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November 29, 2019

7 @ 7:00

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1. Gold has traded in a narrow range between $1,453 and $1,460 on this final trading day of the month following U.S. Thanksgiving…as of 7:00 am Pacific, Gold is up $2 an ounce at $1,457…key support in the $1,440’s continues to hold…Silver is also flat at $16.89…Nickel has fallen 12 cents to $6.24 while Copper, Zinc and Cobalt are all relatively unchanged at $2.65, $1.05 and $16.10, respectively…Crude Oil has tumbled $1.56 a barrel to $56.55OPEC watchers expect an extension to a pact to throttle Oil output but no deeper cuts to be agreed by the producer group and its allies next week…the U.S. Dollar Index is up slightly at 98.42…persistent negative government bond yields have fundamentally changed the investment risk landscape and as a result, Gold is now the preferred safe-haven asset within a diversified portfolio, according to a prominent private Swiss asset management firm…Lombard Odier Group said that in the current investment environment, Gold becomes a necessity rather than an optional allocation”…U.S. consumers splurged more than $2 billion online in the first hours of Thanksgiving shopping yesterday…crowds were largely thin at retailers on the eve of Black Friday, reflecting the broader trend away from shopping at brick-and-mortar stores…the divergence between most commodities and stocks partly reflects the differing fortunes of the American economy in comparison to that of China and other nations…U.S. GDP rose at a 2.1% annual rate in the 3rd quarter, suggesting the expansion remained on solid ground heading into the final stretch of 2019…a decline in industrial profits, meanwhile, showed China is on a weaker footing…the Trudeau economy slowed to 1.3% annual GDP growth in Q3, Stats Canada reported this morning…this was in line with expectations…beyond the 3rd quarter, economists predict another 1.3% reading in the final 3 months of 2019…next year doesn’t look much better, with growth seen running at about 1.5% in 2020…that’s a sufficiently prolonged period of below-potential growth for markets to anticipate the Bank of Canada will cut interest rates as early as January…

2. Gordon Chang, the author of “The Coming Collapse of China”, said yesterday that Beijing’s threats of taking “countermeasures” over the U.S. law backing the protests in Hong Kong are “laughable” and that the nation is in no position to “anger its best customer” as its economy slumps…Beijing was quick to admonish President Trump and Congress for passing 2 bills aimed at supporting human rights in Hong Kong…the Chinese foreign ministry said in a statement that the bills will only “strengthen the resolve of the Chinese people, including the Hong Kong people, and raise the sinister intentions and hegemonic nature of the U.S.”,  and promised vague “countermeasures”…Chang told Fox News that anything Beijing can do “will hurt itself more than us, and given how close its economy is to the edge of the cliff the regime could end up doing itself in by retaliating”…he continued, “For 4 decades, we were told by elites and policymakers that we could not afford to upset China.  Wednesday, President Trump did what his predecessors would not do – defend America from a China that is going after us.  The same power that is encroaching on Hong Kong’s autonomy is attacking our society across the board”

3. Eric Sprott has dramatically increased his position in DynaCERT (DYA, TSX-V), taking a 9.12% stake in the company through a $14 million private placement at 50 cents per unit…Sprott now beneficially owns or controls 29.9 million shares and 14 million warrants of the company…“DynaCERT presents an unusual once-in-a-lifetime opportunity to participate at the commercial stage of what is a proven and compelling transformative technology to reduce carbon emissions in diesel engines, globally,” stated Sprott…“I support the successful international mission of DynaCERT and I see this new investment as a means to participate in the important world-wide demand for carbon credits resulting from socially-conscious users of mining equipment, trucking, transportation and power generation”…in late October, DynaCERT announced that its HydraGEN Technology has been approved for underground mining applications in Canada pursuant to a formal risk assessment commissioned by Total Equipment Services (TES), DynaCERT’s dealer based in Sudbury, and one of TES‘s major underground mining customers in Northern Ontario…Jim Payne, President & CEO of DynaCERT, noted, “Eric Sprott’s endorsement of DynaCERT today is yet another one of the most significant turning points of our company’s history.  We are confident that our mutual alignment with personal and corporate objectives will continue to result in ongoing significant global achievements.  With Eric’s strong support, we are much further ahead, faster and better than we could have imagined, even just a few months ago.  In the last few months, our team has solidified. We have brought together many enviable professionals, international business leaders, experts and expertise, loyal employees and consultants from many countries and multiple disciplines.  We, our board, our management, our clients, our dealers and distributors, and our shareholders, now welcome Mr. Sprott, and look forward to our beneficial associations together for years to come”

4. Newmont Goldcorp (NGT, TSX; NEM, NYSE) is increasing its stake in GT Gold (GTT, TSX-V)...the major is investing another $8.3 million through a hard dollar private placement in GTT at a price of $1.20 per share…upon completion of the financing, Newmont Goldcorp will own 14.9% of GT Gold, an increase from the 9.9% it acquired last May…“I am delighted that the world’s leading Gold producer, Newmont Goldcorp, has increased its stake in GT Gold through this financing, which further supports the thesis that the Saddle North Gold-rich Copper porphyry discovery has the pedigree to become a Tier 1 asset,” stated GT Gold President and CEO Paul Harbidge…“The drill results from the 2019 field season continue to delineate a project with scale, grade and bulk mining options while exploration results from within the 46,827 hectare Tatogga Project are providing a pipeline of future targets for drill testing, in what we believe to be a new porphyry district in British Colombia (sic), Canada (Harbidge just needs to learn the correct spelling of the province he’s operating in)…“Matched with excellent infrastructure, this project makes for a compelling investment.  Newmont Goldcorp is an excellent partner and is providing significant technical expertise to the GT Gold team in accelerating the advancement of Saddle North to a geological model, expected end of the first quarter of 2020, followed by the release of an inaugural resource, expected by the end of the 2nd quarter of 2020 and a Preliminary Economic Assessment (“PEA”) by late 2020″…following the completion of the financing, GT Gold expects cash on hand to be sufficient to fund all expenditures up to and including the PEA, as well as a provide a sizeable buffer for work following the PEA into 2021, to be planned based on the results of the 2020 technical program…GTT is up a penny at 92 cents as of 7:00 am Pacific

5. The Dow is down 68 through the first 30 minutes of trading amid worries around U.S.-China trade relations…however, this has been a banner month for U.S. equities…the Dow, S&P 500 and NASDAQ are up 4.1%, 3.8% and 5%, respectively, the best month since June…meanwhile, the small-cap Russell has hit a new 52-week high…the index’s breakout this week has emboldened the bulls as it clears the way for broader stock market gains as well as small-cap outperformance…in Toronto, the TSX is off 18 points as of 7:00 am Pacific…the Venture is up a point at 533 after its 6-session winning streak was snapped yesterday…DynaCERT (DYA, TSX-V) is leading the way in early trading, up 7.5 cents at 55 cents…K92 Mining (KNT, TSX-V), now at its best levels since July, is up another penny at $2.61…last week the company announced spectacular high-grade Gold results from infill drilling at its deposit in Papua New Guinea…drilling is encountering extremely high grades in the southern part of Kora North, including 13 m (6.15 m true width) of 288.7 g/t Au, 104 g/t Ag and 0.77% Cu…Tudor Gold (TUD, TSX-V) announced this morning that it’s raising $3 million in a flow-through private placement at 50 cents per share…

6. The sledgehammer environmental campaign that has shut down all Canadian Crude Oil pipelines to tidewater has a new target: shutting down Canadian exports of liquified natural gas to Asia, says respected independent researcher Vivian Krause…“They are coming for the LNG industry, absolutely,” Krause said in an interview…some in B.C. believe everything is fine and going ahead with LNG, and the low-carbon gas is going to help get China off of coal and curb global carbon emissions, Krause says…but wealthy U.S. foundations and the Canadian green and Indigenous groups they fund are focused on stopping an industry that is gearing up to bring billions to the Canadian economy…“Look at what all the groups say.  They’re all campaigning against the LNG projects”…Krause, who meticulously researched and documented how tens of millions of dollars from U.S. foundations helped landlock the Alberta Oil sands, is getting out her message in a new way through a recently released documentary, Over a Barrel…the project was developed by Edmonton filmmaker Shane Fennessey…Over a Barrel gives voice to folks we’ve rarely heard, the numerous Indigenous leaders who strongly support working with Oil and gas companies on pipelines and projects…many in B.C.’s northwest region (and elsewhere in Canada) have become disillusioned with the green movement…Indigenous activists helped shut down the supposed evil of Oil and gas pipelines only to realize their own poverty didn’t go away…this soured people like Ellis Ross of the Haisla Nation, now a B.C. Liberal MLA, who admits that a decade ago he got swept up in the anti-pipeline fervour…“What really cemented me with the idea of protecting these rainforests was because my community had no part in the economy up until then,” he states in the documentary…“But these environmentalists on the fringes said, ‘If we can protect the (Great Bear) rain forest, and protect it from logging, then we could create an economy for tourism and everybody could get jobs. Well, they protected the rainforest … and not one job materialized, except for a few key people that were inside the circle of the protest itself. And nothing changed for my community”

7. Fed wants higher inflation: With the final 2019 meeting of Federal Reserve policymakers just 2 weeks away, Chairman Jerome Powell reiterated Monday that interest rates are unlikely to rise anytime soon, saying the central bank remains firmly committed to meeting its inflation goals…the Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn…however, inflation has run well below that level for 2019 despite 3 interest rate cuts over the past 4 months…in fact, the Fed in recent years has consistently overestimated inflation expectations…in a speech in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate…he said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy…“It is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation.  We are strongly committed to symmetrically and sustainably achieving our 2% inflation objective so that in making long-term plans, households and businesses can reasonably expect 2% inflation over time”

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