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July 11, 2019

7 @ 7:00

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1. Gold has traded between $1,411 and $1,426 so far todayas of 7:00 am Pacific, bullion is off $5 an ounce at $1,414…the World Gold Council (WGC), in an outlook report released this morning, calls for Gold prices to remain strong this year due to expectations for softer monetary policy and continued central bank buying…further, much of the world’s bond yields are either negative or else real yields – adjusted for inflation – are below 1%, not offering investors much return in this market…during the next 6 to 12 months, the WGC said, Gold investment demand is likely to be underpinned by financial market uncertainty and accommodative monetary policy…“Weaker economic growth may soften Gold consumer demand near-term, but structural economic reforms in India and China will likely support long-term demand,” the WGC added…Silver is off a penny at $15.19…Nickel, at a 3-month high, has jumped a dime to $5.91…Nickel inventories in LME-registered warehouses are the lowest since 2013 at 153,612 tonnes…there was also a global deficit of 27,200 tonnes over January-April in the 2.4 million tonne-a-year Nickel market, according to the International Nickel Study Group…Copper and Zinc are steady at $2.68 and $1.09, respectively…Crude Oil has gained 30 cents to $60.30 while the U.S. Dollar Index has slipped one-tenth of a point to 97.02….

2U.S. underlying consumer prices increased by the most in nearly 1.5 years years in June amid solid gains in the costs of a range of goods and services, though this won’t change expectations of a Fed interest rate cut at the end of the month…the Labor Department said this morning that its consumer price index excluding the volatile food and energy components rose 0.3% last month, more than expected…that’s also the largest increase since January 2018 and followed 4 straight monthly gains of 0.1%…the so-called core CPI was boosted by strong increases in the prices for apparel, used cars and trucks, as well as household furnishings…however, the Fed, which has a 2% inflation target, tracks the PCE price index (core personal consumption expenditures) for monetary policy…that inflation measure increased by only 1.5% year-on-year in May and has undershot its target throughout 2019…Fed Chairman Jerome Powell told lawmakers the central bank would “act as appropriate” to protect the economy from rising risks such as trade tensions and slowing global growth…he also said “there is a risk that weak inflation will be even more persistent than we currently anticipate”

3. Prime Minister Trudeau proudly introduced his party’s new candidate for a riding in Montreal last night, staunch anti-Oil radical environmentalist Stephen Guilbeault who helped found “Equiterre” in the early 1990’s and later worked for a decade in a high position for Greenpeace…the globalist Guilbeault (his loyalties aren’t with Canada) is vehemently opposed to the Trans Mountain pipeline and has labelled Canada a “dirty Oil producer” while his province of course imports Oil from hideous regimes in the Middle East…Guilbeault will be a star candidate for the Liberals in the Montreal riding of Laurier-Sainte-Marie and the party hopes his name recognition and environmentalist credentials will allow it to take the Laurier seat away from the NDP and increase the Liberals’ presence in Quebec…“I find in the Liberal party everything I need to continue the fight against climate change,” stated Guilebeault who will never let facts get in the way of his climate change alarmism…accepting Guilbeault as a candidate will reinforce Western Canadians’ strong distrust of Trudeau who will decimate Canada’s resource sector if he is re-elected in October…

4. Marathon Gold (MOZ, TSX) has intersected 72 m grading 4.2 g/t Au, 24 m @ 6.9 g/t and 10 g/t over 19 m in separate drill holes (infill) along the Main zone corridor of its Leprechaun deposit in the Valentine Gold Camp…these drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main zone corridor, are part of the series of planned infill drill holes that will cover a more than 800-m strike length of the Main zone corridor…these holes are designed to penetrate down through the shallow SW dipping, stacked Gold-bearing QTP-Au veins which form the dominant vein orientation within the Main zone corridor of the Leprechaun deposit, increasing the width of the corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open-pit into potential future underground resource development…the current drilling program is designed both to further confirm the geological model for the Leprechaun deposit and to continue to upgrade Inferred resource material into the Measured and Indicated categories…“These new wide intervals of high-grade Gold at Leprechaun continue to expand the size and grade of the high-grade Main zone while the lower grades in the hanging wall will assist in reducing the overall strip ratio of the Leprechaun open-pit,” said Phillip Walford, President and CEO of Marathon Gold…”The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main zone.  Drilling has commenced at the Marathon deposit and we look forward to the new Leprechaun deposit resource estimation due in September”

5Gran Colombia Gold (GCM, TSX), a strong performing Gold stock the year, produced a total of 18,882 ounces of Gold in June, bringing the total for the 2nd quarter to 57,882 ounces, up 9% from the 2nd quarter of 2018…for the 1st half of 2019 the company produced a total of 118,483 ounces, up 12% over the 1st half last year…this brings the trailing 12 months’ total production at the end of June to 230,906 ounces, up 6% over 2018’s annual production and above the top end of Gran Colombia’s initial guidance range for 2019 of between 210,000 and 225,000 ounces…CEO Lombardo Paredes commented, “We turned in another strong quarter of operating performance in the 2nd quarter of 2019 led by our flagship Segovia Operations.  The final phase of the expansion of the Maria Dama plant to 1,500 tonnes per day was completed earlier this month, giving us the additional capacity required to handle our expected near term growth.  In light of our first half results, we now feel confident in raising our annual production guidance for 2019 to between 225,000 and 240,000 ounces of Gold

6. The Dow has surged 142 points in early trading, topping the 27,000 level for the first time ever…iToronto, the TSX has retreated 8 points while the Venture is 2 points lower at 583 as of 7:00 am Pacific…high flier Martello Resources (MTLO, TSX-V), which ran into resistance as expected at 90 cents, is up 4 cents at 68 cents in early trading after finding support (Fib.) in the upper 50’s…the company announced this morning that it will release financial results for the 4th quarter and 2019 fiscal year pre-market July 17…they’ll have to be stellar to keep momentum going in this play…Mountain Boy (MTB, TSX-V), which has been quiet in recent months, announced this morning that permitting is on track to conduct drilling this summer at its American Creek Project in the Stewart Camp…the highly prospective American Creek Corridor is 20 km north of the deep-water port at Stewart…the 26 sq. km project includes the historic Mountain Boy high-grade Silver mine which last operated in the 1930’s“The spectacular Gold and Silver values found in this area are now better understood in terms of our emerging geological model,” commented Lawrence Roulston, CEO…“Four historic high-grade mines, either on the Mountain Boy property or immediately adjacent, are now recognized as being part of a large and robust geological system similar to those which have made the Golden Triangle such a treasure trove”

7U.S. lawmakers weighed reforming pot laws in what advocates called an “historic” hearing yesterday, with numerous members of Congress saying they wanted to loosen federal laws, even legalize marijuana…“Marijuana decriminalization may be one of the very few issues upon which bipartisan agreement can still be reached in this session,” said Rep. Tom McClintock, R-Calif., adding “it ought to be crystal clear to everyone that our laws have not accomplished their goals”11 states have legalized adult recreational use and polls show that a majority of Americans support legalization…a number of bills are on the table that would reform federal marijuana laws…the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security sought input on how to reform federal laws in a hearing yesterday titled “Marijuana Laws in America: Racial Justice and the Need for Reform”…Americans can learn some lessons from Canada’s experience at legalizing marijuana…Justin Trudeau’s rationale for legalizing marijuana was that it would eliminate the black market…the funny thing is, the average cost of a gram of cannabis from the illicit market continues to drop as legal prices rise – with authorized retailers charging as much as 80% more, according to an analysis by Statistics Canada…the government agency said yesterday that the average price of an illegal gram of pot was $5.93 in the 2nd quarter, down from $6.23 in the previous quarter and $6.51 in the prior quarter…the cost of a legal gram of weed, however, was $10.65, up from $10.21 in the previous quarter and $9.82 in the 4th quarter of 2018…the share of StatsCannabis respondents purchasing pot illegally rose to 59% during the quarter, up from 55% in the 1st quarter…the cannabis black market in Canada is alive and well…

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  1. Well, someone went in and bought a chunk of CCW. Hopefully they know something I don’t (ie. they working in the permitting department for the Ontario government). LOL

    Comment by Danny — July 11, 2019 @ 12:07 pm

  2. Jon, Dan

    Any insight into Compass Gold (CVB, TSX-V). Looks like the bottom is in and we’ve finally pushed through key resistance at 0.30. https://www.globenewswire.com/news-release/2019/07/10/1880752/0/en/Compass-Gold-Adds-Diamond-Drilling-to-Ongoing-Exploration-Program-on-Farabakoura-Artisanal-Workings.html


    Comment by BCCOASTAL — July 11, 2019 @ 1:43 pm

  3. 30 cent warrants expire for CCW Sunday which means tomorrow is last trading day to exersize…fwiw

    Comment by Jean — July 11, 2019 @ 3:22 pm

  4. I think the expiration of the .30 cent July warrants would have had a bigger effect on trading if CCW had been trading above .30 however the expiration does mean the headwinds will be less if we break above .30 Looking at the chart it looks like .32 is the resistance we need to break through.

    Comment by Danny — July 11, 2019 @ 4:37 pm

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