jerome Powell told lawmakers the central bank would “act as appropriate” to protect the economy from rising risks such as trade tensions and slowing global growth…he also said “there is a risk that weak inflation will be even more persistent than we currently anticipate”

3. Prime Minister Trudeau proudly introduced his party’s new candidate for a riding in Montreal last night, staunch anti-Oil radical environmentalist Stephen Guilbeault who helped found “Equiterre” in the early 1990’s and later worked for a decade in a high position for Greenpeace…the globalist Guilbeault (his loyalties aren’t with Canada) is vehemently opposed to the Trans Mountain pipeline and has labelled Canada a “dirty Oil producer” while his province of course imports Oil from hideous regimes in the Middle East…Guilbeault will be a star candidate for the Liberals in the Montreal riding of Laurier-Sainte-Marie and the party hopes his name recognition and environmentalist credentials will allow it to take the Laurier seat away from the NDP and increase the Liberals’ presence in Quebec…“I find in the Liberal party everything I need to continue the fight against climate change,” stated Guilebeault who will never let facts get in the way of his climate change alarmism…accepting Guilbeault as a candidate will reinforce Western Canadians’ strong distrust of Trudeau who will decimate Canada’s resource sector if he is re-elected in October…

4. Marathon Gold (MOZ, TSX) has intersected 72 m grading 4.2 g/t Au, 24 m @ 6.9 g/t and 10 g/t over 19 m in separate drill holes (infill) along the Main zone corridor of its Leprechaun deposit in the Valentine Gold Camp…these drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main zone corridor, are part of the series of planned infill drill holes that will cover a more than 800-m strike length of the Main zone corridor…these holes are designed to penetrate down through the shallow SW dipping, stacked Gold-bearing QTP-Au veins which form the dominant vein orientation within the Main zone corridor of the Leprechaun deposit, increasing the width of the corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open-pit into potential future underground resource development…the current drilling program is designed both to further confirm the geological model for the Leprechaun deposit and to continue to upgrade Inferred resource material into the Measured and Indicated categories…“These new wide intervals of high-grade Gold at Leprechaun continue to expand the size and grade of the high-grade Main zone while the lower grades in the hanging wall will assist in reducing the overall strip ratio of the Leprechaun open-pit,” said Phillip Walford, President and CEO of Marathon Gold…”The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main zone.  Drilling has commenced at the Marathon deposit and we look forward to the new Leprechaun deposit resource estimation due in September”

5Gran Colombia Gold (GCM, TSX), a strong performing Gold stock the year, produced a total of 18,882 ounces of Gold in June, bringing the total for the 2nd quarter to 57,882 ounces, up 9% from the 2nd quarter of 2018…for the 1st half of 2019 the company produced a total of 118,483 ounces, up 12% over the 1st half last year…this brings the trailing 12 months’ total production at the end of June to 230,906 ounces, up 6% over 2018’s annual production and above the top end of Gran Colombia’s initial guidance range for 2019 of between 210,000 and 225,000 ounces…CEO Lombardo Paredes commented, “We turned in another strong quarter of operating performance in the 2nd quarter of 2019 led by our flagship Segovia Operations.  The final phase of the expansion of the Maria Dama plant to 1,500 tonnes per day was completed earlier this month, giving us the additional capacity required to handle our expected near term growth.  In light of our first half results, we now feel confident in raising our annual production guidance for 2019 to between 225,000 and 240,000 ounces of Gold

6. The Dow has surged 142 points in early trading, topping the 27,000 level for the first time ever…iToronto, the TSX has retreated 8 points while the Venture is 2 points lower at 583 as of 7:00 am Pacific…high flier Martello Resources (MTLO, TSX-V), which ran into resistance as expected at 90 cents, is up 4 cents at 68 cents in early trading after finding support (Fib.) in the upper 50’s…the company announced this morning that it will release financial results for the 4th quarter and 2019 fiscal year pre-market July 17…they’ll have to be stellar to keep momentum going in this play…Mountain Boy (MTB, TSX-V), which has been quiet in recent months, announced this morning that permitting is on track to conduct drilling this summer at its American Creek Project in the Stewart Camp…the highly prospective American Creek Corridor is 20 km north of the deep-water port at Stewart…the 26 sq. km project includes the historic Mountain Boy high-grade Silver mine which last operated in the 1930’s“The spectacular Gold and Silver values found in this area are now better understood in terms of our emerging geological model,” commented Lawrence Roulston, CEO…“Four historic high-grade mines, either on the Mountain Boy property or immediately adjacent, are now recognized as being part of a large and robust geological system similar to those which have made the Golden Triangle such a treasure trove”

7U.S. lawmakers weighed reforming pot laws in what advocates called an “historic” hearing yesterday, with numerous members of Congress saying they wanted to loosen federal laws, even legalize marijuana…“Marijuana decriminalization may be one of the very few issues upon which bipartisan agreement can still be reached in this session,” said Rep. Tom McClintock, R-Calif., adding “it ought to be crystal clear to everyone that our laws have not accomplished their goals”11 states have legalized adult recreational use and polls show that a majority of Americans support legalization…a number of bills are on the table that would reform federal marijuana laws…the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security sought input on how to reform federal laws in a hearing yesterday titled “Marijuana Laws in America: Racial Justice and the Need for Reform”…Americans can learn some lessons from Canada’s experience at legalizing marijuana…Justin Trudeau’s rationale for legalizing marijuana was that it would eliminate the black market…the funny thing is, the average cost of a gram of cannabis from the illicit market continues to drop as legal prices rise – with authorized retailers charging as much as 80% more, according to an analysis by Statistics Canada…the government agency said yesterday that the average price of an illegal gram of pot was $5.93 in the 2nd quarter, down from $6.23 in the previous quarter and $6.51 in the prior quarter…the cost of a legal gram of weed, however, was $10.65, up from $10.21 in the previous quarter and $9.82 in the 4th quarter of 2018…the share of StatsCannabis respondents purchasing pot illegally rose to 59% during the quarter, up from 55% in the 1st quarter…the cannabis black market in Canada is alive and well…

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July 10, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,389 and $1,412 so far today, getting a boost from Fed Chair Jerome Powell who’s appearing before Congressional committees today and tomorrow…as of 7:00 am Pacific, bullion is up $10 an ounce at $1,407…Powell said the economic outlook hasn’t improved in recent weeks, a strong signal the central bank will cut its benchmark short-term interest rate when officials meet at the end of the month…since June’s meeting, “It appears that uncertainties around trade tensions and concerns about the strength of the global economy continues to weigh on the U.S. economic outlook.  Inflation pressures remain muted,” Powell added, and that’s a key point – the Fed is much less concerned now about potential inflationary pressures, even in the midst of the longest economic expansion in U.S. history, and that gives the central bank a certain comfort level to go into rate-cutting mode to prolong the expansion…Silver has jumped 8 cents to $15.17…Nickel, continuing to firm, has added another 10 cents to $5.81…Copper is up 4 pennies at $2.68 while Zinc has gained 1 cent to $1.08…Crude Oil has climbed $1.69 a barrel to $59.52 while the U.S. Dollar Index, after meeting strong resistance at 97.50, has retreated one-quarter of a point to 97.24…Iron ore prices have soared by more than 68% this year, a resurgence driven by falling supplies that has led to challenging times once again for steel mills that use the material…as steel’s main ingredient, Iron ore is one of the world’s most traded commodities and can influence prices for materials used in everything from cars to skyscrapers…the global steel industry uses roughly 2 billion metric tons of Iron ore, along with metallurgical coal and recycled steel, to make 1.7 billion tons of crude steel each year, according to the World Steel Association…Iron ore is one of the best-performing assets year-to-date, trading in the $120’s which is up from roughly $73 at the start of the year and its highest level since January 2014

2. In prepared testimony to the House Financial Services Committee this morning, Fed Chair Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger…“Crosscurrents have reemerged.   Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened.  Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook”TD Securities commented, “While the bar was low for the Fed chair to meet the market’s expectations, the fact his prepared remarks beat market expectations should keep Gold prices anchored north of the $1,400/oz mark, as he opted to look past the strong jobs report and rather focus on other incoming data that suggest uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.  Gold remains the most likely winner as the precious metal has historically been the preferred choice for portfolio managers and central bankers alike”

3. The Trudeau economy lost jobs in June while the Trump economy added 224,000 – the numbers speak for themselves…this morning, as expected, Bank of Canada Governor Stephen Poloz and his deputies left the benchmark interest rate unchanged…however, they also issued a mostly dour assessment of the economy’s near-term prospects and will continue to monitor data ahead of future decisions with a particular focus on developments in the energy sector and global trade…the bank predicted economic growth in Canada this year of 1.3%, up slightly from its April forecast of 1.2%, and an expansion of 1.9% in 2020, down from its previous call of 2.1%…no Canadian should be satisfied – those numbers are well below U.S. numbers because of poor public policy choices in this country…the bank also downgraded its 2019 global growth forecast to 3% from 3.2%…“Escalating trade conflicts, geopolitical tensions and related uncertainty are contributing to the broad-based slowdown of global economic activity,” the bank said in its report…blaming global conditions for a severely under-performing Canadian economy, when the country’s largest trading partner is faring very well, is a cop out – Canada just doesn’t have its act together…

4. Great Bear Resources (GBR, TSX-V) has significantly expanded the Hinge Zone high-grade Gold discovery at its 100%-owned Dixie Project in the Red Lake district of Ontario…highlights of drill hole results released this morning include 3 m @ 23.2 g/t (DHZ-042) and 3.9 m @ 18.1 g/t (DL-048, 150 m down-plunge of previous high-grade intercepts)…all 11 drill holes reported this morning intersected 1 to 5 Gold-bearing quartz veins…Chris Taylor, President and CEO of Great Bear said, “Our strong results drove us to fast track our exploration process with aggressive new step-down drilling.  We have now hit more high-grade Gold mineralization 440 m down-plunge from surface and 150 m down-plunge from the nearest previously reported high-grade intercept.  Results suggest the Hinge Zone projects from near-surface with significant depth potential, and contains a high degree of continuity of Gold mineralization within its extensive vein network.  During 2019, we plan to test its continuity down to increasing depths, and will also drill deeper and along strike into what we interpret as at least 6 additional Gold zones with similar plunges along the 500 m strike length of the Hinge Zone vein swarm we have drilled so far”GBR is up 7 cents at $4.61 through the first 30 minutes of trading…

5. Going deep at Brucejack:  Following up on successful deep underground drilling earlier this year, Pretium Resources (PVG, TSX) is drilling a hole approximately 1.5 km below the Valley of the Kings deposit in the Eskay Camp to test both the extent of Brucejack-style mineralization and porphyry potential…hole VU-2019, which is planned to reach a length of 2,000 m, is targeting the centre of a low-resistivity anomaly approximately 1,400 m below the deposit as identified from a CSMT (controlled source magnetotelluric) geophysical program…the new hole, which is already well underway, was drilled from the 1,130-m level of the Valley of the Kings underground development at an azimuth of 40 degrees and a dip of negative 85 degrees…the orientation of VU-2019 was based on geological interpretations of key features of the Brucejack system, including geometry of late mineral dikes and potential major structures, alteration patterns, results of prior drill holes, and downhole geochemical anomalies…meanwhile, modifications and upgrades required to sustain processing at the increased production rate of 3,800 tonnes per day are progressing on schedule…underground development is accelerating to the targeted rate of 1,000 m per month, with 993 m achieved for the month of June…development is expected to continue at approximately 1,000 m per month for the remainder of the year to ensure development remains ahead of production requirements to achieve mining rates of 3,800 tonnes per day…Pretium, a prime takeover target given Breucejack’s location, profitability and high-grade resources, is up 25 cents at $13.76 as of 7:00 am Pacific

6. U.S. markets jumped to new record highs this morning after testimony from Fed Chair Powell bolstered the case for easier monetary policy…the Dow is up 183 points as of 7:00 am Pacific while the S&P has broken above the 3,000 mark for the first time ever with energy and tech sectors leading the way…iToronto, the TSX is up 76 points while the Venture has added 2 points to 587GoGold Resources (GGD, TSX) reports record production of 250,073 ounces of Silver and 2,281 ounces of Gold for 451,011 Silver equivalent ounces at its Parral Tailings Project in Mexico during the quarter ended June 30th, an increase of 6% from the previous quarter which was also a record…the company continues to focus on quality agglomeration to ensure strong recoveries are achieved…519,643 tons were placed on the heap leach pad which is an increase of 9% over the previous quarter…Brad Langille, President and CEO, stated, “This is our second quarter in a row where we have set the production record at Parral.  We’re also pleased with the progress on the SART, with the engineering nearing completion and key components procured, with construction still on schedule to be completed prior to the end of 2019″

7. More high-grade from Silvercrest Metals (SIL, TSX):  The company has released the first underground sampling results for the Babicanora Vein at its promising Las Chispas Project in the state of Sonora, Mexico…last month, Silvercrest intersected the Babicanora Vein in the high-grade Area 51 zone with the newly constructed Santa Rosa Decline and proceeded with development (3.5 m by 3.5 m drift) along the strike of the vein for approximately 35 m…during this development drifting, a total of 133 channel samples were collected from blast faces, analyzed, and compiled to determine the estimated average vein width and grade…compilation shows an average vein width in this area of 2.6 m, which is comparable to the resource block model for this area…compilation of underground sample results within the vein shows an uncut undiluted weighted average grade of 13.7 g/t Au and 1,108 g/t Ag, or 2,132 g/t AgEq…for comparison purposes, the estimated grade from the current resource block model for the mined area (undiluted but with capping applied) is 3.6 g/t Au and 592 g/t Ag, or 863 g/t AgEq…while the difference between the results is significant, the company cautions that sampling covers a small part of the resource for the Babicanora Vein and should not be considered representative…SIL is up 13 cents at $5.22 as of 7:00 am Pacific

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