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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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August 21, 2019

7 @ 7:00

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

1. Gold has traded between $1,496 and $1,505 so far todayas of 7:00 am Pacific, bullion is off $an ounce at $1,503…Silver is 8 cents lower at $17.06 with key resistance in the $17.20’s…the Gold-Silver ratio appears to have peaked recently, a technical development that is very bullish for Silver which should start to outpace Gold as both metals continue their primary uptrends…Nickel has retreated 5 cents to $7.16 while Copper and Zinc are both up slightly at $2.59 and $1.02, respectively…Cobalt is steady at $14.29…Crude Oil has pushed 86 cents higher to $56.99 while the U.S. Dollar Index is flat at 98.17…minutes from the Federal Open Market Committee’s most recent meeting in July – when the U.S. central bank cut interest rates for the first time in a decade, by a quarter of a percentage point – are due shortly at 11:00 am Pacific…government bonds aren’t the only instruments producing negative yields these days…various estimates of sovereign debt in that category put the total around $16 trillion, a number that has been escalating just recently as part of a longer-term trend while central banks drive interest rates to zero and below…negative-yielding corporate debt, though, is a relatively new thing, rising from just $20 billion in January to pass the $1 trillion mark recently, according to Jim Bianco, founder of Bianco Research

2. President Trump says he had to confront China over trade even if it caused some short-term harm to the U.S. economy because Beijing had been cheating Washington for decades…“Somebody had to take China on,” Trump told reporters during a White House visit yesterday by Romanian President Klaus Iohannis, when asked about wide-ranging tariffs he has imposed on imports from China…“This is something that had to be done.  The only difference is I am doing it.  China has been ripping this country off for 25 years, for longer than that and it’s about time whether it’s good for our country or bad for our country short term.  Long term it’s imperative that somebody does this,” he said…meanwhile, Bank of America CEO Brian Moynihan is not worried about a potential U.S. economic slowdown, saying the American consumer is still in a strong place and can keep the economy growing…“The underlying consumer is doing well and making more money.  More importantly, they’re spending more money,” Moynihan stated on CNBC’s “Squawk Box” this morning…he added that the bank’s consumer base has spent $2 trillion this year, a 5.9% increase from the same period last year…“The U.S. consumer continues to spend and that will keep the U.S. economy in good shape”

3. What is this all about?…in a highly unusual move, the Trudeau government has given away – gifted! – a $39 million stake in a B.C. coal terminal to 2 First Nations communities…yes, Trudeau has literally given away for free a 10% state in a taxpayer-owned asset to First Nations…the Canada Development Investment Corporation (CDEV) announced in July that it had transferred this stake in the publicly-owned Ridley Terminals facility to the Lax Kw’alaams Band and the Metlakatla First Nation, whose people reside near Prince Rupert on the northern B.C. coast…it has now been confirmed there was “no payment associated with that transfer”, according to a report in this morning’s National Post…the free gift comes after the 2 Indigenous groups were set to be major beneficiaries of an LNG project that has since been scrapped…

4. Great Bear Resources (GBR, TSX-V) has intersected more high-grade Gold in the Hinge and Dixie Limb zones at its 100%-owned Dixie Project in the Red Lake District…a new steeply plunging high-grade sub-zone has been discovered to the west of, and above, most previous drilling in the Hinge Zone…results include 30.8 g/t Au over 2.50 m within a broader zone of 7.4 g/t over 13.2 m, at only 68 m vertical depth…the new Hinge Zone sub-zone was also tested to approximately 140 m vertical depth, where assays returned 20.4 g/t Au over 2.2 m, within a wide interval of 2.1 g/t over 29.8 m…Gold-bearing quartz veins are strongly developed adjacent to a newly defined sediment contact within the same high-iron tholeiitic pillow basalt that hosts the original Hinge Zone discovery…meanwhile, the latest Dixie Limb drill results include 21.5 g/t Au over 2.35 m within a broader interval of 9.7 g/t over 5.60 m…drilling continues to encounter high-grade Gold intervals near the predicted intersections of Hinge-Zone style Gold-bearing veins with the Dixie Limb contact…broad intervals of low to moderate Gold grades are also present at all locations drilled…President and CEO Chris Taylor commented, “The 1-year anniversary of our Hinge Zone discovery is marked by the discovery of a new shallow high-grade Gold zone located west of, and above, the majority of our Hinge drilling to-date.  Concurrently, high-grade Gold continues to be drilled at predicted structural intersections in the Dixie Limb.  Presently, all 3 drill rigs are deployed at various targets along the LP Fault.  It would have been difficult to imagine last summer just how much progress we would make in only one year.  The most exciting aspect of the Dixie project is that the pace of discovery has continued to accelerate, and we look forward to what our fully-funded drill campaign will continue to yield through 2019 and 2020GBR is off 2 pennies at $5.39 as of 7:00 am Pacific

5. The Dow has jumped 252 points through the first 30 minutes of trading…in Toronto, the TSX has climbed 63 points…Pembina Pipeline (PBA, NYSE) is buying Kinder Morgan’s Canadian unit (KML, TSX) and the U.S. portion of the Cochin Pipeline system for about $4.35 billion ($3.3 billion)…the 2 deals with Kinder Morgan will give Pembina additional storage and shipping assets across Canada, connected to both conventional and Oil sands regions and major export pipelines…the deal values Kinder Morgan Canada about $15.02 per share, or about 37% more than the stock’s closing price yesterday…the Venture is off 1 point at 576 after a strong session yesterday…historically, August has been a volatile month for the Venture but it has ended on a strong note in 14 out of the past 15 years…no reason why that trend won’t continue this time around…theScore (SCR, TSX-V) has hit a new multi-year high of 69 cents in early trading…the stock has caught fire with traders this month after the company announced July 31 that it’s undertaking a major expansion of its U.S. mobile sports betting platform through a multi-state market access framework agreement with Penn National Gaming, North America’s largest regional gaming operator…in connection with the framework agreement, Penn National also agreed to take a strategic equity stake in theScore…the 20-year framework agreement provides theScore with the right to obtain market access to offer on-line and mobile sports betting and i-gaming applications in 11 states where Penn National operates casinos and racetracks…today marks the final day of trading for Organigram Holdings (OGI, TSX-V) on the Venture – tomorrow it switches over to the TSX…

6. Strategic Metals (SMD, TSX-V) has expanded on a high-grade surface discovery at its wholly-owned Mount Hinton Property, situated 4 to 15 km by road southeast of Alexco Resource’s mill at Keno City in the central Yukon…highlights include the discovery of a linear train of vein quartz and brecciated vein, extending 230 m northeasterly from a talus sample that assayed a whopping 2,340 g/t Au and 597 g/t Ag to an outcrop of altered and oxidized breccia grading 33 g/t Au and 654 g/t Ag…a parallel train of vein quartz and breccia was also located 150 m to the east where float samples returned 6.1 g/t Au and 165.5 g/t Ag, 1.6 g/t Au and 363 g/t Ag, and 2 g/t Au and 306 g/t Ag…rock samples from other parts of the main soil anomaly included 15.9 g/t Au with 9.6 g/t Ag and 9.3 g/t Au with 1.6 g/t Ag…prospecting during Phase 1 of the exploration program focused on a 3.5 km long by up to 1.5 km wide Gold-in-soil anomaly located on the eastern side of Granite Creek, where little to no rock sampling had previously been done…during Phase 2 of the program, the site of the multi-ounce Gold sample was re-examined and visible Gold was discovered within limonitic vein quartz float…large blocks and finer talus of vein material mixed with oxidized brecciated vein quartz were also found in several, nearby linear structures…sporadic outcrops of mineralized, breccia and vein quartz show that these structures strike northeast and dip steeply southeast, and suggest that the mineralized talus is close to its bedrock source…SMD has jumped 6 cents to 45 cents as of 7:00 am Pacific

7. New powers that allow police to charge drivers based on THC levels in the blood aren’t being used much, according to provincial data…the RCMP’s national forensic labs had anticipated a large spike in impaired driving blood toxicology work after pot was legalized, but so far it has failed to materialize…the number of samples sent in has been a quarter of what was expected, according to an article in this morning’s National Post…the new charges took effect more than a year ago and are expected to be heavily litigated due to the unsettled science around THC blood levels and impairment…however, there are no known court decisions on this yet, and the slow pace of charges means it may be a while until their constitutionality is determined…police do not need to rely on blood tests to lay a drug-impaired driving charge…they can instead have a drug recognition expert evaluate the driver, and use urine samples as supporting evidence…however, the new charges, called blood drug concentration offences, make it much easier to prove the offence – as long as police can get a blood sample within 2 hours of driving and have it analyzed…

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August 20, 2019

7 @ 7:00

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

1. Gold has traded between $1,494 and $1,509 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,504…the Fed’s minutes from its July policy meeting are due tomorrow with investors also keeping a close eye on the central bank’s Jackson Hole seminar and this weekend’s Group of 7 summit…inflows into Gold ETFs are being greatly eclipsed by the inflows into Silver ETFs…the Silver ETFs tracked by Bloomberg increased their holdings by 687 tons last week alone, with holdings surging “from one record high to the next,” Commerzbank noted…Silver has climbed 25 cents to $17.09 and could be starting a trend of outperformance vs. Gold through the balance of 2019…nearest Fib. resistance for Silver is in the $17.20’s – that’s the key area to watch…Nickel has added another 5 cents to $7.29 while Copper and Zinc are both down slightly at $2.59 and $1.01, respectively…Crude Oil has slipped 91 cents a barrel to $55.30 while the U.S. Dollar Index is up slightly at 98.41…traders see about an 83.8% chance of a 25 basis-point interest rate cut by the Fed in September and a 10% chance of a 50 basis-point cut…SNC-Lavalin (SNC, TSX) has been reduced to junk status by S&P Global Ratings, the latest blow for the Canadian engineering firm at the centre of a controversy that’s ensnared Prime Minister Trudeau…S&P cut the Montreal-based company’s credit rating by 1 level to BB+, the highest non-investment grade rating, according to a statement yesterday…the downgrade reflects SNC’s significant losses on lump-sum turnkey projects which it plans to exit when its current backlog is complete…does this come as surprise?…as Canadians prepare for an October election, a union (Unifor) representing 12,000 journalists and media workers in Canada has announced that it will run an aggressive anti-Conservative campaign asking voters to “think twice about supporting the Scheer agenda”…media bias in Canada is rampant…Statistics Canada reported this morning that manufacturing sales across the country fell 1.2% to $58 billion in June, led lower by a drop in the petroleum, coal and food sectors…sales were down in 16 of 21 industries…the only consolation is that those numbers weren’t quite as bad as expected…

2. Interesting data from JP Morgan’s quant guru regarding last Wednesday’s sell-off on Wall Street that the mainstream media was making such a fuss about…the unusual single-session moves in stocks and yields were merely driven by technical flows in an environment of poor liquidity, according to Marko Kolanovic, the bank’s global head of macro quantitative and derivatives strategy…“Despite fundamental risks, recent equity and bond moves were mostly technically-driven,” Kolanovic said in a note to clients this morning…“More than half of equity moves were driven by systematic rather than fundamental trading”…the strategist estimated that last Wednesday’s stock meltdown resulted from $75 billion in algorithmic selling…about half of it came from index option delta and gamma hedging, 20% from trend-following strategies, 15% from volatility targeting strategies and the remaining 15% from other products…he added that more than half of the move in interest rates, including the brief inversion of the 210 yield curve, was caused by “technical drivers” like hedging by banks…Kolanovic, who has a Ph.D. in theoretical physics, has correctly called some big market moves up and down the last 2 years, gaining him a following on Wall Street…he’s predicting that equities will continue their comeback from last week’s sell-off…

3. Unlike other base metals, demand for Nickel from the top consumer China has not dampened during the ongoing trade standoff with the United States…prices have been insulated from any weakness due to a variety of dynamics, from developments in Indonesia to a buoyant outlook from the stainless steel industry…significant stock accumulation by Chinese companies to supplement their own output is reflected in LME inventories as well…stocks at LME warehouses have plummeted to their lowest level since January 2013 with inventories shedding about 70% since they peaked in mid-2015 near the bottom of the bear cycle…Nickel’s bull market started in early 2016…meanwhile, in Indonesia, authorities are contemplating whether to move forward a ban on exports of unprocessed ore originally scheduled to begin in January 2022…this move is expected to exacerbate a supply shortage…as per government data, Indonesia now has 13 operating smelters with an operational capacity of 24.52 million tonnes that mostly produce Nickel pig iron…also, 22 more Nickel miners are being developed with an additional capacity of 46.33 million tonnes…China is investing heavily in that country…almost 70% of global Nickel is used for making stainless steel and most of it in China….demand for Nickel from the electric vehicle revolution is going to be a game-changer for the metal next decade…

4. After 3 straight winning sessions, the Dow is off 87 points through the first 30 minutes of tradingBHP (BHP, NYSE) announced today that it would pay a record dividend to shareholders, making it the latest global miner to lift returns even as data point to a global slowdown in economic growth…BHP reported an $8.31 billion net profit for the 12 months through June – its highest in 5 years – reflecting higher Iron ore prices and one-off charges much lower than a year earlier…in Toronto, the TSX has lost 82 points, despite a higher Gold Index, while the Venture has climbed 4 points to 574…historically, August has been a volatile month for the Venture but it has ended on a strong note in 14 out of the past 15 years…Garibaldi Resources (GGI, TSX-V) is now at the lower end of its current trading range defined by strong support at and just below $1.50 and nearest resistance in the $1.80’s…with results from hole EL-1953 due soon, GGI is one of the Venture plays that can be expected to help lead the Index higher going into month-end…theScore (SCR, TSX-V) has hit a new multi-year high of 66 cents in early trading and is up a nickel at 64 cents as of 7:00 am Pacific…next measured Fib. resistance on the long-term chart is 80 cents…theScore has caught fire with traders this month after the company announced July 31 that it’s undertaking a major expansion of its U.S. mobile sports betting platform through a multi-state market access framework agreement with Penn National Gaming, North America’s largest regional gaming operator…in connection with the framework agreement, Penn National also agreed to take a strategic equity stake in theScore…the 20-year framework agreement provides theScore with the right to obtain market access to offer on-line and mobile sports betting and i-gaming applications in 11 states where Penn National operates casinos and racetracks…Organigram Holdings (OGI, TSX-V) has received final approval for the listing of its shares on the TSX beginning this Thursday…tomorrow will be the last day of trading for OGI on the Venture

5. Colorado Resources (CXO, TSX-V) and Buckingham Copper have completed their previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Colorado acquired all of the issued and outstanding common shares of Buckingham and, in exchange, shareholders of Buckingham received 0.5 of a common share of Colorado for each Buckingham share held…Joseph Mullin, the incoming CEO of Colorado, commented, “Our exploration program will begin immediately.  My team and I have assumed the management of day to day operations.  It is a great time to be advancing exploration on Colorado’s top tier assets in B.C’.s Golden TriangleCXO, which raised nearly $4 million, will soon be drilling its Kinaskan-Castle Property contiguous to GT Gold’s (GTT, TSX-V) Tatogga Project which hosts the Saddle North/Saddle South discoveries…

6. Aben Resources (ABN, TSX-V) is under mild pressure in early trading after uninspiring initial results from ongoing 2019 drilling at its Forrest Kerr Project in the Eskay Camp…drill hole FK1950, testing the downward extension of a mineralized horizon discovered in 2 drill holes last year, cut 11.6 g/t Au over 1 m within a broader interval of 61.7 m grading 0.46 g/t Au…meanwhile, FK1946, drilled oblique to the main mineralized corridor at North Boundary to test for continuity of mineralization between recently discovered mineralization and historic high-grade Gold mineralization reported by Noranda in 1991, returned 12.4 g/t Au between 203 and 204 m with an overall average of 0.12 g/t Au over its entire length of 500.5 m…they need to do better…Aben has nonetheless decided to expand its budget for the program and intends to continue drilling into September…5000+m has now been completed in 10 holes, with numerous sample shipments now in the laboratory…

7. How could Canada do this to itself?…the Canadian energy sector is sinking to unprecedented depths, as an exodus of investors and foreign companies from the Oil patch continues, though Prime Minister Trudeau boasts about how he “stands up for Canadian jobs” (in his home province of Quebec) in trying to defend his actions in the SNC-Lavalin scandal…the downside in the Oil and gas sector in this country has accelerated dramatically in recent years under the anti-fossil fuel Trudeau regime, and multiple exploration and production companies have recently seen their stocks completely dislodge from Crude Oil prices and sink to record lows…the gap between Canadian energy stocks and Oil prices, based on the ratio of the S&P/TSX Capped Energy Index to WTI, has now widened to its largest ever, according to Bloomberg“It’s just been a bloodbath, especially this year,” said Christopher Blumas at GlobeInvest Capital Management told the Globe and Mail“There’s only so much pain people can take before they have to cut their losses”… without significant progress on expanding pipeline capacity, Oil and gas stocks could continue to be “dead money” for years, Blumas said…since 2014, the index comprising the Canadian energy industry has declined by 73%…the list of exploration and production companies hitting record-low share prices last week included ARC Resources, Baytex, TORC, Kelt Exploration, NuVista, Athabasca Oil and Pengrowth…to a significant extent, this is Canada’s self-inflicted wound due to politicians consumed by climate change extremism – an effective strategy for “progressives” to redesign an economy where government plays a much bigger role in our lives (the Democrats’ proposed “Green New Deal” in the U.S. says it all)…the more power a government accumulates, the more dangerous it becomes…results of “progressive” policies in terms of economic growth during the Trudeau reign have been poor, in sharp contrast to the performance of the Trump economy…

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August 19, 2019

7 @ 7:00

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

1. Gold has traded between $1,492 and $1,510 so far todayas of 7:00 am Pacific, bullion is off $16 an ounce at $1,497 as a recovery in equity markets and rising U.S. Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to lock in some profits after recent strength…Silver is 18 cents lower at $16.90…nearest Fib. resistance for Silver is in the $17.20’s – that’s the key area to watch…meanwhile, Silver ETF demand has reached a record high…Bloomberg Intelligence senior commodity strategist Mike McGlone points out, “The 10 week rate-of-change in Silver holdings at about 20% to August 15 is the sharpest gain since the height of the financial crisis in 1Q09.  That spike in Silver ETF inflows preceded the price launch to the 2011 high close of $48.44 an ounce”Nickel has eased off 16 cents to $7.20…Copper is up 2 pennies at $2.61 while Zinc is steady at $1.02…Crude Oil has jumped more than $1 a barrel to $55.93 while the U.S. Dollar Index has added one-tenth of a point to 98.23…U.S. Commerce Secretary Wilbur Ross said this morning the U.S. government will extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers…meanwhile, China’s central bank unveiled a key interest rate reform over the weekend to help steer borrowing costs lower for companies and support a slowing economy…

2. How could Canada do this to itself?…the Canadian energy sector is sinking to unprecedented depths, as an exodus of investors and foreign companies from the Oil patch continues, though Prime Minister Trudeau boasts about how he “stands up for Canadian jobs” (in his home province of Quebec) in trying to defend his actions in the SNC-Lavalin (SNC, TSX) scandal…the downside in the Oil and gas sector in this country has accelerated dramatically in recent years under the anti-fossil fuel Trudeau regime, and multiple exploration and production companies have recently seen their stocks completely dislodge from Crude Oil prices and sink to record lows…the gap between Canadian energy stocks and Oil prices, based on the ratio of the S&P/TSX Capped Energy Index to WTI, has now widened to its largest ever, according to Bloomberg“It’s just been a bloodbath, especially this year,” said Christopher Blumas at GlobeInvest Capital Management told the Globe and Mail“There’s only so much pain people can take before they have to cut their losses”… without significant progress on expanding pipeline capacity, Oil and gas stocks could continue to be “dead money” for years, Blumas said…since 2014, the index comprising the Canadian energy industry has declined by 73%…the list of exploration and production companies hitting record-low share prices last week included ARC Resources, Baytex, TORC, Kelt Exploration, NuVista, Athabasca Oil and Pengrowth…to a significant extent, this is Canada’s self-inflicted wound due to politicians consumed by climate change extremism – an effective strategy for “progressives” to redesign an economy and increase the role of government…the results in terms of economic growth have been poor…

3. Federal Reserve chief Jerome Powell will speak at the Jackson Hole Economic Policy Symposium later this week, an event that is sure to garner a lot of market and media attention…the symposium, hosted by the Kansas Fed, has made markets move in the past as in 2010 when then chair Ben Bernanke used his opening remarks at the conference to signal a fresh round of stimulus…this year’s theme, Challenges for Monetary Policy, is a fitting one, as central banks around the world keep cutting rates in a bid to stir activity but as a mounting pile of negative-yielding debt – more than $16 trillion now – indicates concern over the state of the global economy…Powell soothed the Street in early January and June in opening remarks at events by signalling the Fed would act more accommodative, so it would be surprising not to see him do it again at Jackson Hole as early as Thursday when he delivers the opening address…

4. White House trade advisor Peter Navvaro disputes that the bond market flashed a recession signal last week, which spooked investors and sent equity markets tumbling mid-week…the yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday (first time this has occurred in 12 years), a phenomenon known as yield curve inversion which is typically taken as a sign that a recession is on the horizon (starting an average of 22 months after an inversion)…“Technically, we did not have a yield curve inversion,” he said in an interview over the weekend…he called it a “flat curve” because the spread was too narrow…the yield on 10-year Treasuries dropped to 1.623% Wednesday, briefly below the 2-year rate of 1.634%…“An inverted yield curve requires a big spread between the short and long,” Navarro said, comments that were also echoed by the Fed’s James Bullard…“All we have had is a flat curve.  It’s a flat curve which is a very weak signal of any possibility”…he argues that the yield curve is actually sending a positive signal…he said foreign capital is coming into the bond market due to the strength of the Trump economy, which is bidding up bond prices on the long end and bidding down yields, leading to what he said is the flat curve…

5. 18% Copper over 18.86 m…Ivanhoe Mines’ (IVN, TSX) drilling in the central part of the Kamoa North Bonanza zone has returned another visually spectacular intersection of thick, ultra-high-grade Copper mineralization…while assays for the hole (DD1571) are pending, Niton XRF analysis on core from the hole returned Copper grades of 18% over 18.86 m, at a 2% Copper cut-off grade, beginning at a down-hole depth of 209 m…these XRF readings make this the highest-grade intersection ever drilled on the Kamoa-Kakula Project (the only downside, of course, is that it’s in the Congo)…while Ivanhoe cautions that XRF readings are not the same as laboratory assays and are not an estimate of resource grades prepared in accordance with NI-43101, the 1,570 holes drilled to date at Kamoa-Kakula have featured a high degree of correlation between XRF readings and assay results and will be useful in confirming and shaping the next stage of the delineation drilling program…the new hole, DD1571, intersected the Bonanza Zone up dip and approximately 18 m north of the discovery drill hole DD1450 (13.05% Copper over 22.3 m of true thickness, also at a 2% Copper cut-off grade, drilled earlier this year)…the Kamoa North Bonanza Zone represents a new style of Copper mineralization at the project where massive to semi-massive chalcopyrite, bornite and chalcocite have locally replaced pyrite in a pyritic siltstone that lies immediately above the basal diamictite unit that typically hosts the Copper mineralization at Kamoa-Kakula…drilling has extended the strike length of the Kamoa North Bonanza Zone to at least 550 m, with a width of up to 60 m across strike…6 drill rigs are defining or extending the limits of the Kamoa North Bonanza Zone, which has an implied strike length of 2.7 km…IVN is up 9 cents at $3.76 as of 7:00 am Pacific, about 75 cents below its recent 52-week high last month…

6. The Dow is up for a 3rd straight session, 263 points higher through the first 30 minutes of trading…the Dow, S&P 500 and NASDAQ are all on 3-week losing streaks…the Dow and NASDAQ finished Friday more than 5% below their all-time highs in July, while the S&P 500 was 4.6% off its record…however, they’re all still up double-digit percentage points for 2019in Toronto, the TSX has gained 81 points while the Venture is unchanged at 570 after plunging 23 points or 4% last week, led by another big drop in cannabis stocks…historically, August has been a volatile month for the Venture but it has almost always ended on a positive note…the Venture has rallied strongly over the final 5 or 10 sessions of August in 14 out of the past 15 years, closing at or near its high for the month on 9 of those occasions…theScore (SCR, TSX-V) has hit a new multi-year high of 63 cents in early trading, up a dime from Friday’s close…the company announced Friday that it has received initial approval from the New Jersey Division of Gaming Enforcement (DGE) authorizing Score Digital (SCR’s subsidiary) to engage in Internet and mobile sports wagering activities in the state…in accordance with the DGE’s procedures, theScore will undertake a soft-launch phase of its sportsbook app with a select group of sports bettors in the state in the coming days, ahead of its anticipated state-wide launch in advance of the NFL season…Benchmark Metals (BNCH, TSX-V) is up 2.5 cents at 39.5 cents after announcing after the close on Friday that it has intersected 11.7 g/t Au and 476 g/t Ag over 4.4 m of core length within a wider interval grading 2.2 g/t Au and 85.4 g/t Ag over 26.75 m in drilling at the Cliff Creek zone of its Lawyers Project in north-central British Columbia…CEO John Williamson commented, “Drilling at Cliff Creek continues to intersect high-grade mineralization over 3 to 10 m of core length and bulk-tonnage mineralization of up to 80 m core length over a strike length of at least 400 m, with intercepts as deep as 200 m.  Our visual and XRF [X-ray fluorescence] examination of the drill intercepts correlates well with our analysis of the higher-grade portions of prior drill results”

7. What’s the purpose of a corporation?…the leaders of America’s biggest companies are chipping away at the long-held notion that corporate decision-making should revolve around what is best for shareholders and maximizing earnings…The Business Roundtable said today that it’s changing its statement of “the purpose of a corporation”…no longer should decisions be based solely on whether they will yield higher profits for shareholders, the group says…rather, corporate leaders should take into account “all stakeholders” – that is, employees, customers and society writ large…it is a major philosophical shift for the association, which counts the chief executives of dozens of the biggest U.S. companies as its members…the group, led by JP Morgan Chase & Co (JPM, NYSE) CEO James Dimon, is a powerful voice in Washington for U.S. business interests…The Business Roundtable’s old statement of purpose espoused economist Milton Friedman’s decades-old theory that companies’ only obligation is to maximize value for shareholders…“Each of our stakeholders is essential,” the new statement says…“We commit to deliver value to all of them, for the future success of our companies, our communities and our country”

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August 16, 2019

7 @ 7:00

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

1. Gold has traded between $1,507 and $1,523 so far todayas of 7:00 am Pacific, bullion is off $an ounce at $1,514…Silver is 4 cents lower at $17.19…nearest Fib. resistance for Silver is in the $17.20’s – that’s the key area to watch…Nickel, which has enjoyed another strong week, is relatively unchanged at $7.33…Copper is up a penny at $2.59 while Zinc is flat at $1.03…Crude Oil is 33 cents higher at $54.80 while the U.S. Dollar Index has gained one-tenth of a point to 98.30…a speech by Fed chair Jerome Powell next week in Wyoming, announced by the Fed yesterday afternoon, could carry particular weight coming after a volatile period for global markets…U.S. consumer sentiment remains strong but slipped to 92.1 in August, according to preliminary data just released…that was below Wall Street’s expectations and down from the July figure…Canadians will have to deliver justice at the polls in October as Prime Minister Trudeau continues to deny he did anything wrong in the SNC-Lavalin (SNC, TSX) scandal, despite a ruling by Canada’s Ethics Commissioner that he violated Section 9 of the federal Conflict of Interest Act…“You apologize when you did something wrong.  What I did in this situation was do my very best to stand up for Canadian jobs, while at the same time doing everything I could to protect the integrity of our judicial system,” Trudeau told the Globe and Mail

2. Shanghai Nickel prices surged, while a key indicator of supply shortage jumped to a decade high today, amid ongoing worries about supply disruption from top ore producer Indonesia…Shanghai Futures Exchange’s most active Nickel contract rose as much as 3.7% to 127,700 yuan ($18,132 U.S.) a tonne, hovering near a record high hit on Monday…it ended up 2.3% at the close, locking in about a 10% gain for the week…meanwhile, the premiums of LME Nickel cash over a 3-month contract jumped to $40 a tonne, a decade high, signalling tight nearby supplies and amid ongoing concerns over potential supply disruption from top ore producer Indonesia…London Metal Exchange benchmark Nickel fell is on track for its 3rd consecutive weekly gain and has surged 51% so far this year…markets have been worried over a possibility that Indonesia, the world’s biggest Nickel ore producer, could bring forward an export ban on mineral ore, due in 2022, to as early as this year, as it seeks to boost value of exported products…Indonesia President Joko Widodo said today the country should push further to develop a downstream industry domestically to process natural and mineral resources including Nickel and bauxite…he is due to make a decision whether to bring forward the ore export ban…

3. The inversion of portions of the Treasury bond yield curve this week “would have to be sustained over a period of time” to be taken as a “bearish” signal for a U.S. economy that continues to grow, St. Louis Federal Reserve President James Bullard stated  yesterday, countering some of the ridiculous hysteria being pushed by the Trump-hating mainstream media who are actually hoping for a U.S. recession and a plunge in equity markets…with economies slowing overseas “you have this flight to safety going on” that is pushing down U.S. rates even though U.S. economic growth is “reasonable”, Bullard said in comments on Fox Business Network that seemed to discount the degree to which recent market volatility may figure into the Fed’s next decision on interest rates…“Any inversion that is going to send a bearish signal for the U.S. economy would have to be sustained over a period of time,” Bullard said…ironically, given the Fake News Media’s hype this week regarding a looming U.S. recession, economists just boosted their forecasts for U.S. 3rd quarter growth to a median of 2.1% after a batch of better-than-expected data including retail sales…of course much of the mainstream media will ignore that piece of good news which doesn’t fit with their narrative…

4. It is now a fight to the bottom in interest rates and the European Central Bank is packing a monetary policy bazooka that could push Gold prices above $1,600 an ounce…Gold stubbornly remains above $1,500 following speculation that the ECB is looking at releasing a significant easing package at next month’s monetary policy meeting…in an interview with the Wall Street Journal, Finnish central bank governor Olli Rehn raised the prospect of new easing measures…“It’s important that we come up with a significant and impactful policy package in September,” said Rehn from his office in Helsinki, Finland…“When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very strong package of policy measures than to tinker”

5. The Canadian Marijuana Index is bouncing back a few points in early trading but remains below 400 and at levels not seen since late 2017 after Canopy Growth (WEED, TSX; CGC, NYSE) disappointed investors yesterday…the company missed the lowest revenue estimate for its fiscal 1st quarter ended June 30…revenue was $90.5 million, versus the consensus estimate of $111.1 million…the company also saw a significant decrease in quarter-over-quarter gross margins, or the spread between sales price and costs…Canopy acknowledges that it’s still 3 to 5 years away from profitability…meanwhile, cannabis retailers in parts of the country say they are struggling to sell Canopy’s Tweed-branded oils and gel capsules, resulting in a glut of unsold inventory and raising the tricky question of how to handle returns…

6. The Dow has rebounded 134 points through the first 30 minutes of tradingGeneral Electric (GE, NYSE), which had its worst day in 11 years yesterday on Madoff whistleblower’s fraud claims, is rebounding after CEO Larry Culp called the accusation “market manipulation” and backed up his words by buying nearly $2 million worth of the company’s stock…in Toronto, the TSX is 82 points higher while the Venture is attempting to rally after being pressured in recent days by weakness in the cannabis sector…the Index is up 3 points at 571…with one of the best drill hole results in many years in Nickel sulphide exploration expected soon from Garibaldi Resources (GGI, TSX-V), GGI continues to be a leader on the resource side…GGI is up a nickel at $1.65 through the first 30 minutes of trading…EL-1953 cut 18 m of massive sulphide plus sections of semi-massive sulphide within a continuous thick intersection of 86-m on the western side of the Lower Discovery Zone (LDZ) at Nickel Mountain…a 2nd olivine gabbro chamber below the LDZ is also expected to be confirmed…theScore (SCR, TSX-V) is an early volume and price gain leader on news that it has received initial approval from the New Jersey Division of Gaming Enforcement (DGE) authorizing Score Digital (SCR’s subsidiary) to engage in Internet and mobile sports wagering activities in the state…in accordance with the DGE’s procedures, theScore will undertake a soft-launch phase of its sportsbook app with a select group of sports bettors in the state in the coming days, ahead of its anticipated state-wide launch in advance of the NFL season…theScore became the first media company in North America to announce plans to operate a sports betting platform in December 2018 after finalizing an official licensing partnership for New Jersey market access with Darby Development LLC, the operator of Monmouth Park Racetrack, and the New Jersey Thoroughbred Horsemen’s Association…the joys of doing business in a risky jurisdiction – Avesoro Resources (ASO, TSX) announced this morning that its Youga Gold mine in Burkina Faso experienced a security breach by an armed group of artisanal miners seeking to steal ore from the mine’s stockpile and who temporarily overran the mine camp…with the local gendarme (police), the Youga site was secured and is now again in the company’s control…all staff were accounted for with no serious injuries reported…

7. OPEC delivered a downbeat Oil market outlook for the rest of 2019 today and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply…In a monthly report, OPEC cut its forecast for global Oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020…the bearish outlook due to slowing economies amid the U.S.-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to support prices…already, a Saudi official has hinted at further steps to support the market…“While the outlook for market fundamentals seems somewhat bearish for the rest of the year, given softening economic growth, ongoing global trade issues and slowing oil demand growth, it remains critical to closely monitor the supply/demand balance and assist market stability in the months ahead,” OPEC said in the report…

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August 15, 2019

7 @ 7:00

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

1. Gold has traded between $1,507 and $1,523 so far todayas of 7:00 am Pacific, bullion is off just $an ounce at $1,515…Silver is flat at $17.17…key nearest Fib. resistance for Silver is in the $17.20’sGold backed off and stock futures recovered ahead of the open following some better than expected U.S. economic data plus what the market interpreted as encouraging words out of China with respect to trade issues…a spokesperson at China’s Ministry of Foreign Affairs said China “hopes the U.S. will meet (it) halfway and implement the consensus reached by the 2 leaders during their meeting in Osaka”…trade negotiators from both sides have agreed to hold discussions again in 2 weeks…however, there are still many “structural issues” the U.S. needs to settle with China before they can reach a deal, White House trade advisor Peter Navarro said yesterday…these issues include cyber intrusion into U.S. business networks, forced technology transfer, intellectual property theft and currency manipulation…Nickel, continuing to look strong, is unchanged at $7.23…Copper is off a penny at $2.57 while Zinc is up a penny at $1.02…Cobalt is steady at $13.83…Crude Oil has slipped 76 cents to $54.47 while the U.S. Dollar Index has gained one-tenth of a point to 98.08

2. American shoppers boosted spending in July, providing a source of fuel for the economy at a time of heightened global uncertainty…retail sales, a measure of purchases at stores, restaurants and online, climbed a seasonally adjusted 0.7% in July from a month earlier, well above economists’ expectations, the Commerce Department reported this morning…excluding autos, retail sales were up a robust 1.0% in July…the broader trend this year shows steady growth in retail sales…consumer spending increased 1.8% in the May-through-July period compared with the previous 3 months…Americans increased their outlays in July at electronics stores, clothing stores and restaurants…online sales were particularly strong, a possible result of Amazon.com’s Prime Day, a day of deals on the e-commerce site…consumer spending is the main driver of the U.S. economy, accounting for more than two-thirds of economic output…higher retail sales last month suggest spending was on solid footing, even against a backdrop of slowing global growth and fading tax-cut stimulus…spending gains will feed into the broader pace of economic growth for the quarter…earlier this week, forecasting firm Macroeconomic Advisers projected GDP grew at a 1.7% seasonally adjusted annual pace in the 3rd quarter, down from a 2.1% annual rate in the 2nd quarter and a 3.1% pace in Q1…Q3 projections are likely underestimating the strength of the American consumer…

3. It’s not just the U.S. consumer that is doing better than expected in the face of growing recession fears…regional data from the Philadelphia Federal Reserve and the New York Federal Reserve shows resilient strength in the manufacturing sector…today the Philly Fed said that its manufacturing business outlook survey dropped less than expected to a reading of 16.8, down from July’s reading of 21.8…however, economists were expecting to see a much sharper drop to 10.0…at the same time the New York Fed said that its Empire State survey rose to 4.8, up modestly from July’s reading of 4.3…economists had expecting to see a reading of 2.1…meanwhile, U.S. productivity increased at an encouraging pace in the 2nd quarter, a trend that could lead to higher wages if it continues…the Labor Department said today that productivity, or output per hour worked, rose 2.3% in the April-June quarter, down from 3.5% in the first 3 months of the year…the 1st quarter gain was the best in 4 years…greater productivity is a key ingredient in raising living standards…it also enables companies to lift worker pay without raising prices on costumers…the recovery, now in its 11th year, was held back during the Obama era by historically weak productivity growth…

4. Chinese paramilitary forces conducted exercises across the border from Hong Kong today, raising fears that Beijing may be preparing to act against mass demonstrations in the Asian financial hub it has described as “near terrorism”…hundreds of members of the People’s Armed Police could be seen at a Shenzhen sports stadium where parking lots were filled by more than 100 dark-painted paramilitary vehicles, prompting U.S. concerns they could be used to break up protests across the border in Hong Kong…China reiterated yesterday that Hong Kong’s protests were “near terrorism” as more street clashes followed ugly and chaotic scenes at the airport two days ago, when protesters set upon two men they suspected of being government sympathizers…17 people were arrested yesterday, bringing the total number detained since June to 748, police told a news conference, adding that police stations have been surrounded and attacked 76 times during the crisis…

5. The Canadian Marijuana Index has slumped to levels not seen since late 2017 after Canopy Growth (WEED, TSX; CGC, NYSE) missed the lowest revenue estimate for its fiscal 1st quarter ended June 30…revenue was $90.5 million, versus the consensus estimate of $111.1 million…the company also saw a significant decrease in quarter-over-quarter gross margins, or the spread between sales price and costs…gross margin before fair value impacts in cost of sales in the quarter was $13.2 million, or 15% of net revenue…in the same quarter of 2019, that metric amounted to $11.1 million, or 43% of net revenue…the company expects to bolster its margins in the coming quarters as processing and cultivation of its products reaches planned capacity, stated CEO Mark Zekulin… “Our recent harvests are proof that our focus on operational excellence is working, and we look forward to showing both our Canadian and U.S. customers what we’ve been working on behind the scenes to prepare for the next wave of products coming later this year”…nonetheless, Q1 results didn’t meet market expectations and the stock is off $3.54 a share to $39.03 as of 7:00 am Pacific

6. The Dow has rebounded 94 points through the first 30 minutes of trading after one of its biggest point drops (800) in history yesterday…the sell-off was triggered by media hysteria over a bond market phenomenon where the yield on the benchmark 10-year Treasury note briefly broke the 2-year rate…the inversion of this key part of the yield curve has been a reliable indicator, historically, of looming economic recessions…in Toronto, the TSX is up slightly while the Venture – pressured by weakness in the cannabis sector – has dipped another 5 points to 573Silvercrest (SIL, TSX), one of the top Silver plays in the market, has closed a $23.3 million bought deal financing….GT Gold (GTT, TSX-V) has mobilized a 3rd drill to its Tatogga Project in Northwest British Columbia…“The 2019 season is off to an excellent start,” stated Charles Greig, Vice President of Exploration…“The 3rd drill gives us flexibility to test additional targets on the large Tatogga Property while maintaining our focus on what’s most important, Saddle North“…GT Gold’s Phase 1 exploration program is now complete and the company expects to release its next set of assay results in early September…Phase 2 drilling at Saddle North will focus on resource definition…

7. Cool reception for New Gold offering:  New Gold’s $150 million stock issue at $1.55 was not as well received as underwriters expected and they remain stuck with about a third of the shares…Jon Case, precious metals portfolio manager with Sentry Investments, said he was offered a piece of the New Gold issue but turned it down…the less than enthusiastic reception for the New Gold issue points to a lack of interest from generalist investors, in sharp contrast to a couple of years ago…in 2016, the last time Gold bullion had a similar move upward in a short period of time, the appetite from investors for Gold equity issues was much stronger…“There was a New Gold-style deal every week,” Case recalled…“They were all oversubscribed, they all traded up because there was this absolute tsunami of money pouring into Gold equities.  The fact that the New Gold deal hasn’t gone well tells you that despite the pretty spectacular performance in the equities, you still haven’t really got that generalist capital”…over the past decade, interest from both specialist mining funds and generalist investors has fallen, in large part because of disappointing performance at many of the big Gold companies…unnamed sources cited the relatively slim deal discount given New Gold’s risk profile, uneven interest in the sector and questions over the miner’s long-term prospects as factors…New Gold is carrying about $780 million (U.S.) in long-term debt, largely incurred by big cost overruns at its low grade Rainy River mine in Ontario…New Gold said it intends to use proceeds from the bought deal in part to pay down that debt…

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August 14, 2019

7 @ 7:00

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

1. Gold has traded between $1,496 and $1,519 so far today as it rebounds from yesterday’s profit taking…as of 7:00 am Pacific, bullion is up $13 an ounce at $1,514…Silver has pushed back above $17 an ounce, climbing 18 cents to $17.10…key nearest Fib. resistance is in the $17.20’sGold is hot but there’s another metal which is hotter – Nickel…up 30% over the past 2 months, Nickel has delivered more than double the performance of Gold and the gap could get wider as the supply of Nickel stagnates and demand accelerates…Nickel bulls also seem to have declared war on shorts who may soon have to capitulate…Nickel jumped as high as $7.29 overnight but is currently off 8 cents at $7.13…Copper has slid 3 pennies to $2.59 while Zinc is down 2 cents to $1.02…Cobalt continues to rebound, up 91 cents at $13.83…Crude Oil is under pressure, $2 lower at $55.10…Global Oil markets were impacted overnight by soft economic data out of China and Germany while the American Petroleum Institute’s reading of domestic Crude stockpiles rose by a much larger-than-expected 3.7 million barrels last week…the U.S. Dollar Index is flat at 97.81…Frank Holmes, CEO of U.S. Global Investors, told Kitco News, “Europe is such a basket case of taxation and regulation that they can’t get their economy going to they’ve gone to zero interest rates, in fact, Denmark is paying you to take out a mortgage”…Canada is also becoming a basket case of taxation and regulation and must reverse course quickly at the federal level to avoid the European disease…news just out that Canada’s Ethics Commissioner has found Prime Minister Trudeau contravened the federal Conflict of Interest Act in relation to the SNC-Lavalin (SNC, TSX) scandal…Mario Dion has found that after taking months to review “troubling” evidence relevant legal and constitutional principles, Trudeau contravened section 9 of the Act, which states that public office holders are prohibited from using their position to seek to influence a decision that furthers the interest of a private 3rd party…

2. Global growth concerns flared up again today after a trio of softer-than-expected economic data releases from China, including the weakest industrial production figures in 17 years, and news that Germany’s economy contracted 0.1% over the 3 months ending in June, thanks in part to a slump in exports linked to U.S.-China trade tensions…the weak readings for China and Germany, alongside the ongoing political turmoil in Italy and Argentina and the simmering protests in Hong Kong, snuffed out yesterday’s rally on Wall Street…China’s move to fix its currency north of the $7 mark again today also suggests yesterday’s trade detente may not signal a near-term breakthrough in negotiations between the world’s 2 biggest economies…

3. Inverted yields and the stock market, separating fact from fiction:  The yield on the benchmark 30-year Treasury bond plunged to a new record low this morning as a global hunt for safer assets threatened to send the rate below 2% for the first time in history…shortly before 5 am Pacific, the yield on the U.S. 30-year bond traded at 2.015%, well below its prior all-time low of 2.0889% hit in the days following Britain’s June 2016 referendum to leave the European Union…along with the record low in the 30-year yield, plunging long-term rates caused the 10-year yield to fall below the 2-year rate, normally a reliable recession indicator…however, historical analysis shows that stocks typically have another 18 months to rally before equity markets start to see signs of trouble…while an inversion has preceded each recession over the past 50 years, the lead time is extremely inconsistent…historically, an inverted yield curve has been accompanied by a variety of other ominous economic signals including layoffs and credit deterioration…that isn’t happening now…data from Credit Suisse going back to 1978 shows that 1) The last five 210 inversions have eventually led to recessions; 2) A recession occurs, on average, 22 months following a 210 inversion; 3) The S&P 500 is up, on average, 12% 1 year after a 210 inversion; 4) It’s not until about 18 months after an inversion when the stock market usually turns and posts negative returns…

4. Gravity and CSAMT key geophysical ground surveys conducted at American Pacific Mining’s (USGD, CSE) Tuscarora Gold Project, optioned to OceanaGold (OGC, TSX), have unlocked more of the geological mysteries surrounding this promising land package in Nevada that has delivered some impressive high-grade numbers…Tuscarora is a high-level, epithermal Gold/Silver district containing numerous precious metal veins within the project area…mineralization is coeval with that found in the nearby world-class Carlin and Cortez trends but differs in that it is hosted in a 40-million-year-old volcanic rock sequence on the flanks of an ancient caldera…historic drilling along the South Navajo zone has intersected high-grade mineralization from the South Navajo vein, just 1 of many veins that project into the property and are covered by pediment gravels…historic exploration efforts have focused on the interpretation that all veins are parallel to the South Navajo vein…the Navajo vein system has a north-northwest trend and dips to the west, with past drilling directed toward the east to intersect the vein…the newly interpreted geophysical data, in addition to geologic mapping, indicate that there are several structural trends ranging from northeast to north-south to northwest trending, and that dips are both east and west…no past drilling has addressed the east-dipping structures and no holes in the district have ever been drilled to the west to intersect this structural trend…the newly defined target areas, thanks to he gravity and CSAMT data, have very little drill data and open up entirely new project-wide exploration potential…drilling begins during the 2nd half of August…USGD is up half a penny at 17.5 cents through the first 30 minutes of trading…

5. The Dow has given up all of its gains from yesterdayand then some, in early trading today…the Dow has tumbled 457 points as of 7:00 am Pacific on global growth concerns…bank stocks are leading the declines as it gets tougher for the group to make a profit lending money in a lower rate environment…in Toronto, the TSX has slipped 188 points with the Gold Index bucking the trend, up 5 points at 252Nighthawk Gold (NHK, TSX) has climbed another 3 cents to 66 cents as the stock takes aim at levels not seen since early 2018/late 2017…the Venture is 1 point lower at 586 with cannabis stocks acting as a headwind again…Eric Sprott has jumped into Kootenay Silver (KTN, TSX-V), acquiring 31.25 million units at a price of 16 cents per unit in a $5 million private placement announcement yesterdayJames McDonald, KTN President and CEO, commented, “We are very pleased to have the support of Mr. Eric Sprott as a major investor in Kootenay.  Having Mr. Sprott make a significant investment in the company is a strong endorsement of our Silver asset base.  This financing puts us in a very strong financial position and allows us to move aggressively forward on not just Columba, but our other key assets as well”Kootneay is up another half penny at 22 cents in early trading…Global Energy Metals (GEMC, TSX-V) announced this morning that it’s carrying out a geophysics program next week at its Lovelock mine in Nevada (Nickel-Copper-Cobalt) to further define targets for a first-ever drill program at the property…the airborne geophysical and topographical surveys are being carried out by MWH, industry leaders in drone technology…

6. The Canadian Marijuana Index is off sharply in early trading and is now just 15 points above a 52-week low…Charlotte’s Web Holdings (CWEB, TSX) has retreated 10% to $26.18 after releasing financial results for the 2nd quarter ended June 30, 2019, showing organic consolidated year-over-year revenue growth of 45% to $25 million (U.S.)…a 75% gross margin produced profit of $18.8 million with net income for the quarter of $2.2 million, 9% of consolidated revenue…elsewhere, Chemesis International (CSI, CSE) has signed LOI’s with 34 private liquor stores in British Columbia for distribution of its hemp-based chew products…Chemesis expects to begin distributing its products throughout the Lower Mainland and other densely populated areas of B.C. by early Q4 2019Chemesis anticipates strong demand in the Canadian market, as its tobacco-free, smokeless product is a healthier alternative to otherwise similar products that are currently available…an IBIS World’s Cigarette & Tobacco Manufacturing research report published in November 2018 estimates the market for such products at $2 billion (CDN) with an annual growth rate of 8% since 2013

7. Over 20 million electric vehicle charging points are expected to be deployed globally by 2030, consuming over 250% more Copper than in 2019, according to consultancy Wood Mackenzie in a new report…Henry Salisbury, Wood Mackenzie research analyst, stated, “Copper is a cornerstone of the EV revolution.  At the heart of the electric vehicle, it is used throughout because of its high electrical conductivity, durability and malleability.  The need for Copper is even more significant when it comes to charging stations and supporting electrical grid infrastructure”…by 2040, Wood Mac predicts that passenger EVs will consume more than 3.7 million metric tons (mt) of Copper every year…in comparison, passenger internal combustion engine vehicles will need just over 1 million mt…Jefferies projects a 1 million mt Copper deficit in 2024 without more capital commitments from miners…Wood recently forecast a roughly 4 mt ton supply gap by 2028, based on annual production of about 25 million mt at that time…

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August 13, 2019

7 @ 7:00

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

1. Gold has traded between $1,479 and $1,535 so far today in a volatile sessionas of 7:00 am Pacific, bullion is down $23 an ounce at $1,487 on healthy profit taking and news within the last half hour of a slight “thawing” in U.S.-China trade relations…the U.S. Trade Representative Office (USTR) said certain items were being removed from the new China tariff list because of “health, safety, national security and other factors”…in addition, the USTR also announced a delay of tariffs on “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing” until December 15…separately, China’s Commerce Ministry said Vice Premier Liu had a phone call with Trade Representative Lightizer and Treasury Secretary Steven Mnuchin…China said they agreed to another call in 2 weeks…President Trump continues to drive the agenda which puts the U.S. in the advantage…Gold is sensitive to every development in the U.S.-China trade saga, so this morning’s action in the metal isn’t surprising but comes in the context of a primary uptrend with deep support…Silver has backed off after briefly passing nearest measured Fib. resistance in the $17.20’s…again, normal technical trading – Silver is currently off 30 cents at $16.73…base metals are edging higher…Nickel, Copper and Zinc are all up slightly at $7.16, $2.62 and $1.03, respectively…Crude Oil has added $1.45 a barrel to $56.38 while the U.S. Dollar Index has pushed one-fifth of a point higher to 97.59…U.S. consumer prices rose more quickly than expected in July as gasoline reversed a 2-month decline and rent costs continued to climb…however, the CPI numbers won’t be enough to deter another rate cut that the markets have been clamoring for…

2. A plunge in bond yields has left investors with few alternatives to stocks…the latest flare-up in trade tensions has quickened investors’ flight to haven assets, pushing bond yields down to their lowest levels in years…the pullback in yields, along with a new phase of monetary loosening by central banks around the world, should give investors a new rallying cry for the 2nd half of the year…nearly 60% of stocks in the S&P 500 offer a dividend yield of at least 1.7%, according to FactSet, better than the 1.64% yield where 10-year U.S. Treasurys settled yesterday…

3. Chinese propaganda outlets warned today that protesters in Hong Kong are “asking for self-destruction” as they released a video showing the People’s Armed Police and military vehicles assembling in Shenzhen, a city bordering Hong Kong, about an hour-and-a-half drive away…The People’s Daily, the official newspaper of China’s Communist Party, posted on Chinese social media a statement saying the People’s Armed Police are prepared to handle “riots, disturbance, major violence and crime and terrorism-related social security issues” in Hong Kong…in a social media post today from the Global Times‘ Chinese edition, the outlet said “if Hong Kong rioters cannot read the signal of having armed police gathering in Shenzhen, then they are asking for self-destruction,” according to a CNBC translation…the situation in Hong Kong has become very serious and markets are paying close attention…protesters swamped Hong Kong International Airport for a 2nd straight day today, blocking the gates to the security and immigration areas, and snarling the busy transit hub…

4. SunMetals (SUNM, TSX-V) has drilled 142.35 m (hole 428D) grading 1.2% Cu, 1.3 g/t Au, 21.8 g/t Ag and 0.41% Zn (3.8 g/t AuEq), including 32.2 m @ 8.1 g/t AuEq, and another 14.1 m @ 10.8 g/t AuEq, at its Stardust Property in north-central B.C., following up on the discovery in the 421 zone last fall…results from the first 3 holes this summer confirm continuity of mineralization down dip and to the south from hole 421…the other 2 holes released this morning were highlighted by 107 m of 1.6% Cu, 1.8 g/t Au and 28.6 g/t Ag (4.8 g/t AuEq) and 90.05 m @ 3.6 g/t AuEq, 50 m to the south of the mineralized intercept in hole 421 (true widths are unknown at this time)…Steve Robertson, President & CEO stated, “The initial step-out drilling was very important to establish the continuity this recently discovered mineralization in the 421 zone.  It is particularly encouraging to see the continued strong precious metals content within this skarn altered zone.  The Gold content makes this discovery even more captivating”…diamond drilling at Stardust was initiated in late May with 2 drills…to date, 5,220 m has been completed over 11 drill holes and holes 12 and 13 are in progress…the primary focus of the program is to explore around the mineralization identified in hole 421 which returned a 100-m interval of 2.5% Copper, 3 g/t Gold and 52.5 g/t Silver for a 5% CuEq or an 8 g/t AuEq…SUNM climbed as high as 58 cents in early trading and is up 2 pennies at 53 cents as of 7:00 am Pacific

5. Crystal Lake Mining (CLM, TSX-V) has added a 2nd drill rig to its Newmont Lake Project in the Eskay Camp as an important new grassroots discovery builds at Burgundy Ridge while evidence points to a potential major extension of the Northwest Gold Zone where historic results included 55 g/t Au over an 11-m core length…at Burgundy, the 3rd hole of a maiden diamond drilling program has been completed to a depth of 441 m, demonstrating that the system has deep roots and extends well beyond a Copper-Gold-enriched limestone body…multiple intrusive phases, breccias, alteration and mineralization styles have been intersected in each of the first 3 holes with intensity of mineralization increasing downhole in a hydrothermal breccia in hole 3…the 4th hole has commenced…meanwhile, new geophysical and geochemical data, in addition to a review and resampling of historic core, suggests the Northwest Gold zone is open for significant potential expansion, particularly to the northeast…drilling begins there in the coming days…28.7 g/t Au and 3.7 g/t Ag over 0.9 m (207.6 m to 208.5 m, true width unknown) has been assayed in a drill hole from 2008 (R08-03) that historically showed no high-grade results and had been interpreted as potentially closing off the zone on the northeast end…Crystal Lake’s results demonstrate otherwise…CLM is up half a penny at 34.5 cents as of 7:00 am Pacific

6. The Dow has soared 385 points through the first 30 minutes of trading as investors cheered apparent progress on the U.S.-China trade frontin Toronto, the TSX is up only 44 points, weighed down by a drop in the Gold Index…it opened at 256 and then promptly dipped to the 240 level…a very strong support band stretches from about 240 to the high 220’s…the winning strategy for a year now, proven repeatedly, has been to accumulate Gold stocks on any weakness during this bull run that is still in its early stages…most investors, however, prefer to chase…new revelations keep rolling in at Canntrust Holdings (TRST, TSX)…the Globe & Mail’s Jeffrey Jones wrote this morning that on the surface, the sad saga of CannTrust looks to be about a failed attempt to skirt regulations in an effort to meet promises to investors…what the reporting has shown, though, was a struggle for control at the executive and board levels, which led employees to divide themselves into warring camps…ultimately, the internal battle pushed conflict out in the open, and that was a factor in a crisis that has prompted the ejection of CannTrust’s 2 top executives, set off an investigation by securities regulators, led to an effort to sell the company and brought skepticism about the legal cannabis industry’s ability to operate like any other…the Venture touched 598 at the open but has backed off to 591, down 3 points, as of 7:00 am Pacific as Gold retreated…Kootenay Silver (KTN, TSX-V) was halted pre-market, pending news…

7. Over 20 million electric vehicle charging points are expected to be deployed globally by 2030, consuming over 250% more Copper than in 2019, according to consultancy Wood Mackenzie in a new report…Henry Salisbury, Wood Mackenzie research analyst, stated, “Copper is a cornerstone of the EV revolution.  At the heart of the electric vehicle, it is used throughout because of its high electrical conductivity, durability and malleability.  The need for Copper is even more significant when it comes to charging stations and supporting electrical grid infrastructure”…by 2040, Wood Mac predicts that passenger EVs will consume more than 3.7 million mt of Copper every year…in comparison, passenger internal combustion engine vehicles will need just over 1 million mt…

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