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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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January 22, 2019

7 @ 7:00

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

1. Gold has traded between $1,277 and $1,285 so far todayas of 7:00 am Pacific, Gold is up $3 an ounce at $1,282…global Gold ETF holdings are at their highest since April 2013, according to BMO Global Commodities Research…“We expect further inflows through February, as we head towards a period in March with considerable macroeconomic events with uncertain outcomes,” stated BMO analyst Colin Hamilton…meanwhile, central banks around the world are also continuing to add Gold to their reserves…“The latest IMF release show[s] Kazakhstan, Brazil, India and Russia all having additional purchases in November,” Hamilton noted…Silver, with strong technical support at $15, is up 3 pennies at $15.26…Copper is flat at $2.69…Nickel has retreated 4 cents to $5.25 while Zinc is steady at $1.17Crude Oil has pulled back 88 cents a barrel to $52.92 while the U.S. Dollar Index is up one-tenth of a point at 96.40…Ontario Premier Doug Ford has turned up the heat on Trudeau’s deeply flawed National Energy Program, warning that Ottawa’s carbon tax scheme will plunge Canada into recession…during a speech at the Economic Club of Canada yesterday, Ford said there are already signs of challenging economic times ahead and a carbon tax (which federal and state governments in the U.S. have refused to introduce) will kill jobs and hurt productivity…“I’m here today to ring the warning bell that the risk of a carbon tax recession is very, very real,” Ford said…

2. Nickel prices climbed more than 8% the past 2 weeks, hitting 10-week highs and supporting Macquarie Bank’s contention that that the metal will be the #1 commodity over the next 12 months…stockpiles are low…Macquarie also believes Nickel will be the 2nd-best performing commodity behind Uranium over the next 5 years…after Nickel very briefly touched $7 a pound last June, a 3-year high, a number of large Indonesian Nickel smelter projects were announced, stoking oversupply fears and pushing down prices…there was a widespread perception (misperception) that all of this declared Nickel tonnage could come to market at the same time and quickly – as early as the 2nd half of 2019 – but Wood Mackenzie disagrees…“Our view is that the timelines will be longer than implied so that the amount of Nickel coming to the market will be smaller, slower and more costly than so far alluded to.  This should be reassuring to the market.  In fact, a consequent absence of commissioning news in the 2nd half of 2019 should support higher prices”

3. Shale Oil will impact have “huge implications” for global energy markets for many years…that’s the view of Fatih Birol, the executive director at the International Energy Agency (IEA), who was interviewed on CNBC this morning from the World Economic Forum in Davos…“We will see huge implications of shale, both for Oil and gas, for many years to come,” he said, adding that prices in 2019 should face renewed pressure with Permian Basin output in western Texas and southeastern New Mexico set to ramp up…“A huge amount of pipeline capacity is coming in the Permian.  Sixty-six percent growth compared to previous years, so the U.S. oil industry’s ability to react to the market is much faster and bolder now”…the Paris-based IEA said last week that the United States is on track to reaffirm its position as the world’s biggest producer of Crude by volume during 2019“While the other two giants voluntarily cut output, the U.S. – already the biggest liquids supplier – will reinforce its leadership as the world’s #1 Crude producer,” the IEA said in its monthly report Friday…

4. RNC Minerals (RNX, TSX) is up another 7 cents at 74 cents on heavy volume in early trading after releasing underground drill results from 46 holes totalling 5,766 m at Beta Hunt…highlights included WFN-029 (Western Flanks) which returned 1,017 g/t Au over 2 m including 7,621 g/t over 0.27 m, and AZ15013 (A Zone near Father’s Day Vein discovery) which cut 119 g/t over 6.4 m including 1,406 g/t over half a meter (estimated true widths)…drilling was carried out in both the A Zone and Western Flanks areas of the mine, with initial holes focused on more clearly defining the sediment layer in close proximity to the Father’s Day Vein discovery and, for the first time, testing the sediment layer in Western Flanks…Mark Selby, President and CEO, stated, “After the historic Father’s Day Vein discovery, we have taken steps to test the theory that the newly identified property-wide sedimentary layer carries the potential for further high grade discoveries in the four main shear zones at Beta Hunt.  This potential has been highlighted by one of our first set of holes at Western Flanks targeting the sediment layer in one small section of the shear that yielded a 7,621 g/t intersection of coarse Gold – which to our knowledge is the highest grade drill intersection by any reporting company since 2017 and is located within 45 metres of our existing development.  The second high-grade intersection located in the A Zone shear just 7 metres below the Father’s Day Vein highlights the potential for further high grade coarse Gold from this shear. RNC is in an enviable position with the recently completed financing, and a 40,000 m drill program underway to unlock the significant exploration potential at Beta Hunt.  A more comprehensive drilling update will be provided in February”…a further 37 holes comprising 4,198 m have been drilled for which results are pending…

5. The Dow has lost 156 points through the first 30 minutes of tradingU.S. equity markets were closed yesterday when the International Monetary Fund (IMF) cut its global growth rate to 3.5% in 2019 and 3.6% for 2020, its 2nd downward revision in 3 months…in Toronto, the TSX is down 122 points…the index is on a 12-session winning streak (in jeopardy today), having climbed 1,141 points or 8% during that time which represents the strongest start to any year since 1980…the Venture is off 2 points at 595…Red Mountain displayed more of its prolific grade potential this morning…IDM Mining (IDM, TSX-V) has cut 9.8 m averaging 65.1 g/t Au and 313 g/t Ag (at least 70% true width), including 1.74 m @ 277 g/t Au and 1,442 g/t Ag, in the new Lacasse zone, 1 of multiple high-grade intersections from a final batch of 2018 underground drill results from Red Mountain near Stewart…the Lacasse zone intercept is one of the highest-grade holes ever drilled into at Red Mountain…a revised geological interpretation of the deposit has identified high-amplitude, post mineralization folds that have deformed the mineralized zones, rather than the previous model that interpreted parallel zones…exploration success has validated this model and has opened up multiple areas for future drilling targeting resource expansion…IDM and Ascot Resources (AOT, TSX.V) are joining forces in an amalgamation that should drive a lot of synergies and produce a very attractive stock play by the 2nd half of 2019

6. Chemesis International (CSI, CSE) has arranged a strategic partnership with Dank City, a social media marketing company specializing in cannabis products and brands…Dank City will be the primary advertising component for the Jay and Silent Bob’s Private Stash cannabis line of products, as well as other brands affiliated with ChemesisDank City owns and operates the largest cannabis social media network with a reach of over 100 million followers across all their social platforms…they also have a subscription box (Daily High Club) that reaches over 15,000 customers every month, a cannabis magazine (Chronic Journal), and a platform for cannabis content creators (The Weedtube)…Chemesis believes this partnership with Dank City and their worldwide reach will not only generate significant interest in Jay and Silent Bob’s Private Stash, but Chemesis’s other affiliated brands,” said CEO of Chemesis, Edgar Montero…Dank City has built a media firm that has the ability to effectively target the U.S. cannabis consumer base.  As Chemesis continues its growth, this vital partnership will allow the company to quickly reach cannabis consumers with our expanding product catalogue”CSI is up a nickel at $1.68 through the first 30 minutes of trading…

7. Food companies hoping to make cannabis-infused edibles are warning that Ottawa’s proposed regulations are overly restrictive and costly, perhaps prohibitively so for traditional manufacturers, according to a report in today’s Globe and Mail…edibles, such as cannabis-infused brownies, chocolates or teas, will become legal later this year as part of the federal government’s 2nd phase of cannabis legalization…until recently, the prospect of a new, high-margin legal product category had caught the imagination of Canadian food producers…Health Canada’s draft regulations for edibles, concentrates and topicals, however, have dampened that enthusiasm…according to the proposed rules, traditional food products and cannabis edibles cannot be manufactured in the same building…even food companies with experience keeping segregated kitchens within a single building for allergenic purposes will be required to build or lease separate facilities to make cannabis products…that regulation effectively doubles the capital cost and operating costs to traditional food operators who want to get into the space…

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January 18, 2019

7 @ 7:00

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

1. Gold has traded between $1,280 and $1,292 so far today as the yellow metal comes under some minor pressure while base metal prices firm up…as of 7:00 am Pacific, Gold is down $8 an ounce at $1,283…Silver is 13 cents lower at $15.38…Silver has strong support at $15 while the next key breakout point is $15.75Copper is up a penny at $2.70…Nickel has jumped 8 cents to $5.27 while Zinc is 2 cents higher at $1.17…Crude Oil has gained 39 cents to $52.46 while the U.S. Dollar Index has added one-quarter of a point to 96.25…manufacturing data released by the Fed this morning showed the sector’s biggest gain in 10 months in December…those numbers were boosted by strong production in motor vehicles and other goods…consumer sentiment, however, dipped to its lowest level since October 2016 as stock market gyrations weighed on the economic outlook…the University of Michigan’s consumer sentiment survey slipped to a reading of 90.7 in early January, below expectations and down from 98.3 in December…

2. Progress on the U.S.-China trade front:  China has offered a 6-year boost in imports during its ongoing talks with the U.S., according to news reports this morning…Chinese officials made the offer during negotiations in Beijing earlier this month, according to Bloomberg…China would increase its annual import of U.S. goods by a combined value of over $1 trillion…the proposal to buy more U.S. goods through 2024 is apparently pegged to President Trump’s hopes of being re-elected in 2020…the U.S. had a trade deficit of $323 billion with China in 2018…this potential deal would aim to reduce that annual trade difference to $0 by 2024

3. If the central banks around the world “catch the ‘Gold bug” and continue to increase their official Gold purchases, it could push bullion past $1,400 an ounce by 2020, according to TD Securities“Strong official sector Gold purchases open up the possibility that prices can move significantly above our projected $1,400/oz target in late 2020,” wrote well-respected analyst Bart Melek, the head of global strategy for TD Securities, in a report published yesterday…the Canadian bank is already fairly bullish on Gold, expecting the metal to end the year at $1,350 an ounce and then rise to $1,400 in 2020“We expect range-bound trading in the near-term, as the greenback consolidates at somewhat lower levels, U.S. monetary policy remains ambiguous, albeit more dovish than before, and China/EM economic and currency risks still loom,” Melek said…“The same factors that have weighed on the yellow metal for much of last year, and that will keep Gold in a range-bound trading pattern for now, are slowly dissipating, which should lift prices near $1,400/oz into 2020…there is evidence that central banks are stepping up their bullion purchases, TD pointed out…“Central bank Gold holdings have grown by a dramatic 13% (roughly 3,900 tonnes) since the lows recorded back in 2009 and are expected to grow by another 800 tonnes over the next 2 years,” Melek wrote…“In addition to continued purchases by Russia, Turkey, Kazakhstan and India, now includes China – the yellow metal could well move above our positive projections”

4. Results from drill hole #78 from Blue Moon Zinc (MOON, TSX-V) this morning demonstrate that the historic Blue Moon VMS deposit has a high-grade core that thickens at depth with important values in Copper, Gold and Silver to go along with Zinc (30.3% Zinc over 9 m, and 9.5% Zn within a broader 36.5 m core length)…hole 78 was drilled into a previously untouched area of the Main Zone with grades exceeding the Inferred resource grade on a Zinc equivalent basis by more than 50%…with historic work that produced very high recoveries thanks to clean metallurgy, potential economics of the deposit are better than ever with the discovery of the best grades yet in massive sulphides…Blue Moon’s 2018 drilling also demonstrates that the massive sulphide lenses are now traceable for approximately 3,000 feet or 900 m along plunge and remain open to surface and depth…Phase 2 follow-up drilling is planned to commence shortly and that should keep the stock very active in the weeks ahead…with a market cap of only about $7 million, and the best-ever drill results at this advanced property from the first drilling in 3 decades, MOON is well positioned to push higher after weak hands use today’s news as a liquidity event…

5. The Dow is up 112 points through the first 30 minutes of trading…equity markets have responded well to the Bloomberg report that Beijing has put forward a plan to eliminate its trade surplus with the United States…in Toronto, the TSX is up 74 points while the Venture has added 3 points to 597Sandstorm Gold (SSL, TSX) has acquired a 0.9% net smelter return royalty on precious metals produced from the Fruta del Norte Gold Project in Ecuador, which is currently under construction by Lundin Gold (LUG, TSX)…the NSR was acquired from a private 3rd party for $32.75 million (U.S.) in cash and covers more than 644 sq. km including all 30 mining concessions held by Lundin Gold…the Fruta del Norte Mineral reserve contains 5 million ounces of Gold in 17.8 million tonnes of ore with an average grade of 8.7 g/t as of September, 2018, ranking it amongst the highest-grade Gold projects in the world…

6. Tesla (TSLA, NASDAQis planning to cut full time staff by 7% – about 3,400 employees – even as it seeks to ramp up production of its mass market Model 3 saloon after “the most challenging” year in the electric carmaker’s history….in a blog post this morning, Elon Musk said the group had “no choice” but to cut staff numbers…he said the company faced “an extremely difficult challenge” in making its products cost-competitive, with plans to lower the price of the Model 3 “as we need to reach more customers who can afford our vehicles”…Musk said preliminary, unaudited results for the 4th quarter indicated that the company had made a profit, but lower than the 4% achieved in the previous quarter…he added that “with great difficulty, effort and some luck”, Tesla would target “a tiny profit” on the back of shipments of higher-priced Model 3s to Europe and Asia…

7. The African Union says there are serious doubts over the results of December’s DRC presidential election and has called on the country’s constitutional court to halt plans to rule on the outcome…the shock announcement late yesterday followed a statement earlier in the day from a smaller group of heads of state from southern Africa that had expressed support for Congo’s electoral process and warned other foreign governments against intervening…the unprecedented action from the African Union follows a Financial Times analysis of leaked polling data earlier this week that pointed to huge electoral fraud…according to that analysis, opposition leader Martin Fayulu was the clear winner of last month’s vote while Felix Tshisekedi, the rival opposition candidate who was declared the victor, should have finished a distant second…“The Heads of State and Government attending the meeting concluded that there were serious doubts on the conformity of the provisional results, as proclaimed by the National Independent Electoral Commission, with the votes cast,” the AU statement said…“Accordingly, the Heads of State and Government called for the suspension of the proclamation of the final results of the elections”

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January 17, 2019

7 @ 7:00

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

1. Gold has traded between $1,289 and $1,295 so far today as it continues to bounce around within a narrow range…some minor selling came into the market after the release of the Philadelphia Federal Reserve’s manufacturing business outlook survey which rose to 17, significantly beating expectations…Gold has climbed for 5 straight weeks but prices have been hovering around a $20 range for the past 2 weeks, unable (so far) to push through key technical and psychological resistance at $1,300as of 7:00 am Pacific, bullion is off $3 an ounce at $1,291…Silver has retreated 9 cents to $15.48…strong new support is at $15 while the key breakout point is $15.75Copper is flat at $2.69…visible Copper stocks around the world are relatively low and should support prices…China Copper import premiums have risen to $73 a tonne from an 18-month low of $62.50 in early December, indicating greater near-term demand for the physical metal…Nickel is off a penny at $5.23 while Zinc has added a penny to 1.14…Crude Oil has backed off 52 cents a barrel to $51.79…U.S. Crude Oil production reached a record 11.9 million bpd in the week ending January 11, the Energy Information Administration (EIA) said yesterday, up from 11.7 million bpd the previous week which was already the highest national output in the world…the Dollar Index is relatively unchanged at 96.05 but technicals point to significantly more downside risk than upside potential for the greenback during Q1

2. Palladium surged past $1,400 for the first time today, driven by a deficit in the auto-catalyst metal and robust demand…“Congressional pushback on efforts to ease U.S. sanctions against Russian metals producers, the world’s top source for Palladium, have probably helped drive supply shortage worries,” said Ilya Spivak, senior currency strategist with DailyFx…many members of Congress have been questioning the U.S. Treasury Department’s decision in December to ease sanctions imposed in April on certain Russian companies…the price of Palladium, used mainly in emissions-reducing catalysts for vehicles, is already up 8% this month and has jumped more than 60% since a trough in mid-August…

3. Vancouver-based and privately-owned Progress Minerals has confirmed its exploration camp near Tantiabongou in the Sahel region of northern Burkina Faso near the frontier with Niger was attacked yesterday and that one of its employees, VP exploration Kirk Woodman, was kidnapped and later killed…Woodman was a geologist with more than 30 years’ experience including over 20 in Gold exploration in West Africa…it’s believed the camp was attacked by a dozen Islamist terrorists with links to al-Qaeda and possibly ISIS…attacks by these terrorists have surged in the country in recent months and Burkina Faso has declared a state of emergency in several northern provinces since the end of December…security has deteriorated as jihadists with links to al-Qaeda and ISIS, including many based in neighbouring Mali, seek to increase their influence across the poorly policed scrublands of the Sahel region just south of the Sahara Desert in West Africa…

4. Great Bear Resources (GBR, TSX-V) is up another 28 cents at $2.72 in early trading…the stock was halted pre-market yesterday and then surged 44 cents to close the session at $2.44 on fresh high-grade drill results  from the Hinge and South Limb zones at its 100%-owned owned Dixie Project in the Red Lake district…results featured 1,603 g/t Au over 0.70 m (approximate true width) at a vertical depth of 150 m in Hinge zone hole DHZ-014…the hole intersected a 10.1 m-wide vein zone with visible Gold observed at both its upper and lower contacts…the vein zone is part of the larger Hinge/South Limb vein system which parallels an ultramafic unit and deep-seated fault at the centre of the Dixie Gold system…the DSL/DHZ vein system has been intersected in 28 drill holes across 300 m of strike length to date and is open along strike and at depth…the D2 fold axis that appears to be a significant Gold control has been traced through geophysical methods across more than 10 km of strike length…Chris Taylor, President and CEO, stated…“Our Hinge and South Limb zone are part of a continuous Gold vein system which is interpreted to extend along 300 m in strike length and has been drill tested to a depth of 212 m.  The zone remains open in all directions and occurs immediately south of a regional east-west-trending D2 fold hinge and associated structures, which extends for approximately 10 km into undrilled areas.  For comparison, the Red Lake-Campbell complex (Red Lake Gold mine) also occurs proximal to a regional D2 fold where shear zones developed and acted as primary hydrothermal fluid conduits, across a 3.2-km x 2.2-km area…Great Bear’s 2019 drill program is fully financed and results will continue to be released regularly in batches as the program progresses”

5. The Dow is down slightly through the first 30 minutes of tradingMorgan Stanley came under pressure after the bank posted profit of 80 cents per share, below the 89 cent average estimate of analysts…company-wide revenue declined 10% to $8.55 billion, compared with the $9.3 billion estimate…Morgan Stanley’s 2 biggest businesses, Wall Street trading and advisory and wealth management, both suffered revenue declines amid a difficult market environment last year…in Toronto, the TSX is up 8 points as of 7:00 am PacificAurora Cannabis (ACB, TSX), which remains in a strong new uptrend, pulled back as much 91 cents a share in early trading after announcing that it’s proposing to raise $250 million through convertible debt…the stock is now bouncing back after nearly touching its EMA(8)…the Venture is flat at 597First Vanadium (FVAN, TSX-V), formerly Cornerstone Metals, has drilled the thickest high-grade intercept yet at its Carlin Vanadium Project in Nevada – 73.2 m (240 feet) grading 0.60% Vanadium oxide…GFG Resources (GFG, TSX-V) is up slightly after reporting initial results from a maiden drill program at its Pen Gold Project in the West Timmins region…multiple narrow high-grade intercepts were cut including 33 g/t Au over 1 m…results from 13 more holes are pending…the project holds excellent potential for 2019…Brian Skanderbeg, President and CEO commented, “While we await results from the remaining 13 holes, we are excited to begin our 2019 drill program in February which will test some of the best targets on our 475 sq. km Pen Gold Project”Balmoral Resources (BAR, TSX) has drilled into numerous Nickel-Copper-Cobalt-PGE sulphide-mineralized lenses within the central portion of the Grasset Ultramafic Complex (GUC) in Quebec, approximately 7 km northwest of, and along strike from, the company’s Grasset deposit…results are highlighted by an intercept of 7.6 m grading 1.05% Ni, 0.31% Cu, 0.05% Co, 0.20 g/t Pt and 0.48 g/t Pd from one of 3 new discoveries, each of which returned greater than 1% Ni, intersected in drill hole FAB-1858…a massive sulphide intercept returning 4.1% Ni, 0.26% Cu, 0.18% Co, 0.8 g/t Pt and 1.9 g/t Pd over 0.65 m occurs at the base of this intercept…

6. Zenabis Global (ZENA, TSX-V), which started trading on the Venture earlier this month, announced this morning that it has partnered with PEI Cannabis to supply adult-use cannabis throughout the province…Zenabis will sell under their premium Namaste brand…Namaste’s products include dried flower, milled cannabis, and pre-rolls…the Prince Edward Island Cannabis Management Corporation oversees the operation of 4 cannabis retail locations and an e-commerce platform…Zenabis is a significant licensed producer of medical and recreational cannabis, and employs staff coast-to-coast across facilities in Atholville, New Brunswick, Delta and Langley, B.C., and Stellarton, Nova Scotia…in addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state of the art greenhouses in Langley provides Zenabis with 3.5 million sq. feet of land and premises that can, upon full conversion, be dedicated to production space…

7. A solid majority of Canadians are calling the lack of new Oil pipeline capacity in the country a “crisis”according to Angus Reid…the institute surveyed 4,024 Canadian adults between December 21 and January and found that 58% affirmed that the lack of new Oil pipeline capacity constitutes a crisis, while 42% says it does not…responses varied widely across the provinces, with a high of 87% of Albertans polled calling it a crisis while, at the low end, only 40% of Quebecers had a similar sentiment…that’s ignorance, really, on the part of many Quebecers who are obviously unaware of the contribution Alberta’s Oil industry has made to the tens of billions of dollars their province has siphoned from the federal government in “equalization payments” (welfare) over the years (more than $13 billion will be paid to Quebec in 2019, far exceeding payments to any other province)…meanwhile, in another example of Quebec’s glaring hypocrisy, new Premier Francois Legault recently stated how there was no “social acceptability” in his province for a “dirty energy” pipeline in Alberta…yes, Alberta Oil is “dirty energy” according to the misinformed Legault, but his province has eagerly grabbed the money from that “dirty energy” to fund its expensive social programs and infrastructure projects at the same time as it imports Oil from Saudi Arabia – the ultimate in hypocrisy…Oil from Alberta is “dirty” (of course that was also Obama’s lie for 8 years) but Oil from Saudi Arabia is perfectly okay?…furthermore, even though Quebecers are viewed across the country as “environmentally conscious”, they are (per capita) some of the highest consumers of energy on the entire planet according to a report prepared by researchers at Universite de Montreal’s business school…

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January 16, 2019

7 @ 7:00

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

1. Gold has traded between $1,286 and $1,297 so far today as it continues to search for a catalyst to break out to $1,300 and beyond…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,292 ahead of a no-confidence vote in the British Parliament following yesterday’s defeat of Prime Minister Theresa May’s Brexit deal…Silver is steady at $15.56…key breakout point is $15.75Copper is up slightly at $2.68…Nickel is off 3 cents at $5.24 while Zinc is 2 cents higher at $1.13…Crude Oil has retreated slightly to $52.02…U.S. Crude output is expected to climb to a new record of more than 12 million barrels per day this year, the Energy Information Administration reiterated yesterday, adding that the U.S. will become a net Crude exporter by late 2020…the U.S. Dollar Index is relatively unchanged at 96.01…in economic data, builder sentiment rose modestly in January on a monthly index from the National Association of Home Builders…this came after 2 months of sharp drops in sentiment to the lowest level in more than 2 years…U.S. retail sales were supposed to be released today but the partial U.S. government shutdown has nixed that…

2. China’s central bank today pumped a net 560 billion yuan ($83 billion) into its banking system – a record amount of money injected in 1 day –  in a sign that officials there are determined to prop up a slowing economy…the yield on the 10-year Chinese government bond fell below 3.1%, its lowest in more than 2 years…“At present, it is the peak of the tax period, and the total liquidity of the banking system is declining rather quickly,” the People’s Bank of China said in a statement on its web site…liquidity, or the ease by which assets can be turned into cash, is particularly important for companies needing to pay taxes while maintaining regular operations…for more than a year, many Chinese businesses have already been struggling with sluggish economic growth, increased financing difficulties and greater obligations to provide benefits for employees…the Chinese New Year holiday, when most companies shut down for at least a week, is also less than 3 weeks away…according to financial database Wind, the previous single-day record for cash injections into the Chinese banking system came in January 2016 when the country’s economy was also experiencing difficulties…if you recall, that was an historically astute time to be investing in commodities…China will take whatever extraordinary measures it has to in order to kick-start its economy…

3. A solid majority of Canadians are calling the lack of new Oil pipeline capacity in the country a “crisis”according to Angus Reid…the institute surveyed 4,024 Canadian adults between December 21 and January and found that 58% affirmed that the lack of new Oil pipeline capacity constitutes a crisis, while 42% says it does not…responses varied widely across the provinces, with a high of 87% of Albertans polled calling it a crisis while, at the low end, only 40% of Quebecers had a similar sentiment…that’s ignorance, really, on the part of many Quebecers who are obviously unaware of the contribution Alberta’s Oil industry has made to the tens of billions of dollars their province has siphoned from the federal government in “equalization payments” (welfare) over the years (more than $13 billion will be paid to Quebec in 2019, far exceeding payments to any other province)…meanwhile, in another example of Quebec’s glaring hypocrisy, new Premier Francois Legault recently stated how there was no “social acceptability” in his province for a “dirty energy” pipeline in Alberta…yes, Alberta Oil is “dirty energy” according to the misinformed Legault, but his province has eagerly grabbed the money from that “dirty energy” to fund its expensive social programs and infrastructure projects at the same time as it imports Oil from Saudi Arabia – the ultimate in hypocrisy…Oil from Alberta is “dirty” (of course that was also Obama’s lie for 8 years) but Oil from Saudi Arabia is perfectly okay?…furthermore, even though Quebecers are viewed across the country as “environmentally conscious”, they are (per capita) some of the highest consumers of energy on the entire planet according to a report prepared by researchers at Universite de Montreal’s business school…

4. B2Gold (BTO, TSX) has reported its 10th straight year of record annual production – 953,504 ounces of Gold for 2018 is near the top end of revised guidance…this also led to a dramatic 92% increase to $1.2 billion (U.S.) in consolidated Gold revenue…B2Gold will release its full 2018 year-end financials on March 12 and says it expects to be at the lower end of its cost guidance ranges for consolidated cash operating costs of between $505 and $550 per ounce and consolidated AISC of between $780 and $830 per ounce…the company also says it has reduced its total debt outstanding to approximately $480 million from $700 million at the beginning of 2018B2Gold expects to produce up to 975,000 ounces of Gold in 2019 but it’s also forecasting a 6% increase in AISC over 2018 guidance…meanwhile, an exploration budget of approximately $43 million for 2019 will focus mainly on West Africa and around its existing mines…B2Gold now has 5 operating Gold mines and numerous exploration and development projects in various countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland…

5. Atlantic Gold’s (AGB, TSX) Moose River consolidated Gold mine (MRC) in Nova Scotia produced 90,531 ounces of Gold in its first year of operations in 2018, slightly exceeding guidance as the company reported this morning…Atlantic Gold is forecasting 2019 production in a range between 92,000 and 98,000 ounces at impressive all-in-sustaining costs between $695 and $755 CDN ($521 too $566 U.S.), though the company has planned for a lower production rate in Q1 at higher than average cash costs and AISC due to a range of factors including a mill liner change…meanwhile, AGB continues to compile assay results from its drilling programs completed in late 2018 at Touquoy, Fifteen Mile Stream, Cochrane Hill and the 149 deposit…based on exploration success at the different projects to date, Atlantic plans on continuing its exploration activities throughout 2019…updated resource and reserve estimates plus the combined life-of-mine plan (LOM) are scheduled for release late this quarter…

6. The Dow is up 138 points through the first 30 minutes of tradingGoldman Sachs posted blowout quarterly earnings, sending the stock up strongly…Bank of America also jumped after reporting a record quarterly profit…Morgan Stanley, another major bank, is scheduled to report tomorrow…in Toronto, the TSX is up 53 points with Aurora Cannabis (ACB, TSX) the volume leader in early trading as the stock continues to push higher following a technical breakout and news…the Venture has lost a point to 597…investors are itching for some exciting news on the exploration front ahead of some key conferences in Vancouver, and there are certainly several plays that could provide that…Great Bear Resources (GBR, TSX-V) is one of them, and the stock was halted pre-market pending news…

7. RNC Minerals (RNX, TSX) has closed its previously announced bought deal and concurrent private placement financing, raising total gross proceeds of $9 million at 46 cents per share…6.5 million shares of the PP were taken by Eric Sprott who now owns or controls 47.7 million shares or approximately 10.2% of the company…RNC has a 100% interest in the producing Beta Hunt Gold mine in Western Australia where a significant high grade discovery – the “Father’s Day Vein” – was made last fall…the company has initiated a 40,000-m drill program on near-mine exploration targets focused on the Father’s Day Vein area, results of which will be incorporated into an updated NI-43-101 resource estimate targeted for the 2nd quarter of this year…Beta Hunt Gold resource potential is underpinned by multiple Gold shears with Gold intersections across a 4-km strike length open in multiple directions adjacent to an existing 5 km ramp network…technically, RNX has gone through a healthy consolidation and now appears to be gearing up for a move out of its current strong support zone in the mid-to-upper-40’s

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January 15, 2019

7 @ 7:00

Check back later today for the latest Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,287 and $1,295 so far today, near recent 6-month highs as investors await a parliamentary vote on Britain’s plan to exit the European Union….as of 7:00 am Pacific, bullion is up $an ounce at $1,294…inflation in the U.S. remains well under control, adding to pressure on the U.S. dollar…the Labor Department reported this morning that its Producer Price Index (PPI) fell 0.2% in December, more than expected, following a 0.1% rise in November…for the year, producer prices increased 2.5%, the same rise seen in 2017…Silver is up 4 cents at $15.65…key breakout point is $15.75Copper has added 2 pennies to $2.68…Nickel continues its climb, adding 5 cents to $5.22, while Zinc is off a penny at $1.12…Cobalt is steady at $19.05…Crude Oil has jumped $1.28 a barrel to $51.79 on talk of additional fiscal stimulus measures in China and hints of a potential slowdown in U.S. production growth…the U.S. Dollar Index has retreated more than one-tenth of a point to 95.72…the dollar downtrend in Q1 has legs with a now-declining 50-day moving average (SMA) which will also cap any rallies…Asian stocks recovered today after Beijing signalled more supportive measures to stabilize a slowing economy, and emphasised that China is seeking a strong start to 2019 in the 1st quarter…

2. Massive fraud in the Congo – should we be surprised?...the Financial Times reported this morning that Martin Fayulu, the former ExxonMobil executive considered threatening to the interests of Joseph Kabila, was the clear winner of the country’s Presidential elections last month based on an analysis of 2 separate collections of voting data…this contradicts the claims from authorities that rival contender Felix Tshisekedi had won the historic vote…“The analysis points to huge fraud in the first change of power since Joseph Kabila took over the Presidency in the mineral-rich Central African nation nearly 18 years ago,” the FT report stated…an FT analysis of a separate set of voting results collected manually by the Catholic Church’s 40,000 observers and representing 43% of turnout shows that Fayulu secured 62.8% of this sample of votes…the results gathered across 28,733 polling points match almost perfectly the more extensive set of official results seen by the FT…the larger set of data, a spreadsheet containing more than 49,000 records, contains the true electronically-fed results that authorities have sought to conceal, according to a person with direct knowledge of how the data were obtained…

3. Wow – this is a breath of fresh air for the bloated, over-regulated and over-taxed Canada that lefties admire so much: The country’s largest capital markets watchdog kicked off a broad consultation yesterday aimed at reducing costly and outdated rules and lightening the regulatory burden on companies…long overdue, and it’s coming from Doug Ford’s Ontario…the aim is “to identify new actions we can take to save time and money for Ontario businesses by eliminating rules and requirements that are outdated or unduly burdensome,” stated Maureen Jensen, chair of the Ontario Securities Commission“Our markets and businesses are better able to compete, innovate and flourish when we lighten the regulatory load, while maintaining strong protections for Ontario investors,” she added…if this trend can catch fire throughout the rest of Canada, the country will be a much better place to invest in…a huge competitiveness gap now exists between Canada and the U.S. thanks to far left federal and provincial governments that purport to be “compassionate” and “inclusive” – there’s nothing compassionate or inclusive about killing jobs and investment and saddling Canadians with ever-increasing carbon taxes in one of the biggest scams ever carried out in this country, aided and abetted by much of the mainstream media…

4. Marathon Gold (MOZ, TSX) announced this morning that it has commenced its 2019 winter drill program…“Drilling efforts at the Marathon deposit will focus on testing the high-grade core of the deposit.  The first 200 m drill hole has intersected abundant mineralization with visible Gold and the second hole is underway and currently in mineralization,” President and CEO Phillip Walford stated in a news release this morning…“The success of these drill holes was predicted by our geological model.  Additional winter drilling will be focused in the gap area between Marathon and Sprite where winter drilling conditions are preferred.  This area yielded good drill intersections last year and provides an opportunity for increased open pit resources.  There is also a section of this gap not drilled that is closer to the Marathon deposit that can be drilled in the summer”…last quarter’s updated independent PEA for the Valentine Lake Project outlined 2.7 million ounces of recoverable Gold (225,000 ounces per year for the first 12 years), a 30% IRR, a $493 million (U.S.) NPV(5%), a payback period of 2.5 years and an all-in-sustaining cost of $666 (U.S.) per ounce of Gold

5. B.C.-based cannabis giant Tilray (TLRY, NASDAQ) is investing up to $250 million in a revenue-sharing agreement with Authentic Brands Group (ABG) – the parent company of brands such as Juicy Couture, Nine West and Aeropostale – to bring cannabis-infused products to the North American market…the partnership will involve Tilray leveraging some of ABG’s biggest brand names to create specific cannabis products that could be sold alongside certain lines of clothes or shoes or other beauty products, subject to regulation…Tilray will be the preferred supplier of THC and CBD for cannabis-infused products bearing any of the brands in ABG’s portfolio,” according to a joint news release put out by the companies this morning…other iconic ABG brands include Marilyn Monroe, Nautica, Greg Norman and Vince Camuto…as the owner of more than 50 brands, ABG builds value by partnering with an expansive network of best-in-class manufacturers, operators and retailers…with a global retail footprint of over 100,000 points of sale and more than 4,500 branded freestanding stores and shop-in-shops, ABG’s portfolio generates approximately $9 billion (U.S.) in retail sales annually…reaching nearly 250 million social media followers across key digital platforms, ABG’s robust marketing arm drives growth and engagement for its portfolio, including connecting its brands with over 150 million targeted followers through Winston, its proprietary micro-influencer network…

6. The Dow is up 40 points through the first 30 minutes of tradingJ.P. Morgan Chase (JPM, NYSE) has posted quarterly profit below analysts’ expectations for the first time in 15 quarters on weaker-than-expected bond-trading revenue…the bank generated $1.98 per share in profit for the 4th quarter of 2018, below the $2.20 per share average estimate of analysts surveyed by Refinitiv…the biggest shortfall appeared to come from the New York-based bank’s trading division, where fixed-income trading produced $1.86 billion in revenue, compared to the $2.2 billion estimate…in Toronto, the TSX is up 19 points while the Venture has slipped 3 points to 600 in early trading…the Eskay Camp has a new public listing…Etruscus Resources (ETR, CSE), with just 19 million shares outstanding, has been approved for trading starting today on the CSE…the company’s Rock & Roll Project is 7 km northwest of the past producing Snip mine…Etruscus was formed by key players in Metallis Resources (MTS, TSX-V)…Skeena Resources (SKE, TSX-V) has intersected 31 g/t AuEq over 14.7 m in the 21A Zone at Eskay Creek…the shallow extent of mineralization in 21A is potentially amenable to open-pit mining methods…21A represents a significant portion of the 2018 pit constrained resource hosted at Eskay Creek containing an Indicated resource of 207,000 oz AuEq grading 5.9 g/t AuEq and an Inferred resource of 418,000 oz AuEq grading 4.6 g/t AuEq…the Canadian Environmental Assessment Agency has given the go-ahead for IDM Mining’s (IDM, TSX-V) Red Mountain underground Gold project near Stewart…Catherine McKenna, Trudeau’s Minister for Earth, Water, Sun and Air, said Red Mountain “is not likely to cause significant adverse environmental effects and the project may proceed”how gracious of her…Chemesis International (CSI, CSE), through subsidiary Natural Ventures, is up another 2 cents at $1.65 as of 7:00 am Pacific after launching its beverage division in Puerto Rico…

7. Charlotte’s Web Holdings (CWEB, CSE) has reported more than 10 x growth in harvested hemp compared to its 2017 grow season…the high-quality 100% U.S.-grown hemp will be processed through proprietary extraction methods to create whole plant hemp extract that will be used in Charlotte’s Web products for sale in 2019 and 2020Charlotte’s Web is one of only a few hemp CBD producers capable of supplying large volumes of high-quality hemp extract from its own supply chain that can meet significantly increasing market demand,” stated Hess Moallem, President and CEO.  “As the category and brand leader, our goal is to increase our market share and with this bountiful harvest we are able to satisfy our customer demands for 2019 and beyond. This incredible harvest ensures we can continue to produce our high-quality human nutrition products without being subject to constantly fluctuating market prices as is common with third-party sourced raw material.  This allows us to have better control and predictability over our cost of goods sold and thereby our gross margins.  In addition, these harvest levels will allow us to explore opportunities to supply future partners with our proprietary hemp extracts”…

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January 14, 2019

7 @ 7:00

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

1. Gold has traded between $1,288 and $1,297 so far today…as of 7:00 am Pacific, bullion is up $an ounce at $1,292Silver is 2 cents higher at $15.59…next key breakout point is $15.75…ETF and central bank buying are offsetting weakness in the Gold market in India where imports fell 23% in December…for all of 2018, India’s Gold imports totalled 762 tons vs. 951 tons the year prior…high domestic prices for Gold, due to a falling rupee, have deterred buyers in the world’s 2nd-largest consuming country…Copper, Nickel and Zinc are off slightly at $2.66, $5.18 and $1.12, respectively…Cobalt is steady at $19.05 after a significant drop during the 1st half of January…Crude Oil is 32 cents lower at $51.27…Saudi Energy Minister Khalid al-Falih said over the weekend that the Oil market is “on the right track” and there’s no need for an extraordinary OPEC meeting before its next planned gathering in April…despite growth concerns regarding China, the country’s Crude imports in December surged nearly 30% from a year earlier according to Reuters‘ calculations of customs data…the U.S. Dollar Index is off slightly at 95.64…the dollar downtrend in Q1 has legs with a now-declining 50-day moving average (SMA) which will also cap any rallies…key U.S. economic data this week includes Wednesday’s retail sales which have been in positive territory for 9 months in a row…wage growth is at 10-year highs, the Trump economy keeps producing terrific job numbers and consumers remain very confident, so we should see another strong month for retail sales…Palladium is up another $8 an ounce at $1,311 as the white metal overtakes the yellow metal for the first time since 2001 on increased demand from automobile manufacturers…more than 80% of world Palladium supply is used in the production of catalytic converters…

2. A blockbuster deal announced this morning in the Gold sector – Newmont Mining (NEM, NYSE) is acquiring Goldcorp (G, TSX; GG, NYSE) in a friendly all-stock transaction valued at $10 billionNewmont will acquire each Goldcorp share for 0.3280 of a Newmont share, which represents a 17% premium based on the companies’ 20-day volume weighted average share prices…the deal will combine 2 Gold industry leaders into Newmont Goldcorp, creating a highly compelling portfolio of operations, projects, exploration opportunities, reserves and people in the Gold mining sector…in addition to offering investors the largest Gold reserves per share, Newmont Goldcorp will feature the highest annual dividend among senior Gold producers…“This combination will create the world’s leading Gold business with the best assets, people, prospects and value-creation opportunities,” stated Gary Goldberg, Newmont’s CEO.  “We have a proven strategy and disciplined implementation plan to realize the full value of the combination, including an exceptional pool of talented mining professionals, stable and profitable Gold production of 6 to 7 million ounces over a decades-long time horizon, the sector’s largest Gold reserve and resource base, and a leading project and exploration pipeline.  Our cultures are well aligned, with strong commitments to zero harm, inclusion and diversity, and industry-leading environmental, social and governance performance.  We expect to generate up to $100 million in annual pre-tax synergies, with additional cost and efficiency opportunities that will be pursued through our proven Full Potential continuous improvement program.  The combination is expected to be immediately accretive to Newmont’s net asset value and cash flow per share.  We constantly review opportunities to raise our performance, and this combination represents the most promising path to deliver superior and sustainable value for our shareholders, employees, host countries and communities”…

3. Despite the flowery language, Newmont is taking over a company that has failed on many fronts, leading some to refer to Goldcorp as “Goldcorpse“…in late October, Goldcorp lost nearly a fifth of its market value in a single day after reporting falling production, rising costs and a decline in reserves…Gold grades at its flagship Cerro Negro mine in Argentina fell by more than 30% in the 3rd quarter compared with the previous quarter…production at its Musselwhite mine in Ontario and giant Pueblo Viejo operation in the Dominican Republic also fell more than expected…Goldcorp shares have also been in a long-term tailspin, hitting a new 17-year low in Q4…the transaction comes just 3 months after Barrick Gold’s (ABX, TSX; GOLD, NYSE) move to buy Randgold Resources in a $5.4 billion deal, which instantly spurred speculation that rivals would have to respond…just 2 weeks ago, Mark Bristow, Barrick’s new CEO, said the industry is heading for irrelevance unless there are major changes…Newmont is off $1.42 a share at $33.46 in early trading while Goldcorp has jumped $1.37 to $14.23 on the TSX…

4. The importance of President Trump going after China on trade is supported by numbers released today that showed that China’s trade surplus with Washington last year was the largest in more than a decade…China’s surplus with the U.S. grew 17% from a year ago to hit $323.32 billion, according to Chinese government data…it was the highest on record dating back to 2006…exports to the U.S. jumped 11.3% on-year in 2018, while imports from the U.S. to China rose a merger 0.7% over the same period…China’s overall trade surplus for 2018 was $351.76 billion…China’s General Administration of Customs said today that the biggest worry in trade this year is external uncertainty and protectionism which will likely lead to slower trade growth…December’s numbers reflect that concern…China’s overall December exports unexpectedly fell 4.4% from a year earlier, the biggest monthly drop in 2 years, while imports also unexpectedly contracted in December…they fell 7.6%, marking the biggest decline since July 2016

5. The S&P 500 is headed for its 5th straight quarter of double-digit earnings growth, according to FactSet, though the rate of growth will decelerate in the 4th quarter from the 3rd…the estimated earnings-growth rate for Q4 is 11%, down from the projected 17% in September…however, the unusually steep drop-off in earnings estimates can be attributed to Apple’s cuts…the company ranks among the 5 biggest publicly traded firms in the world, meaning changes to its earnings estimates can disproportionately affect overall estimates…excluding Apple, as well as energy firms that have trimmed estimates due to falling Oil prices, “we’re back to something that’s more or less on trend,” stated Jonathan Golub, chief U.S. equity strategist at Credit Suisse

6. The Dow has started a new week down 130 points through the first 30 minutes of trading…in Toronto, the TSX is up 15 points…First Majestic Silver (FR, TSX; AG, NYSE ) announced this morning that total production in 2018 reached 22.2 million equivalent ounces of Silver, representing a 37% increase over 2017, and at the upper end of the company’s guidance…total production consisted of 11.7 million ounces of Silver, 111,084 ounces of Gold, 16.1 million pounds of Lead and 5.7 million pounds of Zinc…the company anticipates a 28% increase in Silver production in 2019 and an 18% increase in total production compared to 2018…Q4 and full-year financial results are scheduled to be released February 25Aurora Cannabis (ACB, TSX) is up 23 cents at $8.70 in early trading after announcing that it has entered into an LOI to acquire all the issued and outstanding shares of privately held Whistler Medical Marijuana Corp. in an all-share transaction valued at up to approximately $175 million, including certain milestone payments…Whistler Medical Marijuana has developed one of Canada’s most iconic cannabis brands…the transaction is expected to provide Aurora with a premium and differentiated organic certified product suite, expanding both its medical and adult-use offerings, and reinforcing the company’s presence in the well-established west coast cannabis market…Chemesis International (CSI, CSE), through subsidiary Natural Ventures, has launched its beverage division in Puerto Rico…Natural Ventures, currently servicing approximately 90% of the dispensaries in Puerto Rico, is a fully integrated medical cannabis company with 100,000 sq. feet of cultivation and 35,000 sq. feet of manufacturing and extraction…the initial launch of these all-natural ingredient products will include an energy shot, a sleep shot, and a calming shot…with initial roll-out this week in select dispensaries, the company anticipates these products to be available within the next 30 days across its entire dispensary network in Puerto Rico…the Venture has gained 1 point to 603 as of 7:00 am Pacific…one of the early leaders is GGX Gold (GGX, TSX-V), up 4 pennies or 50% at 12 cents, after the company announced late Friday a near-surface intersection grading 129 g/t Au and 1,154 g/t Ag over a core length of 7.3 m (COD-1867) at its Gold Drop Property near Greenwood in southern British Columbia…the mineralized COD vein system has been traced by drilling and/or trenching for an approximately 400-m strike length and is open to the northeast, at depth and possibly to the southwest…

7. Ontario has announced the results of its much-anticipated cannabis retail lottery, naming 25 companies that are now eligible to begin applying for a licence to operate a brick-and-mortar pot shop in the province…absent from the list of 25 were any known cannabis retail brands such as The Friendly Stranger and National Access Cannabis (META, TSX-V) – the latter already operates a number of cannabis retail shops across the country…among the companies randomly selected by the Alcohol and Gaming Commission of Ontario (AGCO) were Pure Alpha Holdings, Tripsetter Inc., CGS Foods Inc., and The Niagara Herbalist…nearly 17,000 expressions of interest were included in Friday’s draw, two-thirds of which came from sole proprietorships, stacking the odds heavily against established retailers…National Access Cannabis CEO Mark Goliger has criticized the province for allowing many of Ontario’s first cannabis retail stores to be run by first-time business owners with no background in heavily regulated industries such as cannabis…while calling it “a little bit distracting and crazy” to be chasing franchising deals with individual lottery winners, Goliger said the lack of previous cannabis or retail experience among most of Ontario’s successful applicants will make it difficult to establish a competitive alternative to the illicit market…a majority of the 25 lottery winners were individuals through sole proprietorships…

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January 10, 2019

7 @ 7:00

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

1. Gold has traded between $1,290 and $1,298 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,291…holdings in SPDR Gold Trust rose 0.3% yesterday to their highest level since late July…Silver has retreated 8 cents to $15.64Copper and Nickel are flat at $2.68 and $5.05, respectively, while Zinc has slipped 2 pennies to $1.13exports of Copper concentrate from Indonesia’s Grasberg, the world’s 2nd-largest Copper mine, are expected to drop to 200,000 tonnes this year from around 1.2 million tonnes in 2018Crude Oil is off 83 cents at $51.53 after a big move yesterday…Morgan Stanley has cut its 2019 Oil price forecasts by more than 10%, pointing to weakening global economic growth expectations and rising supply, primarily from the United States…the bank now expects Brent to average $61 a barrel this year, down from a previous estimate of $69, and U.S. Crude to average $54 against a prior forecast of $60…the main source of new supply is the U.S. where Crude Oil production remained at a record 11.7 million barrels per day in the week ended January 4, according to the Energy Information Administration yesterday…that has resulted in swelling fuel inventories…the Dollar Index has recovered one-fifth of a point to 95.35… 

2. U.S.-China trade talk progress:  In a statement this morning, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns…Gao Feng, a spokesman for China’s Commerce Ministry, said progress had been made during the talks on structural issues including forced tech transfers and the protection of intellectual property rights…the U.S. side issued its own statement earlier in the day, noting a long list of outstanding issues, but also recognizing that China had pledged to purchase from the U.S. “a substantial amount” of products and services…

3. Keep an eye on this today:  Federal Reserve Chairman Jerome Powell will take questions during a lunchtime appearance at the Economic Club of Washington, D.C., the 2nd such public interview of the central bank leader in the past week…during a question-and-answer session last Friday, Powell signaled the Fed could be more flexible in how it sets interest rates due to muted inflation in recent months….investors cheered when Powell said officials were watching anxious financial markets and would adjust their plans if recent volatility caused the economy to slow more than they anticipated this year…today’s program starts around 12:40 pm EST…Fed officials have laid the groundwork to take a break from raising short-term interest rates in the coming months, particularly if the economy appears to be taking a greater hit from weakness abroad and market movements…

4. A sign of the times given Canadian governments’ destructive Oil and gas policies:  TransCanada is planning to drop “Canada” from its name to reflect its growing focus on the United States and Mexico, a move that is raising concerns in Alberta about its long-term commitment to Calgary as a head office…the pipeline company, which now earns more than half of its profits from its U.S. operations, says that it will rename itself TC Energy, given its expanded footprint after a $13-billion (U.S.) acquisition of Columbia Pipeline Group Inc. in the United States and major investments in Mexico…capital will flow to where it’s wanted, and Canada’s federal government is decidedly anti-Oil…

5. The black market in cannabis in Canada is still alive and well, despite Trudeau’s rationale for legalization that it would destroy the black market… StatsCanada says the average price of a legal gram of recreational pot last year was $9.70, nearly 50% higher than the illicit market price of $6.61…the agency says it received 385 price quotes deemed plausible using the StatsCanada crowdsourcing application between October 17, when adult-use pot became legal in Canada, and December 31…it added that roughly half of the respondents told the agency they bought recreational pot from a legal supplier…StatsCanada also says the average amount of non-medical cannabis purchased from an illegal supplier was more than double the quantity bought from legal channels, such as government-run stores or web sites…

6. The Dow has lost 138 points through the first 30 minutes of trading on some earnings concerns, though Wall Street continues to shrug off a partial U.S. government shutdown that’s now in its 20th day (the 2nd longest on record)…U.S. venture capital just had its highest spending year in history…the amount of money firms spent on private companies hit a new all-time record in 2018 – well above the previous watermark from the dotcom boom…last year, venture capital firms spread roughly $131 billion across 8,949 deals, according to data published today by Pitchbook and the National Venture Capital Association…that’s a 57% jump in the dollar amount from 2017…the previous record was $100 billion in 2000…more than 61% of total capital invested last year came from deals sized at $50 million or larger…in addition, 2018 featured the highest amount of VC-backed companies entering the public markets since 2014, thanks to IPOs and buyouts…in Toronto, the TSX is down 53 points in early trading…Alamos Gold (AGI, TSX) has cut 5 m (true width) grading 152.07 g/t Au in surface directional drilling in the Western Extension of its Island Gold mine in northern Ontario…Corvus Gold (KOR, TSX) has drilled 116 m grading 1.83 g/t Au at its deposit in Nevada…step-out holes have outlined potential for an expansion of the Mother Lode Gold system to the north with the mineralized zone thickening and grades increasing…the Venture is off 3 points at 595 as of 7:00 am PacificNational Access Cannabis (META, TSX-V) announced this morning that it achieved $10.18 million in cumulative sales in just over 80 days of retail operation…the average gross margin was over 32% with consumable cannabis making up 94.2% of total sales…META is currently the largest private cannabis retail operator in the country with 20 retail locations and more than 370 employees…the company intends to apply for up to 75 retail cannabis locations in Ontario (subject to regulatory approval), along with continued growth plans in other areas of the country…

7. Election fraud in the Congo – any surprise?supporters of surprise Congo presidential winner Felix Tshisekedi celebrated in the capital today, while rival opposition candidate Martin Fayulu denounced the result as fraud after the long-delayed election marred by irregularities…“Today I am happy,” Tshisekedi told supporters. “Happy for the people of Congo.  Everyone is celebrating that there is peace. No one could imagine the scenario where an opposition candidate could be victorious!”…Fayulu alleged the results had been rigged, saying outgoing President Joseph Kabila made a backroom deal with Tshisekedi…Kabila appears to have negotiated with Tshisekedi to block anti-corruption crusader Fayulu, diplomats and observers said…now Congo and the world face the uncomfortable choice of accepting what could be the country’s first peaceful, democratic transfer of power or raising a protest that could lead to more violence in the long-turbulent nation…many are waiting for a statement from the Congo’s powerful Catholic church which has said its 40,000 observers in all polling stations found a clear winner…according to multiple sources, the church’s figures showed that Fayulu won a landslide majority…all major observation missions, including those of the African Union and the Southern African Development Community, apparently showed similar results…

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