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July 2, 2019

7 @ 7:00

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

1. Gold has traded between $1,388 and $1,395 so far today after yesterday’s post-G20 drop…as of 7:00 am Pacific, bullion is up $9 an ounce at $1,393…technical support is very strong around $1,380Silver, off 2 pennies at $15.08, remains well within its new uptrend with strong support at and just below $15.00…inflows into Silver and Platinum ETFs are accelerating, according to Commerzbank“Silver ETFs have seen inflows of 185 tonnes in the last 3 days of trading,” the bank confirmed…There has also been considerable demand for Platinum ETFs.  For the first time ever, their holdings exceeded the 3 million ounce mark”…Copper, Nickel and Zinc are all relatively unchanged at $2.71, $5.75 and $1.17, respectivelyCrude Oil has eased off 76 cents to $58.33…concerns that the global economy could be slowing outweighed an agreement by OPEC and allies, including Russia, to extend supply cuts until next March…the U.S. Dollar Index rallied yesterday in a “dead cat” bounce following the G20 meeting, contributing to Gold’s losses, but the Dollar Index has slipped about one-fifth of a point this morning to 96.70…China’s manufacturing activity shrank unexpectedly in June, coming in at its worst reading since January, according to a private survey…the Caixin/Markit factory Purchasing Managers’ Index for June was 49.4 – the lowest since January when the indicator came in at 48.3…Bitcoin has dropped below $10,000 (U.S.) for the first time in 11 days…

2. The U.S. economy, buoyed the last 2-and-a-half years by President Trump’s pro-growth agenda, is now enjoying its longest uninterrupted stretch of expansion since at least 1854, leaping over hurdles including the euro zone crisis, turbulence in the developing world and now trade battles to surpass the 1990’s economic boom – at least in duration…recessions are typically defined as 2 consecutive quarters of shrinking GDP, but the National Bureau of Economic Research – the semi-official arbiter of U.S. booms and busts – uses a broader, more qualitative definition, and reckons that the current expansion started in June 2009…that means that this month the U.S. expansion has entered its 121st month, making it longer than the golden era enjoyed by the economy from March 1991 to March 2001, and more than twice as long as the average post-WWII expansion…this means the cycle has been on for longer than The Beatles were together…it has persisted for a more extended stretch than the original run of Seinfeld on network TV, and it’s older than Instagram…

3. China will broaden the ability of some foreign firms to invest in the country a year earlier than expected, a move that comes as trade talks with the U.S. begin in earnest…“We will move up the lifting of foreign capital limits in securities, futures and life insurance, from 2021 to 2020,” Premier Li Keqiank, China’s 2nd-ranking official, said today at a meeting of the World Economic Forum“This shows China’s commitment to opening up”…while it’s a small gesture toward improving the relationship with the Trump administration after trade talks fell apart in May, the move won’t satisfy the White House’s more sweeping demands that China amend its laws to protest U.S business interests in the country…

4. B2Gold (BTO, TSX; BTG, NYSE) and Calibre Mining (CXB, TSX-V) have announced an agreement in which B2Gold will become Calibre’s largest shareholder and Calibre will acquire the El Limon and La Libertad Gold mines, the Pavon Gold Project and additional mineral concessions in Nicaragua currently held by B2Gold…the $100 million purchase price will be paid with a combination of cash, common shares and a convertible debenture…following the completion of the transaction, B2Gold will own approximately 31% of CalibreB2Gold said the deal will allow the company to remain involved with the Nicaraguan operations, yet focus on its other mines…with its interest in Calibre, B2Gold will have the right to appoint one director to the Calibre board and participate on an advisory board to the main Calibre board…the El Limon and La Libertad mines have produced in excess of 1.4 million ounces of Gold since 2010…their combined 2019 Gold production is projected to be between 150,000 and 160,000 ounces…Calibre was halted pre-market and remains halted…

5. The Dow, coming off its best June since 1938, is off 69 points as of 7:00 am Pacific…in Toronto, the TSX is up 27 points…the Gold Index has slipped 5 points to 215…accumulating Gold stocks on any weakness will continue to be a winning strategy…the Venture is 1 point in the green at 586HIVE Blockchain (HIVE, TSX-V) is an early volume leader after news late Friday that HIVE and Genesis Mining have reached a settlement agreement which “positively resolves prior misunderstandings and disagreements”…the surge in Bitcoin prices forced the 2 sides to get their act together…Golden Predator Mining (GPY, TSX-V) is pushing higher in early trading on news that it has received formal notification from the Yukon government that provides for the restart of the Brewery Creek mine which was put into temporary closure in 2002…the company is authorized to restart mining activities that follow the previously assessed mine plans without further assessment and review…in addition, Golden Predator has received notice that the Tr’ondek Hwech’in have passed a formal Council Resolution in support of resumed mining and processing at the Brewery Creek mine under the existing licenses…Colorado Resources (CXO, TSX-V) and privately-held Buckingham Copper announced this morning that they have signed a binding agreement that will result in the acquisition of Buckingham by Colorado, along with the addition of new Colorado Board members and management, and a minimum $2.5 million concurrent financing…this is great news for Colorado shareholders as an incompetent management team will soon be out of the way…the plan of arrangement is expected to be completed on or around August 13following corporate and regulatory approvals…upon completion of the arrangement, a $1.4 million exploration program, including drilling, is expected to commence immediately at Colorado’s Kinaskan-Castle Property contiguous to GT Gold’s (GTT, TSX-V) Tatogga Project…Benton Resources (BEX, TSX-V) was halted pre-market, pending news…

6Barrick Gold (ABX, TSX; GOLD, NYSE) and Newmont Goldcorp (NGT, TSX; NEM, NYSE) have successfully concluded their transaction establishing Nevada Gold Mines…the new company, owned 61.5% and operated by Barrick, and owned 38.5% by Newmont Goldcorp, was officially launched today…the new joint venture will rank as the largest global Gold producing complex by a wide margin, with 3 of the world’s top 10 Tier 1 Gold assets (Goldstrike/Carlin, Cortez and Turquoise Ridge/Twin Creeks) and potentially another one in the making (Goldrush)…its assets in northeastern Nevada comprise 10 underground and 12 open-pit mines, 2 autoclave facilities, 2 roasting facilities, 4 oxide mills, a flotation plant and 5 heap leach facilities…in 2018 these operations produced a total of 4.1 million ounces of Gold, approximately double that of the industry’s next largest Gold mine (Muruntau in Uzbekistan)…the company has a strong reserve and resource base with Proven and Probable Reserves of 48.3 million ounces; Measured and Indicated Resources of 27.4 million ounces; and a further 7.5 million ounces of Inferred Resources with still more potential…Nevada Gold Mines is targeting production of between 1.8 and 1.9 million ounces at a preliminary estimated cost of sales of $940 to $970 per ounce and AISC of $920 to $950 per ounce for the 2nd half of 2019Barrick President and CEO Mark Bristow, who is Chairman of the new company, says the establishment of Nevada Gold Mines was designed to combine arguably the industry’s best assets and people in order to deliver the best value to stakeholders…“Its creation was driven by a compelling logic which had long been evident to all but had been elusive for 2 decades until we finally achieved a breakthrough this year,” Bristow said…

7Chemesis International (CSI, CSE), through its subsidiary Natural Ventures, has signed an exclusive manufacturing agreement with PR ONE, a Puerto Rico-based medical cannabis company…PR ONE’s flagship store is located in the San Juan Metro area and has over 6,000 sq. feet of retail floor space…they are also currently working towards opening additional locations to meet growing demand from cannabis consumers…the agreement has a 3-year term with automatic renewals and the initial orders will be for a minimum of $300,000 (U.S.) a month in cannabis infused products and a minimum of $200,000 (U.S.) in flower…Natural Ventures will be PR ONE’s main manufacturer and will maintain a first right of refusal for future products and additional dispensaries…as per the agreement, the initial order will be delivered in Q4 this year and as PR ONE’s demand increases, Natural Ventures will ensure it is able to meet PR ONE’s requirements…”Natural Ventures continues to cement itself as a premier manufacturer for Puerto Rican cannabis companies and consumers,” said CEO of Chemesis, Edgar Montero…“Purchase orders from cannabis companies such as PR ONE serve as validation for our processes and continued dedication to quality and consistent products.  Natural Ventures will continue to focus its efforts on securing more long-term contracts that build value and increase its presence in Puerto Rico”CSI is off a penny at $1.96 as of 7:00 am Pacific

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  1. Jon. Was there not suppose to be a PT.2 Of Sunday Sizzler and a Part 2 Of CCW ,both from about a week ago , or did I miss something?

    Comment by Dgambler — July 2, 2019 @ 8:06 am

  2. Hi Jon,
    Anything new on the CCW-front? I believe that there have been new developments causing some delays in the releasing of news. Anything to add?
    Thanks in advance,

    Comment by Frank — July 2, 2019 @ 8:25 am

  3. TINSTAAFL there is no such thing as a free lunch

    The Trump tax breaks went primarily to the uber rich which of course stimulates the markets. The increase in deficits that the tax cuts caused will hurt. Most of the corporate tax cuts as well went into non productive uses like massive share buybacks that have also helped the uber wealthy with the boosting of share prices. …….cheer while you may for the sugar high…the chickens have yet to come home to roost.

    Comment by Carl N — July 2, 2019 @ 9:10 am

  4. GEMC is acting like a dog. Indications are they are advancing Nevada properties, but not fast enough for investors purposes. I thought permits were in hand? No timelines on drilling is killing the stock.

    Comment by Dan1 — July 2, 2019 @ 9:33 am

  5. Any explanation for sudden drop in GGI this afternoon?

    Comment by Bryan — July 2, 2019 @ 11:48 am

  6. No good reason at all, Bryan…dropped down to 20-day moving average which is the perfect TA buy point…I added on the pullback this morning…

    Next stop from a technical perspective is the $1.80’s on a confirmed breakout thru the $1.40 resistance previously identified…

    Nickel Mtn is one of the most extraordinary Nickel sulphide deposits anywhere on the planet, and that’s why we’re going to see new highs on this…

    Big month of July shaping up IMHO, so was pleased to see the accumulation opportunity today at lower levels than we’ve seen the last little while…

    Comment by Jon - BMR — July 2, 2019 @ 11:51 am

  7. Mr. Jon, any new thoughts on GTT, CCW?

    Comment by Jean — July 2, 2019 @ 12:37 pm

  8. Ggi- probably trying to target the weak and nervous as well, don’t fall for it,chillax… very nice call on gold guys.

    Comment by Laddy — July 2, 2019 @ 1:07 pm

  9. Really nice (normal) technical behaviour in GGI today, Laddy…first big wave was a double from 70 cents into $1.40’s, where chart showed Fib. resistance…normally you’d expect a retracement to the 10 or 20 day SMA’s, and that’s what occurred today…good to see…this sets the stage for the next wave higher through the $1.40 resistance toward the next measured Fib. around $2…fundamentally, things have never looked better on the ground with the new rigs and a much better understanding of the geometry of the system…much quicker assay results…today was the kind of day that confident investors embraced with a smile, grabbing paper at a discount…

    Comment by Jon - BMR — July 2, 2019 @ 2:25 pm

  10. Sounds great Jon, and yes ,thank you anon.every little handful helps ?.

    Comment by Laddy — July 2, 2019 @ 2:43 pm

  11. I also thought there was another follow up report coming on CCW but if there is no news to report then no point in another report/alert. The wheels of government can move slowly so not expecting anything real soon on the tailings permit. Maybe they needed more information. Would like to know how many of the September warrants are left, surely Frank would have that information. The July warrants are done in a couple weeks.

    Comment by Danny — July 2, 2019 @ 2:57 pm

  12. Lots coming on CCW, Danny, including something later today…Sizzler Part 2 was delayed (we’ll get to it, be patient) due to an injury I suffered in Eskay Camp but that’ll just be another story for the book…

    Comment by Jon - BMR — July 2, 2019 @ 3:07 pm

  13. Most of the 30 cent warrants look cooked. Next ones up are 50s. Would be very rewarding for ccw longs to get some love.

    Comment by flyinthruu — July 2, 2019 @ 3:13 pm

  14. No rush Jon, hope it was nothing serious.

    Comment by Danny — July 2, 2019 @ 3:18 pm

  15. Yeah we’re all getting older, we must keep reminding ourselves to lift our feet when we walk, especially when we walk across a sea of nickel rocks.. lol.

    Comment by Laddy — July 2, 2019 @ 3:31 pm

  16. Just kidding, hope for a speedy recovery.

    Comment by Laddy — July 2, 2019 @ 3:38 pm

  17. lol, Laddy. The wipe-out was worth it, given the information that was collected. I’ll be fine, just hobbling. In the meantime, check back around 8 pm for an important BMR Evening Alert.

    Comment by Jon - BMR — July 2, 2019 @ 5:07 pm

  18. Will the infamous CCW part 2 I’ve been patiently waiting for be included in this alert Jon?

    Comment by Jon (not BMR Jon) — July 2, 2019 @ 5:15 pm

  19. I’m getting to that, Jon, but a bit of a sneak preview tonight…

    Comment by Jon - BMR — July 2, 2019 @ 5:19 pm

  20. Feeling like the greyhound chasing the rabbit! LOL! No worries, I still believe the wait will be worth it. BTW, glad you’re doing well enough to write at all Jon and definitely looking forward to reading “the book”! 🙂

    Comment by Jon (not BMR Jon) — July 2, 2019 @ 5:36 pm

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