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1. Gold has traded between $1,484 and $1,494 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,490…Silver is 5 cents lower at $17.46…the Palladium market is still structurally tight, keeping prices resilient between $1,730 and $1,750 after new all-time highs earlier in the week…Nickel, Copper and Zinc are all up 2 cents each at $7.47, $2.62 and $1.13, respectively, while Cobalt is steady at $16.10…Crude Oil is 43 cents higher at $54.36 while the U.S. Dollar Index, under pressure this week, has slipped another one-tenth of a point to 97.48…corporate profits continue to help underpin U.S. equity markets, keeping a lid on Gold for now…more than 70 S&P 500 companies have reported calendar 3rd-quarter earnings this week…of those companies, 81% have posted better-than-expected results, FactSet data shows..there are “mild signs” of overvaluation in the euro zone financial and property markets, creating a risk for stability at a time when the economy is slowing, the European Central Bank’s President Mario Draghi said today…“The financial stability environment remains challenging, as the global economic outlook has deteriorated,” Draghi told fellow policymakers on the International Monetary and Financial Committee in Washington…“There are mild signs of overstretched valuations in the euro area in some riskier segments of the financial markets, as well as in real estate markets, with marked differences across regions”…
2. British Prime Minister Boris Johnson began a last-minute charm offensive in an effort to win a critical Parliamentary vote on his Brexit deal set for tomorrow, seeking support from hard line euroskeptic Conservatives and opposition Labour Party lawmakers…Parliament is due to sit at the weekend for the first time since the 1982 Falklands War to consider a revised Brexit plan finalized by Johnson and European leaders yesterday…the deal represents a political victory for the Conservative leader, but it may prove fleeting if he can’t persuade the U.K. legislature to support it…Johnson, who leads a minority administration, lacks the numbers to be certain of victory but is hoping that he can persuade enough opposition legislators and current and former Conservative rebels to back him…
3. China says its economy grew by 6% in the 3rd quarter from a year earlier, slightly below expectations…it’s believed to be China’s slowest GDP gain in at least 27-and-a-half years, and there’s a good chance the real number is actually weaker…China’s GDP has fallen sharply since the 1st quarter of 2018 when it gained 6.8% due to credit tightening and trade tensions with the United States…Beijing’s official growth target for 2019 is 6% to 6.5%…economists are pessimistic about the immediate outlook for China even though there were some bright spots in the September data released today, with retail sales up 7.8% from a year ago and industrial output rising 5.8%…fixed asset investment rose 5.4% from January to September…however, cooling global demand will continue to weigh on China’s exports…some analysts also believe that the recent boom in property construction may unwind..there have been recent signals that the government wants to ramp up infrastructure spending and official support for businesses, the kinds of policies that fueled borrowing – and economic expansion – after the 2008 financial crisis…
4. Climate change is certainly not Canada’s most pressing issue, but climate-justice warriors might be: The climate change alt-left extremists who recently shut down Vancouver’s Burrard Bridge for more than 12 hours have plans to disrupt traffic once again later today during rush hour…Extinction Rebellion Vancouver, a hideous foreign-formed group, says it will hold a “snake march” through the downtown core to highlight the urgency of action on climate change…“We will be snake marching through downtown with signs, songs and love for our planet,” according to a post on the group’s Facebook page” (how about love for “Canada”, but of course these are globalists whose real mission is the spread of socialism)…“There is no planned route – it will be up to the rebels marching on the day to decide where we are going!”…meanwhile, a group of Oil and gas supporters is planning a counter-rally in Edmonton today when Swedish teen activist Greta Thunberg brings her naivety to the centre of Canada’s Oil and gas industry…Glen Carritt, who organized the United We Roll convoy that travelled to Ottawa in February, said a similar convoy will start in Red Deer, about 150 km south of the Alberta capital, in the morning…he said trucks are expected to arrive at the legislature at noon, when a climate rally is to begin with Thunberg…“We don’t need anymore celebrities coming here to tell us how to run our business,” Carritt said, referring to actors Leonardo DiCaprio and Jane Fonda, who have criticized the Oil sands development in the region…“We’re very frustrated and we’re frustrated at the fact that we still don’t have pipelines in the ground and we continue to buy foreign Oil”…
5. The Dow is down 30 points as of 7:00 am Pacific but remains firmly entrenched in an uptrend that could take it to new record highs in the near future…in Canada, the TSX has barely budged in recent sessions as investors await the uncertain outcome of Monday’s federal election…the TSX is up 19.4% since the Trudeau Liberals were elected with a majority in 2015, an annual gain of less than 5%…that performance has significantly lagged the 47.4% gain in the S&P 500 since that time, where profits have been aided by corporate tax cuts and regulatory rollbacks across the economy since President Trump was elected 3 years ago…the Canadian energy sector is a clear laggard…it has tumbled 12% since the October 2015, election, the victim of not only weak Crude Oil prices but a fumbling government policy response to pipelines and the broader resource sector in general…as of 7:00 am Pacific, the TSX is up 11 points…Marathon Gold (MOZ, TSX) has hit a fresh 8-year high of $1.68 in early trading…the Venture has slipped 1 point to 543 after a 5-point jump yesterday...Gatekeeper Systems (GSI, TSX-V) is off half a penny at 19.5 cents after a strong session yesterday...Calibre Mining (CXB, TSX-V), halted since July 2 after announcing a major deal with B2Gold (BTO, TSX), has received final approval for the listing of its common shares on the TSX and will begin trading on the TSX under the same symbol Monday…the Canadian Marijuana Index has rallied back up to 290 this week, but Canopy Growth (WEED, TSX; CGC, NYSE) is still hovering in the upper $20’s…the company announced this morning that it has launched its 27th retail location and will introduce customers in Brandon to its 2nd location, conveniently located in Brandon’s Corral Centre…“Retail presence is a key driver of brand recognition in a competitive market,” stated Canopy Growth President Rade Kovacevic…“With 27 locations already open and many more in the works we are confident we’re establishing a national presence that can pay dividends for years to come”…
6. Benchmark Metals (BNCH, TSX-V) says it has has discovered a new Gold-Silver zone at its Lawyers Project in north-central B.C. that extends over an area of 500 by 250 m where individual rock grab samples from surface have graded up to 24.2 g/t Au and 1,425 g/t Ag…John Williamson, Chairman and CEO, commented, “The new Marmot East zone was never drilled during previous work campaigns and remains underexplored. We are generating new high-priority drill targets for 2020 at both the Marmot and Marmot East areas where geochemical results (soil and rock samples) are coincident with radiometric anomalies that exhibit similar Gold and Silver potential to that seen from drilling in the heart of the Lawyers trend”…the newly identified Marmot East zone is in the east-central portion of the Lawyers Property, approximately 3 km directly south along strike from the main Lawyers trend mineralization…the zone spans 500 by 250 m within a larger 2,400-by-650-m-K-radiometric anomaly and is defined by bedrock mapping, soils and rock samples…BNCH is up 3 cents at 39 cents as of 7:00 am Pacific…
7. In December, retailers will begin selling a host of new cannabis derivative products, including edibles, vaporizers and beverages in a second wave of legalization dubbed cannabis 2.0…the introduction of extracts is estimated to add an additional $2.7 billion to the cannabis market, according to Deloitte, but as producers add dozens of new products, retailers may already be facing a crunch in terms of how much of it they can actually carry…as well, retailers do not know what these products will taste like or how they will be received and so they will be forced to be agile and adapt quickly to customer preferences…unlike in the alcohol industry, regulations stipulate that producers cannot buy shelf space and can have no influence on where their product is displayed – or if it is stocked at all…not wanting to overwhelm retailers, producers are staggering the release of new products….Canopy Growth has 50 new products in its pipeline but is planning to have what he would only describe as a “core part of the portfolio” available in December, with the rest hitting shelves over the following 6 months…
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Jon
what do you think is going on with GGI and the lack of any news? Regoci clearly said more news by end of month in the last NR, so he must have felt very comfortable in that happening… Did the warrant extension cause the company to not be able to release news or is there something else going on behind the scenes? Would like you honest opinion, thanks
Comment by gregh — October 18, 2019 @ 2:11 pm
I’m not concerned about it at this point, gregh, because geologically, Nickel Mountain remains on track – it’s hard not to come to that conclusion based on all the information released to date regarding this year’s program. Speculatively, the delay could be related to complex interpretations of new data, perhaps involving the 2nd or even other magma chambers that have been located at depth below the LDZ. Second, given strong evidence that some big players in the Nickel market are looking at every deposit opportunity around the globe, especially in favorable jurisdictions, I’m sure the ever-cautious Regoci is more focused than ever on the “Big Picture” and making sure that whatever he does he maximizes the leverage and opportunity for shareholders. I’d rather have a CEO like that than one who rushes, makes mistakes and trips over his own feet like so many do, especially in challenging markets like we’re in.
Comment by Jon - BMR — October 18, 2019 @ 4:09 pm
Thank you Jon
Comment by Gregh — October 18, 2019 @ 4:29 pm