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February 13, 2018

7 @ 7:00

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

1. Gold has traded between $1,324 and $1,332 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,325…reality is setting in that the U.S. government is now facing the prospect of trillion dollar annual deficits as far as the eye can see, and that should lend further support to bullion at $1,300…Silver is relatively unchanged at $16.54…Copper and Nickel are both pushing higher on the heels of President Trump’s $1.5 trillion infrastructure plan revealed yesterday…Copper is up 8 cents at $3.15 while Nickel has surged 14 cents to $6.03…Zinc is up 3 pennies at $1.59 while Cobalt continues to trade at a decade high of $36.97…Crude Oil has slipped 69 cents a barrel to $58.60 while the U.S. Dollar Index has plunged nearly half a point to 89.69

2. U.S. government debt yields slipped this morning as investors prepare for key inflation reports…the Labor Department is set to release its monthly Consumer Price Index (CPI) data tomorrow…that report, along with the Producer Price Index (PPI) on Thursday, will be scrutinized by both traders and Federal Reserve officials for any signs of price movement in the economy…

3. The recent stock market correction and jump in volatility will not impact the economy’s overall strong prospects, Cleveland Federal Reserve President Loretta Mester emphasized this morning at a Chamber of Commerce event in Dayton, Ohio…she warned against any overreaction to the turbulence in financial markets, and added that inflation should pick up this year but not at a rate that requires a faster Fed reaction.  “I expect the economy will work through this episode of market turbulence and I have not changed my outlook. In my view, the underlying fundamentals supporting the economy are very sound,” Mester stated…

4. Talk is cheap, but Canadian Natural Resources Minister Jim Carr says Ottawa will not entertain any attempts by British Columbia to stall or stop the expansion of Kinder Morgan’s Trans Mountain pipeline.  “If that is the goal of any province, we will take the necessary action to ensure that federally approved resource projects proceed,” Carr stated…it’s a fair question to ask, why only now are the feds supposedly talking common sense to the B.C. government when the Green Monster made it clear months ago, upon stealing the reigns of power in the province, that it will “employ every tool available…to stop the expansion of the Kinder Morgan pipeline” (exact wording of the signed power-sharing agreement between the NDP and the Green Party)…the federal government has a great sense of urgency when it comes to legalizing marijuana and getting pot to market, but that same sense of urgency has not been applied to getting landlocked Canadian Oil to overseas markets…all of Canada is getting hurt as a result…Alberta Premier Rachel Notley says the feds have just “days” to make progress on this file or Alberta will take additional action beyond last week’s ban on B.C. wine imports (how effective that ban will actually be is questionable, but at least it got the feds’ attention)…international investors are watching closely to see if the federal government has the guts and wisdom to enforce its powers and overcome the multitude of far left green globalist activists who are leading a “War on Oil” in this country…

5. U.S. stocks have pulled back modestly in early trading after posting their best 2-day advance since the last unnecessary panic which was Brexit…the Dow has retreated 139 points as of 7:00 am Pacific…in Toronto, the TSX has slipped 67 points while the Venture is off 1 point at 823Probe Metals (PRB, TSX-V) continues to deliver strong results from its Val d’Or East Project in northwest Quebec, setting the stage for a significantly higher valuation once Gold stocks in general finally start to gain traction…results from an additional 24 drill holes totaling over 12,000 m at Val d’Or East show expansion of all 4 Gold zones…an updated resource estimate, incorporating new drill results from the 2016 and 2017 programs, is expected shortly…mineralization at the New Beliveau deposit has been delineated over an expanded area of more than 1 km by 500 m and to a depth of over 900 m…

6.  An updated mineral resource estimate for Seabridge Gold’s (SEA, TSX) Iron Cap deposit in the Eskay Camp has increased both its size and grade including a tripling of Inferred resources to 1.3 billion tonnes @ 0.48 g/t Au, 0.30% Cu and 2.9 g/t Ag (20 million ounces of Gold and 8.6 million pounds of Copper)…Indicated resources are up nearly 7% in tonnage (though down in Gold grade) to 347 million tonnes @ 0.43 g/t Au, 0.23% Cu and 4.2 g/t Ag (in total, more than 14 million net ounces of Gold have been added to overall resources)…Iron Cap is one of 4 large Gold/Copper porphyry deposits within Seabridge’s 100%-owned KSM Project…the updated resource estimate incorporates all previous drilling plus 10,400 m of diamond core drilling completed in 11 holes drilled in 2017, all of which returned wide zones of significant grade…Seabridge Chairman and CEO Rudi Fronk stated, “All our objectives at Iron Cap were more than accomplished last year. A larger, richer Iron Cap deposit is expected to take a more prominent place in our mine planning. We believe Iron Cap has the potential to make a strong contribution to improving project economics thanks to its higher grade and its favorable capital and operating costs due to its location close to planned infrastructure.  Although we think that a $16 NSR is the right cutoff in the current environment, we are pleased to see that substantial tonnages at much higher grades are also possible if required in the future. Furthermore, we think that the size and grade of this deposit can continue to grow with further drilling.”

7. Datametrex AI (DM, TSX-V) is out with more news again this morning after yesterday’s mid-morning announcement…the company says that through its Nexalogy AI subsidiary, it’ll be augmenting its service offering to the Fortune 1,000 to include an artificial intelligence product that focuses on key competitive analysis and stock market awareness, allowing public companies to gather intelligence and also target specific sector campaigns more effectively…yesterday, DM jumped on mid-morning news that it has entered into a definitive agreement (through its Graph Blockchain subsidiary) to develop a large-scale graph database and blockchain solution prototype in partnership with IBM for a Korean conglomerate advancing an electric power and utility project…the solution will assist in analyzing charging stations…the value of the prototype is approximately $400,000…the project will use all of Graph’s unique IP (intellectual property), which DM says provides a compelling way of organizing, analyzing and displaying blockchain transactional data in real time…the graph database technology being developed processes blockchain data up to 1,000 times faster than traditional methods from 7 transactions per second to 7,000 transactions per second…additionally, information can be displayed much faster and more effectively…it is believed to be one of the most effective technologies to store, manage and present blockchain transactions specifically in peer-to-peer networks and has shown unique advantages for this energy-related prototype solution…

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January 25, 2018

7 @ 7:00

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

1. Gold has hit a new 4.5-month high, trading between $1,356 and $1,367 so far today…as of 7:00 am Pacific, bullion is flat at $1,358…Silver is off slightly at $17.50…on the base metal front, the big story is Nickel which is now above $6 a pound for the first time in 3 years…significantly, Nickel is breaking out above a long-term downtrend line going back to 2011 which implies the possibility of a very strong run this year after a turnaround in 2017…Nickel pushed as high as $6.21 this morning and is currently up 6 cents at $6.11…Copper and Zinc are steady at $3.22 and $1.58, respectively…Crude Oil is 13 cents higher at $64.60…Brent Crude hit $71 a barrel today for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. Crude inventories and a weaker greenback…in a further sign the glut is clearing, U.S. Crude inventories have fallen for a record 10th straight week to the lowest since February 2015…the specter of growing output of U.S. shale Oil is being offset by multiple bullish factors including global demand that’s stronger than most analysts expected…the U.S. Dollar Index is trying to stabilize, off just slightly at 89.03 after hitting its lowest level since December 2014

2. The European Central Bank did the expected today and left interest rates unchanged, suggesting they will remain at current levels for an “extended period of time”…however, the euro is pushing higher…traders have noted that despite comments from ECB President Mario Draghi today, easy monetary policy in the region is likely coming to an end…the euro zone is seeing its best economic growth in a decade, leading economists and policymakers to upwardly revise their economic forecasts for several major European countries…late last year, the ECB increased its growth forecast for 2018 to 2.3%, up from 1.8% previously…this is all very positive for the metals space…

3. U.S. equity markets are at their most technically “overbought” levels since Bill Clinton was President, but that may actually be a good thing…the S&P 500’s 14-month relative strength index (RSI) has surpassed 87 for the first time in nearly 22 years, a fact pointed out by Ari Wald, head of technical analysis at Oppenheimer…that’s a level it has reached only 1% of the time since 1930 – the other periods in which the measure moved that high were in 1996, 1986 and 1955, three of the strongest bull markets in history…in 1996, the RSI hit 87 in June – from there to the market peak, the S&P 500 rose 128%…a decade earlier, the RSI reached similar levels and the S&P 500 proceeded to gain roughly 50% through to the bull market’s high…going further back, in 1955, the RSI peaked at 88 in July and gained around 15% through to the top of its bullish stretch…

4. U.S. markets are on track for new record highs again today…the Dow is up 26 points through the first 30 minutes of trading…positive earnings reports continue to underpin equities…in Toronto, the TSX has slipped 52 points while the Venture is off 6 at 888iMetal Resources (IMR, TSX-V) reported this morning that it continues to find high-grade mineralization (Gold and Copper) in surface sampling over wide sections at its Gowganda West Project, contiguous to Tahoe Resources‘ (THO, TSX) 4 million ounce Juby deposit in northern Ontario…IMR is proceeding quickly toward first-ever drilling…on the CSE, Global Blockchain (BLOC, CSE) has been halted, pending news, while a stock starting to come to life this week has been Torino Power Solutions (TPS, CSE) which is making headway with its power line monitoring technology for utilities and other infrastructure entities…

5. Garibaldi Resources (GGI, TSX-V) has reported more high-grade Nickel-Copper results this morning from its massive sulphide discovery at Nickel Mountain in the heart of the Eskay Camp…of particular importance, however, is a new geophysical discovery of apparent greater magnitude than the one that helped lead geologists to Discovery Hole EL-17-14 (8.3% Nickel and 4.2% Copper over 16.75 m within a broader 40.4-m interval highlighted by 3.9% Nickel and 2.3% Copper plus Palladium, Platinum, Cobalt, Gold and Silver)…two “unusually strong conductive zones” – essentially “super” conductors greater than 10,000 Siemens – have been identified, interpreted to represent massive sulphides over broad areas at depth immediately below EL-1714 and south of the historic deposit adjacent to the east…an aggressive, fully-funded 2018 exploration and drilling program resumes this quarter…”HC2” south of the historic deposit and trending SW-NE may have implications for neighbor Metallis Resources (MTS, TSX-V)…according to Dr. Peter Lightfoot, one of the world’s premier Nickel sulphide experts, Nickel Mountain is producing some of the highest Nickel grades recorded in magmatic sulphide ore deposits on a global basis.  “The depth and lateral extent of Nickel-Copper-rich sulphide mineralization in the discovery and northwest zones is entirely open, creating a compelling combination of high grades and potential scale with this unique Eskay Camp system. A major expansion of drilling will be guided by an enhanced geological understanding and proof of concept with geophysics,” Lightfoot stated…

6. ML Gold (MLG, TSX-V) has mobilized a geophysics crew to its Stars Project near the Huckleberry mine in central British Columbia…the primary focus of the geophysics program will be to collect detailed airborne magnetic data around recently drilled hole 4 which intersected significant visible chalcopyrite mineralization over 300 m (assays pending)…recent drilling has discovered the presence of a large Copper zone within a porphyry system occurring in host rocks similar to those associated with the Huckleberry mine to the south…drill targeting to date has been primarily focused on IP chargeability and resistivity anomalies…these IP anomalies appear to be associated with a large propylitic halo typified by pyrite mineralization…recent developments, based on ML Gold’s preliminary drilling observations, have shown that there is a Copper-rich zone within one of the highest chargeable areas, surrounded by a large pyrite halo…currently there are no distinctions in the chargeability signature between chalcopyrite, pyrite and the different rock types, as the high chargeability anomaly extends across all…the detailed airborne magnetic survey will greatly assist in follow-up drilling around hole 4 which is anticipated to begin early next month…

7. Canada and Australia may be more connected than scientists ever imagined…new research from Australia’s Curtin University reveals that, about 1.7 billion years ago, part of northern Australia may have once been part of Canada…the study, published in the journal Geology,  found that rocks in Georgetown, Australia bear a striking resemblance to rocks found in modern-day Canada, and the rocks are not found anywhere else in Australia…Adam Nordsvan, the PhD student behind the research, said the report reveals a previously unknown story behind Nuna, an ancient supercontinent that once included Greenland, India, North China and part of West Africa…researchers say a chunk of northern Australia was once physically connected to part of northwestern Canada…the proof, researchers say, is that the distinct sedimentary rocks that both regions share…the two pieces of land eventually separated, and after about 100 million years, the small piece of Aussie land collided with part of northern Australia, becoming a permanent part of the continent…this theory has been floated before but the new research provides strong new evidence of the ancient link…

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December 5, 2017

7 @ 7:00

Check the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,266 and $1,277 so far today, touching a 5-week low…as of 7:00 am Pacific, the yellow metal is off $8 an ounce at $1,268…total known Gold ETF holdings continue to rise, up nearly 20% this year which significantly exceeds the increase in the Gold price…however, bullion is still on track for its best year since 2010 when it climbed 30%…Silver is down 15 cents at $16.14…Copper has slid 11 cents to $2.97, its lowest level in 2 months, while Nickel has fallen 21 cents to $4.94…Crude Oil is relatively flat at $57.42 while the U.S. Dollar Index has climbed one-quarter of a point to 93.33….

2. OPEC has shown strong compliance with the supply cut pledge with November output dropping by 300,000 bpd to its lowest since May, according to a Reuters‘ survey…however, rising U.S. Oil production presents a headwind for OPEC’s efforts and data last week showed U.S. Crude output increased to nearly 9.5 million bpd in September, approaching the high of 9.63 million bpd seen in 2015…drilling rig activity is also up recently…on a positive note, the latest U.S. inventory reports are likely to show a 3rd straight weekly drop in Crude stocks…analysts expect the reports from industry group American Petroleum Institute (API) and the government’s Energy Information Administration (EIA) to show Crude stocks fell by 3.5 million barrels…Oil prices are now lower than where they were prior to the confirmation of the OPEC deal, not surprising given the level of expectation that had built up ahead of last week’s meetings…speculative investors were also holding almost record-high net-long positions…however, the outlook for next year looks solid and Goldman Sachs this morning raised its Oil price forecasts for 2018 by about 5%…

3. Strong earnings growth is a key factor in propelling global equity prices higher…listed companies are at their most profitable on record after a bumper year of earnings growth…the earnings-per-share of a FactSet index of over 20,000 listed companies from around the world has now reached an average of $9.69, increasing nearly 19% in the last year…that is the fastest year-over-year rise since 2011, surpassing the late 2014 high of $9.55…while the FactSet data only stretches back to 2001, increased earnings in emerging markets like China, among other factors, mean that the per-share level has likely never been higher…meanwhile, the Citi Global Economic Surprise Index, which measures whether economic data are beating or missing analysts’ expectations, has seen its best run since 2010 this year in both emerging and developing markets…

4. There’s a growing pipeline of potential new discovery opportunities in the broader Eskay Camp…Pretium Resources (PVG, TSX) announced this morning that a comprehensive regional exploration program has resulted in the identification of 3 distinct areas that have the potential to host epithermal mineralization similar to the Valley of the Kings…several Gold and Silver epithermal targets have been identified in the American Creek zone located approximately 25 km southeast of the Brucejack mine…the American Creek valley is dominated by km-scale north-south structures and localized east-west stockworks, which host elevated Gold values of up to 62.5 g/t in rocks of the Lower Hazelton group, Unuk River formation, the same formation that hosts the Brucejack mine…geophysical conductors identified in the American Creek zone are supported by coincident pathfinder minerals and trace elements associated with epithermal mineralization…the Koopa zone, located approximately 30 km east-southeast of Brucejack, has returned high grades of Gold, Silver, Lead and Zinc in surface sampling with geochemical signatures similar to intrustion-related epithermal Gold deposits…finally, 15 km east of Brucejack, numerous high-grade boulders have been sampled at the Boulder zone…alteration, geochemistry and Upper Hazelton group rocks in the area do indicate the boulders are potentially VMS related…a final data analysis is under way to refine high-priority targets within these 3 areas for drilling in spring 2018

5. North American equity markets have generally opened slightly weaker this morning, though the NASDAQ is up on a rebound in tech stocks…the Dow is off 42 points as of 7:00 am Pacificin Toronto, the TSX has retreated 47 points while the Venture has eased off 2 points to 785…a strong support exists between 780 and 770…typically, the Index will find its low for December during the first half of the month and then begin a strong push higher immediately prior to Christmas…Cobalt prices are closing in on another new high, up 45 cents at $30.84, just 23 cents below the recent new decade high, and that’s helping to give the company with the only underground access in the northern Ontario Cobalt Camp another lift…Castle Silver Resources‘ (CSR, TSX-V) crews have been sampling on the first level of the Castle mine, targeting high-grade Cobalt veins as highlighted in news last Friday…more results are pending…

6. The Canadian Securities Exchange posted record trading results for the month of November with the turnover of 3.49 billion shares…this smashed the previous monthly record from November 2016 of 1.33 billion shares…on a year-to-date basis, the CSE has traded 13.03 billion shares of its listed companies, far exceeding last year’s record of 6.43 billion shares…meanwhile, the total value of all shares traded on the CSE so far this year is $4.74 billion, well ahead of the previous annual record of $1.55 billion traded in 2016….the CSE has also seen robust activity on the new listings and financings front.  “A number of industry sectors have clearly caught the attention of the trading and investing communities interested in entrepreneurial companies,” commented Richard Carleton, CEO of the CSE. “We are delighted to see that the hard work of our issuer companies and the CSE team is paying off to the degree that it has over the last several weeks. With a strong group of prospective issuers in its pipeline, we are confident that the CSE will continue to bring compelling investment opportunities to investors in the coming months.”

7. Cboe Global Markets is leaping ahead of CME in an effort to become the first to launch bitcoin futures…Cboe announced this morning that it’s launching futures trading in the cryptocurrency beginning Sunday, Dec. 10, making the Chicago-based exchange the first to give investors a new way to wager on, and against, the booming new market.  “Given the unprecedented interest in bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure,” stated Ed Tilly, Chairman and CEO of Cboe Global Markets

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