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September 13, 2019

7 @ 7:00

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

1. Gold has traded between $1,496 and $1,510 so far today…as of 7:00 am Pacific, bullion is up $an ounce at $1,503…Silver has fallen 2 cents to $18.02…an exceptionally strong support band for Silver exists between $17.75 and $17.25…Nickel has retreated 14 cents but continues to hold the $8 level…Copper has hit its highest level in 6 seeks on an apparent thawing in U.S.-China trade relations (likely short-lived)…Copper is up 7 cents at $2.69…Zinc has added 2 pennies to $1.07 while Cobalt continues to push higher, up another 23 cents to its best level in more than 6 months at $16.56…Crude Oil has dipped 23 cents to $54.86 while the U.S. Dollar Index has slipped one-tenth of a point to 98.23…U.S. inflation remains muted, giving the Fed broad scope to reduce interest rates…the latest CPI numbers released yesterday came in lower than expected…euro zone bond yields rose to 6-week highs today as concern crept into the market that the ECB is reaching the limits of what its policy can achieve, a day after the bank pledged indefinite stimulus to boost a weak economy…investors had initially cheered the ECB’s rate cuts, open-ended asset purchases and steps to protect banks from the negative side-effects of sub-zero interest rates…but concern then grew over the emphasis at ECB chief Mario Draghi’s press conference on the need for fiscal stimulus to take over in boosting economic growth and inflation…several ECB officials cast doubt on the effectiveness of the measures today…Dutch central bank chief Klaas Knot said the stimulus package was disproportionate to current economic conditions and may be ineffective..

2. China plans to exclude American farm goods, including soybeans, from tariffs in the latest move to ease trade tensions before the 2 countries restart trade talks next month…the Chinese Ministry of Commerce said today that China welcomed President Trump’s decision to delay tariffs by 2 weeks and said it will exempt U.S. agricultural products such as soybeans and pork from additional tariffs…these farm goods add to 16 types of U.S. products that will be exempt from tariffs…the exemption will be valid for a year through to September 16, 2020…the move came after Trump said yesterday he would consider an interim trade deal with China, even though he would not prefer it…China’s agriculture buying has been 1 of multiple sticking points in the trade battle as Trump has repeatedly accused China of not following through on its promises…

3. One of the major sticking points on trade with China has been the communist country’s disregard of intellectual property protections and claims dating back years about rampant Chinese theft of corporate trade secrets…the allegations are not hyperbole, and for the first time the United States has a President taking a hard stand on this…1 in 5 North American-based corporations on the CNBC Global CFO Council says Chinese companies have stolen their intellectual property within just the last year…as the Trump administration works toward a potential trade deal with China, the issue of IP theft is a huge sticking point…the CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing nearly $5 trillion in market value across a wide variety of sectors…the survey was conducted among 54 members of the council located across the globe, including the subset of North America-based chief financial officers…

4. U.S. consumers, who power two-thirds of the economy, remain strong: Retail sales increased more than expected in August, pointing to solid consumer spending that should continue to support a moderate pace of economic growth…compared to August last year, retail sales advanced 4.1%…they have increased for 6 straight months, the longest such stretch since June 2017…online sales continued to soar, rising 1.6%, roughly the same amount as in July when Amazon held its Prime Day…the report from the Commerce Department this morning could further allay financial market concerns of a recession, which have been fuelled by the mainstream media (hoping to derail Trump) and the U.S.-China trade battle…still, the Federal Reserve is expected to cut interest rates again next Wednesday to blunt some of the hit from a global economic slowdown…Fed Chair Jerome Powell said last week he was not forecasting or expecting a recession, but reiterated the central bank would continue to act “as appropriate” to keep the expansion, now in its 11th year, on track…the Fed lowered borrowing costs in July for the first time since 2008

5. The Dow is up 51 points through the first 30 minutes of trading…the index is headed for its first 8-day winning streak in more than a year, amid improving sentiment around U.S.-China trade relations…in Toronto, the TSX has added 81 points to a new record high…the Venture, which has climbed in 11 out of the past 15 sessions, has added 1 point to 590Garibaldi Resources (GGI, TSX-V), which closed near its high of the day yesterday following the latest robust drilling update from Nickel Mountain, gapped up at the open again this morning before pulling back slightly to $1.80 as of 7:00 am Pacific…the chart and fundamentals on the ground are clearly pointing to a near-term breakout through resistance in the low-to-mid-$1.80’s…Rob McEwen has taken a position in Crystal Lake Mining (CLM, TSX-V) which holds the largest land package among juniors in the Eskay Camp, including the new Burgundy Ridge Copper-Gold discovery and the 20-km-long Newmont high-grade Gold Corridor featuring the Gold-bearing McLymont Fault…McEwen has taken down one-third of a CLM $1.5 million private placement of hard dollar units at 30 cents, almost all of which closed yesterday…the stock is up 2.5 cents at 26.5 cents on strong volume through the first 30 minutes of trading…Skeena Resources (SKE, TSX-V) has jumped 4 cents to 43 cents…a week ago, Skeena released the first Gold-Silver drill results from is recently initiated Phase 1 surface drilling program at the Eskay Camp Project…2 surface drill rigs are infilling and upgrading areas of the Inferred resource to the Indicated category…results included 17.4 g/t Au and 113 g/t Ag over 17.4 m, and 19.9 g/t Au and 15 g/t Ag over 22.65 m…

6. Next Tuesday, September 17, Victoria Gold (VIT, TSX-V) will be hosting its first Gold pour, live streamed, at 8:15 p.m. EST on the company’s website (you can register to view the live webcast on the company’s website)…“The pouring of first Gold at Eagle is an important milestone and we are thrilled to share it with everyone,” stated John McConnell, President and CEO…“Looking back, this is the culmination of many years of dedication and hard work by numerous stakeholders.  Looking forward, this first Gold pour is expected to be swiftly followed by positive cash flow and we intend to grow production and resulting cash flow into the future”...VIT will also be featured on BTV Business Television this weekend as the network heads up to Canada’s Yukon for a special episode on the thriving mining community…PI Financial’s precious metals analyst, Chris Thompson, will weigh in on the excitement around Canada’s newest Gold mine…VIT has risen sharply since the end of July, trading at levels not seen since early 2017

7. Global Oil demand is weathering economic headwinds, the International Energy Agency (IEA) said today, buoyed by lower prices brought on by abundant supply as the U.S. briefly dethroned Saudi Arabia as the world’s top exporter…“With Oil prices currently about 20% lower than a year ago, there will be support for consumers,” the IEA said in its monthly report…“Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top Oil exporter…in June, after Crude exports surged above 3 million barrels per day (bpd)“…the Paris-based agency maintained its estimate for growth in global Oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in U.S.-China trade talks and citing an easing of tensions around Iran…a rebound in U.S. production following Hurricane Dorian along with steep output growth from Brazil and the North Sea were set to drive production from outside OPEC up sharply, it added…

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  1. First Vanadium Corp is looking interesting at these levels.

    Comment by DBReese — September 13, 2019 @ 11:12 am

  2. Jon, how far along to do you think GGI is at tackling the holes beyond hole #54 as alluded to in the most recent NR? It’s quite obvious they are taking a crack at the feeder given the orientation to the Southeast and the most recent descriptions in hole #54.

    Comment by Jean — September 13, 2019 @ 2:15 pm

  3. I liquidated my position in CLM with the liquidity provided with the news that Rob McEwen took part of the last PP with $500000. With a net worth of over 875 million that is like a hundred dollar bill for you and me. Unfortunately CLM hasn’t reacted the way I thought it would this summer and we are now heading into the end of season in the GT. I know we have yet to see any assays from Crystal Lake and of which some might be out of the park but the trading says that results are not spectacular. But everyone has to see what fits in their own trading style. They will have to do another large PP next spring and I’ll evaluate for next season what their prospects look like based on the terms of the PP. Not every trade works out and different people have different timelines. I see more intriguing situations but wish current shareholders of CLM great success!!! I never have hard feelings even if a stock goes up after selling (which CLM has a strong chance of doing), nature of the business. I also had to better balance my portfolio which is now accomplished. Successful trading to all of us!!!!

    Comment by Weatheritout80 — September 13, 2019 @ 6:04 pm

  4. Weatheritout80..that’s a great post regarding CLM. Whenever you get a stock like CLM which has been heavily promoted trading near 52 week lows in the middle of a drill campaign you tend to think 1 of 2 things a) It’s a great opportunity because it’s being sold off by investors in the PP who are just taking money off the table to reduce risk as they still have the warrant to make money if it hits or b) drilling is not going well and this is just another venture pump that I made a mistake buying into.

    I was leaning toward b) as a couple of my prior posts indicated but decided to buy a few more shares at .23 You are right that the money is a drop in the bucket for Rob McEwen but he is also a very intelligent investor who got to where he was by making intelligent decisions and understanding the sector well. Time will tell if I made the right decision by buying more. Good luck with your other plays.

    Comment by Danny — September 14, 2019 @ 7:33 am

  5. Hot off the press – this will be a biggie Monday morning, may also give Gold a lift…

    Saudi Arabia is shutting down half of its oil production after drones attacked the world’s largest oil processing facility in the kingdom, The Wall Street Journal reported this morning.

    The closure will impact almost five million barrels of crude production a day, about 5% of the world’s daily oil production, the WSJ reported, citing sources familiar with the matter.

    Early Saturday, an oilfield operated by Saudi Aramco, the state-owned oil giant, was attacked by a number of drones, which sparked a huge fire at a processor crucial to global energy supplies.

    Yemen’s Houthi rebels have claimed responsibility for the attack, saying it was one of their largest attacks ever inside the kingdom, the WSJ reported.

    “We promise the Saudi regime that our future operations will expand and be more painful as long as its aggression and siege continue,” a Houthi spokesman said. The attack involved 10 drones, the Houthis said.

    The Saudi interior ministry said the fires were under control.

    Saudi officials are considering drawing down their oil stocks to sell to foreign buyers to make sure world oil supplies won’t be disrupted by the attack and shutdown, the WSJ reported.

    The Houthis had been behind a series of attacks on Saudi pipelines, tankers and other infrastructure in the past few years.

    Comment by Jon - BMR — September 14, 2019 @ 8:24 am

  6. I definitely don’t think CLM is a pump job. I take what Jon has said about it seriously in my decisions to buy or sell. For me it just didn’t fit in my portfolio anymore and sometimes you have to make hard decisions. Good luck Danny with CLM, I think long term it will do aok ???

    Comment by Weatheritout80 — September 14, 2019 @ 9:02 am

  7. The CLM pp included only half warrant above market . A great vote of confidence. For clm . Now we just need some pleasant drill results . Any idea of timing ?

    Comment by donald — September 14, 2019 @ 9:37 am

  8. Jon
    I see CCW closed the PP for 728,000 , didn’t see any mention of it here? Maybe now this thing will start going in the direction we all have been hoping for. Maybe you can find out when they are going to get the tailings program in gear when you visit next week?

    Comment by GREGH — September 14, 2019 @ 10:10 am

  9. Donald, Rob McEwen has a nose for Gold, and great timing instincts. He has been watching this particular area of the Eskay Camp for quite a while. Bodes very well.

    Comment by Jon - BMR — September 14, 2019 @ 10:22 am

  10. Gregh, check the comments section Friday morning as I made reference to NR and closing of PP…CCW is looking really good for this coming week and the 2nd half of September and beyond as activity ramps up at Castle and rumors of a surprise or two unfold…

    Comment by Jon - BMR — September 14, 2019 @ 10:31 am

  11. Sorry Jon
    I never miss the comments bit I totally missed the CCW comments and the NR you posted, thanks and have a good trip, look forward to hearing your thoughts from Nickel Mtn and Ontario….

    Comment by GREGH — September 14, 2019 @ 11:04 am

  12. Well Mr. Jon, with a $1.84 close on ggi and 50-day moving average now at $1.60 and more good results coming, the buildup will just be too strong for that tough $1.85 resistance. Walls are meant to fall….

    Comment by Jean — September 15, 2019 @ 4:16 pm

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