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1. Gold has traded between $1,488 and $1,499 so far today…as of 7:00 am Pacific, bullion is off $4 an ounce at $1,488…Bloomberg reported yesterday that China wants more talks to hammer out the details of the Phase 1 trade deal with the U.S. before signing it…investors are also keeping a close eye on a make-or-break summit between Britain and the EU on Thursday and Friday that will determine whether Britain is headed for a deal to leave the bloc on October 31, a disorderly no-deal exit or a delay…metal held across global Gold ETPs is at all-time highs, yet there is still appetite to add to exposure…regional distribution of ETP flows has recently shifted toward Europe…Silver has slipped 14 cents to $17.48…Nickel, which tumbled over a 5-minute span yesterday, has rebounded 15 cents to $7.75…Copper, Zinc and Cobalt are all steady at $2.60, $1.11 and $16.10, respectively…Crude Oil is off 39 cents to $53.20 while the U.S. Dollar Index has added more than one-tenth of a point to 98.62…U.S.-China trade tensions will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, according to the International Monetary Fund…the IMF added that the outlook could darken considerably if trade tensions remain unresolved…what they fail to point out, of course, is how poor economic policies in the euro zone and elsewhere are also acting as a drag on global growth…the IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast…the IMF and World Bank hold annual meetings this week in Washington…
2. St. Louis Federal Reserve Bank President James Bullard, a voting member of the FOMC, stated today at a conference in London that global trade and other risks remain high for a U.S. economy that may slow more sharply than expected…as a result, the Fed “may choose to provide additional accommodation going forward, but decisions will be made on a meeting-by-meeting basis,” he said…Bullard did not specifically discuss the preliminary trade deal reached between the United States and China last week, instead stressing that the uncertainty around global trade was likely to last, potentially for years…daily threats and counter-threats in the trade battle, or announcements or rejections of tentative deals, “are just the manifestations of ongoing negotiations and manifestations of the trade regime uncertainty,” he added…
3. The Dow has climbed 139 points as of 7:00 am Pacific…earnings season kicked off with stronger-than-expected results from J.P. Morgan Chase, Johnson and Johnson, UnitedHealth, BlackRock and Citigroup…Goldman Sach’s 3rd quarter profit fell 26% from a year ago, hit by a slowdown in deal-making and losses on the bank’s stakes in companies…in Toronto, the TSX is up 38 points while the Venture has rebounded 3 points to 544…Canada Cobalt (CCW, TSX-V), the world’s top-performing Cobalt stock the past 2 years, continues to gain traction following news that the company has inked a transformational deal to acquire a strategic mineral processing and analytical facility in the Northern Ontario Silver-Cobalt District, the area’s only facility that includes bullion pouring (Silver and Gold), bulk sampling, commercial assaying and eWaste processing, specializing in high-grade ores…CCW’s proprietary and environmentally friendly Re-2OX process will be integrated into the PolyMet Labs‘ facility…CCW is up 2 cents to 38.5 cents as of 7:00 am Pacific…CCW has multiple drivers in its favor at the moment including the fact it’s one of the market’s best-kept secrets on the Silver side…Gatekeeper Systems (GSI, TSX-V) is looking strong, up a penny at 17.5 cents…the company, which posted a 3rd quarter profit, recently announced that it has won a $6.3 million contract with the Southeastern Pennsylvania Transit Authority (SEPTA) to supply and install digital video recorders (DVRs) on SEPTA vehicles and trains…what’s the next chapter in the humorous but pitiful MGX Minerals (XMG, CSE) saga?…“MGX Minerals fires CEO Lazerson”…“MGX Minerals says Lazerson still CEO”…“MGX Minerals directors still say Lazerson out as CEO”…“MGX Minerals says Lazerson remains CEO”…“MGX news releases temporarily restricted by judge”…
4. Benchmark Metals (BNCH, TSX-V) reported this morning that it has completed its 2019 exploration program at the Lawyers Property in north-central British Columbia…the program included 47 diamond drill holes totalling 10,767 m, defining 6 discrete mineralized zones that will be the focus of resource definition and expansion drilling in 2020…in addition, the collection of 1,406 soil samples, 215 rock trench samples, 42 rock channel samples, 299 rock grab samples, and detailed geological mapping and ground geophysics have developed 2 zones to drill-ready targets and 6 additional early-stage exploration targets for more comprehensive field programs in 2020…Benchmark anticipates the release of drill results from October through January, 2020…CEO and Chairman John Williamson commented, “The 2019 program successfully extended Gold-Silver mineralization in all directions within 6 different zones across a 3 km radius in the heart of the Lawyers trend. Each zone shows significant potential to develop a mineral resource that includes high-grade and bulk-tonnage intersections that begin at surface. Our geologists have also defined new discovery zones across the 127 sq. km package that will be drill tested in 2020“…
5. Cannabis producer CannTrust Holdings (TRST, TSX) says it will destroy about $12 million worth of plants and about $65 million worth of inventory as the company’s new management seeks to regain full regulatory compliance…Health Canada had frozen over half of CannTrust’s stock of marijuana and the company had earlier estimated its inventory and assets impacted by regulatory issues to be about $51 million…the Canadian health regulator canceled CannTrust’s licence to produce and sell cannabis in September, months after it found the company was illegally cultivating pot…since the company was found to be growing illegal pot back in July, it has fired its CEO, disclosed a regulatory investigation, and said its results may have to be restated…the company said yesterday it would not challenge the regulator’s suspension order…the Ontario-based company said its plan to regain regulatory compliance includes measures to recover cannabis that was not authorized by CannTrust’s licence and improve its inventory tracking…CannTrust will provide a detailed plan to Health Canada on or before October 21…the stock has rallied on the news, gaining 39 cents to $1.59 as of 7:00 am Pacific…
6. Despite Trudeau’s promise to the contrary, the legal weed market has only supplanted 14% of the black market since legalization a year ago according to a Financial Post report over the weekend…there is no shortage of answers to the question of what went wrong in the cannabis industry’s disappointing first year – among them, mediocre product quality, uncompetitive pricing and a heavy regulatory burden (governments will typically find a way to screw things up)…there is plenty of blame to go around, however…the industry’s early focus on scale, something that others agree was largely a symptom of the push to raise capital ahead of legalization, distracted it from other important considerations…
7. How high of a carbon tax do you want to pay to supposedly “save the planet”, according to Canada’s left-wing “coalition” toying with socialism?…even if Canadian federal and provincial governments increase their carbon taxes to $75 (U.S.) a tonne, they will fall far short of reaching greenhouse gas emission targets, according to a new report by the International Monetary Fund…countries that rely more on Coal than Canada will see a greater impact from carbon taxes on their emission levels because the monetary bite will be deeper, the IMF says…some would see a $75 (U.S.) a ton carbon tax balloon Coal prices by 200% by 2030, the report released today showed…“Whereas a $25 (U.S.) a ton price would be more than enough for some countries (for example, China, India, and Russia) to meet their Paris Agreement pledges, in other cases (for example, Australia and Canada) even the $75 (U.S.) a ton carbon tax falls short,” the Washington, D.C.-based lender said…“Emissions are more responsive to pricing in Coal-reliant countries such as China, India, and South Africa than in other countries”…
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