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7 @ 7:00 - BullMarketRun.com

October 4, 2019

7 @ 7:00

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1. Gold has traded between $1,495 and $1,515 so far today after a U.S. jobs report that was roughly in line with expectations…as of 7:00 am PacificGold is off $5 an ounce at $1,500Silver has slipped 10 cents to $17.42…Nickel has added another 3 pennies to $8.10…Nickel is set for its 1st weekly gain in 3 as headline inventories in LME-approved warehouses dropped to 133,128 tonnes, their lowest since November 2012…Copper, Zinc and Cobalt are all unchanged at $2.54, $1.06 and $16.33, respectively…Crude Oil, which has been mired in its longest losing streak in almost a year, has rebounded 65 cents to $53.10…prices have erased all of their 15% rally from mid-September that followed supply disruptions in Saudi Arabia, hurt by projections for soft demand and steady production growth as tensions in the Middle East ease…Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, says the world’s top Crude Oil exporter has fully restored Oil output after attacks on its facilities last month knocked out more than 5% of global Oil supply…the U.S. Dollar Index is up one-tenth of a point at 98.96…Hong Kong leader Carrie Lam has invoked emergency powers and banned face masks, saying the order goes into effect tomorrow…Lam’s actions come after tensions hit a new high on Tuesday, China’s National Day, when an 18-year-old anti-government protestor was shot by police, the first person hit by live gunfire in nearly 4 months of unrest…another example of Canada’s economic mediocrity which the country’s weak leaders aren’t addressing – according to a recent study from the C.D. Howe Institute, from 2015 to 2019 business investment per worker in Canada grew by only 5%, compared with 19% in the United States and 15% in OECD countries with comparable data…politicians should be more focused on saving Canada rather than obsessing with “saving the planet”…

2. U.S. unemployment hit a fresh 50-year low in Septembereven though non-farm payrolls rose by a modest 136,000 as the economy nears full employment, the Labor Department reported an hour before markets opened this morning…the jobless rate dropped 0.2 percentage points to 3.5%, matching a level it last saw in December 1969…a more encompassing measure that includes discouraged workers and the underemployed also fell, declining 0.3 points to 6.9%, matching its lowest in nearly 19 years and just off the all-time low of 6.8%…the jobless rate for Hispanics also hit a new record low while the level for African-Americans maintained its lowest ever, fresh examples of how Trump’s economic policies have worked better for minorities than Obama’s…at 136,000, the non-farm payrolls count was just slightly below the 145,000 consensus estimate…average hourly earnings were little changed over the month, up a healthy 2.9% for the year, albeit the lowest increase since July 2018

3. India’s Gold imports plunged 68% year on year in September to their lowest in more than 3 years as record domestic Gold prices curbed retail buying…the south Asian country fulfils nearly all its Gold demand through imports…India imported only 26 tonnes of Gold in September, down from 81.71 tonnes a year ago…in value terms, September imports fell 51% to $1.28 billion…local Gold futures last month hit an all-time high of 39,885 rupees ($562.10 U.S.) per 10 grams, taking their gains to more than 26% in 2019…demand for Gold in India usually strengthens in October and Q4 in general as the country gears up for festivals such as Diwali and Dussehra…

4. Trading statistics show that September was a record-breaking month for the Gold market…the CME Group, the world’s leading and most diverse derivatives marketplace, says that volume in the overall metals space averaged 818,000 contracts per day last month, up 37% from last year and the 2nd highest average daily volume in the exchange’s history…precious metals led the way – on September 24, the Gold market saw record open interest of 659,000 contracts…at the same time, Gold futures saw record quarterly average daily volume of 469,000 contracts…including options, Gold’s average volume rose to 549,000 in the 3rd quarter, an increase of 61% from last year…the exchange also saw record average daily volume of 17,000 contracts in Silver options, an increase of more than 100% from 2018…average daily volume in Silver futures and options rose to 149,000 in September, up 57% compared to last year…September was also an interesting month for Platinum with record open interest of 99,300 contracts on September 13…at the same time, the metal enjoyed record average daily volume of 37,000 contracts…

5. The Dow has jumped 208 points as of 7:00 am PacificCostco (COST, NASDAQ) has reported adjusted quarterly profit of $2.69 per share, beating the consensus estimate of $2.54 per share…revenue and comparable-store sales came in below estimates, however, as the warehouse retailer joined rivals in cutting prices to defend market share…the TSX is up 26 points while the Venture has added 1 point to 559 as it begins to recover out of extreme oversold conditions…Liberty Gold (LGD, TSX), which delivered more encouraging drill results from Nevada this week, has hit a new multi-year high of 90 cents in early trading…Westhaven Ventures (WHN, TSX-V) has closed the first tranche of its non-brokered private placement previously announced a few weeks ago…this tranche raised gross proceeds of $3.6 million through the issuance of hard dollar units at $1.05 per unit…the company expects to raise a total of $7.35 million to ramp up exploration at its Shovelnose Property near Merritt…Canada Cobalt (CCW, TSX-V) is breaking out above Fib. resistance at 33 cents, suggesting an immediate/near-term acceleration of its current uptrend…underground drilling at the high-grade Castle Silver-Cobalt mine in Northern Ontario is just one of multiple catalysts for CCW…the company is following up on stellar Phase 1 results that included 385.2 ounces per tonne Silver, 0.67% Cobalt and 3.8 g/t Gold over half a meter within a broader core interval of 7 m grading 261 g/t Silver, 2.3% Cobalt and 1.7% Nickel starting less than 2 m downhole…Excellon Resources (EXN, TSX) has struck a deal with Globex (GMX, TSX) to acquire a 100% interest in the Silver City Project, a 164 sq. km Silver district in Saxony, Germany…the project is located within a large, high-grade epithermal system and has a long history of Silver mining dating back to the 12th century, with no modern exploration for precious metals…EXN has backed off from a July high of $1.51 to its rising 200-day moving average (SMA) in the low 90’s where there is exceptional support…

6. MacDonald Mines (BMK, TSX-V) has purchased a 100% interest in 38 claims located 35 km from Sudbury…the new claims add to MacDonald’s large SPJ Property package and cover prospective extensions of the potential Iron-Oxide-Copper-Gold (“IOCG”) system identified at the Scadding mine..historically, Scadding produced 914 kilograms of Gold from 127,000 tonnes of mineralized material grading 7.2 g/t and the large land package surrounding the mine has also yielded multiple discovery areas to explore – including significant showings of Copper, Cobalt, Nickel and Silver in addition to high-grade Gold…the company says its exploration work to date on the SPJ Project supports a Gold-rich IOCG model for the Scadding deposit…the current 2,000-m drill program is designed to confirm and expand the high-grade Gold zones of the deposit…to date, 1 in 6 holes drilled in the North zone have been reported…results indicate that the deposit is made up of thick and stacked zones of high-grade Gold mineralization…the challenge forBMK is to demonstrate that this system has volume to it…the stock is unchanged at 14 cents through the 1st 30 minutes of trading…

7. Billionaires shouldn’t exist?…really?…35 year-old Facebook (FB, NASDAQ) CEO Mark Zuckerberg, the 5th-richest person in the world, was asked by an employee to respond to an assertion by Democrat Presidential candidate Bernie Sanders, an unwavering socialist, that billionaires shouldn’t exist…Zuckerberg actually conceded that they probably shouldn’t…“No one deserves that much money,” Zuckerberg said…“I think if you do something that’s good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable”…a Sanders government, in Crazy Bernie’s own words, would “take on the billionaire class, substantially reduce wealth inequality in America, and stop our democracy from turning into a corrupt oligarchy”…as Terence Corcoran so aptly stated in the Financial Post this morning, “With these attacks on billionaires and the wealthy, the Warren/Sanders ideological demolition of American capitalism is underway.  The undermining of the U.S. economic system, based on free markets backed by individual and corporate rights, seems likely to intensify in the lead-up to the November 2020 election.  How deeply will these neo-Marxist revolutionary concepts infiltrate the thinking of U.S. voters?  The idea that the United States is – or may be on the brink of becoming – a corrupt oligarchy controlled by a cabal of billionaires is a slanderous smear fabricated by radical theorists on the egalitarian left”

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