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February 13, 2019

7 @ 7:00

Check back later in the day for additional posts, including Daniel’s Den, and visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,308 and $1,319 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,313…inflows into the SPDR Gold Trust, the world’s largest Gold-backed ETF, continued to drop this week, down about 3% so far this month after 4 straight monthly gains…Silver is up 4 pennies at $15.71…Copper is 2 cents higher at $2.78…Nickel is relatively flat at $5.64 while Zinc is unchanged at $1.19…Crude Oil has gained another 97 cents a barrel to $54.07 after top exporter Saudi Arabia trimmed back exports and said it would deliver an even deeper cut to its production…the U.S. Dollar Index has added one-fifth of a point to 96.89…U.S. consumer prices were unchanged during January, another sign that inflation remains rather muted…the core index for CPI, excluding the volatile food and energy sectors, increased 0.2% in January for the 4th consecutive month, in line with expectations…the all-items index increased just 1.6% for the 12 months ending with January, the smallest increase since the period ending June 2017

2. Chinese President Xi Jinping will meet with Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on Friday as both sides pursue a trade deal before an early March deadline, the South China Morning Post reported today…the report said Xi “is scheduled to meet” with key members of the U.S. trade delegation that is currently in Beijing, including Lighthizer and Mnuchin…Chinese Vice Premier Liu He is also expected to attend a banquet for the U.S. delegation later this week, according to the Morning Post…China and the U.S. are trying to strike a deal before the start of March…otherwise, additional U.S. tariffs on Chinese goods are scheduled to take effect…the report comes a day after President  Trump said he would consider pushing back the current March deadline if it means a deal between the 2 countries can be reached soon…he added, however, he “would prefer not to”

3. SNC-Lavalin Group (SNC, TSX), at the center of a growing political scandal that is now ensnarling the Trudeau government which ironically has been lecturing China on the “rule of law”, had its credit rating cut by S&P Global Ratings after the Canadian engineering firm issued its second profit warning in as many weeks…S&P cut the Montreal-based company to BBB-, the lowest investment-grade rating, from BBB, according to a statement yesterday…the downgrade reflects the reduced outlook for earnings and cash flow, and heightened risk from a global slowdown and potential fallout from corruption charges in Canada, S&P said…SNC said it failed to reach an agreement with a client in a dispute over a mining project in Latin America, prompting it to slash its profit forecast by more than 40% for the year…the stock and bonds plunged on the report Monday…

4. Galway Metals (GWM, TSX-V), a play we initially brought to subscribers’ attention last month around 20 cents, has surged this morning on the release of first assays from its new Gold discovery at the Clarence Stream Project in southwestern New Brunswick…significantly, the new Gold zone is in an area where there has been no previous drilling, centered between the George Murphy and Jubilee zones, approximately 1 km from each…hole BL1812 returned 7.3 g/t Au over 36.7 m, including 38.1 g/t over 6.5 m in multiple quartz veins containing abundant visible Gold, starting only 51 m downhole and 36 m vertical…drilling in hole BL1915 also has intersected visible Gold twice, approximately 50 m NW of and 97 m vertically below the VG seen in BL1812…assays are pending…the new discovery, in holes BL1812 and BL1915, represents the 2nd mineralized zone that Galway has found since the company began drilling Clarence Stream in October 2016 (the George Murphy zone being the other), and the 5th zone identified in the Clarence Stream district to date….2 of these zones are in the existing resource (September 2017) which is scheduled to be updated this year…

5. Barrick Gold (ABX, TSX; GOLD, NYSE) has reported a net loss for the 4th and full-year 2018 due in large part to impairment charges, but listed an adjusted profit for both periods…the company listed a Q4 net loss of $1.2 billion, or $1.02 per share, compared to a net loss of $314 million, or 27 cents, in the same quarter a year earlier…the full-year net loss was put at $1.55 billion, or $1.32 per share, compared to a 2017 profit of $1.44 billion, or $1.23 per share…excluding special items, adjusted earnings in the 4th quarter were $69 million, or 6 cents per share, down from $253 million, or 22 cents, in the same quarter of 2017…full-year adjusted net earnings were $409 million, or 35 cents, down from $876 million, or 75 cents, in 2017…the company generated annual revenue of $7.24 billion, operating cash flow of $1.77 billion, and free cash flow of $365 millionmeanwhile, Randgold Resources, which merged with Barrick last month, has posted a solid set of results for its final year of operation as a listed company…highlights of the numbers were the 35% increase to $2.69 per share in the annual dividend and the record production from Kibali in the Democratic Republic of Congo, which at 807,000 ounces of Gold was materially better than guidance…group Gold production of 1.28 million ounces was fractionally below guidance, reflecting the impact of a protracted illegal strike at Tongon in the Cote d’Ivoire…total cash cost of $637/oz was in line with guidance…

6. The Dow is up 148 points as of 7:00 am Pacific…the S&P 500 closed above its 200-day SMA yesterday for the first time since December 3…in Toronto, the TSX has climbed 28 points while the Venture has added 1 point to 613Amex Exploration (AMX, TSX-V), in the midst of new high-grade discoveries at its Perron Project north of Rouyn-Noranda, has effectively leveraged its recent share price gains by arranging a non-brokered private placement in the maximum amount of $5,025,000 through the offering of up to 6.7 million units priced at 75 cents each…the stock closed at 83 cents yesterday and has more than quadrupled in price since mid-January…iMetal Resources (IMR, TSX-V) has backed off slightly to 15 cents after surging by more than 50% Monday-Tuesday on record high volume, thanks to an emerging discovery at its Gowganda West Project…technically, IMR has confirmed a major breakout above a multi-year downsloping channel, suggesting the stock is still in the very early stages of a potential Amex-type major move…between Canada Cobalt (CCW, TSX-V) immediately to the east, and iMetal, the Gowganda Camp is destined to really heat up during the 2nd half of February going into PDAC

7. Teck Resources (TCK.B, TSX) saw its 4th quarter profit drop 41.5% from the year earlier, amid lower prices for Copper, Zinc and Oil…the profit attributable to shareholders amounted to $433 million or 75 cents per diluted share, down from a profit of $748 million or $1.26 per diluted share in the 4th quarter of 2017…revenue for the 3 months ended December 31 was $3.25 billion…up from $3.16 billion in the 20174th quarter, as lower base metal prices were offset by higher prices for steelmaking coal and new contributions from oilsands production…steelmaking coal accounted for $1.674 billion of Teck’s revenue, up from a year earlier…Copper and Zinc revenue fell to $633 million and $820 million, respectively…Oil contributed $120 million of revenue, compared with none a year before…

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