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November 4, 2019

7 @ 7:00

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

1. Gold remains resilient, though the price has been stuck in a tight range on either side of $1,500 for 8 weeks now…as of 7:00 am Pacific, the yellow metal is off $4 an ounce at $1,510…it has traded between $1,508 and $1,515 so far today…$1,515 to $1,520 is key nearest resistance…China is set to launch a new cryptocurrency backed by Gold, reports over the weekend said…Turkey’s official Gold reserves continue to climb…according to central bank data, Turkish Gold reserves are now up 42% year-over-year…American Eagle Gold-coin sales from the U.S. Mint more than doubled in October, versus September, and were the highest since March…the U.S. and China have signalled further progress toward a breakthrough in trade talks that could culminate in a meeting between President Trump and Xi Jinping later this month…Silver is in a new uptrend channel that should lead the metal to fresh 2019 highs before year-end…Silver is up 2 pennies at $18.10 as of 7:00 am PacificNickel has slipped 13 cents to $7.50…Copper and Zinc are each up a penny at $2.66 and $1.17, respectively, while Cobalt remains steady at $16.10…Crude Oil has gained another 80 cents to $57.09 while the Dollar Index has rebounded one-tenth of a point to 97.37…more problems in Chile…1 person is dead following an incident at Sprott Resource Holdings‘ (SRHI, TSX) MTV mine…a security guard was confronted by several individuals not associated with the mine’s operations, damaging company property…as a result of the altercation, the security guard was severely injured and one of the individuals fatally shot…

2. Global stocks are lagging behind U.S. shares, illustrating how investors’ faith in the domestic economy continues to drive a growing divergence in financial markets…after rising to a fresh record last week following upbeat figures on 3rd quarter economic growth and October hiring, the S&P 500 is up 22% for the year and on track for its best annual performance since 2013…meanwhile, the MSCI AC World ex USA Index (covers ~85% of the global equity opportunity set outside the U.S.) is up only 13% and had struggled to eclipse its year-to-date peak before a Friday rally…U.S. stocks have also become more expensive relative to global equities in recent years and are pricier than many overseas gauges relative to corporate earnings over the past 12 months, FactSet data show…the trend shows how steady consumer spending, strength in the labor market, strong corporate earnings, low taxes, deregulation and an accommodative Fed keep supporting U.S. stocks despite (overblown) fears of a recession and significant moves toward haven assets like bonds and Gold…all 11 S&P 500 sectors have risen in 2019, led by a 36% surge in the information technology group…shares of several large companies are up 60% or more, including Apple, Target and Chipolte Mexican Grill

3. A single large player manipulated the price of Bitcoin as it ran up to a peak of nearly $20,000 2 years ago, a new study concludes…the study reviewed the period between March 2017 and March 2018 when the price of Bitcoin soared and its total market value rose to $326 billion…about half of that increase was due to the influence of a manipulation scheme, according to the study’s authors…they said the unknown manipulator operated from a single account at Bitfinex, the largest cryptocurrency exchange at the time…the manipulator used another cryptocurrency, called tether, to boost demand for Bitcoin, leading to the price surge…it isn’t clear by how much or if the manipulator profited…the study, written by John M. Griffin, a finance professor at the University of Texas with a background in forensics, and Ohio State University finance professor Amin Shams, was accepted for publication by the influential Journal of Finance and was published online today…an earlier version of the study argued tether was being used to manipulate Bitcoin prices, but didn’t connect the scheme to one entity…

4. The Dow has hit a new all-time high in early trading, following in the footsteps of the S&P and the NASDAQ last week…investor sentiment has been lifted by a variety of factors including fresh optimism around a potential Phase 1 U.S.-China trade deal…the Dow is up 142 points as of 7:00 am Pacific, touching its first all-time high since mid-July…Apple is by far the best-performing Dow stock since the index hit its previous record, rallying more than 25%…Intel, J.P. Morgan Chase and United Technologies are all up at least 10% during that time…in Toronto, the TSX has added 53 points…the Gold Index is off 1 point at 246 but its overall technical posture remains very positive…the Venture is up slightly at 542…some of last week’s big winners on the resource side continue to push higher…Wallbridge Mining (WM, TSX) has added 4 cents to 72 cents, hitting a fresh 12-year high, while neighbor Balmoral Resources (BAR, TSX) has gained 2 cents to 23 cents…Calibre Mining (CXB, TSX) is 3 cents higher at 88 cents…on the non-resource front, Bee Vectoring Technologies (BEE, TSX-V) is still buzzing, up a penny at 45 cents…the Canadian Marijuana Index is holding steady at 256 after another big drop last week…Chemesis International (CSI, CSE) was halted pre-market, with the company announcing delays in completing its year-end audit…recently, Chemesis reported that some of its cannabis licences remain subject to an administrative review (alongside licenses of other companies) being undertaken by the Puerto Rico Department of Health…

5. Saudi Arabia is moving forward with an initial public offering of its huge state Oil producer that could shatter records and give investors the chance to own a piece of the world’s most profitable company…following approval from the country’s regulators, Saudi Aramco yesterday formally announced its intention to float shares on the Tadawul exchange in Riyadh…Aramco executives will now embark on an international roadshow to court investors, and a prospectus outlining the company’s financial details is expected later this month…“The IPO will increase our international visibility as the leading company in the world,” CEO Amin Nasser said at a press conference…he declined to comment on the company’s valuation, which executives said would be determined following consultation with potential investors…Aramco has vast Oil reserves and massive daily output…it also holds a monopoly in Saudi Arabia, the world’s largest exporter of Crude Oil…the company posted a $68 billion profit for the first 9 months of this year, down 18% over the same period in 2018…profit for the whole of last year was $111 billion

6. As Saudi Arabia prepares for a massive Oil IPO, the affects of Canada’s suppression of its Oil and gas sector (to “save the planet”) continue with Encana announcing it’s moving to the United States, a new drilling forecast for 2020 that is woeful at best, and Friday’s announced pending sale of Pengrowth Energy (PGF, TSX) for less than a piece of leftover Halloween candy…the Calgary-based company was a homegrown success story and was once worth billions of dollars…its share price was more than $13 in 2011…on Friday, privately-held Cona Resources said it would buy Pengrowth in a deal that would value each share as worth a nickel…that’s even lower (75% lower!) than the 20 cents they were worth earlier in the week…the company spent much of this year trying to find a way to survive…still, the proposed sale price is startling…“It’s nice to see them get something done, but a little surprised the offer is considerably less than what the shares were trading [the day before],” said Tom Pavic with Sayer Energy Advisors, a Calgary-based mergers and acquisitions consulting firm…“You don’t normally see public companies get sold at a discount to its trading price, but it’s just a sign of the times,” he added…indeed, the times are quite gloomy in the Oil patch, much to the delight of so-called “progressives” and environmentalists across Canada…there are 50,000 fewer people working in Oil and gas than there were 5 years ago, before the price crash, according to CIBC…Pete Sametz, President and CEO of Pengrowth, stated, “Despite the discount this transaction represents to Pengrowth’s recent trading price, we strongly recommend our stakeholders support the arrangement agreement as it represents the most attractive alternative for all stakeholders given the current environment where there is essentially no access to capital for the company or participants in the Canadian Oil and gas industry in general”…

7. This would certainly be a hot public listing – a privately-held B.C. company has come up with a way to obscure objects to the naked eye, making them virtually invisible…according to Hyperstealth Biotechnology CEO Guy Cramer, his company has applied for patents on material that can obscure an object or person by bending light around them so that only the background is visible…the paper-thin material relies on lenticular lenses and does not need a power source…the material has what the company calls “broadband invisibility”, meaning it can also bend ultraviolet and infrared light and block the thermal spectrum…Cramer says the material could have all sorts of military applications, particularly for special forces who need to enter and leave a location without being detected…“Snipers, quite often, it will take them hours to get into a place because they don’t want their motion giving away their location to the enemy out there,” he said…“So with a system like this, they could actually walk into a location, and it would take them less than a minute, in some cases – something that would take them hours before…and they could hide in the middle of an open field, something that they would have never done before because you always hide around cover.  Well, if no one can see you, they’re not going to shoot at you”…Cramer says there are other applications for his patents, saying his technology also has the potential to “triple solar panel output” in a different configuration, using mirrors and other material…he says the technology can also be used for other applications like autonomous vehicles…Cramer’s creation has garnered international attention…a video published by The London Daily Telegraph has more than 2 million views…“It’s overwhelming,” he said…“I knew it was going to be big; I didn’t expect it to be this big”

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  1. https://www.kitco.com/news/video/show/Kitco-NEWS/2600/2019-11-04/Canada-is-doomed-under-Trudeau-and-headed-for-a-recession-says-Kevin-OLeary#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DKitco-NEWS

    food for thought all… I wonder how long it will take to have problems finding anyone who voted liberal once the country implodes.. its the economy stupid!!

    Comment by Jeremy — November 4, 2019 @ 12:47 pm

  2. Ggi- finally!!

    Comment by Laddy — November 4, 2019 @ 3:25 pm

  3. GGI – sounds promising but not a home run.. we will drift thru the winter back to 70.. waiting for the new drill season .. thougts ??

    Comment by Jeremy — November 4, 2019 @ 3:54 pm

  4. Not a home run in this news in terms of a big eye catching intercept like 53, Jeremy, but it’ll be a home run with a major IMHO…also, hole 54 is one of the top 3 most significant drilled yet, and GGI now has 2 more chambers at depth in addition to the main E&L chamber…the map is the best I’ve ever seen from GGI…the growing and potential scale of this deposit is more evident than ever…keep in mind that half these holes in this NR were drilled between NW Zone and Crevasse Zone (short holes)…Jeremy Hanson’s quote in 2nd paragraph suggests there are some big holes to come from other areas…

    Comment by Jon - BMR — November 4, 2019 @ 4:05 pm

  5. Jon please put informative clips from recent interviews with Peter Lightfoot plus verbal update with Jeremy Hanson.

    Comment by Dave — November 4, 2019 @ 4:16 pm

  6. Nickel Mountain updates and connecting some dots. The way I read this from Aug. 9th, we had 14 holes drilled bringing us to hole #60 in total. Today’s news does not include any holes reported from drill rig #3? – which was mentioned in Sept news release. Drill rig #3 holes would likely be around hole #61 up to hole and including hole #80? In Sept 12 news release Dr. Lightfoot quote, “Drilling from a strategic new platform is also very significant as Garibaldi takes this unique North West British Columbia discovery to even a higher level.” In my opinion the best part is just around the corner. Is this a fair assumption?

    Comment by David 0 — November 4, 2019 @ 6:40 pm

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