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August 8, 2019

7 @ 7:00

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

1. Gold has traded between $1,490 and $1,504 so far todayas of 7:00 am Pacific, bullion is off $6 an ounce at $1,495…not surprisingly, investors are moving into Gold exchange-traded products at an unprecedented pace with holdings rising to a 6-year high in July, according to the latest report from the World Gold Council (WGC)…the WGC said today that global Gold-backed ETFs and similar products saw $2.6 billion in net inflows last month as holdings increased by 52 tonnes to 2,600 – a level not seen since March 2013“Last month’s flows continued the positive trend that had started in mid-May as uncertainty rose – whether from economic concerns, trade tensions or geopolitical risks – and global monetary policy started to shift to a more accommodative stance,” the WGC stated in a news release…what’s also impressive is that investors jumped into Gold in a strong dollar environment as the U.S. Dollar Index rallied to a new 52-week high last month…the Philippine central bank cut its benchmark lending rates today, following similar moves this week by New Zealand, India and Thailand, among others…interest rate futures now suggest that traders are betting the Fed will cut rates 3 more times by year-end…in another tailwind for Gold, U.S. 10-year Treasury yields dropped further below 3-month rates…Nickel surged to a new multi-year high of $7.60 overnight (see below)…it’s currently up 51 cents at $7.24…Copper has added 4 pennies to $2.61 while Zinc is flat at $1.04…Crude Oil has rebounded $1.04 a barrel to $52.13 while the U.S. Dollar Index is up one-tenth of a point at 97.62

2. China’s central bank stocked up on Gold for the 8th month in a row in July amid escalating trade tensions, according to just-released data from the People’s Bank of China…the country’s Gold reserves rose to 62.26 million ounces from June’s 61.94 million ounces, which means about 10 tons were bought in July…the bank has been purchasing Gold on a monthly basis since December, increasing the value of total Gold reserves as of the end of July to $88.9 billion…the central bank’s appetite for Gold demonstrates a desire to diversify away from the U.S. dollar…China’s Gold percentage of total reserves, however, is still very small considering that the Asian country is the #1 Gold producer and consumer in the world…

3. Chinese exports rebounded in July thanks to increased shipments to Europe and Southeast Asia, but economists expect the turnaround to be short-lived as Beijing and Washington escalate their trade battle…China’s exports rose 3.3% from a year earlier last month, reversing a 1.3% decline in June…a Wall Street Journal poll of 13 economists had forecast a drop of 2%…shipments to Europe and Southeast Asia – China’s top 2 trading partners – also bounced back, while the decline in exports to the U.S. eased after President Trump and Chinese President Xi Jinping struck a conciliatory tone on trade at the Group of 20 summit in Japan in June…many Chinese exporters have made an effort to diversify their overseas markets in recent months as trade uncertainties loomed…exports to the Association of Southeast Asian Nations bloc and EU rose 15.6% and 6.5%, respectively, from a year earlier in July, according to official data…the rising trend in China’s exports to non-U.S. markets may act as a cushion against new U.S. tariffs on Chinese goods…

4. Nickel’s biggest daily jump in a decade astonished investors as the metal spiked as much as 13%, or almost $2,000 U.S. a ton, in thin Asian morning trading, extending a rally over the past month triggered in part by rumours that top producer Indonesia might bring forward a ban on Nickel ore exports…prices eased overnight after the nation’s mining ministry denied that any policy changes are imminent, but speculation remains high…Nickel is by far the best-performing base metal this year, with most other contracts declining…it has benefited from dwindling global stockpiles, long-term prospects for a demand boost from its use in electric-vehicle batteries, as well as concerns that Indonesia could curb supplies…Indonesia is the world’s top source of mined Nickel, most of which goes to China, and its policies to restrict raw materials are closely watched by investors…the government said it will revoke export permits of companies failing to meet smelter construction targets set out by the ministry…

5Marathon Gold (MOZ, TSX) has cut 16 m @ 5.7 g/t Au very close to surface (39 m – 55 m), including 6 m grading 12.9 g/t Au, through infill drilling at its Leprechaun deposit in the Valentine Gold Camp…other results released this morning were highlighted by 26 m @ 4 g/t (7 m to 33 m), including 2 m @ 27 g/t, and 13 m grading 4.1 g/t in another drill hole…the infill/definition drilling program has extended the Main Zone high-grade mineralization for 700 m along strike and to a depth of approximately 250 m…high-grade mineralization was intersected both near-surface and at depth where the PEA resource model has either low grade or gaps…the 69-hole, 20,468-m program is expected to add significantly to the Gold grade and ounces in the next resource update for this part of the deposit which is anticipated to be completed next month…

6. The Dow has rebounded 137 points through the first 30 minutes of trading…in Toronto, the TSX is up 75 points while the Venture has eased off 1 point to 596Brixton Metals (BBB, TSX-V) has closed an over-subscribed private placement, raising gross proceeds of $7.7 million…Eric Sprott took $4 million of that PP, increasing his ownership in Brixton to 18.25%…BBB touched a new 52-week high of 30 cents in early trading…Discovery Metals (DSV, TSX-V) is up slightly after releasing encouraging assay results of 112 underground samples from its drill-permitted Minerva Ag-Zn-Pb Project in Coahuila state, Mexico…3 key underground areas were sampled: Mina Minerva, Concordia and Tercia…at Mina Minerva, underground workings consist of approximately 460 m of lateral development and 2 vertical shafts, 30 m and 59 m deep, respectively…78 samples were taken, dominantly representing manto and vein mineralization encountered during mapping…53 of these samples returned grades higher than 500 g/t AgEq with an average grade of 1,804 g/t AgEq….Gernot Wober, VP Exploration, stated…“The first-ever documented underground results from the historic mines at Minerva were impressive.  Mapping and sampling of the underground workings, in addition to surface work completed previously, continues to indicate that the mineralizing system is very high grade.  The current results are extremely positive and support the drilling program that we plan to initiate later this year, the first drilling the project has ever seen”

7. White Gold (WGO, TSX-V) has released initial assays from its ongoing $13 million 2019 drill program at its recent high-grade Vertigo discovery and on its flagship Golden Saddle deposit, located in the prolific White Gold district in the Yukon…all Vertigo diamond drill holes to date have intersected Gold mineralization and have identified a minimum of 6 high-grade mineralized structures…each structure displays strong continuity from surface to over 250 m down dip and remains open in all directions…at Golden Saddle, WGO drilled 3.6 g/t over 68 m from 73 depth, including 8.1 g/t Au over 13.6 m from 77 m depth…diamond drilling at Golden Saddle has locally extended the GS Main zone 205 m down dip from historic drilling, approximately doubling the down-dip extension in the area which previously only extended to 165 m; added additional mineralization above the previously modelled orebody; and infilled several strategic gaps in the resource model…diamond drilling at GS West successfully proved continuity of the deposit both along strike and down dip, expanding the modelled mineralization beyond the envelope included in the company’s 2019 mineral resource estimate…WGO is off a nickel at $1.19 as of 7:00 am Pacific

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  1. Patience and markets are almost mutually exclusive.. Frank hopefully has a strategy and not flying by the seat of his market pants.
    It will come down to revenue I suspect.. hard numbers since words hold no water it seems.. CLM drilling would have added some spec but nope.. CCW the same..
    we wait .. patiently ????

    Comment by Jeremy — August 8, 2019 @ 9:11 am

  2. It appears GGI site has been updated, something else possibly coming…..

    Comment by Laddy — August 8, 2019 @ 3:23 pm

  3. WOW. What a great update to the GGI site. Full of information a must read. Sets the stage for a powerful release. Great job has been done.

    Comment by richard l — August 8, 2019 @ 8:23 pm

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