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April 10, 2019

7 @ 7:00

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

1. Gold has traded between $1,300 and $1,308 so far today…as of 7:00 am Pacific, bullion is up $an ounce at $1,305…in the first 2 months of 2019, the largest most active 3 central banks (Kazakhstan, Russia & China) accumulated 27% (13 tonnes) more Gold than they did during the same period in 2018…global central banks currently hold <62% of their allocated reserves in the U.S. dollar, the lowest level since 2013 according to recent IMF data, underscoring a growing de-dollarization theme many central banks are getting behind…meanwhile, Gold ETFs accumulated 80,000 ounces in March, bringing changes in total holdings for 2019 into positive territory…the resilience in ETF flows amidst rising global equity pricing is encouraging given the recent historical correlation between risk assets and safe havens…Silver is up slightly at $15.20…Copper, Nickel and Zinc are relatively unchanged at $2.92, $5.94 and $1.33…Cobalt continues to rebound, now just 3 pennies below $15…Crude Oil has jumped 44 cents to $64.44 while the Dollar Index has bounced higher with a gain of more than one-tenth of a point to 97.15

2. From the pipeline fiascos to Bill C-69 to the Trudeau carbon tax, here’s yet another threat to Canadian consumers and the economy in general which you may not have heard about:  The Clean Fuel Standard…the Chemistry Industry Association of Canada (CIAC) held a press conference in Ottawa yesterday, criticizing the Trudeau government’s plans to implement a Clean Fuel Standard, which, the group says, would effectively increase the price of carbon in Canada to $200 per tonne once it is fully implemented in 2023…Bob Masterson, President and CEO of the CIAC, said the Fuel Standard would duplicate the costs of the carbon tax as companies would be forced to use expensive additives and blending agents in their fuel, and consumers would still pay the carbon tax to use that fuel…he said it would also make the feedstock for petrochemical projects proposed in Alberta to rise by 30%…he added the government is currently doing an economic analysis on how the new regulations would affect the industry, but added it’s “not very good policy” to propose new regulations before an analysis of those regulations has been carried out…the Clean Fuel Standard would come into effect for all liquid fuels, including gasoline and diesel, by 2022 and for all gaseous fuels, including natural gas for home heating, by 2023

3. Wake-up call coming for British Columbia: Alberta United Conservative Party leader Jason Kenney, on the verge of becoming the province’s new Premier next week, is threatening to quickly “turn off the taps” and restrict gasoline shipments to B.C. if the province continues its obstructionism on the pipeline front…In recent days, Lower Mainland B.C. has been paying through the nose for gasoline,” noted Kenney…“Within an hour of being sworn in, we will hold a cabinet meeting, and the first item on the agenda will be to proclaim into law Bill 12, the ‘turn off the taps’ legislation.  Unless John Horgan ends his unconstitutional fight against Alberta energy exports, the people of B.C. will need to get used to paying well over $1.70 per litre for gas as the result of (its government’s) anti-pipeline obstructionism”…the Alberta NDP passed Bill 12 – legislation to direct truckers, pipeline companies and rail operators on how much product could be shipped and when – in the spring of 2018…however, the bill was not proclaimed into force or used…Kenney slammed the NDP for not using the legislation, calling it a “phony fight for pipelines”…B.C. Attorney General David Eby commented, “We have been concerned about the constitutionality of that legislation since it was introduced in Alberta’s legislature.  Our government is prepared to act through the courts if they proceed in that way”

4. The Dow is flat after the first 30 minutes of tradingTesla (TSLA, NASDAQ) is up modestly on news that a bipartisan group of Washington lawmakers plans to introduce a bill to expand federal tax credits for buyers of electric vehicles…the Federal Reserve will release the minutes of its March monetary policy meeting later in the session…last month, the central bank decided to maintain interest rates and hold off an any further increases this year…in Toronto, the TSX has added 54 points while the Venture is up 1 point at 629Sirona Biochem (SBM, TSX-V) is the early trading and price leader on the Venture this morning after the company released results of a clinical trial which it says demonstrates superiority to the Gold standard, hydroquinone, for the treatment of dyschromia (hyperpigmentation or “dark spots” of the skin)…SMB gapped up to 24 cents (may want to fill at least part of that gap) and got as high as 26 cents…it’s up 8 cents or 50% at 24 cents as of 7:00 am Pacific on total volume (all exchanges) of more than 6 million shares…strong new support in the high teens…Global Energy (GEMC, TSX-V) says it will shortly close an over-subscribed financing, raising gross proceeds of up to $750,000, to advance its projects in Nevada…follow the money…

5Ascot Resources (AOT, TSX-V) has signed a Benefits Agreement with the Nisga’a Nation for the Red Mountain underground Gold Project near Stewart…the agreement sets the basis for a long-term success of the project…“Nisga’a citizens employed by IDM have been the heartbeat of Red Mountain over the past few years,” stated Brian Tait, Chair of Nisga’a Lisims Government…“Our people have worked on the drills, in the camp, in the mine and everywhere on the project through exploration, engineering, and regulatory efforts.  We look forward to growing our participation through construction and operations at Red Mountain which will provide sustainable and transferable careers and business opportunities for Nisga’a citizens”…Derek White, President & CEO of Ascot, commented: “I look forward to working with Nisga’a Nation through the implementation of the Agreement as we advance the high-grade Red Mountain Project. Our shareholders will benefit through a long and successful relationship”AOT is unchanged at 77 cents…the stock is down sharply this year due to the company’s takeover of IDM Mining and the absorption of those shares, but should recover strongly over the summer…

6. Atlantic Gold (AGB, TSX) produced 19,612 ounces of Gold in Q1 at a head grade of 1.21 g/t Au but the company has reiterated its annual production guidance for 2019 of 92,000 to 98,000 ounces of Gold at very impressive all-in-sustaining costs between $695 and $755 (CDN) per ounce…as previously guided, production for Q1 was impacted by scheduled maintenance activities including mill liner change and rebuilds of the mining fleet…Maryse Belanger, President and Chief Operating Officer, commented, “We are pleased to have another winter almost behind us. The performance this quarter reflects both the challenges encountered and our production planning for operations. Overall production fell within the expected range for the conditions that were experienced. The team anticipates meeting annual guidance based on recent trends and planned activities for the remainder of the year”…

7. Aurora Cannabis (ACB, TSX) updated investors this morning on the status of Aurora Sun, the company’s latest and largest Sky Class facility, which is currently under construction in Medicine Hat…to support rapidly growing global demand for high-quality medical cannabis in Canada and abroad, the facility will be expanded to 1.62 million sq. feet, representing a 33% increase from its originally planned 1.2 million sq. feet…with the Sky Class production philosophy proven at Aurora Sky, the company is confident in projecting an expected production capacity at Aurora Sun in excess of 230,000 kg of high-quality cannabis per annum…“Aurora Sun represents the next evolution in our Sky Class facility design, delivering massive scale, low cost production, and consistent, high-quality cannabis,” said Terry Booth, CEO of Aurora“Particularly in newly-opened markets, establishing first-mover position and embedding Aurora’s market share and brand requires a stable and reliable supply of high-quality cannabis for these markets.  The increased scale of Aurora Sun reflects our expectations for the long-term growth in global demand, especially the higher margin international medical markets which will be faced with significant supply shortages for the foreseeable future.  Sun is also designed with flexibility in mind to enable us to quickly meet changing market demands, particularly as breeding and cultivation technologies evolve and as customer preferences and requirements change”…meanwhile, Statistics Canada reported just $307 million of legal weed was sold in the last quarter of 2018 for both adult-use and medical consumption post-legalization, versus $1.17 billion in sales from the black market…legal sales to date are far below many pre-legalization forecasts…in 2018, Deloitte predicted recreational sales alone could generate up to $4.34 billion in 2019

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1 Comment

  1. Good call on CLM guys! Behaving exactly how you called it, moved above its 50 DMA and 200 flattening out. Showing good strength today.

    Comment by Weatheritout80 — April 10, 2019 @ 1:02 pm

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