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July 3, 2019

7 @ 7:00

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

1. Gold has traded between $1,412 and $1,429 so far today after yesterday’s sharp move back above $1,400as of 7:00 am Pacific, bullion is off $5 an ounce at $1,413…SPDR Gold Trust, the world’s largest Gold-backed ETF, said its holdings dipped 0.2% to 798.44 tonnes yesterday…however, holdings have gained more than 5% over the past month, underlining strong investor interest in bullion…Silver is 3 cents lower at $15.24 but has demonstrated superb new support at $15 within a new uptrend…Nickel has climbed 7 cents to $5.56, Copper is a penny higher at $2.67 while Zinc is down 1 cent at $1.13Crude Oil has jumped 75 cents to $57 while the U.S. Dollar Index is flat at 96.70…job creation in the U.S. looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report this morning from ADP and Moody’s Analytics…the number was well short of the 135,000 estimate from economists surveyed by Dow Jones and comes on the heels of weak May growth of just 41,000…the disappointment sets the stage for another possible letdown from the more widely watched non-farm payrolls report from the Labor Department, which will be released Friday and is expected to show growth of 165,000 after May’s lackluster 75,000

2. The yield on the benchmark 10-year Treasury note fell to its lowest level since November 2016 today, continuing its slide below 2% on expectations central banks around the world would respond to a slowing global economy with more monetary stimulus…traders snapped up government debt after the European Council yesterday nominated Christine Lagarde to head the European Central Bank (ECB)…the choice is a strong signal that euro zone rates will remain low for the foreseeable future as the ECB tries to foster inflation and GDP growth in the region (they haven’t enjoyed much success so far)…Lagarde’s previous support for ultra-loose monetary policy, including bond-buying programs, put her squarely behind her predecessor’s efforts to kick-start inflation…she inherits a central bank struggling to hit its medium-term target for price growth of just under 2%…outgoing President Mario Draghi recently signalled that interest rates could be cut further and there could be a second quantitative easing program, or QE2

3. An indigenous-led group plans to offer to buy a majority interest in the Trans Mountain Oil pipeline from the Canadian government within the coming days…the group, called Project Reconciliation, aims to submit the $6.9 billion offer as early as Friday, managing director Stephen Mason told Reuters, and start negotiations with Ottawa later this month…Project Reconciliation said the investment will alleviate First Nations poverty, a watershed for indigenous people who have historically watched Canada’s resources enrich others…expansion would triple capacity of the pipeline carrying Crude from Alberta to British Columbia’s coast, helping resuscitate an industry depressed by low prices and congested pipelines…the Loony Left in this country has a problem – on the one hand, as part of its identity politics game, it claims unequivocal support for First Nations…on the other hand, it wants nothing to do with pipelines or expanding Canada’s resource sector, denying many entrepreneurial indigenous groups in Canada their right to carve out better lives and move families out of poverty…there needs to be a strong pushback against Canada’s wealth destroyers…

4. FIRED: Bruce Linton, the high-profile face of Canopy Growth (WEED, TSX; CGC, NYSE), has been turfed as co-CEO and board member of Canada’s marijuana giant…this morning’s official news release had a different spin, indicating a resignation…however, Linton called into CNBC this morning and said he was fired…“I think stepping down might not be the right phrase,” he said, referring to the language in the news release…“I was terminated”…Linton’s sudden departure was related to the fact that Constellation Brands (STZ, NYSE) boss Bill Newlands was “not pleased” with Canopy Growth’s recent year-end results as it recorded a Q1 loss of $106 million (U.S.) in connection with its interest in the Canadian cannabis company…Canopy took a $4 billion investment from the spirits giant last November, giving Constellation a roughly 35% stake in the cannabis company…Constellation also nominated 4 directors to Canopy’s 7-member board…Mark Zekulin will become the sole CEO of the company and will work with the board to begin a search to identify a new leader…Rade Kovacevic, who currently leads the company’s Canadian operations and recreational strategy, will take over the role of President from Zekulin…WEED has slid $1.67 to $50.87 through the first 30 minutes of trading as the stock slips below its rising 300-day moving average (SMA) for the first time since late last year…it was a great buy then and probably now, too…

5Tesla (TSLA, NASDAQ) is up more than 5% in early trading after the electric auto maker said it shattered its previous production and delivery records during the 2nd quarter, soundly beating analysts’ estimates…the company released its delivery and production results last night, hinting at a strong 3rd quarter that already has a backlog of orders…CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying Tesla was on course to deliver a record number of vehicles throughout the quarter…he wasn’t exaggerating…the company delivered 95,200 cars during the 3 months ending June 30 – a 51.1% increase over an admittedly weak Q1 and besting its previous record of 90,700 deliveries set in the 4th quarter of 2018Tesla’s deliveries are a closely watched industry number and the nearest reflection of sales, showing how many cars were actually delivered to customers…

6. The Dow and S&P 500 have each hit new record highs in early trading, with the Dow up 58 points…in Toronto, the TSX is 39 points higher while the Venture is flat at 585 as of 7:00 am PacificTinka Resources (TK, TSX-V) is under pressure in early trading after releasing results of a maiden PEA for its 100%-owned Ayawilcva Zinc Project in Peru…highlights include an after-tax NPV(8) of $363 million (U.S.), an initial capex of $262 million, an after-tax IRR (internal rate of return) of 27.1%, and a 21-year mine life with average head grades of 6.05% Zinc, 18.3 g/t Silver, 67.1 g/t Indium and 0.25% Lead…average annual production is estimated at 101,000 tonnes of Zinc concentrate and approximately 906,000 ounces of Silver in a Silver-Lead concentrate…PEA’s kill the mystery which is why TK is off a nickel at 22.5 cents…Sirona Biochem (SMB, TSX-V) announced this morning that clinical development of its SGLT2 inhibitor, TFC-039, which is currently well into Phase 1 of human trials, is progressing on schedule with no adverse events…TFC-039 was licensed to Wanbang Biopharmaceuticals, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical Group in 2014 with exclusive rights for China…in exchange for this licence, Wanbang will provide upfront and milestone payments of up to $9.5 million (U.S.) in addition to royalty payments for product sales in China…

7. Has Benton Resources (BEX, TSX-V) bitten off more than it can chew?…the company has announced that it has executed 2 separate binding purchase agreements with Rio Tinto Exploration Canada (RTEC) and Panoramic Resources (PAN) for the acquisition of 2 Ontario high-grade PGM projects, Rio Tinto’s Escape Lake and Panoramic’s Thunder Bay North…the total purchase price is $15 million, subject to Benton obtaining financing (the stock closed yesterday at 6.5 cents) and regulatory approvals…Stephen Stares, President and CEO, commented, “Our team has been searching for an exciting PGM [Platinum group metal] project in the market that possesses what we feel are essential project qualities: a high-grade, near-surface deposit containing an historical resource and located near existing infrastructure in a mining-friendly jurisdiction.  These projects satisfy those criteria.  Coupled with the high-grade discovery drilling completed at Escape Lake, the company feels that the opportunity to delineate further resources exists.  Located only 50 km from the company’s office in Thunder Bay, the projects are well situated to aggressively move them forward.  In addition, the projects lie approximately 60 km south of North American Palladium’s (NAP) Lac des Illes mine and 10 kilometres east of NAP/Transition Metals‘ Sunday Lake intrusion”

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  1. Jon, thought this might be a good question…in regards to non-dilutive financing, if CCW is generating solid revenue a month via tailings, what type of loans and financing it out there since they would be able to prove cashflow? I’m sure that’s got to open up a lot of doors right? I’m just not familiar with non-dilutive financing besides a JV or giving away part of the company via a stake in the company.

    Comment by flyinthruu — July 3, 2019 @ 8:38 am

  2. Hi Jon, sorry, one last thing to add. There’s some very loyal long-term retail shareholders in CCW. Is CCW mgmt aware of this aka. understand the importance they really need to get on the ball and start showing the market official progress? This is what shareholders are asking and no new ones are going to come without results.

    Comment by flyinthruu — July 3, 2019 @ 5:01 pm

  3. Hmm, flyinthru…8 major news releases since the middle of February paints the picture very clearly in terms of progress made and what’s in store for 2nd half of the year…the problem is, you’re relating “progress” to share price movement…you’re staring at the puck and not understanding the play that’s about to unfold (that tripped up a lot of people when they were afraid to buy Garibaldi at 15 cents in mid-2017)…in other words, there has actually been tremendous progress in terms of business development (the most in CCW’s history, in fact – they are on the ball!), something that has laid the groundwork for a share price advance coming up that you can’t even begin to imagine…

    As sure as GGI has the richest Nickel massive sulphides ever found in a Nickel sulphide deposit, CCW has something incredible emerging at Castle…there have been plenty of clues, but stay tuned!…grade is King in this business, and timing is key – don’t ever forget that…

    Comment by Jon - BMR — July 3, 2019 @ 6:58 pm

  4. Silver ETF buying accelerates…

    Silver’s demand is picking up with the metal seeing the largest daily ETF inflow over the past year, says BMO Global Commodities Research. “While Gold ETF flows have hit the headlines over the past month, over the past week silver has seen a larger net positive change. In particular, yesterday saw the largest single daily inflow over the past year at 5.55m oz,” writes BMO Capital Markets managing director of commodities research Colin Hamilton. This marked fifth consecutive day of gains for silver. “With Gold having priced in potential rate cuts extremely quickly, we view Silver as the catch-up trade at present, particularly if retail investors help to lift bar and coin demand,” Hamilton says…

    Comment by Jon - BMR — July 4, 2019 @ 5:31 pm

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