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July 18, 2019

7 @ 7:00

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1. Gold has traded between $1,414 and $1,424 so far todayas of 7:00 am Pacific, bullion has retreated $9 an ounce to $1,417…global Gold ETFs registered their biggest daily inflow in almost 4 weeks yesterday, according to Commerzbank, as holdings rose by 7.4 tonnes…Silver, outrunning Gold this week, has added another 8 cents to $16.02…this is a resistance level on the short-term chart, so it’s possible Silver may briefly digest its gains before vigorously pushing through $16 toward $17…the long-term Silver chart is pointing to a hugely significant breakout above a multi-year downtrend line…Nickel continues its winning ways, up another 27 cents at $6.74…Copper and Zinc are both steady at $2.70 and $1.12, respectively…Crude Oil has eased off 40 cents to $56.38 despite news that Iranian forces have seized a foreign tanker, according to the rogue nation’s state news agency…the Islamic Revolutionary Guard Corps took possession of a vessel carrying what they said was 1 million liters of smuggled fuel near the island of Larak in the Persian Gulf on Sunday…further details about the vessel, such as its nationality, weren’t disclosed…

2. Nickel is enlivening an otherwise torpid summer for the base metals complex as it’s on a bull charge in both London and Shanghai with the strong possibility of new multi-year highs this summer…Chinese speculators are surging into the Shanghai Futures Exchange Nickel contract…the trigger for this collective exuberance was Indonesia’s reaffirmation that it will stop allowing the export of unprocessed Nickel ore in 2022…Indonesia’s mining ministry forecasts that there will be 22 Nickel smelters operating in the country by that stage…that may be on the optimistic side but Indonesia’s policy of pushing miners towards downstream processing is undoubtedly working…all this evolving processing capacity will naturally reduce the amount of ore available for export by the time the ban comes into full force in 2022 (assuming, of course, the Indonesian government doesn’t change its mind again at that stage)…we’ll have more in a Nickel update for subscribers later today including a fresh chart that points to where Nickel prices are likely headed…demand for high quality Nickel feed is going to be more intense than ever in the years ahead due to EV’s and declining Tier 1 reserves…that’s why projects such as Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain, arguably featuring the richest magmatic Nickel massive sulphides ever found on the planet, are so critical…the hunger for high quality Nickel feed in the years ahead is going to be greater than ever…

3. TD Securities says expectations for central bankers to loosen monetary policy, coupled with worries about corporate earnings amid global trade tensions, are supportive influences for Gold“With dovish central bank expectations baked into the Gold cake, CTAs [Commodity Trading Advisers] remain comfortable with their position as prices are likely to ebb and flow within the range near $1,400/oz on equity performance, Fedspeak and economic data.  Indeed, with earnings season kicking off, any contraction in corporate profits would represent a second consecutive quarter of contraction and the first earnings recession since 2016″…worries that the trade battles have “taken a bite into corporate earnings” could ding stocks, helping Gold bounce higher, TDS added…

4. Treasury Secretary Steven Mnuchin told CNBC this morning that he and U.S. Trade Representative Robert Lighthizer will talk with Chinese counterparts later in the day but “complicated issues” remain in trade talks…“This will be the second conversation we’ve had.  There has been conversation at the staff level,” Mnuchin said in a “Squawk Box” interview…“We’re working under the direction of President Trump and President Xi from the meeting in Osaka and we’ll see where we get”…Mnuchin added that if the call went well, he would expect in-person meetings to take place…China and the U.S. agreed last month at the G-20 summit in Osaka to restart trade talks and avoid the implementation of additional tariffs…the world’s largest economies have been engaged in a trade spat for more than a year, keeping a cloud of uncertainty over the global economic outlook…The Wall Street Journal reported that U.S.-China trade talks have been at a standstill as the Trump administration weighs China’s demands to ease restrictions on telecom giant Huawei…Mnuchin said Huawei was not a sticking point on the negotiations, but “there are just a lot of complicated issues.  We were very far along [in] the deal.  We were disappointed that we went backwards on certain issues.  But if we can get a good deal, this is a great opportunity for U.S. companies and for U.S. workers”

5. Eric Sprott jumps into Discovery Metals (DSV, TSX-V)Discovery, a growing Silver play, has announced a $9 million financing at 23 cents per share, with most of it being taken by Eric Sprott…Discovery will issue 23.2 million common shares at 23 cents per share and 15.9 million subscription receipts at 23 cents per subscription receipt…Sprott is taking 17.5 million of the common shares ($4 million) and 15.9 million subscription receipts ($3.65 million)…if those subscription receipts are converted, he’ll maintain his 19.9% interest in Discovery following the completion of the company’s acquisition of Levon Resources…Taj Singh, President and CEO of Discovery commented, “We are excited to have Mr. Sprott’s support as we enter into our next phase of growth.  His investment ensures Discovery is well funded to pursue its exploration plans for its Coahuila projects (Mexico) and also for the Cordero Project, which will be added to Discovery’s portfolio upon closing of the Levon transaction.  For Discovery and Levon shareholders, Mr. Sprott’s investment is a strong endorsement of the combined company’s future business plans”…for more regarding Discovery, refer to the July 3 edition of Daniel’s Den

6. The Dow is down for the 3rd straight session, off 26 points through the first 30 minutes of tradingin Toronto, the TSX  is unchanged while the Venture has slipped 3 points on more softness in cannabis stocks…this week’s winners keep on winning…GT Gold (GTT, TSX-V) is on the verge of an important breakout through $1 with the stock steady at 96 cents as of 7:00 am Pacific…yesterday’s first drill results of the 2019 season at Saddle North were outstanding and continue to point toward a potential world class Copper-Gold porphyry system…in the Eskay Camp, a new discovery is likely to gain considerable traction in the days ahead as crews mobilize for drilling at Crystal Lake Mining’s (CLM, TSX-V) Burgundy Ridge which veteran prospectors say hosts some of the best alteration and mineralization they’ve ever seen at surface in the entire Golden Triangle…shallow RC drilling late last year combined with fresh clues from surface work this month suggest Burgundy Ridge could quickly turn into a major Copper-Gold-rich system…CLM jumped 4 cents yesterday on 1.6 million shares and is up another penny at 32 cents in early trading…besides CLM and Garibaldi, Metallis Resources (MTS, TSX-V) is starting to pick up steam in the Eskay CampMetallis crews are on the ground at Kirkham in preparation for drilling…Brixton Metals (BBB, TSX-V), which reported excellent results from its Silver-Gold rich Thorn Project on Monday, has gained 1.5 cents to 24 cents on strong volume in early trading…keep an eye on 2 other Golden Triangle plays, Dolly Varden Silver (DV, TSX-V) and Lawrence Roulston’s Auramex Resource (AUX, TSX-V)…Dolly Varden is in the midst of drilling while Auramex is getting ready to drill next month…

7. Barrick Gold (ABX, TSX; GOLD, NYSE) is flat in early trading after announcing preliminary 2nd quarter sales of 1.37 million ounces of Gold and 96 million pounds of Copper, as well as preliminary Q2 production of 1.35 million ounces of Gold and 97 million pounds of Copper…Q2 Gold costs per ounce are expected to be marginally higher than Q1 2019…the average market price for Gold in the 2nd quarter was $1,309 per ounce, while the average market price for Copper in the 2nd quarter was $2.77 per pound…preliminary Q2 Gold sales and production are in line with the solid base set in the 1st quarter and support annual production at the upper end of the 2019 group guidance range, driven by strong performances from Loulo-Gounkoto and Veladero offset by lower production at Barrick Nevada, as guided, and production interruptions at Pueblo Viejo…this is before including the impact of the Nevada Gold Mines joint venture transaction that was successfully completed on July 1 and is expected to positively impact the production outlook for the year…

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