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November 7, 2018

7 @ 7:00

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

1. Gold has traded between $1,227 and $1,236 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,228…as expected, Americans voted for divided government in yesterday’s midterm elections with the Democrats seizing control of the House of Representatives for the first time since 2010…however, the Democrats fell far short of the Big Blue Wave many pundits on the left were predicting…despite a hostile mainstream media, Trump lost far fewer seats in the House than Obama and Clinton did in their first midterms while Republicans expanded their majority in the Senate and also won some key Governor races including Florida and Ohio…Congressional gridlock is typically bullish for stocks which helps explain Wall Street’s reaction this morning…there could be bipartisan support, however, for a major infrastructure program while Democrats might be able to soften Trump’s approach on trade – two potential developments that would give the commodity sector a boost…Silver is up 12 cents at $14.61…Copper has added a penny to $2.81…Nickel and Zinc are off slightly at $5.27 and $1.14 while Cobalt has rebounded $2.49 a pound to $22.91…Crude Oil is relatively flat at $63.18…the U.S. Dollar Index is off slightly at 96.30 and seems likely to trend sideways or lower given the outcome of the midterms…Congressional gridlock should have the effect of slowing down U.S. fiscal stimulus which has significantly boosted economic growth and allowed the Fed to gradually increase interest rates…

2. There’s optimism within the cannabis sector regarding the outcome of the midterms – in line with predictions, voters in Michigan said yes to Proposal 1 which would legalize recreational marijuana use and cultivation for people over 21, as well as authorize the commercial sale of the drug through state-licensed retailers…current violations related to marijuana would also be downgraded from crimes to civil infractions…under the measure, marijuana will only be allowed to be used by people in the privacy of their own homes…it will also come with a 10% tax…supporters estimate Proposition 1 will bring in roughly $130 million in tax revenue each year…Michigan becomes the first Midwest state to allow recreational use of cannabis…meanwhile, with Democrats in control of the House in Washington, there’s speculation that the prospects for banking legislation helpful to marijuana companies will be enhanced…

3. As of today, the small town of Opaskwayak, Manitoba, features the first licensed recreational cannabis store in Canada on First Nations land…the 1,500 square foot retail store is now officially open for business, fully stocked with cannabis…Chief Christian Sinclair, head of the Opaskwayak Cree Nation, says the operation is physical evidence that joining forces with the legal cannabis industry was a smart idea.  “This is wonderful and I feel great.  Our investment in cannabis has exceeded all of our expectations, and we want to show our people that this calculated risk, of investing in cannabis, has paid off,” he said…Sinclair and the Opaskwayak have a 10% stake in licensed producer National Access Cannabis (META, TSX-V), a company backed by industry veteran Chuck Rifici, the co-founder of Tweed and current CEO of Auxly Cannabis…that initial investment of $3 million, says Sinclair, has propelled his band into the big leagues, making them the first indigenous community to become a major shareholder of a licensed cannabis producer…

4. To show how misguided the Trudeau Liberals are with carbon policy and their extremist “climate change” initiatives, even voters in left-leaning Washington State yesterday rejected a proposed carbon tax that would have been the first such levy in the United States…the policy would have been an effort to fight “climate change” by mandating that companies using or selling fossil fuels pay taxes equal to $15 per metric ton of carbon, an amount that would rise in future years…the money would have paid for clean air and water projects, as well as community health initiatives…Trudeau is determined to push ahead with a jobs and investment-killing national carbon tax that does further damage to the Canadian resource sector and puts Canadian businesses at a competitive disadvantage to those in the United States…

5. 2018 has featured major shifts in demand and supply in the Oil marketafter putting the pedal to the metal on production, OPEC is now apparently musing once again about cutting back production in 2019…ministers from the group gathering in Abu Dhabi this weekend will discuss the possibility of trimming output again next year, according to delegates, a move that would mark an abrupt end to 6 months of supply increases…the group is responding to a worrying prospect – even though U.S. sanctions on Iran are removing significant amounts of Crude from world markets, a fresh surge of American shale Oil threatens to unleash a new surplus in 2019…some members are concerned about the recent trend showing rising inventories…meanwhile, in other sector developments, Imperial Oil (IMO, TSX, NYSE) said yesterday that it would go ahead with the construction of its $2.6 billion Aspen Project in northern Alberta, the first new Oilsands development to be greenlighted since 2013…the Aspen Project will use new recovery technology to lower emissions and water use and improve project economics…

6. The Dow has added 138 points through the first 30 minutes of trading following yesterday’s midterms…in Toronto, the TSX is relatively flat while the Venture is up another 5 points at 671Westhaven Ventures (WHN, TSX-V) has resumed drilling at its 155 sq. km Shovelnose Gold Property near Merritt…the fully-financed  program will consist of approximately 2,500 m of diamond drilling over a strike length of 400 m at the newly-discovered South Zone where recent drilling intersected 17.8 m of 24.5 g/t Au, including 6.78 metres of 50.76 g/t Au…Gareth Thomas, President & CEO, stated, “We are keen to get back drilling at the South Zone.  Only 2 holes have been drilled into the newly tested southern block and both holes intersected significant Gold-Silver mineralization.  We will be testing both the vertical extent and the strike length of this mineralization”Datametrex AI (DM, TSX-V) has just announced that it has closed the reverse takeover transaction of Graph Blockchain Inc. (formerly Reg Technologies Inc.) with Graph Blockchain Ltd., an associated company of Datametrex AI, as previously announced on June 29, 2018, and October 1, 2018TAG Oil (TAO, TSX) is off 2.5 cents at 38 cents as of 7:00 am Pacific after announcing this morning that it’s selling its assets in New Zealand for $30 million (U.S.), plus other considerations…following completion of the transaction, TAG expects to have over 50 cents per share in cash and working capital in addition to continued exposure to the current operations and upside of the New Zealand assets…TAG will also be in a better position to pursue its exploration prospects covering over 275,000 net acres in Australia, including the producing 25,000-acre petroleum mining licence in the Surat basin…

7. Chemesis International (CSI, CSE) and Rapid Dose Therapeutics, a Canadian biotechnology company, have signed an additional definitive agreement to bring QuickStrip oral thin strips to Puerto Rico…CSI previously announced (October 12, 2018) a definitive agreement to produce QuickStrips for the state of California…under the terms of the agreement, Chemesis will receive rights to produce, distribute and sell QuickStrip products, with exclusive rights for the cannabis market in Puerto Rico…this partnership allows Chemesis to further strengthen its position in Puerto Rico by allowing the company to use a convenient drug delivery system that can target a variety of consumers and also allow them to use cannabis products in a new way…CSI says it will continue to position itself to capitalize in this growing market with innovative and effective products…

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  1. Jeff Sessions fired as US AG.. he is/was against weed.. maybe the new one will soften the federal stance??

    Comment by Jeremy — November 7, 2018 @ 12:26 pm

  2. Amy thoughts on insider selling and late filing from BLO insiders? Seems like the market isn’t too keen on the amounts sold.

    Comment by Daniel — November 8, 2018 @ 3:52 am

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