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April 9, 2019

7 @ 7:00

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

1. Gold has traded between $1,296 and $1,307 so far today…as of 7:00 am Pacific, bullion is up $an ounce at $1,304…holdings of SPDR Gold Trust fell for a 6th straight session yesterday to 760.49 tonnes…however, bullion pushed higher on more central bank buying from China and Turkey…large speculators,, often on the wrong side of the trade, cut their net-bullish positioning in Gold futures by more than half during the most recent reporting week for data compiled by the Commodity Futures Trading Commission…the tightening of the ranges in Gold and Silver suggest a significant move up or down could occur shortly…Silver has pushed cents higher to $15.30…Copper has added 2 pennies to $2.95…Nickel has received another boost after Chinese steel rebar futures hit their highest since 2011 amid increased demand from the construction sector…the metal is up another 3 cents to $5.98…Zinc is steady at $1.33…Crude Oil has eased off 14 cents to $64.26 while the U.S. Dollar Index is down one-fifth of a point to 96.88…this comes as no surprise – the International Monetary Fund (IMF) has cut its outlook for global growth to the lowest since the financial crisis amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade…the world economy will grow 3.3% this year, according to the IMF, down from the 3.5% it had forecast for 2019 in January…the 2019 growth rate would be the weakest since 2009, but that was also one of the best times to embrace the markets…

2. Global Copper producers are converging in Chile this week as tightening supply buoys prices…the industry is grappling with declining ore quality and project delays at a time when substantial growth in Copper demand is expected over the next decade thanks in part to a boom in production of electric vehicles (EV’s use twice as much Copper as internal combustion engines)…“From a numbers perspective we have a deficit in Copper, and it’s expected to be a tighter market in 2019 relative to last year,” stated Eleni Joannides, a Copper market analyst at consultancy Wood Mackenzie…the industry is moving to bring new supply online, but it will take time…Freeport, the world’s largest publicly traded Copper producer, cut its 2019 output forecast at Indonesia’s Grasberg mines by more than half as it transitions to underground operations, a costly process that will take years…but Freeport, BHP, Nevada Copper and other miners are spending more than $1.1 billion to develop fresh Copper projects in the western United States…Northwest British Columbia is also garnering increased attention for its Copper potential…

3. The global Copper market is expected to grow at a CAGR of around 4.6% to reach over $222 billion by 2026, according to a report by Acumen Research…some of the major factors behind these projections include economic growth, rising urbanization primarily in emerging economies, advancement of power and telecom infrastructure, and technological advancement…Copper wiring and piping, and Copper alloys, are used widely in both commercial as well as residential construction…increasing demand from numerous industries, mainly from Asia-Pacific economies, is the key factor driving global Copper market growth…chemical, physical and aesthetic features of the metal make it a material of choice in an extensive range of industrial, domestic, and high-technology applications…

4. A new report says direct employment in Canada’s Oil and gas sector is expected to fall by more than 12,000 jobs this year…PetroLMI says the workforce is forecast to drop to about 173,300 in 2019, a decline of 23% from 226,500 in 2014…uncertainty about getting Oil and gas to market is a key reason for the job losses…meanwhile, Alberta Premier Rachel Notley, about to lose her job, made a promise yesterday that’s about as credible as Justin Trudeau’s 2015 pledge that he would run a balanced budget by 2019:  “Mark my words: this pipeline will get built.  It has been the fight of my life and I will not stop until the job is done.  We are this close, this close to getting that pipeline back under construction.  In fact, we expect an approval from the federal government by the end of next month,” Notley insisted…of course that was great fodder for Jason Kenney, United Conservative Party leader who’s widely expected to flatten the NDP in the April 16 election:  “Our premier is pretending.  The real fight of the NDP’s life has been against the pipeline, against energy jobs, against Oil and gas.  They opposed Northern Gateway.  They folded on Energy East.  They opposed Keystone XL.  They did nothing to fight back against all these anti-energy Trudeau policies.  But on Trans Mountain, they are really trying to pull the wool over our eyes about their phoney fight for pipelines”

5. The Dow is off 208 points after the first 30 minutes of trading…investors anticipate Q1 S&P 500 earnings growth to slip 4.3% on a year-over-year basis, according to FactSet estimates…if that forecast proves accurate, it would be the first profit contraction for the S&P 500 since the 2nd quarter of 2016…S&P 500 revenues are expected to grow just under 5%…in Toronto, the TSX has slipped 93 points…Copper Mountain (CMMC, TSX) continues to look strong, up another 3.5 cents at $1.08…the company will be releasing Q1 financials April 29…the Venture is up 1 point at 633, though cannabis stocks are a little weak in early trading…in what could prove to be a major technical development, the Venture’s 100-day exponential moving average (EMA) is starting to reverse to the upside, ending a decline that begin in early 2018…historically, such a reversal has led to strong gains in the Index over a period of months…

6Khiron Life Sciences (KHRN, TSX-V) was halted pre-market, followed by news that the company has signed a definitive agreement for the acquisition of NettaGrowth International Inc. (a binding letter agreement between the 2 companies was announced January 25)…as consideration for the acquisition of NettaGrowth, on closing, Khiron will issue 8.5 million common shares to the shareholders of NettaGrowth at a deemed price of $1.61 per share…Alvaro Torres, CEO of Khiron, commented, “This acquisition adds considerable capacity and product diversity potential to the Khiron portfolio of assets.  As the first country to legalize cannabis for adult use purposes, these Uruguayan licences provide us the opportunity to address a broader demographic of consumers and export products to key regions of the world.  Compared to the extract-only medical market of Colombia, the Uruguayan regulations permit the domestic and international distribution of flower.  This is an excellent complement to our product focus in Colombia”KHRN resumes trading at 7:30 am Pacific after closing yesterday at $3.58

7. Chemesis International (CSI, CSE) announced this morning that it will produce and distribute its all-natural CBD (cannabidiol) product line Viverian in Puerto Rico through its subsidiary Natural Ventures, with Viverian products available in dispensaries before April 30th…Viverian is a hemp-derived CBD product line that promotes healthy living and provides consumers with quick and easy methods of consumption…the product line includes CBD tinctures, as well as capsules that may assist with sleep, relaxation, improved concentration, relief for discomfort, and improved overall health and wellness…these products have been lab tested, are THC (tetrahydrocannabinol) free, and made of 100% botanical ingredients…Natural Ventures is a key part of Chemesis’s long-term strategy to build a major presence in Latin America, and by launching Viverian, it allows penetration into the Puerto Rican CBD market,” stated Chemesis CEO Edgar Montero…“Chemesis believes it has an advantage in the Latin American CBD market as it is able to leverage its state-of-the-art facility, its previously announced partnership with First Medical that brings up to 6,000 acres of hemp cultivation and its all-natural Viverian CBD product catalogue”CSI is up 4 cents at $2.08 as of 7:00 am Pacific

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  1. News from Lion One

    Lion One Announces Aggressive Plans to Explore the Navilawa Caldera


    Comment by Carl N — April 9, 2019 @ 7:41 am

  2. Question about Garibaldi.

    We have been waiting for drill results for months now. Do you think the lab’s are still backed up?

    What’s the benefit in holding back results … Could they be bad and just waiting for the next drill season?

    Seems like when a company holds on to the results for this long normally isn’t great new’s

    Just wondering what your thoughts are Jon …

    Comment by rguilbault — April 9, 2019 @ 9:07 am

  3. Thoughts on NRTH trading down to $1.10 and the shorts sitting at 8M?

    Comment by goose90 — April 9, 2019 @ 9:33 am

  4. A gold play making some noise. VIO.TSXV Societe d’exploration miniere Vior Inc. Nice insider buying. Company in black out with what sounds like a JV coming. Properties in Quebec and Nevada. May be worthy of a look or two.

    Comment by BCCoastal — April 9, 2019 @ 10:37 am

  5. “Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion” – there’s your answer, rguilbault, for extra long delays re: GGI assay results, plus of course SGS backups…GGI needs to radically change procedures (and perhaps labs) this summer to speed up results to a 4-week maximum turnaround.

    Comment by Jon - BMR — April 9, 2019 @ 6:37 pm

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