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August 12, 2019

7 @ 7:00

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

1. Gold has traded between $1,487 and $1,509 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,503 as it holds above the psychological $1,500 level amid concerns over slowing global economic growth…market focus is also on the Federal Reserve annual symposium at Jackson Hole later in the week, with investors seeking greater clarity on the future path of interest rates…at the moment, traders see better than a two-thirds chance of another 25 basis-point rate cut by the Fed in September…Gold is coming off its best week since 2016 as the metal holds onto gains that propelled it past $1,500 an ounce while Silver trades near a 14-month high…Silver is up slightly at $16.94…Nickel prices rose sharply in volatile Asian trade early today as speculation continued that key producer Indonesia is about to bring forward a ban on mineral ore exports that was previously set to start in 2022…Jakarta is discussing bringing forward the ban but no decision has been made on such a move, Indonesia trade minister Enggartiasto Lukita said on Friday…Nickel is currently 6 cents higher at $7.14…Copper and Zinc are both steady at $2.59 and $1.01, respectively…Crude Oil has added 56 cents a barrel to $55.06 while the U.S. Dollar Index is down one-tenth of a point at 97.37…increasingly violent protests in Hong Kong are catching the attention of the market…these protests, which today led to the shutting down of the Hong Kong International Airport, have plunged the Asian financial hub into its most serious crisis in decades and are one of the biggest popular challenges to Chinese leader Xi Jinping since he came to power in 2012…the U.S.-China trade battle is going to have a larger impact on U.S. growth than Goldman Sachs originally estimated, though their predictions this year have sometimes been wildly off the mark…the firm has just lowered its 4th-quarter growth forecast by 20 basis points to 1.8%, citing a larger than-expected impact of recent trade events…“We have increased our estimate of the growth impact of the trade war,” said Goldman Sachs chief economist Jan Hatzius in a note to clients yesterday…“The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that financial markets have responded notably to recent trade news”

2. Black Monday in Argentina: Socialism appears ready to return to Argentina, and markets aren’t liking it this morning…the country’s currency is tumbling after opposition candidate Alberto Fernández’s win in primary elections over the weekend stoked concerns of a socialist comeback in Presidential elections that are just 2 months away…the strong showing by Fernández, whose running mate is former President Cristina Fernández de Kirchner, prompted speculation that conservative and market-friendly President Mauricio Macri will lose October’s election…the only chance Argentina has of becoming a normal country will be shot if socialists regain power…

3. Vancouver billionaire Jim Pattison, whose conglomerate owns businesses including supermarkets, fisheries and billboards, has offered to take lumber producer Canfor (CFP, TSX) private for about $981.6 million…Pattison’s Great Pacific Capital Corp., which already owns 51% of Canfor, proposed yesterday to buy out the remaining shares for $16 apiece, an 82% premium to the stock’s closing price on Friday…Vancouver-based Canfor said it has formed a special committee of independent directors to review the offer…the deal would give 90-year-old Pattison, who’s sometimes referred to as Canada’s Warren Buffett, full control over the maker of lumber, plywood, pulp and paper…the offer comes amid a slump in Canfor’s shares, which have plunged 69% during the past 12 months as the U.S. housing market slowed…CFP has jumped more than $6 a share to $15.08 in early trading…

4. It’s obvious who’s really running GT Gold (GTT, TSX-V)…the company announced this morning that Paul Harbidge has been appointed President and CEO, effective September 3, with Steve Burleton deciding to step down from that position…Burleton will, however, continue to serve as a consultant to the company and support GT Gold as it advances its Tatogga Project featuring the Saddle North and Saddle South discoveries in Northwest British Columbia…“I am pleased that we have accomplished a great deal over the last year,” Burleton…“The discovery of Saddle North, with the recent investment by Newmont Goldcorp, means we are well funded to further advance our exciting exploration programs.  The next steps for GT Gold will be to continue delivering strong exploration results under the technical guidance of Paul Harbidge to further define and maximize the value of the Tatogga Project for all stakeholders.  I firmly believe that Paul’s experience will allow GT Gold to achieve our next milestones at this pivotal time in our history”…Harbidge is a geologist with over 20 years of experience in mining exploration and development, which of course(?) makes him uniquely qualified to run a junior exploration company…notably, he most recently served as senior VP/Exploration at Goldcorp from 2016 until its acquisition by Newmont…before that he successfully led the exploration team at Randgold, resulting in the discoveries of the Yalea Deeps Project, the Gara Deeps Project, Loulo 3 and more recently the 5 million+ ounce Gounkoto deposit in the Loulo area of Mali and the 4 million+ ounce Massawa deposit in Senegal…GTT, looking strong technically and fundamentally, is up a penny at $1.24 as of 7:00 am Pacific

5. The Dow has lost 173 points through the first 30 minutes of tradingthe intensified Hong Kong protests soured investor sentiment already aggravated by the trade dispute between Washington and Beijing…investors keep rushing to traditional safe havens like Gold and Treasurys amid the geopolitical uncertainties…the benchmark 10-year Treasury yield, which fell to its lowest since 2016, continued its slide this morning, dipping to about 1.66%…in Toronto, the TSX is off 37 points with gains in the Gold Index offsetting losses elsewhere…Barrick Gold (ABX, TSX; GOLD, NYSE) posted net earnings of $142 million (U.S) in Q2 (11 cents per share) with production of 1,353,000 ounces of Gold, in line with the solid base (1,367,000 ounces) set in Q1 and driven by strong performances at Loulo-Gounkoto in Mali and Veladero in Argentina…President and CEO Mark Bristow said at this halfway mark of the year, annual Gold production is expected to be at the upper end of the 2019 guidance range with cost metrics at the lower end of the ranges…the Venture is up 5 points at 598Garibaldi Resources (GGI, TSX-V) opened higher again this morning after news Friday of a spectacular drill hole (EL-1953) at Nickel Mountain with assays pending…drilling continues to build out the 5 known zones and it appears an entirely new olivine gabbro chamber has been located below the Lower Discovery Zone…elsewhere in Northwest B.C., Brixton Metals (BBB, TSX-V) has added another 3 pennies to 42 cents as it closes in on a 2-year high…Nevada Gold junior American Pacific (USGD, CSE) is off half a penny at 18 cents after a strong run last week that took the stock to its best levels since April on a big jump in volume…Canopy Rivers (RIV, TSX-V) has received conditional approval from the Toronto Stock Exchange to graduate from the Venture and list its Class A subordinated voting shares on the TSX…

6. A.I.S. Resources (AIS, TSX-V) has announced that the company has signed a contract with an agricultural product manufacturer to supply 1,000 tonnes of Manganese every 2 weeks for 12 months based on the weekly benchmark price…at the current grade and benchmark price, this contract has an estimated gross revenue of $274,400 (U.S.) every 2 weeks (~$9 million per year CDN) based on $274.40 per tonne (U.S.)…meanwhile, the company has been working closely with its contract miner to open the Victor mine that shares the same Manganese body as the San Jorge mine…this will enable AIS to move toward its short-term target of producing 10,000 tonnes a month…AIS President and CEO, Phillip Thomas stated, “I am delighted we have signed a long term contract with a substantial buyer on very competitive terms.  Our logistics team is working very efficiently and we have improved our loading process eliminating the cost of tuff bags.  We have engaged Impala/Trafigura to provide our shipping and export services resulting in substantial savings.  This contract will underpin our expansion plans.  As soon as we reach 5,000 tonne shipments we will revert to break-bulk Handymax shipping and realize further savings”

7. Health Canada has found fault with cannabis production at a second CannTrust Holdings (TRST, TSX) facility, a month after the regulator froze sales of several tonnes of marijuana grown at another one of its Ontario operations…CannTrust announced this morning that after trading hours on Friday, a strange day for the stock as it soared $1.32 a share to close at $4.21, the company received a report from Health Canada notifying it that that its manufacturing facility in Vaughan, Ontario, has been rated non-compliant with certain regulations…CannTrust has accepted Health Canada’s findings and remedial actions are underway…Heath Canada’s rating was based on observations made during an inspection completed during the period July 1016, 2019, which noted: 1) The conversion of 5 rooms from operational areas to storage areas, which were used for storage since June 2018 without prior approval of Health Canada; 2) The construction of 2 new areas without prior approval of Health Canada, one of which was used to store cannabis since November 2018; 3) Insufficient security controls at the manufacturing facility; 4) Inadequate quality assurance investigations and controls; 5) Standard operating procedures that did not meet the requirements under regulations; and 6) Documents or information that were not retained in a way to enable Health Canada to complete its audit in a timely manner…as previously announced, the company implemented a voluntary hold on the sale and shipment of all cannabis products while Health Canada reviewed its Vaughan manufacturing facility…CannTrust continues to work closely with Health Canada and says it will provide further details of the hold and other developments as they become available…under the direction of the recently constituted independent Special Committee of the board of directors of the Company and newly-appointed interim CEO, Robert Marcovitch, the company says it has already started the process of investigating and remediating the root causes of any non-compliance and expects to propose a robust remediation plan to Health Canada…TRST has tumbled nearly $1 a share to $3.25 in early trading…

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August 9, 2019

7 @ 7:00

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

1. Gold has traded between $1,495 and $1,509 so far todayas of 7:00 am Pacific, bullion is off $4 an ounce at $1,497…precious metal funds recorded the 4th-largest inflows ever in the week to WednesdayBank of America Merrill Lynch said this morning, as rising trade tensions and global growth concerns prompted a dash for safe havens…Gold is poised for its best week since 2016 as the metal holds onto gains that propelled it past $1,500 an ounce while Silver trades near a 14-month high…Nickel has eased off 17 cents after a huge climb in recent days…Copper is off a penny at $2.59 while Zinc is 2 cents lower at $1.02…Crude Oil has jumped $1.72 a barrel to $54.26 while the U.S. Dollar Index is down slightly at 97.56…this week’s flight from stocks to bonds on U.S.-China trade and currency worries were weighing on the Treasury yield curve – the obscure plot of U.S. interest rates based on maturity dates – and threatening to send 10-year rates below 2-year rates…an inversion of the 2-year and 10-year yields has preceded every recession over the past 40 years…other parts of the yield curve have been inverted for months, with the rate on the 3-month Treasury bill first rising above that of the 10-year note in March…the UK economy contracted in the 2nd quarter for the first time in almost 7 years amid rising Brexit uncertainties and weakening global growth…output fell 0.2% in Q2, worse than the flat performance expected by economists and down from a 0.5% expansion recorded in Q1, according to data from the Office for National Statistics…Britain’s economy has not contracted since the final 3 months of 2012…meanwhile, in Canada, the Trudeau economy lost 69,300 private sector jobs last month while the public sector gained 17,500 jobs, another example of what’s wrong with the Canadian economy thanks to over-regulation, high taxes and a host of other problems…

2. A spectacular drill hole this morning from Garibaldi Resources (GGI, TSX-V) at Nickel Mountain, likely among the very best in Nickel sulphide exploration in many years, even better than EL-1714 that drove GGI to $5 a share in 2017…EL-1953, the 7th hole drilled this summer at the E&L deposit, has hit 18 m of textbook massive sulphide plus sections of semi-massive sulphide in addition to 56.5 m of mineralized orbicular gabbro (moderate to strongly disseminated) in a continuous 86-m intersection (more than twice the core length of the EL-17-14 interval)…EL-19-53 thickens and extends the robust Lower Discovery Zone (LDZ) along a shallow western plunge on the south flank of the E&L Intrusion…estimated true width is impressive at 80% (68.8 m)…assays are pending for EL-1953 but given the known Nickel tenor in this part of the system (7% to 8%), with unusually high Copper, PGE’s, Gold and Silver as well, the grades are almost certain to be world class…the 86-m interval is also very close to surface, having started at just 67 m, with increasing sulphide percentage downhole (Nickel-Copper-rich mineralization continued to 153 m with the hole ending at 171 m)…EL-1953 was described in this morning’s news as “the most extraordinary hole drilled so far at Nickel Mountain”the “leopard print” massive sulphides feature large loop textured pyrrhotite-pentlandite-chalcopyrite with grains of pentlandite up to 4.5 cm in diameter…it’s a geologist’s dream to hit a hole like this, and no doubt Dr. Lightfoot will be showing this one off very soon…

3. EL-19-53 has also provided important information that the main axis of the mineralized system at Nickel Mountain may be controlled by SW-NE trending domains which guides future drilling and geologic models…meanwhile, assays have been received for the first hole of this summer’s program…EL-1947 cut 7.6% Nickel and 3.2% Copper, plus Cobalt, Platinum, Palladium, Gold and Silver, over 6.1 m (and 6.1% Ni and 2.8% Cu over 9.3 m) within a broader core interval of 50.57 m grading 1.5% Ni and 0.94% Cu (true width estimated at 40.45 m)…this hole successfully extends the Lower Discovery Zone to the southeast…the massive sulphide intercept in EL-1947 is 64 m southeast of the EL-17-14 massive sulphide intercept…Jeremy Hanson, VP Exploration for Garibaldi, commented, 2019 drilling is off to a highly successful start as we test for new mineralized structures.  Lab efficiencies are speeding up delivery of assays compared to 2018 and 2017.  Beginning with these SGS results from our first hole, we expect they will be ab le to sustain better turnaround times this month for completed holes, including EL-19-53…it also appears, based on this morning’s news, that GGI has found another olivine gabbro chamber below the Lower Discovery Zone…this is classic evidence of an extensive Nickel Mountain “magma highway”, driving volume…GGI is up 11 cents at $1.71 as of 7:00 am Pacific…the GGI long-term chart, which has been remarkably accurate, is pointing to a breakout in the near future above the key $2.25 Fib. level…the fundamentals support that technical interpretation more than ever after this morning’s news…

4. The largest high-grade Nickel ore supplier in the Philippines, SR Languyan Mining, will stop mining in October, due to resource depletion, according to a report this morning from SMM (Shanghai Metals Market)…the miner, located in Tawi-Tawi, now can ship about 600,000 wmt of Nickel ore in a month, with an average Ni grade above 1.5%…another mine nearby, Altawitawi Nickel, is also verging on resource exhaustion…it has stopped output of high-grade ore, and medium-grade tailings are its major products…resource depletion or degradation have been major concerns for mines in Tawi-Tawi, given the early start of exploitation…the potential shutdown of SR Languyan, together with developments in Indonesia, is set to tighten supplies of high-grade Nickel ore and increase the possibility of a supply shortage…Nickel prices enjoyed their biggest daily advance in a decade this week on fears that Indonesia could bring forward a ban on exports of unprocessed ore…

5. Follow the money: In yet another sign of the huge turnaround in sentiment in the Gold sector, New Gold (NGD, TSX), which was really struggling just a year ago, has announced a bought deal financing of $150 million at $1.60 per share through a syndicate of underwriters led by BMO Capital Markets…the offering is expected to close on or about August 30th…New Gold, which appears to be getting its Rainy River mine on track, will use the net proceeds to enhance financial flexibility and strengthen its balance sheet (including debt repayment)…NGD is down 14 cents…

6. Oil prices rose this morning, supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting weak demand growth…the IEA said global Oil demand in the 1st half of 2019 grew at its slowest pace since 2008, hurt by mounting signs of an economic slowdown and a ramping up of U.S.-China trade tensions…Oil prices have lost more than 20% from peaks reached in April, putting them in bear territory…Saudi Arabia, de facto leader of OPEC, plans to maintain its Crude Oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories…market focus in Oil has clearly shifted…it is squarely on future demand, rather than on supply…the United Arab Emirates also will continue to support actions to balance the Oil market, according to the UAE’s energy minister…the OPEC and non-OPEC ministerial monitoring committee is scheduled to meet in Abu Dhabi on Sept. 12 to review the Oil market…cheap Oil means timid inflation which gives the Federal Reserve more flexibility to cut rates…

7. The Dow has rebounded 137 points through the first 30 minutes of trading…chip stocks are under pressure…President Donald Trump said this morning that the U.S. will cut ties with Chinese telecom giant Huawei, but that could change if there’s a trade deal with China…the move on Huawei came after China halted buying American agricultural products in retaliation for Trump’s surprise tariffs threat last week…China also allowed its currency to drop against the dollar to a key level unseen since 2008in Toronto, the TSX is down 75 points while the the Venture is flat at 596Eskay Camp stocks are firming up after news from GaribaldiGGI neighbor Metallis Resources (MTS, TSX-V), which reported new surface discoveries at Thunder North earlier this week, is up 6 cents at 88 cents…Crystal Lake Mining (CLM, TSX-V) is up half a penny at 35.5 cents while Tudor Gold (TUD, TSX-V) has added 4 cents to 90 cents…CLM and TUD are in the midst of drill programs and could have fresh news anytime now…further north, GT Gold (GTT, TSX-V) is up a penny at $1.21 while Brixton Metals (BBB, TSX-V) has eased off half a penny to 35.5 cents but looks strong…

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August 8, 2019

7 @ 7:00

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

1. Gold has traded between $1,490 and $1,504 so far todayas of 7:00 am Pacific, bullion is off $6 an ounce at $1,495…not surprisingly, investors are moving into Gold exchange-traded products at an unprecedented pace with holdings rising to a 6-year high in July, according to the latest report from the World Gold Council (WGC)…the WGC said today that global Gold-backed ETFs and similar products saw $2.6 billion in net inflows last month as holdings increased by 52 tonnes to 2,600 – a level not seen since March 2013“Last month’s flows continued the positive trend that had started in mid-May as uncertainty rose – whether from economic concerns, trade tensions or geopolitical risks – and global monetary policy started to shift to a more accommodative stance,” the WGC stated in a news release…what’s also impressive is that investors jumped into Gold in a strong dollar environment as the U.S. Dollar Index rallied to a new 52-week high last month…the Philippine central bank cut its benchmark lending rates today, following similar moves this week by New Zealand, India and Thailand, among others…interest rate futures now suggest that traders are betting the Fed will cut rates 3 more times by year-end…in another tailwind for Gold, U.S. 10-year Treasury yields dropped further below 3-month rates…Nickel surged to a new multi-year high of $7.60 overnight (see below)…it’s currently up 51 cents at $7.24…Copper has added 4 pennies to $2.61 while Zinc is flat at $1.04…Crude Oil has rebounded $1.04 a barrel to $52.13 while the U.S. Dollar Index is up one-tenth of a point at 97.62

2. China’s central bank stocked up on Gold for the 8th month in a row in July amid escalating trade tensions, according to just-released data from the People’s Bank of China…the country’s Gold reserves rose to 62.26 million ounces from June’s 61.94 million ounces, which means about 10 tons were bought in July…the bank has been purchasing Gold on a monthly basis since December, increasing the value of total Gold reserves as of the end of July to $88.9 billion…the central bank’s appetite for Gold demonstrates a desire to diversify away from the U.S. dollar…China’s Gold percentage of total reserves, however, is still very small considering that the Asian country is the #1 Gold producer and consumer in the world…

3. Chinese exports rebounded in July thanks to increased shipments to Europe and Southeast Asia, but economists expect the turnaround to be short-lived as Beijing and Washington escalate their trade battle…China’s exports rose 3.3% from a year earlier last month, reversing a 1.3% decline in June…a Wall Street Journal poll of 13 economists had forecast a drop of 2%…shipments to Europe and Southeast Asia – China’s top 2 trading partners – also bounced back, while the decline in exports to the U.S. eased after President Trump and Chinese President Xi Jinping struck a conciliatory tone on trade at the Group of 20 summit in Japan in June…many Chinese exporters have made an effort to diversify their overseas markets in recent months as trade uncertainties loomed…exports to the Association of Southeast Asian Nations bloc and EU rose 15.6% and 6.5%, respectively, from a year earlier in July, according to official data…the rising trend in China’s exports to non-U.S. markets may act as a cushion against new U.S. tariffs on Chinese goods…

4. Nickel’s biggest daily jump in a decade astonished investors as the metal spiked as much as 13%, or almost $2,000 U.S. a ton, in thin Asian morning trading, extending a rally over the past month triggered in part by rumours that top producer Indonesia might bring forward a ban on Nickel ore exports…prices eased overnight after the nation’s mining ministry denied that any policy changes are imminent, but speculation remains high…Nickel is by far the best-performing base metal this year, with most other contracts declining…it has benefited from dwindling global stockpiles, long-term prospects for a demand boost from its use in electric-vehicle batteries, as well as concerns that Indonesia could curb supplies…Indonesia is the world’s top source of mined Nickel, most of which goes to China, and its policies to restrict raw materials are closely watched by investors…the government said it will revoke export permits of companies failing to meet smelter construction targets set out by the ministry…

5Marathon Gold (MOZ, TSX) has cut 16 m @ 5.7 g/t Au very close to surface (39 m – 55 m), including 6 m grading 12.9 g/t Au, through infill drilling at its Leprechaun deposit in the Valentine Gold Camp…other results released this morning were highlighted by 26 m @ 4 g/t (7 m to 33 m), including 2 m @ 27 g/t, and 13 m grading 4.1 g/t in another drill hole…the infill/definition drilling program has extended the Main Zone high-grade mineralization for 700 m along strike and to a depth of approximately 250 m…high-grade mineralization was intersected both near-surface and at depth where the PEA resource model has either low grade or gaps…the 69-hole, 20,468-m program is expected to add significantly to the Gold grade and ounces in the next resource update for this part of the deposit which is anticipated to be completed next month…

6. The Dow has rebounded 137 points through the first 30 minutes of trading…in Toronto, the TSX is up 75 points while the Venture has eased off 1 point to 596Brixton Metals (BBB, TSX-V) has closed an over-subscribed private placement, raising gross proceeds of $7.7 million…Eric Sprott took $4 million of that PP, increasing his ownership in Brixton to 18.25%…BBB touched a new 52-week high of 30 cents in early trading…Discovery Metals (DSV, TSX-V) is up slightly after releasing encouraging assay results of 112 underground samples from its drill-permitted Minerva Ag-Zn-Pb Project in Coahuila state, Mexico…3 key underground areas were sampled: Mina Minerva, Concordia and Tercia…at Mina Minerva, underground workings consist of approximately 460 m of lateral development and 2 vertical shafts, 30 m and 59 m deep, respectively…78 samples were taken, dominantly representing manto and vein mineralization encountered during mapping…53 of these samples returned grades higher than 500 g/t AgEq with an average grade of 1,804 g/t AgEq….Gernot Wober, VP Exploration, stated…“The first-ever documented underground results from the historic mines at Minerva were impressive.  Mapping and sampling of the underground workings, in addition to surface work completed previously, continues to indicate that the mineralizing system is very high grade.  The current results are extremely positive and support the drilling program that we plan to initiate later this year, the first drilling the project has ever seen”

7. White Gold (WGO, TSX-V) has released initial assays from its ongoing $13 million 2019 drill program at its recent high-grade Vertigo discovery and on its flagship Golden Saddle deposit, located in the prolific White Gold district in the Yukon…all Vertigo diamond drill holes to date have intersected Gold mineralization and have identified a minimum of 6 high-grade mineralized structures…each structure displays strong continuity from surface to over 250 m down dip and remains open in all directions…at Golden Saddle, WGO drilled 3.6 g/t over 68 m from 73 depth, including 8.1 g/t Au over 13.6 m from 77 m depth…diamond drilling at Golden Saddle has locally extended the GS Main zone 205 m down dip from historic drilling, approximately doubling the down-dip extension in the area which previously only extended to 165 m; added additional mineralization above the previously modelled orebody; and infilled several strategic gaps in the resource model…diamond drilling at GS West successfully proved continuity of the deposit both along strike and down dip, expanding the modelled mineralization beyond the envelope included in the company’s 2019 mineral resource estimate…WGO is off a nickel at $1.19 as of 7:00 am Pacific

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August 7, 2019

7 @ 7:00

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

1. Gold has scaled a new 6-year peak today, trading between $1,481 and $1,511as of 7:00 am Pacific, bullion is up $36 an ounce at $1,510 after an important breakout earlier this week through $1,450…U.S.-China trade tensions, global growth concerns and central bank easing around the world are all helping to drive this powerful move in bullion…Gold is also underpinned by inflows into ETFs and unprecedented central bank purchases…Gold’s chart momentum is also attracting a lot of new participants…Silver has soared 63 cents to $17.05…significantly, Silver has broken out above a long-term downtrend line on its monthly chart – this is a major development that we’ve been forecasting for months now…Nickel, which enjoyed a sharp run Monday, has retreated 15 cents to $6.64…Copper is steady at $2.56 while Zinc is off 2 pennies at $1.02…Crude Oil has fallen more than $2 a barrel to $51.55 while U.S. Dollar Index has shed one-quarter of a point to 97.37…euro zone government bond yields have slumped to record lows this week while Dutch 30-year and Irish 10-year yields turned negative for the first time…data from Germany this morning showed the steepest year-on-year decline in industrial production from Europe’s biggest economy since 2009, a contributing factor in Oil’s slide today…President Trump pressed his demand again this morning for the Federal Reserve to accelerate interest rate cuts, saying the U.S. central bank needs to keep pace with its global counterparts…“They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW,” Trump said in a series of early morning tweets…

2. Gold’s rally has room to run with Bank of America Merrill Lynch (BofAML) projecting that the yellow metal has the potential to reach $2,000 an ounce next year…a big supporter of Gold prices going forward will be the effects of “quantitative failure,” the bank pointed out…“Successive rounds of monetary easing have had a series of side effects.  Beyond falling rates, around $14 trillion of debt now has negative yields (including Germany’s 30Y Bund as of today).  This has been a key driver behind the recent Gold rally and with more easing to come, the dynamic will likely sustain a bid for the yellow metal,” BofAML stated.  “Successive rounds of easing have delivered less bang for the buck and markets are much less enthusiastic about further stimulus. Quantitative failure, under which markets refocus on elevated debt levels or the lack of global growth would likely lead to a material increase in volatility,” the bank said. “Such a sell-off may prompt central banks to ease more aggressively, making Gold an even more attractive asset to hold”

3. Following a decision earlier this week by the U.S. Treasury Department to label China a currency manipulator – the first such distinction since 1994 – officials in Beijing pegged the yuan at $6.9996 against the dollar today, the lowest mid-point setting in more than 11 years, and allowed the currency to drift below the $7 mark for the 3rd consecutive session…the move both indicates China’s need to weaken its currency in order to mitigate the affects of tariffs put in place by the Trump administration as well as Beijing’s insistence that it must be treated as an equal in trade talks with the world’s biggest economy…meanwhile, according to the latest Treasury data, the U.S. is now on a pace to generate $72 billion in tariffs annually, and could well hit the $100 billion mark Trump has touted if new 10% tariffs on $300 billion in untaxed imports from China take effect on September 1 as threatened…

4. Higher Silver prices will definitely help First Majestic (FR, TSX) going forward…the company released 2nd quarter financials this morning, showing a loss of $12 million (U.S.) in Q2 at a realized average Silver price of $14.80 per ounce…other notable numbers in the Q2 results: Pure Silver production was up 16% to 3.2 million ounces; Silver equivalent production was up 25% to 6.4 million ounces; Revenue was up 5% to $83.7 million, primarily due to a 13% increase in Silver equivalent ounces which was partially offset by a 12% decrease in Silver prices; Mine operating earnings were up 283% to $4.2 million; Cash costs were reduced by 10% to $6.84 per payable Silver ounce; AISC were reduced by 10% to $14.76 per payable Silver ounce; Strong balance sheet with $94.5 million in cash and cash equivalents…“In the 2nd quarter, our strong production results were mostly offset by lower Silver prices which impacted revenues, earnings and cash flows compared to the same quarter of the prior year,” stated Keith Neumeyer, President and CEO of First Majestic“Continued strong production from our San Dimas and Santa Elena mines, which together produced approximately 80% of the company’s total production, generated mine operating earnings of $4.2 million.  At Santa Elena, we are already seeing improvements in metallurgical recoveries following the installation of its new high-intensity grinding mill in the 2nd quarter.  This project has been a success and a great example of how new technologies are changing the mining industry”FR is up sharply in early trading, gaining $1.33 a share to $14.45

5. Skeena Resources (SKE, TSX-V) has started surface drilling at Eskay Creek…the 2019 Phase I drill program will initially focus on converting pit constrained Inferred resources to Indicated resources via infill in the 22, 21A, 21E and HW Zones…these zones have been prioritized for helicopter supported drilling such that the remaining drilling in the 21B Zone can be performed with ground transported drill rigs later this year…this initial phase of drilling at Eskay Creek will total approximately 15,000 m over 200 drill holes with average drilling depths of 75 m…hole spacings required for indicated resources varies by zone but will average 15 to 20 m between drill holes…a second drill rig will be mobilized to Eskay Creek in the coming weeks to accelerate the drilling schedule and may focus on exploration step-out holes to test for additional tonnage potential…the company also plans to mobilize a drill rig to the Snip Project on the western side of the Eskay Camp later this fall for a 5,000-m drill program targeting mineralization in the down plunge of the Twin Zone and in the 200 Foot Wall Zone…meanwhile, the Preliminary Economic Assessment Eskay Creek is currently being undertaken by Ausenco Engineering Canada in Vancouver and is scheduled for completion by the end of this quarter…it will include an assessment of an open-pit mining scenario followed by flotation and pressure oxidation of the concentrate for precious metal recovery with tailings deposition similar to historical operations…elsewhere around the Eskay Camp, Garibaldi Resources (GGI, TSX-V) is rebounding, up 11 cents at $1.41 as it bounces off its rising 50-day moving average (SMA), while Tudor Gold (TUD, TSX-V) has pushed above the $1 mark to its best levels since 2016

6. The Dow has tumbled 508 points through the first 30 minutes of trading…the 10-year Treasury yield has slid to its lowest level since 2016…the benchmark 10-year Treasury yield dipped below 1.6% after starting August above 2%…the move further narrowed the yield curve, a widely watched recession indicator…the spread between the 10-year rate and the 2-year is at its lowest level since 2007 at less than 8 basis points…in Toronto, the TSX is off 29 points despite another big jump in the Gold Index which is now at 260, its highest level in nearly 3 years…the Venture has jumped 4 points to 599Eskay Camp stocks are in the green this morning…further north, GT Gold (GTT, TSX-V) has hit a new 9-month high of of $1.21 in early trading while Brixton Metals (BBB, TSX-V) is up a penny a 28 cents…Klondike Gold (KG, TSX-V) is following up on yesterday’s advance with a gain of 3.5 cents to 44.5 cents…KG announced yesterday that drill hole EC-19267 cut 1,009 g/t Au with 1,035 g/t Ag over 1 m (104 to 105 m) in a wider interval that graded 404 g/t Au and 415 g/t Ag over 2.5 m…this is a new discovery 25 m below the known Nugget zone mineralization and remains open…more assay results are pending…

7. Pure Gold Mining (PGM, TSX-V) has closed a $90 million (U.S.) project financing package with Sprott Resource Lending Corp…the financing will fully fund the costs to develop an underground mine at Pure Gold’s Madsen Gold Project in the Red Lake Camp…the financing comprises a credit facility for $65 million and a $25 million callable Gold stream…with the project now fully funded, the company has also announced that its Board of Directors has approved a “decision to construct” for the Madsen Red Lake mine…with approximately $90 million (CDN) in the treasury on closing of the first tranche of this financing, and a recent project agreement signed with Wabauskang First Nation and Lac Seul First Nation, the company will immediately commence development activities with a goal of first Gold pour by the end of 2020…additionally, the financial flexibility provided by this financing and the recent equity raise of $47.5 million (CDN) will allow Pure Gold to continue to pursue a growth strategy, with exploration drilling expected to continue through the balance of the year…

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August 6, 2019

7 @ 7:00

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

1. Gold has traded between $1,456 and $1,468 so far todayas of 7:00 am Pacific, bullion is up $2 an ounce at $1,465 after an important breakout through $1,450Gold has hit new record highs in a number of currencies including the Canadian dollar, the British pound, the Australian dollar and the Japanese yen…Silver is flat at $16.35…Nickel, which enjoyed a sharp run yesterday, has climbed another 4 cents to $6.79 (see below)…LME Nickel has been the best performing base metal so far this year, rising 30% while most other base metals have been falling…Copper is hovering near a 2-year low, unchanged at $2.57, while Zinc is steady at $1.06…Crude Oil is up slightly at $54.75 while the U.S. Dollar Index has added more than one-tenth of a point to 97.70 after diving yesterday on more U.S.-China trade friction…Goldman Sachs says it no longer expects the U.S. and China to agree on a truce to end their trade dispute before the 2020 U.S. Presidential elections, citing “a harder line” taken by policymakers from the world’s largest economies…the bank’s chief economist, Jan Hatzius, wrote that he expects the Federal Reserve to cut interest rates twice more this year…a speech by the Fed’s James Bullard later today is likely to be scrutinized closely for any further signals on possible actions by the U.S. central bank…China’s fiscal spending increased 10.7% in the first 6 months from a year earlier, the finance ministry said today, underlining the government’s bid to support the slowing economy…the communist country’s fixed-asset investment project approval in the first 6 months increased 81% by value compared with a year earlier as Beijing also ramped up infrastructure spending…President Trump is promising farmers that China’s increasing aggression against U.S. agriculture in the spiralling trade battle “will not be able to hurt them” – and vowed that “if necessary” he will give them more aid in 2020…meanwhile, Trump also lauded a strong U.S. economy in a morning tweet…“Massive amounts of money from China and other parts of the world are pouring into the United States for reasons of safety, investment, and interest rates!  We are in a very strong position.  Companies are also coming to the U.S. in big numbers.  A beautiful thing to watch!”

2. For the first time in 25 years, since the Clinton Presidency, the U.S. Treasury Department has named China a currency manipulator…that action yesterday from the Trump administration came after China allowed its currency, the yuan, to weaken to more than 7 per U.S. dollar – a level many analysts and investors considered critical…Trump, for his part, called the slide in the yuan “a major violation”…Beiijing’s move was clearly made in retaliation to the President’s latest tariff threat…the President announced last week that Washington will slap 10% tariffs on $300 billion of Chinese goods starting September 1…if that goes ahead, the U.S. will have imposed elevated tariffs on all goods it buys from China…the escalation of the U.S.-China trade battle significantly increases the likelihood the Fed will again lower U.S. interest rates yet this year…contrary to a popular mainstream media narrative, President Trump didn’t start a trade war with China – China launched a trade war against the United States beginning in the early 1990’s…it’s just that no President has challenged China until now…of particular concern is China’s theft of American intellectual property which costs the U.S. economy massive amounts of money each year…a 2017 report by the independent and bipartisan U.S. Commission on the Theft of American Intellectual Property put the annual cost of IP theft by all parties at $255 billion to $600 billion in counterfeit goods, pirated software and stolen trade secrets…these figures do not include the full cost of patent infringement…the commission named China “the world’s principle IP infringer”

3. Nickel prices are closing in on a fresh multi-year high on speculation Indonesia might bring forward a planned ban on mineral ore exports much sooner than 2022…a top Indonesian mining ministry official did not deny those rumours yesterday, saying only that “I don’t want to speculate in that regard.  As long as there is no new regulation, the current one remains in effect”under a 2017 mining regulation, Indonesia is due to stop allowing the export of unprocessed ore starting January 12, 2022, after giving miners a 5-year period to build smelters onshore…last month, Indonesia confirmed that it would enforce a ban on the export of raw ore exports by 2022 to make miners process minerals in the country…

4. In the Eskay Camp, Crystal Lake Mining (CLM, TSX-V) has commenced a major diamond drilling program at its Newmont Lake Project, beginning at Burgundy Ridge where 4 shallow first-ever drill holes (RC) late last year confirmed that widespread Copper-Gold-Silver-Zinc-rich mineralization extends to depth…meanwhile, Metallis Resources (MTS, TSX-V) released an exploration update this morning on its Thunder North and Thunder South claims bordering Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain Project…field investigations have confirmed the presence of gabbros at the “K9” target at Thunder North which represents the southwestern extension of the ~12-km-long Nickel Mountain Gabbroic Complex…ground-based follow-up on Nickel sulphide targets is focused on mafic intrusions at both “K9” and the southern flank of the Lehto pluton…meanwhile, a significant Gold target has been discovered at Thunder South…re-evaluation and mapping of the Hazelton stratigraphy has outlined a potentially large shear zone that’s part of a broader prospective area exposed by a receding glacier…the shear zone, a least 400 m x 400 m, is characterized by intense folding, faulting and stringers of sulphides prospective for high-grade Gold mineralization…meanwhile, Aben Resources (ABN, TSX-V) announced this morning that it has completed 4,000 m (9 drill holes) of a planned 5,000-m drill program at its Forrest Kerr Project…the program may be expanded considerably, depending on initial results…Tudor Gold (TUD, TSX-V) is up 4 pennies at 71 cents through the first 30 minutes of trading, its best level since late 2017

5. The Dow has rebounded 147 points through the first 30 minutes of trading…U.S. markets suffered their worst day of the year yesterday on increased U.S.-China trade tensions…Canadian markets are back in action after a long holiday weekend…in Toronto, the TSX has retreated 142 points despite a big jump in the Gold Index which is now at 246, its highest level since October 2016…the beaten-down Canadian Marijuana Index has rebounded another 7 points to 446, thanks to positive guidance this morning from Aurora Cannabis (ACB, TSX)…the specialized team of the Ontario Securities Commission that is leading an investigation into medical cannabis producer CannTrust Holdings (TRST, TSX) is understood to be pursuing the matter as a “quasi-criminal” case, a type of proceeding that has the potential to lead to jail time depending on what, if any, charges are eventually brought and successfully prosecuted…it is early in the investigation, but it is moving quickly, according to a report this morning in the Financial Post…no conclusions have been drawn at this point and there are no formal allegations…the Venture is up 3 points at 599 as of 7:00 am Pacific with the Index briefly trading above 600 for the first time in more than 2 months…Defense Metals (DEFN, TSX-V) announced this morning that it has engaged APEX Geoscience to manage its previously announced Wicheeda Property diamond drill program in northern B.C., set to commence during this 1st half of August…the drill program is designed to further delineate, and potentially expand, the Wicheeda REE (rare earth element) carbonatite deposit leading to completion of an updated mineral resource estimate…Gold Standard Ventures (GSV, TSX) is launching a $6.9 million (U.S.) exploration and development program at its 100%-owned/controlled Railroad-Pinion Project on Nevada’s Carlin trend…district exploration will consist of approximately 11,000 m whereas step-out and development work at Dark Star and Pinion is expected to account for approximately 4,000 m…drilling with 2 core and 2 RC rigs starts this week…

6. Venture technical update:  The Venture has posted 3 straight weekly gains, closing Friday at a nearly 2-month high of 596…buy pressure has jumped quite dramatically on the short-term chart to the best levels in 3 months…the Index continues to trade above its EMA(8) and EMA(20) and both short-term exponential moving averages are rising, a trend that must continue for a while longer in order for this market to build the necessary strength and momentum to attack important resistance in the low 600’s including the still-declining 200-day SMA at 605…the “masses” won’t really start to catch on to this until later in the quarter but a bullish new phase in the Venture is now in its very early stages with the Index breaking out above the downtrend line it was trapped in for several months since its early 2019 high in March…in addition, RSI(14) has pushed to its best levels in several months (55%) while a bullish +DI/-DI cross has occurred in the ADX indicator on the short-term chart…Northwest B.C. may hold the key to an immediate/near-term Venture breakout through 600 as Garibaldi and other companies prepare to release drilling and exploration results/updates in the middle of an exceptionally busy summer…

7. The average Canadian family spent more last year on taxes than on housing, food and clothing combined, according to a new study…the report, released by the Fraser Institute, found that the typical family spent more than 44% of its income on taxes last year…basic necessities, such as groceries and housing, accounted for 36% of income…those numbers aren’t necessarily new…back in 2006, when the average family made $22,502 less, taxes accounted for 45% of the average family’s income…basic necessities were slightly less, at 34% of a family’s income…the report’s findings were calculated based on municipal, provincial and federal taxes, including vehicle taxes, property taxes, alcohol and tobacco taxes and sales taxes…income taxes accounted for the highest tax expenditure last year, at $12,242 for the average family, followed by payroll and health taxes at $7,475 and sales taxes at $5,839…tax me, I’m Canadian…

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August 2, 2019

7 @ 7:00

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

1. Gold has traded between $1,431 and $1,443 so far todayas of 7:00 am Pacific, bullion is off $2 an ounce to $1,443 after yesterday’s Trump-fed surge…Silver has pulled back 16 cents to $16.14…Copper has fallen 5 cents to $2.61 on China jitters…Nickel is down slightly at $6.55 while Zinc has lost 3 pennies to $1.06…the U.S. Dollar Index has retreated one-fifth of a point to 98.20 after failing to conquer the 99 level…Crude Oil prices tumbled almost 8% yesterday, their biggest drop since February 2015, after President Trump announced new tariffs on Chinese imports, stoking fears that the trade dispute between the 2 countries will drag on indefinitely and negatively impact global growth…in a series of tweets, just 24 hours after a Fed policy statement and the first interest rate cut by the FOMC in more than a decade, Trump announced another round of tariffs on the roughly $300 billion of Chinese goods that had not already been targeted by American levies…the charge will take effect from September 1…the move breaks a truce in the trade battle between Washington and Beijing, with investors fearful it could further disrupt global supply chains…the tariff threat caught financial markets by surprise, in large part because negotiators for the 2 sides had just completed 2 days of talks in China with more meetings planned for September, but it was a classic Trump leverage play and seems to tie in with his strategy – successful so far – of keeping Oil prices at modest levels and maintaining pressure on the Federal Reserve to further ease monetary policy…meanwhile, Trump’s actions are forcing China to ramp up stimulus in order to shield its economy from additional harm…these are very bullish dynamics for the Gold market…about 75% of investors are now wagering on at least 2 more rate cuts in the Fed’s final 3 meetings of the year following Trump’s latest tariff move…U.S. consumer sentiment held steady in July near historically high levels while expectations improved in the later part of the month as a strong labor market helped to offset worries about slower global growth and trade tensions…the University of Michigan’s final sentiment index held at 98.4, matching the preliminary reading and up slightly from 98.2 in June, data showed this morning…the gauge of expectations improved slightly to 90.5, the best since September…

2. Gold’s advance appears to have among the strongest foundations,” Bloomberg Intelligence senior commodity strategist Mike McGlone says in his latest commodity outlook…Gold prices should continue to advance.  Fed easing is a tailwind. The Gold bull run is projected to continue this year as Gold’s mission is to revisit its resistance at $1,700 an ounce, last seen in 2013.  A potential increase in hedge fund positions supports our view that Gold’s initial mission is revisiting resistance near 2013’s peak at $1,700 an ounce.  Hedge funds’ net-long futures positions are a bit extended, but indicate that Gold is in the early days of a bull market.  Gold prices appear on a similar launchpad as 2001 when the Fed began an easing cycle.  The greatest bull market of this millennium so far began about the time of that first rate cut, following an extended Gold-price downdraft and rally in the dollar. Fast forward and the first expected rate cut in 11 years comes on the back of the trade-weighted broad dollar near its historic high from 2002 and spot Gold about 25% below its 2013 peak”

3. Escalating trade tensions between Washington and Beijing cost China its position as the U.S.’s top trading partner in the 1st half of the year, as exports and imports between the two largest economies fell sharply…U.S. imports from China fell 12% in the first 6 months of 2019 from a year earlier, while exports fell 19%, the Commerce Department said this morning in a monthly trade report…the total value of bilateral goods trade with China, $271.04 billion in the 1st half of the year, fell short of that with both Canada and Mexico for the first time since 2005…the decline in U.S. imports from China has been more than offset by growth in purchases from other countries…U.S. imports from Vietnam, which attracted low-wage manufacturing from China even before Trump’s tariffs, surged 33% in the 1st half of the year…U.S. purchases from Japan, South Korea, Mexico and Europe also rose in the period…

4. The Trump economy keeps churning out jobs while wages also continue to increase, in stark contrast to the Trudeau economy but of course the approaches are much different (one approach is growth oriented, the other is not)…U.S. payroll growth rose in line with expectations in July and the unemployment rate remained at 3.7% amid a sharp jump in the size of the labor force to its highest level ever…the Labor Department reported this morning that non-farm payrolls increased 164,000 during the month, just 1,000 below the 165,000 Dow Jones forecast that also matched the average monthly gain for the year…wages also continued to increase, with the 3.2% year-over-year gain topping expectations by one-tenth of a percentage point…economists had expected the unemployment rate to drop to 3.6%, which would have tied a 50-year low, but an influx of 370,000 new workers to the labor force brought the participation rate up to 63%, its highest since March…the total labor force of 163.4 million is a new record…ironically, while Trump’s critics accuse the President of being “racist”, statistics clearly show that minorities are benefitting more under Trump than they did under Obama in terms of jobs and wage growth – a fact that drives the loony left crazy…

5. More liberal judicial activism affects mining industry: A U.S. federal judge, appointed by Obama in 2013, has ordered Hudbay Minerals (HBM, TSX) to cancel plans to build a massive Copper mine in Arizona…Hudbay spent more than a decade securing approvals for its Rosemont mine, and cleared what appeared to be the last major hurdle with the issuance of a water permit in March…however, Judge James Soto of the U.S. District Court for Arizona has ruled that the U.S. Forest Service had erred when it issued a key permit for the mine in 2017…Rosemont is located in Arizona’s Coronado National Forest in the Santa Rita Mountains, southeast of Tuscon…the deposit was supposed to go into production in late 2022 and would have been the 3rd-biggest Copper mine in the United States with average yearly production of 112,000 tonnes…the project is key to Hudbay’s plans as production at some of its other properties tails off over the next few years…over an 11-year period, Hudbay spent more than $100 million and attended multiple public hearings on Rosemont, fielding tens of thousands of public comments, and conducted 1,000 impact studies…in a statement, Hudbay says it will appeal what it characterized as an “unprecedented” decision by the court…“This is a crucial victory for jaguars and other wildlife that call the Santa Ritas home,” said Randy Serraglio of the Center for Biological Diversity, one of the groups that filed cases seeking to stop the mine…“The judge’s ruling protects important springs and streams from being destroyed.  We’ll move forward with everything we’ve got to keep protecting this southern Arizona jewel from this toxic mine”…of course, every mine is “toxic” according to environmental extremists…Hudbay’s route to overturn the decision will take considerable time in the courts (perhaps years), an overhang for the stock that could expose the company to an opportunistic takeover…

6. The Dow is down 153 points through the first 30 minutes of tradingin Toronto, the TSX is 43 points lower as Canadian markets enter a long holiday weekend…the bullish Gold Index is off 1 point at 237 after surging more than 11 points yesterday, once again demonstrating exceptional support in the upper 220’sPretium Resources (PVG, TSX) is pushing higher in early trading after posting its 8th consecutive quarter of positive adjusted earnings thanks to 90,761 ounces of Gold produced at Brucejack in the Eskay Camp in the 2nd quarter at a mill feed grade of 8.9 g/t Au…AISC (all-in-sustaning costs) of $940 (U.S.) per ounce of Gold sold is on track to achieve 2019 guidance…“The robust economics of our Brucejack mine allowed us to eliminate $65 million of debt in the first half of 2019, strengthening our balance sheet and advancing our debt repayment goals as we continue to target debt reduction of $140 million this year,” stated President and CEO Joseph Ovsenek…We are successfully ramping up production and made additional progress since the first quarter of the year.  We expect this positive trajectory to continue, to deliver higher grade and tonnes through the remainder of the year and to meet our guidance”as expected, the Ontario Securities Commission has opened an investigation into CannTrust Holdings (TRST, TSX)…OSC spokesman Kristen Rose said the Joint Serious Offences Team, a partnership among the OSC, the RCMP’s Financial Crime Program and the Ontario Provincial Police Anti-Rackets Branch, is conducting the investigation…CannTrust (TRST, TSX) which disclosed the OSC probe yesterday, is already under investigation by Health Canada for growing thousands of kilograms of pot in unlicensed rooms in its greenhouse facility in Pelham, Ont., in late 2018 and early 2019CannTrust has halted all sales pending the outcome of the investigation…Health Canada needs to make an example out of CannTrust and yank its license…the Venture is up 2 points at 594…traditionally, we’re rapidly approaching a seasonal period of strength for the Venture which typically begins soon after the August holiday…

7. Aphria (APH, TSX) has posted its first profitable quarter since the legalization of recreational cannabis, driven largely by revenue from its German distributing partner CC Pharma and significantly higher volumes of cannabis sales in Canada’s adult-use market…for its 4th quarter, which ended May 31, Aphria generated net revenue of $128.6 million – an increase of 75% from the previous quarter – while net income and adjusted EBITDA were both in positive territory at $15.8 million and $0.2 million, respectively…the Leamington, Ontario-based company also exceeded most analysts’ expectations on a key indicator – the quantity of cannabis sold on the Canadian market…for the quarter, Aphria sold 5,574 kilograms of cannabis, generating $28.6 million…in its previous quarter – largely considered a disappointing one – it sold just 2,636 kilograms of cannabis in both the recreational and medical markets, generating $15.4 million in revenue…as in the previous quarter, the bulk of the company’s revenue – $99.2 million – came from its distribution partnerships abroad, specifically with CC Pharma in Germany, which distributes pharmaceutical products including medical cannabis (some of which is supplied by Aphria) to 13,000 pharmacies across continental Europe…Aphria acquired CC Pharma for approximately $60 million in January this year…APH is giving the cannabis sector a much needed lift today, up nearly $2 a share to $8.87 as of 7:00 am Pacific

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August 1, 2019

7 @ 7:00

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

1. Gold has traded between $1,400 and $1,411 so far today following “Fed Day” yesterday and the first interest rate cut by the Federal Reserve in more than a decade…as of 7:00 am Pacific, bullion has slipped a further $8 an ounce to $1,405…it was always going to be a tough job for the Fed to be as dovish as markets hoped, so yesterday’s weakness in Gold and equities was no major surprise…Silver is down 26 cents to $15.97 where it’s now trading in an area of strong technical support…Nickel, Copper and Zinc are all off modestly at $6.45, $2.66 and $1.08, respectively…Crude Oil has retreated $1.69 a barrel to $56.89 while the U.S. Dollar Index has added another one-quarter of a point to 98.80…after 1 more interest rate cut the Federal Reserve will be finished cutting rates, according to Goldman Sachs…we doubt it…the firm estimates an 80% probability of another rate cut this year to wrap up the Fed’s easing cycle…“[Powell’s] language we see as consistent with our expectation that easing will end with a second 25bp cut,” said Goldman Sachs chief economist Jan Hatzius in a note to clients following yesterday’s FOMC meeting…a miss this morning (just out) in the headline manufacturing index from the Institute of Supply Management…the reading came in at 51.2% for July, down from the consensus estimate of 52% and lower than June’s 51.7%…this should give Gold a lift…

2. Central banks’ insatiable appetite for Gold dominated the marketplace between April and June, according to the latest data from the World Gold Council (WGC)…in its 2nd-quarter Gold Demand Trends report, the WGC said that central banks bought a whopping 224 tonnes of Gold between April and June…official Gold reserves increased by 374.1 tonnes in the 1st half of the year – “the largest net H1 increase in global Gold reserves in our 19-year quarterly data series,” the analysts said in the report…“Buying was again spread across a diverse range of largely emerging market countries”9 central banks bought Gold in the 1st half of the year…“Central banks, like other investors, sought safety in Gold as they looked to protect themselves in the face of many looming risks”…meanwhile, global Gold demand totalled 1,123 tonnes in the 2nd quarter, up 8% from the 2nd quarter of 2018…for the 1st half of the year, physical Gold demand rose 2,181.7 tonnes, its highest level in 3 years…

3. Growth in Oil supply is forecast to accelerate next year in a global wave of production, preventing Crude prices from breaking out and possibly lowering fuel prices for consumers…this will help keep a lid on U.S. and global inflation and should also encourage further interest rate cuts by central banks…the U.S. is expected to continue driving much of the surge in Crude output, and increases by smaller producers such as Brazil and Norway will contribute to excess supply…Citigroup and JPMorgan Chase analysts currently project supply will grow roughly 1 million barrels a day more than demand in 2020, resulting in a surplus each quarter of next year…many investors have long expected a surge in U.S. shale production to continue as new pipelines from the prolific Permian Basin of Texas and New Mexico ease bottlenecks in the region…but analysts said the addition of barrels from ancillary producers threatens to make the expected surpluses bigger, particularly as concern about a slowing world economy triggers fears about crumbling demand…

4. Canada’s Oilpatch took its battle to the people today ahead of this fall’s federal election…an open letter penned by executives from 3 major Oil companies asked Canadians to urge their politicians to “help our country thrive by supporting an innovative energy industry”…better yet, they should have asked what common sense country in the world would shoot itself in the foot like Canada has when it comes to its Oil sector – the biggest contributor to our GDP?…the letter, appearing in Canadian newspapers today, says the Oil sands have reduced emissions by 30% over the past 20 years, countering the lies and distortions from the Oil-hating loony left greenies, and limiting the domestic industry would only result in Canada using more highly polluting fuels from other countries…the Oil sector is grappling with a serious pipeline shortage because of stalled projects and has been vocal in its opposition to new regulations and laws brought in by the Trudeau Liberals that are opposite to what the United States is doing…meanwhile, after a brief slowdown this year, trains are once again carrying skyrocketing amounts of Oil across Canada – this is a situation that climate change extremists have created which, ironically, is worse for the environment and threatens lives (not to mention the fact it’s more costly to move Oil by rail)…according to data from the National Energy Board, more than 8.8 million barrels of Crude were moved by rail in May, up more than 2 million barrels from last year…the fossil-fuel hating, “save the planet” left has truly gone insane…

5.  Kinross Gold (K, TSX) has struck a $283 million (U.S.) deal to buy a Russian Gold development project…Kinross has reached a friendly arrangement with privately held N-Mining to buy the Chulbatkan Project for a combination of cash and stock…Kinross hopes to eventually develop the property, located in the Khabarovsk region of Russia’s far east, into a low-cost, open-pit mine…Cyprus-based N-Mining was founded by a number of former executives of Polyus Gold International, Russia’s largest Gold producer…Kinross said its own drilling, conducted over the past 16 months, indicates the Chulbatkan Property contains a resource of 3.9 million ounces of Gold (Indicated resource of 87 million tonnes @ 1.4 g/t) over the next 3 years…Kinross plans to do more drilling to try to prove the project’s economic viability…the company’s early study points to a 6-year mine life, with an all-in sustaining cost of $550 (U.S.) an ounce and an initial capital cost commitment of half a billion dollars…Kinross boss Paul Rollinson is “really excited about the potential”Kinross expects the deal to close by early next year…the Chulbatkan purchase broadens Kinross’s footprint in Russia…

6. The Dow is up 82 points through the first 30 minutes of trading…the Dow had its worst day since May yesterday in a “sell on news” event following the Fed’s policy statement and Jerome Powell news conference…at times Powell didn’t make himself very clear which contributed to some market confusion…investors’ focus now shifts from the Federal Reserve’s cautious stance on further interest rate cuts to corporate earnings, which have been robust…almost 3 weeks through earnings, reports so far have been strong…of the 296 companies in the S&P 500 that have reported 2nd-quarter earnings, 74.7% have beaten Street estimates for profit, according to Refinitiv data…in Toronto, the TSX is up slightly while the Venture is relatively unchanged at 590…Canada is entering a long holiday weekend and that will trim trading volumes and news flow tomorrow…however, traditionally, we’re rapidly approaching a seasonal period of strength for the Venture which typically begins soon after the August holiday…

7. New Gold (NGD, TSX) has reported a 2nd quarter net loss of $36 million, but production and cash costs are well on track to meet or exceed annual guidance…total production for the quarter (excluding production from the Cerro San Pedro mine) was 132,556 Gold equivalent ounces (85,216 ounces of Gold, 151,305 ounces of Silver and 21.6 million pounds of Copper), lifting 6-month production to 255,820 Gold equivalent ounces…production is on track to meet annual guidance of 465,000 to 520,000 Gold equivalent ounces…revenues for the quarter were $155 million and $323 million for the 6-month period…total cash costs were $740 per AuEq ounce for the quarter and $717 per AuEq ounce over 6 months…total cash costs are on track to meet annual guidance of $740 to $820 per AuEq ounce…“We are excited with the significant progress to date at Rainy River as we reach the mid-point of this pivotal and transformational year for the operation, as well as another quarter of solid performance from New Afton,” stated CEO Renaud Adams…The Rainy River and New Afton teams have made significant progress and we look forward to building on that success over the coming quarters.  During the 2nd half of the year, capital requirements are expected to increase as we plan to substantially complete all remaining construction projects at Rainy River in order to reposition the asset for efficient and sustainable mining, as well as advance C-zone development at New Afton, all of which is underpinned by our current liquidity position of $395 millionNGD is off 14 cents at $1.62 (strong support) as of 7:00 am Pacific

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July 31, 2019

7 @ 7:00

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

1. Gold has traded between $1,422 and $1,429 so far todayas of 7:00 am Pacific, bullion is off $3 an ounce at $1,427 just 4 hours ahead of a Fed policy statement…Fed funds rate futures are now fully pricing in a 25 basis point rate cut today, which would be its first since the financial crisis more than a decade ago, and another quarter point cut in September…the Gold market will focus more on today’s communication from the Fed, whether it leaves the door open for more rate cuts amid a slowing global economy…there is also clearly a strong link between U.S.-China trade talks and the outlook for U.S. monetary policy…the longer the trade tensions drag on, the more the Fed will need to provide support on the interest rate side…Silver has slipped 17 cents to $16.37…Nickel and Copper are relatively unchanged at $6.51 and $2.68, respectively, while Zinc is flat at $1.11…Crude Oil is up for a 5th straight day, 30 cents higher at $58.35 while the U.S. Dollar Index continues to trade around strong resistance just above 98…U.S. companies added more jobs than expected in July…private payrolls increased by 156,000 for the month, according to this morning’s report from ADP and Moody’s Analytics…the number was up substantially from the 112,000 in June, revised higher from the initially reported 102,000…negotiations on an “enforceable trade deal” with China are expected to continue in Washington, D.C., in early September, the White House said in a statement this morning…Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in Shanghai yesterday and today to discuss trade with their Chinese counterparts, and those talks were “constructive”, the White House also said…the Chinese side confirmed their commitment to increase purchases of American agricultural exports, and other topics covered were forced technology transfer, intellectual property rights, services and non-tariff barriers, according to the White House…

2. The Gold market has reached an historic moment as U.S. citizens can now monetize physical Gold and spend it on everyday items thanks to a U.K.-based fintech company and its Gold-backed debit card…Glint Pay Inc. announced this week that its debit MasterCard and Glint App are now available in the United States…the expansion to the U.S comes less than a year after launching its services in Europe…in a press release, the company said that since its initial launch in the U.K in 2015, it has seen significant growth…“To date, Glint has more than 50,000 app downloads, 10’s of thousands of registered users and more than $50 million (U.S.) in transacted volume,” the company said…the launch comes as Gold is seeing a resurgence in investor demand, which recently drove prices to a 6-year high…however, physical demand has been fairly lackluster as investors have been jumping into Gold-backed exchange traded products…the company says consumers can put their physical Gold to use…“The U.S. boasts a $7.6 trillion annual Gold investment market in Gold bars and coins that has been locked in vaults and unable to be used as money until now”…

3. China’s factory activity shrank for the 3rd month in a row in July, an official survey showed, underlining the growing strains on the world’s 2nd-biggest economy as continuing Sino-U.S. trade tensions impact business profits, confidence and investment…the official gauge came on the 2nd and final day of U.S. and Chinese trade negotiators’ meeting in Shanghai, their first in-person talks since a G20 truce last month…today’s weak manufacturing reading adds to global growth risks and explains why policymakers around the world have stepped up easing measures, with some others considering doing so soon, to counter the fallout from international trade frictions….the Purchasing Managers’ Index (PMI) rose to 49.7 in July, from the previous month’s 49.4, but remained below the 50-point mark that separates growth from contraction on a monthly basis…analysts polled by Reuters had predicted a reading of 49.6…deteriorating global demand saw export orders shrinking for the 14th month, the survey showed, though the sub-index ticked up fractionally to 46.9 from June’s 46.3…the contraction in total new orders also moderated slightly, while factory output offered one brighter note, with growth quickening this month…

4. Kirkland Lake Gold (KL, TSX), our favorite producer, has posted quarterly Q2 net earnings of $104.2 million (U.S.), 50 cents per basic share, up 69% from $61.5 million (29 cents per basic share) in Q2 2018 and compared to record net earnings of $110.1 million (52 cents per basic share) the previous quarter…revenue growth in the 2nd quarter was 31% vs. the same period a year ago…Q2 2019 Gold sales of 212,091 ounces compared to 164,305 ounces in Q2 2018 and 232,929 ounces the previous quarter…AISC (all-in-sustaining costs) per ounce sold averaged $638, 16% better than $757 in Q2 2018 and compared to $560 in Q1 2019 (change from previous quarter reflects reduced sales volumes and timing of sustaining capital expenditures)…cash at June 30, 2019 totalled $469.4 million, a 13% increase from $416.1 million at March 31, 2019…Tony Makuch, President and CEO, commented, “During Q2 2019, we continued to generate strong growth in production, earnings and cash flows compared to the same period in 2018.  Fosterville achieved a record quarter and exceeded target production levels driven by higher than expected grades.  Even more encouraging, we are now positioned to significantly grow production at Fosterville during the second half of the year.  In Canada, tonnage at Macassa was affected by water in the mine from the spring run-off, and we had lower than planned grades at the Holt Complex.  We have already seen higher production levels at Macassa in July, with the mine remaining on track to achieve its full-year guidance of over 240,000 ounces.  Based on our results to date, and expectations for the remainder of the year, we remain well positioned to achieve our full-year 2019 consolidated operating guidance, which includes production of 950,0001,000,000 ounces with operating cash costs per ounce sold averaging $285 to $305 and AISC per ounce sold averaging $520-$560KL has backed off modestly on the news, down $3.12 a share to $56.97 as the broader Gold Index pulls back…

5. GoGold Resources (GGD, TSX) has drilled 23.3 m averaging 4.5 g/t AuEq (1.78 g/t Au and 201.5 g/t Ag) at its Los Ricos Project located about 100 km northwest of the city of Guadalajara, Mexico…drill hole LRGG-19022 intersected the Los Ricos quartz vein from 170.4 m to 193.7, including a 10-m interval averaging 3.6 g/t Au, 389.6 g/t Ag and 8.8 g/t AuEq…no workings were encountered in the hole and core recoveries were excellent…this hole cut the Los Ricos vein to the north of the prolific North Cinco Minas Stope in the historical underground workings…another drill hole (LRGG-19025) intersected the Los Ricos vein from 34.9 m to 59.5 m and averaged 1.30 g/t Au, 135 g/t Ag and 3.1 g/t AuEq over 24.6 m, including a 15.5-m interval averaging 2 g/t Au, 203.3 g/t Ag and 4.7 g/t AuEq…GGD is unchanged at 49 cents as of 7:00 am Pacific

6. The Dow is down 64 points through the first 30 minutes of tradingin Toronto, the TSX is off 32 points…beleaguered cannabis producer CannTrust Holdings (TRST, TSX) has appointed a financial advisor for a strategic review that will look at options including the sale of the company…CannTrust said in a statement that alternatives could include a sale, a strategic investment, a business combination or changes to operations or strategy…“The nature, timing and outcome of the strategic review process will be influenced by, among other things, the resolution of the Company’s regulatory compliance issues with Heath Canada”, a news release stated…the Venture is unchanged at 594Benchmark Metals (BNCH, TSX-V) is steady at 37.5 cents after a modest run yesterday on news that the initial 6 drill holes at its Lawyers Project (Cliff Creek zone) have cut “multi-metre mineralized intercepts”5 of the holes have returned 2 to 3 discrete mineralized intercepts within the same hole ranging from 1 to 46 m in length (assays pending)…the mineralization at Cliff Creek is typified by intense quartz flooding and veining with associated pyrite and sulphosalts within intermediate volcanic rocks of the highly prospective Stikine terrane….drilling has totalled 1,392 m to date…the next series of holes is scheduled for the subparallel AGB zone, targeting extensions and offsets from the high-grade historic mine area…

7. Nighthawk Gold (NHK, TSX) has drilled 56.25 m grading 2.76 g/t Au (30 m true width), including 13 m @ 3.5 g/t Au, extending mineralization to over 450 m at depth where it remains open in Zone 2.0 at its Colomac Gold Project in the Northwest Territories…drilling continues to target specific high-priority areas within Zones 2.0 and 3.0 of the Colomac Main sill with the focus on the discovery and delineation of higher-grade shoots within the sill…all 38 drill holes reported to date (12,824 m) in the planned 35,000-m to 40,000-m drill program for 2019 have intersected mineralization…the success in locating and tracing new areas of higher-grade mineralization along the Colomac Main sill continues to validate the company’s belief in the deposit’s capacity to host discrete corridors of elevated grade (typically significant widths of over 2 g/t Au with internal higher-grade cores), some of which are broad domains of contiguous mineralization along strike and to depth that remain largely unexplored…this exploration strategy has been extremely successful leading to several new discoveries and is considered crucial to resource growth going forward…President and CEO Dr. Michael Byron stated, “This latest drilling followed up on recent discoveries of higher-grade mineralization in Zones 2.0 and 3.0.  Our goal was to extend these known occurrences down plunge and to test other highly prospective opportunities.  Outcomes have been exceptional, resulting in a new discovery in Zone 2.0 and the successful expansion of three previous discoveries.  We are extremely encouraged by our continued success in identifying new prospects and remain confident in our ability to track them along strike and to depth.  This part of the sill has seen limited exploration to date but clearly shows the potential to deliver ounces”

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