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July 4, 2019

7 @ 7:00

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

1. Happy 4th of July to our American friends!Gold has hovered between $1,410 and $1,420 in quiet trading on this Independence Day…Silver is off a few cents at $15.23 but has demonstrated superb new support at $15 within a new uptrend…Copper, Nickel and Zinc are all relatively unchanged at $2.68, $5.56 and $1.11, respectively…Crude Oil is 43 cents lower at $56.91 while the U.S. Dollar Index is flat at 96.78…the Gold market could have at least 1 new ally within the Federal Reserve after President Trump nominated Judy Shelton this week to be a board of governor of the central bank…Shelton has previously advocated for the U.S. to return to a Gold standard to create a “reliable store of value across borders and through time”…in a commentary in The Wall Street Journal April 21, Shelton commented, “It’s entirely reasonable to ask whether this might be better assured by linking the supply of money and credit to Gold or some other reference point as opposed to relying on the judgment of a dozen or so monetary officials meeting 8 times a year to set interest rates”President Trump will preside over July Fourth Independence Day celebrations later today – perhaps the biggest in American history – with a speech about patriotism and a show of military might that will undoubtedly drive much of the mainstream media to new levels of insanity…it’ll be an in-your-face celebration of freedom and national pride in America, taking place in front of the Lincoln Memorial – complete with fireworks, a flyover by Air Force One, and a display of tanks…

2. Jobs report tomorrow: Economists expect non-farm payrolls to have risen by 160,000 in June compared with 75,000 in May, although Wednesday’s private report suggested tomorrow’s jobs number from the Labor Department could disappoint (which would drive Gold higher)…government bonds are near multi-year lows on bets the Fed will cut interest rates this month and that other major central banks will embrace looser monetary policy, pushing world stocks to new 18-month highs…the Dow, S&P 500 and NASDAQ each closed at new record highs yesterday…“U.S. stock markets are probably part of the reason why Gold is not picking up pace again immediately,” Commerzbank analysts said in a note…

3Top representatives of the United States and China are organizing a resumption of talks for next week to try to resolve the continuing trade battle between the world’s 2 largest economies, Trump administration officials confirmed yesterday…talks between the 2 sides broke down in May after U.S. officials accused China of pulling back from commitments it had made previously in the text of an agreement that negotiators said was nearly finished…Trump and Chinese President Xi Jinping declared a “truce” at last weekend’s G20 in Japan, allowing the 2 sides time to work out their differences while no new tariffs are imposed…however, in a tweet this morning, Trump stated, “China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA”

4Lupaka Gold (LG, TSX-V) has lost 80% of its value this week and is tumbling into the abyss, thanks to an unresolved road blockade by radical protestors at its Invicta Project in Peru…Lupaka creditor PLI Huara Holdings has filed a notice of acceleration and is requesting immediate payment of $15 million, as announced by Lupaka yesterday…“The specified claims of default relate primarily to the company’s inability to make scheduled repayments against the PLI Financing Agreement resulting from the ongoing illegal road blockade carried out by the community of Paran,” the company stated in a news release…Lupaka says all its workers have been prevented from entering the project since October 2018…payments against the PLI Financing Agreement were scheduled to commence at the beginning of this year…“Numerous attempts have been made to resolve the blockade, including requests for support from various levels of the Peruvian government, however to-date law and order have not been restored in the region,” Lupaka said…creditors, of course, don’t care – they just want their money, and Lupaka can’t pay PLI

5. Lupaka is an extreme case but of course it’s not the only company facing opposition to its mining/exploration activities around the world…the latest example is Oceanagold (OGC, TSX) which has filed for an injunction against any unauthorized restraint of its operations at its Didipo mine in the Philippines, with a hearing date set for next week…this injunction is sought in response to an order from the Governor of Nueva Vizcaya, explicitly directing local government units to restrain any operations of the company (the national government has legal authority over the operation)…subsequent to the governor’s order, a local government unit prevented a large supply truck from accessing the mine site on Monday…the Didipio mine, a significant high-grade Gold/Copper underground operation on the island of Luzon, has delivered significant socio-economic benefits to the Barangay of Didipio, neighbouring communities, the provinces of Nueva Vizcaya and Quirino, and the Philippines…it directly employs over 1,500 workers of which 97% are Philippine nationals and 59% are from local communities….it provides several thousands of additional livelihood opportunities/indirect jobs through partnerships with co-operatives and social development organizations…

6. U.S. markets are closed, of course, on this 4th of July, and that also means much lower trading volumes in Canadain Toronto, the TSX is off slightly as of 7:00 am Pacific with the Gold Index steady at 221…the Venture, meanwhile, is up a point at 587Canopy Growth (WEED, TSX; CGC, NYSE) closed near its intra-day high yesterday after briefly dipping below $50 a share following the news of Bruce Linton’s sudden “resignation” (dismissal)…the ousting of Linton is a sign of things to come as the young industry grapples with investor impatience in the face of what have so far been disappointing financial results…there has been a recent shift with some cannabis investors parking more of their money into the resource sector, a trend that could intensify during the 2nd half of the year…

7.  The world’s biggest Gold coin, weighing 1 metric ton and worth more than $50 million, will be on display right outside the New York Stock Exchange for 1 day only on July 16…it’ll be the first time the Australian-made coin will have traveled to the United States…the1 Tonne Australian Kangaroo” Gold coin was crafted by the Perth Mint in 2011, beating all the others to the title of the largest Gold coin in the world, according to Guinness World Records…it took the Australian bullion producer 18 months to make…

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