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December 12, 2019

7 @ 7:00

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

1. Gold has traded between $1,470 and $1,488 so far today…as of 7:00 am Pacific the yellow metal is off $4 an ounce at $1,471…it firmed up yesterday following the final FOMC meeting of the year and then climbed further this morning until a tweet moments ago from President Trump who declared, “Getting VERY close to a BIG DEAL with China.  They want it, and so do we!”...Gold’s nearest resistance is in the high $1,480’s, as demonstrated again this morning, followed by $1,500Silver is now down 2 cents at $16.82 after climbing as high as $17.21…Palladium continues to surge, up another $22 an ounce at $1,918…base metals are getting support from a possible U.S.-China Phase 1 trade deal…Copper, trading at a 4.5-month high, is up slightly at $2.77…nearest resistance is the July high of $2.81…Nickel has advanced 6 cents to $6.24 while Zinc has added a penny to $1.02Crude Oil has gained 68 cents to $59.44OPEC says it now expects a small deficit in the Oil market in the next year, suggesting the market is tighter than previously thought – even before the latest pact with other producers to curb supply takes effect…the revised forecast by OPEC marks a further retreat from a prediction of a glut in 2020 as U.S. production growth begins to slow (perhaps only temporarily)…Crude Oil prices and energy stocks, often in lockstep, have split apart this year…as Crude prices have jumped significantly in 2019, Oil and gas stocks have mostly fallen…the Dollar Index has slipped nearly one-fifth of a point to 97.24…Conservative Prime Minister Boris Johnson is in a strong position to win a solid majority in today’s UK general election…the snap vote was called by the government due to parliamentary impasse over the Brexit deal he had negotiated with the EU…North Korea is asking for trouble…the rogue regime accused the United States of “hostile provocation” today for criticizing its ballistic missile tests during a United Nations Security Council meeting and warned that the Trump administration may have “blown its chance” to salvage nuclear negotiations…U.S. producer prices were unchanged in November, according to fresh data released this morning, as increases in food and gasoline prices were offset by declining costs for services, pointing to muted inflation despite a recent uptick in consumer prices…

2. Should the Federal Reserve be careful what it wishes for (more inflation?)…Fed Chairman Jerome Powell said yesterday that he’d prefer to let inflation rise and hold above the central bank’s target before considering future interest rate hikes, meaning there appears to be a lower threshold to reduce rates rather than to raise them…“In order to move rates up, I would want to see inflation that’s persistent and that’s significant,” Powell explained at his post-statement news conference…“A significant move up in inflation that’s also persistent before raising rates to address inflation concerns: That’s my view”concluding a year that saw the central bank take down its benchmark rate 3 times, the FOMC met widely held expectations yesterday and kept the funds rate in a target range of 1.5%-1.75%…meanwhile, the Fed’s updated “dot plot” chart released yesterday showed that most central bank officials don’t expect the Fed will need to raise rates until 2021

3. Canadian royalty and streaming company Triple Flag Precious Metals has cancelled its planned IPO, citing difficult market conditions, underscoring lacklustre demand for new issues in the mining sector…this would have been the biggest IPO in the sector in 2 years…Toronto-based Triple Flag, backed by hedge fund Elliot Management Corp., last month said it aimed to raise $360 million by selling 20 million shares at $15 to $18 each for a valuation of up to $2.12 billion…the company provides up-front financing to miners in exchange for future revenue or a share of production…the planned listing had been closely watched by investors…in a statement yesterday, Triple Flag said it had been encouraged by investor interest but that the environment for share offerings “continues to be challenging”…the company did not say when or if it would revisit markets…Triple Flag, led by a former Barrick Gold executive, holds royalty interests in Alamos Gold’s (AGI, TSX, NYSE) Young-Davidson mine in Ontario and Kirkland Lake Gold’s (KL, TSX, NYSE) Fosterville underground mine in Australia…lead underwriters for the offering included Bank of America Securities, CIBC World Markets and Scotia CapitalTriple Flag is the 2nd Canadian company to ditch plans for a public float in recent weeks…last month, waste management company GFL Environmental abandoned plans to raise up to $2.42 billion

4. Shares in Aramco jumped on their 2nd day of trading to reach Saudi Crown Prince Mohammed bin Salman’s coveted valuation target of $2 trillion…in early trading today the Oil giant’s share price on Saudi Arabia’s Tadawul exchange rose 8% to 38.15 riyals ($10.30 U.S.), giving the Oil giant a market capitalization of $2 trillion…that was up from a $1.7 trillion valuation set during the company’s IPO, the world’s largest ever…the shares increased 10% on their market debut yesterday, hitting an upward limit set by the exchange…the increase in value is partly a function of the outsize impact that the company’s tiny 1.5% share float has on its valuation…it took only $300 million in shares traded yesterday to drive the value of Aramco up by nearly $200 billion…at a price of 38 riyals, Aramco’s 1.5% free float means shares owned by the public are worth $30 billion

5. The Dow has shot up 208 points through the first 30 minutes of trading following President Trump’s tweet…an analyst at Credit Suisse says Apple’s iPhone sales in China fell sharply in November by 35.4% on a year-over-year basis…in Toronto, the TSX is up 62 points…the Gold Index quickly pushed as high as 254.52 in early trading until the Trump tweet and then backed off as Gold prices reversed – just a matter of time, however, before there’s a confirmed breakout above the key 250 level…the Venture is 2 points higher at 539 as it continues to prepare for a breakout through 540…as expected, Discovery Metals‘ (DSV, TSX-V) shareholders have passed a resolution approving 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, to become a control person…the conversion of Sprott’s subscription increasing to approximately 21%…Blue Moon Zinc’s (MOON, TSX-V) exploration partner, Australian-listed Platina Resources (PGM, ASX) has intersected massive and semi-massive sulphide mineralization in the 1st drill hole  of this year’s program at the Blue Moon Zinc-Copper-Gold Project in Mariposa County…hole BMZ79 intersected 40 m of mineralization from 410 m (core length), approximately 30 m from the mineralized intercept in BMZ78…the 2nd hole is now in progress…Westhaven Ventures (WHN, TSX-V) is up a penny at 88 cents after falling 12 cents yesterday on the latest drill results (very respectable but not spectacular) from Shovelnose, highlighted by SN-1926 which returned 42.8 m @ 2.6 g/t Au and 27.8 g/t Ag, including 15.46 m of 4.8 g/t Au and 61.2 g/t Ag in Vein Zone 1…Vein Zone 1 has been extended by 460 m to a total strike length of 1.3 km…the company has also staked an additional 21 sq. km on the northeastern border of the Shovelnose claim package…

6. The U.S. Army plans to fund construction of rare earths processing facilities, part of an urgent push by Washington to secure domestic supply of the minerals used to make military weapons and electronics, according to a government document seen by Reuters…the move would mark the first financial investment by the U.S. military into commercial-scale rare earths production since World War Two’s Manhattan Project built the first atomic bomb…it comes after President Trump earlier this year ordered the military to update its supply chain for the niche materials, warning that reliance on other nations for the strategic minerals could hamper U.S. defenses…China, which refines most of the world’s rare earths, has threatened to stop exporting the specialized minerals to the United States, using its monopoly as a cudgel in the ongoing trade spat between the world’s 2 largest economies…“The U.S. rare earths industry needs big help to compete against the Chinese,” said Jim McKenzie, CEO of UCore Rare Metals (UCU, TSX-V) which is developing a rare earths project in Alaska…“It’s not just about the money, but also the optics of broad support from Washington”…the Army division overseeing munitions last month asked miners for proposals on the cost of a pilot plant to produce so-called heavy rare earths, a less-common type of the specialized minerals that are highly sought after for use in weaponry, according to Reuters…responses are due by next Monday (Dec. 16)…UCore, Texas Mineral Resources (TMRC.PK) and a joint venture between Lynas (LYC, AX) and privately-held Blue Line are among the expected respondents, according to company officials…

7. Cannabis retailers in Ontario sold the most cannabis of any province in the first year following legalization, even though there was only one online store and 24 brick-and-mortar stores in operation for most of that period, according to new Statistics Canada data…Ontario accounted for $217 million in recreational cannabis sales, or 24% of the overall Canadian market, from October 2018 to September 2019, followed by Alberta and Quebec, which sold $196 million and $195 million worth, respectively…on a per capita basis, Alberta leads the way in sales – no surprise as they’ve reached out to the private sector more than any other province…the year following legalization saw more than 400 brick-and-mortar stores established across the country…total adult-use cannabis sales from online retail stores amounted to $908 million for that period, far short of many estimates prior to legalization…

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    Comment by Silverhook — December 12, 2019 @ 7:24 am

  2. Closing of PolyMet deal, maybe?…

    Comment by Jon - BMR — December 12, 2019 @ 7:24 am

  3. Or visible silver in drill hole?

    Comment by Dan1 — December 12, 2019 @ 7:26 am

  4. I would go with native silver in the core. I don’t think they would halt for closing the polymet deal, it is known that it will close. Will be interesting !

    Comment by rgiroux — December 12, 2019 @ 7:32 am

  5. “Monster volume in #gold futures (mostly over the past 35-45 mins), over 100,000 contracts and growing.. 10M+ ozs” ~ Peter Spina

    Comment by david — December 12, 2019 @ 9:27 am

  6. Ok then, I guess the conservatives have to find someone who will walk in a gay parade and we’re set then? Unbelievable.. well Kevin o , it’s time to get rid of that drama dork and take our country back, and prosper!!!!

    Comment by Laddy — December 12, 2019 @ 9:27 am

  7. I sure hope this starts the CCW newsflow, whatever it is…

    Comment by Jon (not BMR Jon) — December 12, 2019 @ 10:57 am

  8. CCW intersects massive silver

    Comment by Foz1971 — December 12, 2019 @ 5:19 pm

  9. core photos are beautiful – bonanza grades coming, possibly before Christmas

    Comment by Foz1971 — December 12, 2019 @ 5:24 pm

  10. Incredible core photos, Foz1971 – pure metal. Reminds me of the first massive sulphide intercept at Nickel Mountain in 2017, 4.8 m of around 7% Nickel in he 4th hole.

    The significance of this cannot be understated, as these ore shoots – as Doug Robinson explained – are never found in isolation.

    Some key points:

    The grades should be even better than the original intercept (CA-11-08, 1,194 oz/ton over 0.45 m within 3.1 m of 189 oz/ton core length) given the significantly higher Silver-to- calcite ratio in the core – again, this has the look of pure metal;
    Grades appear to be so high that somehow CCW has found a way to get assays on first hole (even partials) before Christmas – that is huge, because it will definitely keep the momentum going (Wallbridge really started to soar after those initial assays came out 12 days following visuals in October);
    CCW has the potential with these initial wedge holes to deliver some of the best intercepts ever produced in the Northern Ontario Silver-Cobalt Camp – holes 1 and 2 or either could potentially return values in the 2-4 thousand oz/ton range or even better based on these visuals;
    This is a “blind” deposit, discovered thru geophysics and high-tech camera technology – the oldtimers never would have found it because they were only after the low-hanging fruit and didn’t have the same tools as geos have today;
    Discovery is in the lower middle part of the Nipissing diabase – lots of room for this to move up closer to surface near the contact with the Archean rocks, and could also extend significantly to depth to the lower contact;
    Just 750 mm to the west, 41 million ounces from O’Brien mine, nearly 30 million from Castle and Capitol combined between 600 m and 1,900 m from this discovery;
    CCW may have stumbled on the “motherlode” in this Camp off to the east, in the heart of the basin;
    These “ore shoots” can extend for great distances and ounces can really build given the grades and the network of veins/veinlets/silver-filled fractures adjacent to these main ore veins.
    Drilling continues right up until Christmas and re-starts in 1st week of January – add to that everything else that is going on (PolyMet, silver pouring, underground drilling and assays from there, Re-2OX) and this is a stock hitting new 52-week highs by month and year-end;
    – For comparative purposes, KTN with a $70 million market cap and Eric Sprott today reported 415 grams per tonne Silver over 11.5 m (true width) in Mexico – from there it’s a massive leap to something like 415 oz/ton over 4.65 m (core length) which CCW could easily have, or better.

    Comment by Jon - BMR — December 12, 2019 @ 5:45 pm

  11. Maybe the news release should have been entitled Merry Christmas Silver Bonanza.
    This is a lovely Christmas present for Ccw shareholders. The Castle 3 mine shaft workings run ?1.8km horizontally and ?800 metres vertically underground with numerous multilevel drifts. February 2019 news reported bonanza grades just below level one . Is there any thought that the new drill results at -410 metres somehow connect or relate to the February drill results ? Then in May Ccw reported more land claims ? Then all the mystery at Castle East from last year ? Maybe Ccw isn’t such a slow poke, just coy and patiently calculating for everyone benefit?

    Comment by Donald — December 13, 2019 @ 2:37 am

  12. “this is a stock hitting new 52-week highs by month and year-end” pretty bold statement Jon… care to revisit that?

    Comment by Phil — December 13, 2019 @ 8:31 am

  13. That’s exactly what’s going to happen, Phil…look what WM did the first day or two after visuals came out Oct. 9, and then how it ramped up as we predicted – really kicking into gear on the release of assays 12 days later…these markets are the best markets to make money in because reaction times from a lot of investors are slow…looks like first results from CCW first hole by end of next week or 23rd…amazing numbers coming…that core is unreal…

    Comment by Jon - BMR — December 13, 2019 @ 9:28 am

  14. Betting it will also end up being one of the worlds best silver drill results for the year!

    Comment by Foz1971 — December 13, 2019 @ 9:38 am

  15. I sure hope you’re right! Been a long time coming. I love those pics too, but I’m very cautious as to leaderships ability to execute. Hasn’t been the best of years, and I’m really tired of the color red. 52 week high is what – .60 cents?

    Comment by Phil — December 13, 2019 @ 9:38 am

  16. CCW literally delivered to us a spectacular Christmas gift on a “silver” platter

    Comment by Foz1971 — December 13, 2019 @ 9:41 am

  17. We shouldn’t forget what time of year it is, I think there’s still some TL bs going on, – positioning. Good to see gold and nickel going higher. Frustrating to say the least, just hang in there.

    Comment by Laddy — December 13, 2019 @ 9:54 am

  18. Hi Jon, do you think same thing could happen with Blue Moon following their news release of yesterday? No one here talked about it, there was almost no trading volume either. Has Moon lost investors interest? Thanks!

    Comment by Sylvain — December 13, 2019 @ 10:20 am

  19. Imr not getting enough love from their core visuals. But they will!??

    Comment by Karen — December 13, 2019 @ 10:41 am

  20. Jon, do you think we hear from Steve before Christmas? I thought. we would have heard something by now.

    Comment by pole — December 13, 2019 @ 11:15 am

  21. Absolutely, Fox 1971…she’s gonna run big-time…you can see it in today’s trading and in those cores…

    Comment by Jon - BMR — December 13, 2019 @ 12:55 pm

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