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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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October 23, 2019

7 @ 7:00

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

1. Gold has traded between $1,488 and $1,497 so far todayas of 7:00 am Pacific, bullion is up $8 an ounce at $1,496…Silver is 8 cents higher at $17.57…key resistance remains $17.70 to $17.80…a close above $18 would confirm a fresh breakout…the Indian Diwali festival begins Friday…Gold demand from Indian consumers usually rises during the festival…however, reports say Indian consumer Gold demand could decrease up to 50% this year due to higher prices and an increase the country’s Gold import duty…it’s notable that the UAE is the latest country to announce that it’s establishing a federal platform for Gold trading and the tracking of Gold sources…the move, approved by the UAE cabinet earlier this month, is part of a larger policy to enhance the UAE’s position as a global hub for Gold and jewellery trading…the policy has 3 main pillars – governance, sustainability and innovation – with 10 separate strategic programs and initiatives, also including the establishment of a federal platform for Gold trading and tracking, international marketing of the Gold sector, and the use of technology in the production of Gold…the move is another signal that some countries are moving away from the dollar for Gold denomination…Antofagasta said today that protests in Chile could cut its Copper production by about 5,000 tonnes, equivalent to less than 3% of 3rd quarter output, due to delays in supplies and travel disruptions for workers…the London-listed miner, which has 4 mines in Chile and employs about 19,000 people, kept its annual forecast unchanged at 750,000790,000 tonnes of Copper this year but said 2020 output would be lower at 725,000755,000 tonnes…Copper is up a penny at $2.63 as of 7:00 am Pacific…Nickel has climbed 3 pennies to $7.57 while Zinc is flat at $1.14…Cobalt is steady at $16.10…Crude Oil has lost 14 cents to $54.34 while the U.S. Dollar Index is unchanged at 97.54

2. As noted yesterday, the Canadian economy is already in trouble as Trudeau begins his 2nd term with a minority government devoid of any representation from the heart of the country’s Oil and gas sector…Stats Canada reported that August retail sales were negative 0.1%…real gross domestic product (GDP) has expanded only 1.4% in the past year, but population growth is 1.5%, so the Canadian economy, despite all the bravado from the Liberals and their left-leaning friends in the mainstream media, is actually contracting fractionally on a year-over-year per capita basis…the fastest-growing segments of the economy are government, as we saw in the latest employment report, cannabis and multi-unit construction…those segments, amounting to 40% of GDP, have a combined year-over-year growth rate of over 3%…and of course we know the pain that has been brought upon the Oil and Gas sector in this country, largely due to government policies and the inability to get pipelines built…what sensible country would intentionally harm such an important sector of its economy, and care more about getting pot to market than Oil?…that’s “progressive”?…meanwhile, productivity growth in Canada is stagnant, whereas in the United States it is up 1.7% in the past year…Canadian household debt, while marginally off its all-time high‎, is still higher today as a share of GDP (101.3%) than it was in the United States at the 2006-07 bubble high (98.2%)…total principal and interest payments now absorb 15% of personal disposable income, a record high back to 1990 when borrowing costs were double-digits…this represents a serious drag on Canadian cyclical consumer spending, as we have seen with flat year-on-year retail sales growth…

3. A few earnings disappointments this morning including Boeing, Texas Instruments and Caterpillarshares of Caterpillar (CAT, NYSE), considered a bellwether for the global economy, dipped in early trading after the company slashed its full-year outlook and posted 3rd-quarter earnings that were well short of expectations…the company blamed the dismal results on a reduction in inventories from dealers…management said in a news release this weakness could persist due to “global economic uncertainty”…the heavy machinery manufacturer earned $2.66 per share in Q3 vs. the consensus estimate of $2.88 per share, according to Refinitiv…revenue came in at $12.76 billion, more than half a billion dollars below expectations…despite the weak results from Caterpillar and a few others, the 3rd-quarter earnings season has largely topped analysts’ expectations…of the 118 S&P 500 companies that have reported, 81% have posted better-than-expected results, according to FactSet…to be sure, companies are beating watered-down estimates…S&P 500 earnings were expected to have fallen by more than 4% in the previous quarter entering the season, according to FactSet

4. Wallbridge Mining (WM, TSX) is up a penny in early trading at 44.5 cents, where it can be expected to meet some technical resistance…the company released a whopper of a drill hole at depth following Monday’s late morning halt – 27 g/t Au over 38.9 m, and the stock certainly would have responded better if there weren’t already half a billion shares outstanding…Wallbridge’s impressive 70,000– to 80,000-m 2019 drill program continues to follow up on the Area 51 and Tabasco discoveries, outlining a large Gold system at its 100%-owned Fenelon Gold Property…drill hole FA-19-086, which was visually described in the company’s October 9 news release, assayed 27 g/t tonne Gold over 38.39 m in the Tabasco zone at a vertical depth of 500 m, further demonstrating the significant Gold endowment of the system at depth…further assay results from this hole are pending…“This interval released from hole FA-19-086 is a truly spectacular intersection with strong Gold mineralization throughout the over 38-m core length that has been assayed so far,” stated Attila Pentek, VP-Exploration for Wallbridge“We are keenly awaiting further assay results of surrounding batches from this hole, which, based on the mineral assemblages described, should carry some additional Gold mineralization.  Holes FA-19090 and FA-19092, 100 to 150 m away, also returned mineralized intersections of significant width along with some visible Gold mineralization in the Tabasco zone.  These new intersections, for which assays are not yet available, along with 20.89 g/t Au over 8.54 m, intersected in FA-19-052 (Tabasco), 17.58 g/t Au over 11.04 m in FA-19-059 (Cayenne) and 5.50 g/t Au over 10.96 metres in FA-19-065 (Tabasco), make us very excited about the potential of the Fenelon Gold system at depth”

5. The Dow is up 46 points as of 7:00 am Pacific…most Canadian voters didn’t take this into account Monday but inflows into Canadian stocks from international investors have declined by about 75% over the past year, another affect of anti-resource government policies in this country…net inflows into Canadian equities could be quickly headed to zero for the first time since 2008, which would not bode well for domestic stock performance…as of 7:00 am Pacific, the TSX is off 11 points while the Venture has rebounded 2 points at 542Score Media & Gaming (SCR, TSX-V) is up slightly…the company’s reports year-end financial results after the close…Gatekeeper Systems (GSI, TSX-V) is finding technical support in the low 20’s after the stock’s surge on Monday to a 2+ year high of 27.5 cents on record volume…the company’s recurring revenue model got a boost last week, thanks to an $11.8 million 5-year deal with the 6th largest transportation system in the United States…Skeena Resources (SKE, TSX-V) is unchanged at 52 cents after another bounce to the upside yesterday following more drill results from Eskay Creek…very high grades of Gold mineralization hosted within the largely under-explored and undeveloped Lower Mudstone horizon clearly demonstrate that another high tenor mineralization event occurred in the Eskay Creek stratigraphy…geologically, something very special occurred in the area from Nickel Mountain to Eskay Creek which both formed at approximately the same time…

6. Fiore Gold (F, TSX) has cut thick intervals of oxide Gold mineralization both within and outside of the current resource pit shells at its Gold Rock Project in Nevada, just 8 miles from its Pan Gold mine…highlights include 22.9 m @ 0.72 g/t Au in GR-19023; 25.9 m @ 0.92 g/t in GR-1924; 15.2 m @ 1.48 g/t in GR-19026; 16.8 m @ 1.6 g/t in GR-19029; and 10.7 m @ 1.36 g/t in GR-19032…these results will expand the resource envelope in advance of a PEA targeted for year-end…holes GR-19026 and 032 are particularly interesting in that they show strong intercepts with grades well above the average resource grade at the very northern end of the current pit-constrained resource…in the case of GR-19032, the intercept is north of the current resource pit, indicating the deposit remains open along strike to the north…holes 24 and 25 provide good infill intercepts in the central portion of the northern resource pit, while hole 19 (12.2 m @ 1.04 g/t) demonstrates continuity of grade through the lightly drilled gap in the current resource south of the northern resource pit…strong intercepts were also encountered in the southern resource pit, particularly in holes 23 and 29…President and CEO Tim Warman stated, “These holes represent the last of the RC holes from the 2019 drilling program at Gold Rock, with the results showing strong, consistent mineralization over approximately 2.4 km of strike length.  With the final RC assays in place we can now begin updating the geological and resource model at Gold Rock in support of the upcoming PEA scheduled for the end of the year.  Work on the PEA is progressing well and we are looking forward to the first detailed view of what we hope will be our second operating mine in Nevada.  With this first phase of drilling complete at Gold Rock, we’ve begun drilling at the Pan mine with the goal of growing the resource and reserve base and extending the mine life as we did successfully in 2018

7. Now the World Gold Council is on the climate change bandwagon…the WGC today published: Gold and Climate Change: Current And Future Impacts…the report highlights the Gold sector’s carbon footprint and the steps the industry can take to become net-neutral and meet the objectives of the Paris Agreement…“There is a path for Gold companies to meeting the Paris Accord.  We are already seeing a lot of good progress from a lot of mining companies, there is still more work that can be done,” stated Terry Heymann, CFO for the WGC, in an interview with Kitco News“Everyone needs to play their role when it comes to combating climate change and the Gold industry is no exception”…the report noted that the entire Gold sector produces 36,793 tonnes of carbon dioxide per tonne of Gold…total Gold market carbon emissions come in at 126.4 million tonnes…Gold production has by far the largest footprint in the entire sector…the WGC said that last year about 32,689 tonnes of greenhouse gasses were released last year for every tonne of Gold produced…Heymann noted that the biggest carbon emitter at a mine site is used in power generation: diesel fuel used to power generators that run the camps and mills…he added that this portion of Gold production has the biggest carbon footprint but it also represents the biggest opportunity to decarbonization…“It’s not an easy path right now but it’s feasible for mining companies to play their role and operate with net-zero emissions,” he said…“It’s only going to get easier as technology advances”

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October 22, 2019

7 @ 7:00

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

1. Gold has traded in a tight range between $1,483 and $1,489 so far todayas of 7:00 am Pacific, bullion is up $3 an ounce at $1,487…Silver is 2 cents higher at $17.54 after a brief spurt past some short-term moving averages intra-day yesterday…key resistance remains $17.70 to $17.80…a close above $18 would confirm a fresh breakout…Nickel is down slightly at $7.34…Copper and Zinc are each up a penny at $2.63 and $1.14, respectively, Cobalt is steady at $16.10…the London Metal Exchange (LME) is reviewing recent trading in the Nickel market following the biggest-ever decline in inventories…the exchange sent an email to members asking for more details of “significant client activity” in Nickel warrants since September 1…the LME also asked members to identify the client and business reason for the transactions, as well as steps taken to “ensure that the client’s activity is not conducive to an abusive squeeze or other pattern of market abuse/disorderly market conduct”…British Prime Minister Boris Johnson faces 2 pivotal votes in Parliament today that will decide if he can deliver on his pledge to lead the United Kingdom out of the EU in 9 days’ time…the Canadian economy is already in trouble as Trudeau begins his 2nd term…retail sales in Canada took a dive in August, falling 0.1%, as reported by Stats Canada this morning…the August figure was well below the consensus estimate of a 0.4% gain…China and the United States have achieved some progress in their trade talks, Chinese Vice Foreign Minister Le Yucheng said today…Yucheng’s comments came a day after President Trump spoke of optimism about a deal, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well…

2. Eric Sprott on Silver, and bank liquidity issues: “There is going to be a shortage of Silver.  We get information from dealers looking for supply and paying premiums, which is almost unheard of.  And when I look at the amount Silver going into ETFs and going into India, there is no way that there is not going to be a shortage”…on top of that, there is “a huge problem” happening under the surface – ongoing bank liquidity issues and how the Federal Reserve is responding to it…“There’s something happening underneath the surface where bank illiquidity is encountering a huge problem, and we are not being told.  Who knows what’s going on behind the scenes?  The most likely thing is somebody has blown up their derivatives book, and all the banks are calling in loans to other banks for fear…of the domino effect.  The repo market has come under tremendous stress”…the problem became visible to investors in mid-September when the repo rates surged close to 10%, he added…“The fact that they let it happen.  The fact that they weren’t aware that it was happening.  So there’s this huge illiquidity situation in the banking business which they thought they solved”

3. Eastern Canada, particularly Quebec, wants Western Canada’s Oil money but not the Oil, so perhaps it’s time for the West to get creative in terms of protecting its vital interests…in a sign of the times in a climate change-crazed hysteria “progressives” have strategically created to scam enough votes for federal power, the heartland of Canada’s critical Oil and gas sector, Alberta and Saskatchewan, is no longer represented in the federal government after yesterday’s election that reduced the Trudeau Liberals to a minority, albeit a strong enough minority to prevent a formal Liberal-NDP coalition…despite the fact his party was completely wiped out in Alberta and Saskatchewan, lost the national popular vote to the Conservatives and bled seats in every region of the country (it was the 2nd lowest popular vote for any national government in Canadian history), there was not even a shred of humility in Justin Trudeau’s victory speech last night…in fact he was just as defiant and smug as ever, coming across as if he had won a smashing majority…in a breach of tradition and decorum, he even walked out to the podium and delivered his speech in Montreal less than 2 minutes after Conservative leader Andrew Scheer began to deliver his opening remarks to supporters in Regina…the TV networks switched to Trudeau, preventing Scheer from speaking live to a national audience…if that’s Trudeau’s way of “reaching out to the West”, we’re in for some difficult times until the plug can be pulled on his minority government in 17 months or so (the average lifespan of a minority at the federal level)…meanwhile, Stephen Guilbeault, radical environmentalist and new Liberal star in Quebec, boldly stated that the Liberals will move “further and faster” on “climate change”…Guilbeault is expected to hold a key position in the new Trudeau cabinet and will be a lightening rod for the West and the resource sector in general…he could be appointed Trudeau’s “Climate Change Czar” with far-reaching influence into the resource space, bolstered by the Liberals’ hideous Bill C-69 which recently became law…Canada has become more divided than ever under Trudeau with Western alienation resurfacing while the Bloc has regained strong new support in Quebec…unfortunately, times are about to get even tougher for Canada’s Oil and Gas sector which has already been crushed by Trudeau…notably, the last time the Venture Exchange traded above 1,000 was when it was being led by the Oil and Gas sector in 2014

4. Vivian Krause reported in the Financial Post this morning that Barack Obama’s tweet in support of Justin Trudeau wasn’t the only outside influence in the 2019 election…“In 8 battleground ridings, Leadnow, a Vancouver non-profit with roots in the United States, was busy helping to try to defeat Andrew Scheer and the Conservatives.  According to emails sent to anyone who subscribes, Leadnow made 150,000 phone calls, and in Greater Toronto, it ran radio ads against the Conservatives.  Leadnow is one of the lead organizations in a Rockefeller-funded international effort called The Tar Sands Campaign that aims to land-lock Oil and Natural Gas from Western provinces, keeping Canada out of the global Oil market.  Leadnow has organized protests against all of the pipeline projects that have been scrapped or stalled: Northern Gateway, Keystone XL, Energy East and Trans Mountain as well as Woodfibre LNG and the Coastal Gaslink project in northern B.C.  In 8 ridings, Leadnow did door-knocking and helped to get out the vote for specific candidates.  During the 2015 federal election, Leadnow was also active with a strategic voting campaign to defeat Conservatives in 29 swing ridings. All but 5 were defeated”

5. The Dow is up 12 points as of 7:00 am Pacific…U.S. stocks will try this week to break the all-time highs set earlier in the year as a slew of S&P 500 companies report earnings…about 120 S&P 500 companies, or around 24%, are scheduled to release their quarterly results this week…those companies include Caterpillar and Boeing, both of which are expected to report tomorrow morning…the TSX is up 47 points and the Canadian dollar is steady as investors mostly shake off last night’s election results, likely relieved that it was a strong minority and the NDP doesn’t have “veto” power (the NDP will have sway, however, as Trudeau will nonetheless attempt to remain in power as long as he can by forming an unofficial “progressive” alliance)…the Venture is unchanged at 543Gatekeeper Systems (GSI, TSX-V), yesterday’s volume leader with a 36% gain, has eased off 1.5 cents to 25 cents in early trading… the stock is trading at its best levels since early 2017 and charts show it could move robustly into the 30’s on a breakout above key resistance in the upper 20’s…the company’s recurring revenue model got a boost last week, thanks to an $11.8 million 5-year deal with the 6th largest transportation system in the United States…MacDonald Mines (BMK, TSX-V) is under pressure after releasing additional results from drilling at its SPJ Property near Sudbury…assays for SM-19005 weren’t quite as exciting as the visuals…3 distinct zones of mineralization were intersected – 7.8 g/t Au over 1.4 m, 21.7 g/t over 1.6 m and 8.1 g/t over 1.9 m…drilling has yet to step out aggressively from the known historic deposit…Phase 3 diamond drilling has commenced at Radius Gold’s (RDU, TSX-V) high-grade Gold-Silver Amalia Project in Chihuahua, Mexico…Pan American Silver (PAAS, TSX, NASDAQ) is now operating the project and plans a minimum 2,500-m program as part of its option agreement with Radius to earn an interest in Amalia…

6. Skeena Resources (SKE, TSX-V) continues to deliver strong results from drilling at the past producing Eskay Creek mine…2 surface drill rigs are being used for the 2019 Phase I program in the 21A, 21E and 22 zones to infill and upgrade areas of Inferred resources to the Indicated category…this morning, Skenna released results from the 21A zone and the Lower Mudstone horizon, below the current Essay Creek resource…highlights include 313 g/t Au and 95 g/t Ag over 2.2 m in SK-19063, including 1,380 g/t Au and 322 g/t Ag over 0.50 m; 3.3 g/t Au and 56 g/t Ag over 37.5 m in SK-19065; and 4 g/t Au and 79 g/t Ag over 30.5 m in SK-19056 (true widths estimated at 80% to 100%)Paul Gaddes, Skeena VP-Exploration, noted, “Very high grades of Gold mineralization hosted within the largely under-explored and undeveloped Lower Mudstone clearly demonstrate that another high tenor mineralization event occurred in the Eskay Creek stratigraphy.   Both the regional and near mine mineralized intersections within this largely underexplored horizon represents a significant exploration target for the Eskay Creek Project.  The company’s detailed understanding of this mineralized system will allow future exploratory drill targeting to focus on instances where this auriferous horizon links to the known mineralized synvolcanic feeder zones and paleo-depressions in the mudstones”…the Lower Mudstone is situated approximately 100 m stratigraphically below the more familiar Contact Mudstone, host to the previously developed Eskay Creek deposits…Skeena is up 2.5 cents at 52 cents as of 7:00 am Pacific…the stock has performed well since late July, climbing more than to 50% thanks to solid progress at Eskay Creek where a lot of Gold was left behind when the mine shut down more than a decade ago…

7. Of all the market-moving tweets these days, one in particular from Democratic Presidential hopeful Senator Elizabeth Warren is sending shivers through the Oil industry…“On my first day as President, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands,” she tweeted on September 6“And I will ban fracking – everywhere”…outlawing a technique that energy producers use to blast Oil and gas from shale formations would require legislation and spur a torrent of opposition from companies, investors and probably even state governments…substantial as those hurdles may be, they haven’t stopped analysts from running the numbers for investors and energy executives to see what might happen, if hydraulic fracturing were banned…they are particularly focused on Warren’s threat to choke off drilling on federal lands…Tudor Pickering estimates that if fracking were banned, Natural Gas prices in the U.S. would jump to somewhere between $9 and $15, up from $2.32 per million British thermal units on Friday…the firm figures that Oil, trading around $53 a barrel, would rise to the $80 to $85 range and could risk shooting to $150 during market shocks…entire Oil-field service companies would become obsolete…pipeline owners would suffer without replenishment, as existing wells peter out…the winners would potentially be Canadian shale drillers and big global operators like Exxon and Chevron, for which higher energy prices would offset losses on U.S. assets…

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October 21, 2019

7 @ 7:00

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

1. Gold has traded between $1,487 and $1,496 so far todayas of 7:00 am Pacific, bullion is up $2 an ounce at $1,492…the COT report for the week ending October 15 showed money managers dropped their speculative gross long positions in Comex Gold futures by nearly 18,000 contracts to 213,987…at the same time, short bets rose by 6,725 contracts to 38,200Gold’s net-long positioning currently stands at 175,787 contracts, down more than 12% from the previous week…Silver is up 27 cents at $17.78 as it tries to conquer resistance in the $17.70 – $17.80 range…a close above $18 would confirm a fresh breakout…Nickel has dropped another 11 cents to $7.37 while Copper, Zinc and Cobalt are all steady at $2.63, $1.13 and $16.10, respectively…the union of workers at BHP’s Escondida mine, the world’s largest Copper mine, will hold a day-long strike tomorrow in a show of solidarity with protests in Chile…several Chilean cities have been engulfed by days of riots, along with peaceful protests, after a hike in public transport costs…arson, looting and riots over the weekend left at least 7 dead….the unrest was some of the worst to hit the country in decades…Crude Oil has slipped 74 cents to $53.04 while the Dollar Index is unchanged at 97.28…White House economic adviser Larry Kudlow expressed optimism this morning about ongoing U.S.-China trade talks, and said that tariffs scheduled for December could be withdrawn if negotiations continue to go well…the talks, which are expected to continue with calls this week, were “looking pretty good”Kudlow said in an interview on Fox Business Network

2. Barrick Gold (ABX, TSX; GOLD, NYSE) says it has reached a deal to settle a long-running tax dispute (extortion by the government would be more accurate) between Tanzania and mining group Acacia, which Barrick bought in a $1.2 billion (U.S.) transaction approved by a British court last month…the tax deal includes the payment of $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 5050 basis, Barrick said in a statement yesterday…Barrick is definitely back in Tanzania,” President and CEO Mark Bristow told reporters in Dar es Salaam, Tanzania’s commercial capital, yesterday…“A true partnership can only be described when you have 50/50 and our joint venture with the government of Tanzania is exactly that – a committed partnership to develop Tanzania’s Gold assets for the benefit of all stakeholders,” said Bristow…a new operating company named Twiga Minerals will be formed to manage the Bulyanhulu, North Mara and Buzwagi mines after a review by Tanzania’s attorney general, the statement added…under the agreement, the Tanzanian government will also buy a 16% shareholding in each of the mines…

3. Corporate buybacks are “plummeting” as companies tighten their purse strings, and it could have a big impact on the market, Goldman Sachs warns in a note to clients…in the 2nd quarter, S&P 500 share buybacks totaled $161 billion, about 18% less than the 1st quarter, the firm found…the amount spent on buybacks year-to-date is down 17% year-over-year, although it is on track to be the 2nd highest total on record…Goldman anticipates that this trend will continue, noting that “early indications suggest 2nd-quarter weakness in buybacks may persist”…for 2019 the firm predicts that total buybacks will drop 15% to $710 billion, and in 2020 they see another 5% decline to $675 billion…share repurchases have been a key element during this bull market, which is currently the longest on record…by repurchasing shares, a company reduces the number of shares outstanding which also has the effect of lifting earnings per share figures…

4. The Dow is up 13 points as of 7:00 am Pacific…U.S. stocks will try this week to break the all-time highs set earlier in the year as a slew of S&P 500 companies get set to report earnings…about 120 S&P 500 companies, or around 24%, are scheduled to release their quarterly results this week…those companies include Caterpillar and Boeing, both of which are expected to report Wednesday morning…Amazon, Intel, McDonald’s and Chipotle Mexican Grill are also on deck for the week…it’s election day in Canada…one thing seems certain – at the very least, Prime Minister Trudeau will lose his majority…however, that raises the nightmare possibility of a potential Liberal-NDP alliance that could govern even if the Conservatives emerge with the most number of seats…the Venture, which snapped a 3-week losing skid last week, is up 1 point at 543Gatekeeper Systems (GSI, TSX-V), which won a significant contract last week, is up another 2 pennies at 21.5 cents…the stock is now at its best levels since early 2017…next significant resistance is in the upper 20’s…one of last week’s top performers, Antibe Therapeutics (ATE, TSX-V), has slipped a penny to 42 cents through the first 30 minutes of trading…ATE’s chart pattern remains very constructive, however, as it also does for Canada Cobalt (CCW, TSX-V) which is unchanged at 35 cents after an important breakout above 33 cents…Aben Resources (ABN, TSX-V) has slipped another 3 pennies to 8 cents on another round of weak drill results from its Forrest Kerr Project in the Eskay Camp

5. After being halted since the beginning of July due to a major transaction, Calibre Mining (CXB, TSXresumed trading today with the stock now on the TSX as opposed to the Venture…the company announced this morning that it expects Gold production of between 32,000 and 35,000 between mid-October and the end of December after completing the acquisition of the El Limon and La Libertad mines from B2Gold (BTO, TSX)…all-in-sustaining costs are expected to range from $950 to $980 per ounce (U.S.)…as of the transaction close October 15, Calibre has a strong balance sheet with approximately $45 million CDN in cash and a multi-asset production platform with significant near-mine, district-scale exploration potential…CEO Russell Ball stated, “As anticipated, we are processing higher grade ore from the El Limon Central pit.  In addition, at La Libertad processing of higher-grade ore from the recently developed Jabali Antenna open-pit commenced in the 4th quarter.  I am excited about the near-mine exploration opportunities at La Libertad, El Limon and the Pavon project.  Drilling has already commenced at the Buenos Aires target at La Libertad, with expansion drilling at El Limon Central scheduled to begin in early November”CXB, which now has 310 million shares outstanding, is trading higher at 65 cents in early trading…

6. Bets on rising U.S. Oil prices have hit a 9-month low, underscoring investors’ concerns that a slowing economy will dent demand for Crude at a time when the world is awash in Oil…notably, net bullish bets are at their lowest level since the week ended January 8 – the latest indicator that softening demand and strong production from the U.S. and other suppliers are souring investors’ outlook on Crude…the International Energy Agency recently cut its 2019 and 2020 Oil-demand forecasts, citing a lower outlook for growth, while downbeat manufacturing numbers from around the world and trade uncertainties keep a lid on Oil prices, despite escalating tensions in the Middle East that could threaten supply…low Crude prices, however, are also an economic stimulus and help keep inflation in check…

7. Of all the market-moving tweets these days, one in particular from Democratic Presidential hopeful Senator Elizabeth Warren is sending shivers through the Oil industry…“On my first day as President, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands,” she tweeted on September 6“And I will ban fracking – everywhere”…outlawing a technique that energy producers use to blast Oil and gas from shale formations would require legislation and spur a torrent of opposition from companies, investors and probably even state governments…substantial as those hurdles may be, they haven’t stopped analysts from running the numbers for investors and energy executives to see what might happen, if hydraulic fracturing were banned…they are particularly focused on Warren’s threat to choke off drilling on federal lands…Tudor Pickering estimates that if fracking were banned, Natural Gas prices in the U.S. would jump to somewhere between $9 and $15, up from $2.32 per million British thermal units on Friday…the firm figures that Oil, trading around $53 a barrel, would rise to the $80 to $85 range and could risk shooting to $150 during market shocks…entire Oil-field service companies would become obsolete…pipeline owners would suffer without replenishment, as existing wells peter out…the winners would potentially be Canadian shale drillers and big global operators like Exxon and Chevron, for which higher energy prices would offset losses on U.S. assets…

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October 18, 2019

7 @ 7:00

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

1. Gold has traded between $1,484 and $1,494 so far todayas of 7:00 am Pacific, bullion is off $1 an ounce at $1,490…Silver is 5 cents lower at $17.46…the Palladium market is still structurally tight, keeping prices resilient between $1,730 and $1,750 after new all-time highs earlier in the week…Nickel, Copper and Zinc are all up 2 cents each at $7.47, $2.62 and $1.13, respectively, while Cobalt is steady at $16.10…Crude Oil is 43 cents higher at $54.36 while the U.S. Dollar Index, under pressure this week, has slipped another one-tenth of a point to 97.48…corporate profits continue to help underpin U.S. equity markets, keeping a lid on Gold for now…more than 70 S&P 500 companies have reported calendar 3rd-quarter earnings this week…of those companies, 81% have posted better-than-expected results, FactSet data shows..there are “mild signs” of overvaluation in the euro zone financial and property markets, creating a risk for stability at a time when the economy is slowing, the European Central Bank’s President Mario Draghi said today…“The financial stability environment remains challenging, as the global economic outlook has deteriorated,” Draghi told fellow policymakers on the International Monetary and Financial Committee in Washington…“There are mild signs of overstretched valuations in the euro area in some riskier segments of the financial markets, as well as in real estate markets, with marked differences across regions”…

2. British Prime Minister Boris Johnson began a last-minute charm offensive in an effort to win a critical Parliamentary vote on his Brexit deal set for tomorrow, seeking support from hard line euroskeptic Conservatives and opposition Labour Party lawmakers…Parliament is due to sit at the weekend for the first time since the 1982 Falklands War to consider a revised Brexit plan finalized by Johnson and European leaders yesterday…the deal represents a political victory for the Conservative leader, but it may prove fleeting if he can’t persuade the U.K. legislature to support it…Johnson, who leads a minority administration, lacks the numbers to be certain of victory but is hoping that he can persuade enough opposition legislators and current and former Conservative rebels to back him…

3. China says its economy grew by 6% in the 3rd quarter from a year earlier, slightly below expectations…it’s believed to be China’s slowest GDP gain in at least 27-and-a-half years, and there’s a good chance the real number is actually weaker…China’s GDP has fallen sharply since the 1st quarter of 2018 when it gained 6.8% due to credit tightening and trade tensions with the United States…Beijing’s official growth target for 2019 is 6% to 6.5%…economists are pessimistic about the immediate outlook for China even though there were some bright spots in the September data released today, with retail sales up 7.8% from a year ago and industrial output rising 5.8%…fixed asset investment rose 5.4% from January to September…however, cooling global demand will continue to weigh on China’s exports…some analysts also believe that the recent boom in property construction may unwind..there have been recent signals that the government wants to ramp up infrastructure spending and official support for businesses, the kinds of policies that fueled borrowing – and economic expansion – after the 2008 financial crisis…

4. Climate change is certainly not Canada’s most pressing issue, but climate-justice warriors might be: The climate change alt-left extremists who recently shut down Vancouver’s Burrard Bridge for more than 12 hours have plans to disrupt traffic once again later today during rush hour…Extinction Rebellion Vancouver, a hideous foreign-formed group, says it will hold a “snake march” through the downtown core to highlight the urgency of action on climate change…“We will be snake marching through downtown with signs, songs and love for our planet,” according to a post on the group’s Facebook page” (how about love for “Canada”, but of course these are globalists whose real mission is the spread of socialism)…“There is no planned route – it will be up to the rebels marching on the day to decide where we are going!”…meanwhile, a group of Oil and gas supporters is planning a counter-rally in Edmonton today when Swedish teen activist Greta Thunberg brings her naivety to the centre of Canada’s Oil and gas industry…Glen Carritt, who organized the United We Roll convoy that travelled to Ottawa in February, said a similar convoy will start in Red Deer, about 150 km south of the Alberta capital, in the morning…he said trucks are expected to arrive at the legislature at noon, when a climate rally is to begin with Thunberg…“We don’t need anymore celebrities coming here to tell us how to run our business,” Carritt said, referring to actors Leonardo DiCaprio and Jane Fonda, who have criticized the Oil sands development in the region…“We’re very frustrated and we’re frustrated at the fact that we still don’t have pipelines in the ground and we continue to buy foreign Oil”

5. The Dow is down 30 points as of 7:00 am Pacific but remains firmly entrenched in an uptrend that could take it to new record highs in the near future…in Canada, the TSX has barely budged in recent sessions as investors await the uncertain outcome of Monday’s federal election…the TSX is up 19.4% since the Trudeau Liberals were elected with a majority in 2015, an annual gain of less than 5%…that performance has significantly lagged the 47.4% gain in the S&P 500 since that time, where profits have been aided by corporate tax cuts and regulatory rollbacks across the economy since President Trump was elected 3 years ago…the Canadian energy sector is a clear laggard…it has tumbled 12% since the October 2015, election, the victim of not only weak Crude Oil prices but a fumbling government policy response to pipelines and the broader resource sector in general…as of 7:00 am Pacific, the TSX is up 11 points…Marathon Gold (MOZ, TSX) has hit a fresh 8-year high of $1.68 in early trading…the Venture has slipped 1 point to 543 after a 5-point jump yesterday...Gatekeeper Systems (GSI, TSX-V) is off half a penny at 19.5 cents after a strong session yesterday...Calibre Mining (CXB, TSX-V), halted since July 2 after announcing a major deal with B2Gold (BTO, TSX), has received final approval for the listing of its common shares on the TSX and will begin trading on the TSX under the same symbol Monday…the Canadian Marijuana Index has rallied back up to 290 this week, but Canopy Growth (WEED, TSX; CGC, NYSE) is still hovering in the upper $20’s…the company announced this morning that it has launched its 27th retail location and will introduce customers in Brandon to its 2nd location, conveniently located in Brandon’s Corral Centre…“Retail presence is a key driver of brand recognition in a competitive market,” stated Canopy Growth President Rade Kovacevic…“With 27 locations already open and many more in the works we are confident we’re establishing a national presence that can pay dividends for years to come”…

6. Benchmark Metals (BNCH, TSX-V) says it has has discovered a new Gold-Silver zone at its Lawyers Project in north-central B.C. that extends over an area of 500 by 250 m where individual rock grab samples from surface have graded up to 24.2 g/t Au and 1,425 g/t Ag…John Williamson, Chairman and CEO, commented, “The new Marmot East zone was never drilled during previous work campaigns and remains underexplored.  We are generating new high-priority drill targets for 2020 at both the Marmot and Marmot East areas where geochemical results (soil and rock samples) are coincident with radiometric anomalies that exhibit similar Gold and Silver potential to that seen from drilling in the heart of the Lawyers trend”…the newly identified Marmot East zone is in the east-central portion of the Lawyers Property, approximately 3 km directly south along strike from the main Lawyers trend mineralization…the zone spans 500 by 250 m within a larger 2,400-by-650-m-K-radiometric anomaly and is defined by bedrock mapping, soils and rock samples…BNCH is up 3 cents at 39 cents as of 7:00 am Pacific

7. In December, retailers will begin selling a host of new cannabis derivative products, including edibles, vaporizers and beverages in a second wave of legalization dubbed cannabis 2.0…the introduction of extracts is estimated to add an additional $2.7 billion to the cannabis market, according to Deloitte, but as producers add dozens of new products, retailers may already be facing a crunch in terms of how much of it they can actually carry…as well, retailers do not know what these products will taste like or how they will be received and so they will be forced to be agile and adapt quickly to customer preferences…unlike in the alcohol industry, regulations stipulate that producers cannot buy shelf space and can have no influence on where their product is displayed – or if it is stocked at all…not wanting to overwhelm retailers, producers are staggering the release of new products….Canopy Growth has 50 new products in its pipeline but is planning to have what he would only describe as a “core part of the portfolio” available in December, with the rest hitting shelves over the following 6 months…

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October 17, 2019

7 @ 7:00

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

1. Gold has traded between $1,483 and $1,498 so far todayas of 7:00 am Pacific, bullion is up $3 an ounce at $1,493…a slew of U.S. economic data was released this morning and was a mixed bag, leaning just enough on the weak side to give Gold a modest lift…Silver is doing well, up 18 cents at $17.53…Palladium rose for a 4th straight session today, hitting yet another record high of $1,784, before some profit taking set in…Copper has added 4 pennies to $2.61…Nickel, under some short-term technical pressure, is 8 cents lower at $7.50…Zinc is a penny higher at $1.12 while Cobalt is unchanged at $16.10…Crude Oil has lost 52 cents a barrel to $52.84 while the U.S. Dollar Index has retreated one-third of a point to 97.62…China says it hopes to reach a phased agreement in a protracted trade dispute with the United States and cancel tariffs as soon as possible, the Commerce Ministry said today, adding that “trade wars have no winners”…that’s an interesting statement as it was China that really launched a trade war against the West many years ago…only now, under President Trump, are they being challenged…a phased agreement would help restore market confidence and reduce uncertainty, ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication…

2. Negotiators from the U.K. and EU reached a draft Brexit deal in 11th hour talks today, although there are serious doubts that the agreement will be approved by U.K. lawmakers back in Westminster…“We have a great new Brexit deal,” U.K. Prime Minister Boris Johnson tweeted…he called on British lawmakers to back the deal when it’s put before Parliament on Saturday…however, he faces a formidable challenge to gather enough support from the U.K. Parliament…in a setback for the deal’s prospects, a political party allied to his government said it wouldn’t back the deal…after days of intense talks and more than 3 years after Britain voted to leave the EU, the 2 sides struck a compromise intended to ensure a border doesn’t appear on the island of Ireland…it was the main sticking point in negotiations aimed at smoothing Britain’s split with its largest trading partner…

3. Gatekeeper Systems (GSI, TSX-V), which has been in a steady uptrend the last few months, has been contracted by Southeastern Pennsylvania Transit Authority (SEPTA) to provide annually recurring vehicle video system maintenance services for SEPTA’s approximately 3,000 vehicles…this annually recurring contract is valued at approximately $2.36 million (CDN) per year…SEPTA has approved an initial 3-year service term beginning in November for approximately $7.1 million (CDN), plus two 1-year extension options, for a total potential contract value of up to $11.8 million (CDN) over 5 years…SEPTA is the 6th largest public transportation system in the U.S., providing over 300 million annual passenger rides for nearly 4 million people in Philadelphia…SEPTA is actively using video evidence as protection against fraudulent claims and has installed more than 27,000 video cameras on vehicles and in stations…Doug Dyment, Gatekeeper President and CEO, commented, “Our relationship with SEPTA began approximately 18 months ago when we made the strategic decision to expand our efforts in the U.S. transit industry.  Since then, we have won several transit-related contracts which has driven significant growth in our company. Gatekeeper’s vision to add layers of recurring revenue streams to our business model is being executed on by our team.  Our innovations in video management and analytics, together with our excellent customer service, has been validated by way of this contract and we are proud to be SEPTA’s video solutions provider”…Gatekeeper had working capital of approximately $6 million as per last financials (period ending May 31)…it has no long-term debt…Q3 revenue for the quarter ending May 31 was $4.3 million, the highest quarterly revenue in company history and a 70% increase over Q3 2018…net income was $613,000GSI has about 90 million shares outstanding and no warrants…the stock is up 2.5 cents at 20.5 cents on strong volume through the first 30 minutes of trading…

4. Marathon Gold (MOZ, TSX) released another batch of assay results this morning from a continuing infill drill program at its Marathon deposit, part of the Valentine Gold Project in central Newfoundland…the latest drilling continues to delineate significant new zones of quartz-tourmaline-pyrite-Gold (QTP-Au) veining in areas of limited previous drilling within the southwestern extension area of the 1,500-m-long Main zone within the Marathon deposit…highlights included 4 g/t Au over 29 m in MA-19450; 3.9 g/t Au over 20 m in MA-19448; and 2.2 g/t Au over 52 m in MA-19442…the Main zone represents a mineralized corridor of between 100 and 125 m width, extending from surface to more than 300 m depth, and comprising southwest-dipping, echelon stacked QTP-Au veining…Marathon’s Valentine Lake Project features 4 deposits: Marathon, Leprechaun, Victory and Sprite, the latter excluded from mine development planning until additional exploration drilling has increased the resource…where there are a few economic deposits along a productive trend, there are typically more…not only are the numbers impressive for Marathon, Leprechaun and Victory, but there’s a lot of under-explored ground on this big land package…Marathon’s PEA released late last year used a base price of $1,250 Gold per ounce and showed an after-tax project payback of 2.5 years, all-in-sustaining costs of $666 (U.S.) per ounce, after-tax NPV(5) of $493 million (U.S.), after-tax IRR of 30%, and 2.7 million ounces at 1.85 g/t Au (Measured and Indicated) and just over 1.5 million ounces Inferred at 1.77 g/t…average annual production was estimated at 225,000 ounces for 12 years…MOZ is up a penny at $1.58, just 3 cents below its recent multi-year high…

5. The Dow is up 60 points as of 7:00 am Pacific…Wall Street cheered strong earnings results from companies such as Netflix (NFLX, NASDAQ) and Morgan Stanley (MS, NYSE)…sentiment also got a boost from the Brexit deal…Netflix shares jumped after the video streamer posted earnings that topped analysts’ expectations…the company reported a bigger-than-expected increase in international paid subscribers, which mitigated a big miss in domestic subscriber adds…in Toronto, the TSX has gained 32 points while the Venture, down in 18 out of the last 22 sessions, has rebounded 2 points to 541Kraken Robotics (PNG, TSX-V) is steady at 70 cents after reporting yesterday that it expects revenue between $7.6 million and $7.8 million for the recently completed quarter ended September 30th…this would generate year-to-date revenue in the first 3 quarters of between $9.8 million and $10 million, exceeding the total revenue recognized in all of 2018 ($6.7 million)…Kracken expects to be profitable for the year on total estimated revenue of $15 million

6. Fiore Gold (F, TSX) has reported full-year Gold production of 41,491 ounces, a 21% increase over the preceding year and within guidance of 40,000 to 43,000 ounces…Q4 Gold production was 9,282 ounces…full-year mined ore production was 13,923 tons per day at a stripping ratio of 1.8…a 10,000 m program of resource expansion drilling is underway at the Pan mine in support of a resource and reserve update and a new life of mine plan in mid-2020…meanwhile, approximately 10,000 m of drilling is largely completed and metallurgical work is underway at the federally permitted Gold Rock Project, adjacent to the Pan mine, in support of a Preliminary Economic Assessment (“PEA”) by the end of this year…CEO Tim Warman commented, “Our team at the Pan mine had another excellent year, with Gold production within our guidance range and 21% higher than 2018 while continuing to maintain our high standards for safety and environmental protection.  Gold production in Q4 decreased relative to Q3 in part due to placing lower grade ore as well a slower ramp-up of the crusher than we anticipated. However, tons crushed per day consistently increased through the quarter and as ore placement on the leach pad returns to planned levels, Gold production is expected to likewise return to planned levels over the first quarter of FY/2020. The change from ROM to crushed ore marks the last major operational change at Pan, and the focus is now on our adjacent Gold Rock project which we intend to advance rapidly towards development and production.  A PEA will be completed by year-end, and our plan is to transition directly from a positive PEA to a full Feasibility Study with the goal of arriving at a construction decision by mid-2021

7. Shares of Oil exploration and production companies, along with Oil-field-service firms, have fallen even more than Crude prices this year…while U.S. Oil prices have lost about 26% over the past 12 months, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, a widely cited barometer, has lost nearly half of its value, accounting for dividends…meanwhile, the PHLX Oil Service Index, a basket of 15 companies that help Oil producers unearth oil and gas, is down 54%…of 73 U.S.-based exploration and development companies tracked by The Wall Street Journal, ranging from the $292-billion-market-cap Exxon Mobil to recently bankrupt EP Energy, only 1 has shares that have gained value over the past year – Hess…it’s up only slightly, though, even after  a huge Oil discovery off the coast of Guyana…more than 40 of the 73 companies have lost at least half of their stock market value over the past 12 months…in Canada, the S&P/TSX Energy Index is off 8% in 2019 to extend its losses over the past 12 months to 29%…

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October 16, 2019

7 @ 7:00

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

1. Gold has traded between $1,477 and $1,485 so far todayas of 7:00 am Pacific, bullion is up $5 an ounce at $1,486…it bounced off its lows of the morning after a weaker than expected U.S. retail sales report…meanwhile, the U.S. and China’s Phase 1 trade deal agreed to last Friday, but still not officially completed, is already looking hazy, especially regarding China’s promise to hike its purchase of agricultural products, according to a Wall Street Journal report this morning…uncertainty reigns over China’s commitment to buy more farm products from the the U.S…reports say details are lacking over time frame and amount of purchases that were promised…Silver is off 9 cents at $17.28…Copper has slid 3 pennies to $2.57…Nickel, showing some short-term chart weakness, is 20 cents lower at $7.60 while Zinc and Cobalt are both unchanged at $1.11 and $16.10, respectively…Crude Oil has gained 22 cents a barrel to $53.03 while the U.S. Dollar Index has retreated one-tenth of a point to 98.17Credit Suisse on Gold at the moment: “It appears that both the U.S. and China are still far from a bona fide trade agreement and economic data is weakening.  We continue to expect an October rate cut by the Fed of 25bps (bringing the Fed Funds rate to 1.501.75%) as global weakness and trade policy uncertainty persists.  Among the many macroeconomic and geopolitical factors at play, the U.S.-China trade war, central banks cutting rates, Brexit uncertainty, and recession fears, the one that appears most supportive of Gold prices is central banks cutting rates.  This leads to low/negative yields, making Gold an attractive investment due to diminished opportunity cost”

2. U.S. retail sales fell for the first time in 7 months in September, raising raise fears that manufacturing-led weakness is spreading to the broader economy…however, this should also keep the Fed in an interest rate cutting mode…the Commerce Department said this morning that retail sales dropped 0.3% in September as households cut back spending on motor vehicles, building materials, hobbies, and online purchases…that was the first and biggest drop since February…data for August was revised up to show retail sales gaining 0.6% instead of 0.4% as previously reported…economists polled by Reuters had forecast retail sales would climb 0.3% in September…compared to the same month last year, retail sales increased by 4.1%…

3. President Trump looks likely to cruise to re-election next year under 3 different economic models Moody’s Analytics employed to gauge the 2020 race…barring anything unusual happening, the President’s Electoral College victory could easily surpass his 2016 win over Democrat Hillary Clinton, which came by a 304-227 count…Moody’s based its projections on how consumers feel about their own financial situation, the gains the stock market has achieved during Trump’s tenure and U.S. employment data…should those variables hold up, the President looks set to get another 4-year term…the modeling has been highly accurate going back to the 1980 election, missing only once…“If the economy a year from now is the same as it is today, or roughly so, then the power of incumbency is strong and Trump’s election odds are very good, particularly if Democrats aren’t enthusiastic and don’t get out to vote,” said Mark Zandi, chief economist at Moody’s Analytics and co-author of the paper…“It’s about turnout”3 models show Trump getting at least 289 electoral votes, assuming average turnout…of the 3 models, he does best under the “pocketbook” measure of how people feel about their finances…in that scenario, assuming average non-incumbent turnout, he gets 351 electoral votes to the generic Democrat’s 187…“Record turnout is vital to a Democratic victory,” the report said…much of course can happen over the next 12 months…

4. Major new milestone for Canada Cobalt (CCW, TSX-V) which reported this morning that it has successfully poured its first Silver in a proof of concept test ahead of a significant ramp-up that will officially begin with the pouring of a 1,000-ounce Silver dore bar planned for later this month…the pilot plant at the Castle mine separated native (leaf) Silver, while crushing and screening, and created Silver gravity concentrate from mineralized Castle waste material (with native Silver in the waste, imagine how rich the underground material is)…the concentrate and native Silver were then smelted in the bullion furnace at PolyMet Labs in the town of Cobalt, just a 1-hour drive from the Castle mine, to produce 3 Silver bars totaling 300 ounces…through its proprietary and environmentally friendly Re-2OX Process, and further demonstrating proof of concept, Canada Cobalt also used the same waste material to separately recover Cobalt and produce a Cobalt sulphate at SGS Lakefield…meanwhile, Canada Cobalt has commenced its Phase 2 underground drill program at its 100%-owned and fully winterized Castle mine…multi-directional drilling will build aggressively on the success of the Phase 1 program that featured numerous high-grade Cobalt and Silver intercepts throughout the expansive first level including 13,208 g/t Silver (385.2 ounces per ton), 0.67% Cobalt and 3.8 g/t Gold over half a meter within a broader 5.51-m core length averaging 2,620 g/t Silver (76.4 ounces per ton) in CA-1802….Phase 2 drilling has started in this Cobalt-Silver rich area near the adit entrance where CA-1801 also returned a 7-m core length averaging 2.3% Cobalt, 261 g/t Silver and 1.65% Nickel…grade is King, and so too are multiple revenue streams which CCW is securing with its deal to acquire the Northern Ontario Silver-Cobalt District’s only facility combining bullion pouring, bulk sampling, commercial assaying and eWaste processing, with all 4 profit centres specializing in high-grade mineralization…CCW is up 2.5 cents to 38 cents as of 7:00 am Pacific

5. The Dow is down 60 points as of 7:00 am Pacific…in Toronto, the TSX and Venture are both flat through the first 30 minutes…Warren Buffett’s Berkshire Hathaway Energy Canada is breaking ground on a wind farm in southeast Alberta in 2020 that it says will produce enough energy to supply 79,000 homes…the $200 million Rattlesnake Ridge Wind Project will be located southwest of Medicine Hat…Amex Exploration (AMX, TSX-V) has announced an $8 million bought deal flow-through financing at $1.80, a 63% premium to yesterday’s closing price, after releasing fresh high-grade drill results from its its Perron Property in northwestern Quebec…Eric Sprott is participating in the private placement and will boost his position in AMX to approximately 14.2% on a non-diluted basis…more results just out from Westhaven which has cut 2.16 m grading 100.5 g/t Gold and 133.4 g/t Silver (Vein Zone 2) in drill hole SN-1919 at its Shovelnose Gold Property near Merritt…Vein Zone 1 has been extended by 170 m to a total strike length of 840 m after results that included 12.4 m @ 5.7 g/t Au and 44.6 g/t Ag…the company has drilled 34 holes over 14,506 m of a planned 20,000-m program…

6. GT Gold (GTT, TSX-V) released results this morning from 5 from drill holes from its 15,000-m Phase 2 program at its 100%-owned Saddle North Cu-Au porphyry system in Northwest B.C.’s Red Chris district…results from 3 of the 5 drill holes (128, 129 and 130) have extended the known higher-grade core of mineralization previously intersected in drill holes 93, 109 and 112, down-dip by approximately 150 to 200 m, to a vertical depth below surface of 1,550 m…hole 129 cut 793 m @ 0.46 g/t Au, 0.38% Cu and 1 g/t Ag from 488 m to 1,281 m…at 0.72% CuEq, those are numbers that will excite geologists but not Mr. Market, especially given the depth…drill hole 132 confirmed continuity of the higher-grade core in the central part of the deposit, cutting 137.78 m @ 1.71 g/t Au, 0.77% Cu and 2.36 g/t Ag (2.04% CuEq) from 476 m to 613.78 m…the latest results have outlined a northerly-trending and west-southwesterly dipping envelope of mineralization that has down-plunge, strike and width dimensions of 1,4001,600 m, 700 m and 200560 m, respectively…within this broader zone of mineralization is a south-southwesterly-plunging, northerly-elongate core of higher-grade mineralization with down-plunge, strike and width dimensions of 1,2001,600 m, 200400 m and 40450 m, respectively…drilling has confirmed continuity of mineralization with Cu-Au grades generally increasing with depth…the system remains open at depth, and highly prospective targets remain untested along strike to the west and southeast…GTT is off 11 cents on the news to 76 cents as of 7:00 am Pacific

7. Shares of Oil exploration and production companies, along with Oil-field-service firms, have fallen even more than Crude prices this year…while U.S. Oil prices have lost about 26% over the past 12 months, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, a widely cited barometer, has lost nearly half of its value, accounting for dividends…meanwhile, the PHLX Oil Service Index, a basket of 15 companies that help Oil producers unearth oil and gas, is down 54%…of 73 U.S.-based exploration and development companies tracked by The Wall Street Journal, ranging from the $292-billion-market-cap Exxon Mobil to recently bankrupt EP Energy, only 1 has shares that have gained value over the past year – Hess…it’s up only slightly, though, even after  a huge Oil discovery off the coast of Guyana…more than 40 of the 73 companies have lost at least half of their stock market value over the past 12 months…in Canada, the S&P/TSX Energy Index is off 8% in 2019 to extend its losses over the past 12 months to 29%…

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October 15, 2019

7 @ 7:00

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1. Gold has traded between $1,488 and $1,499 so far todayas of 7:00 am Pacific, bullion is off $4 an ounce at $1,488Bloomberg reported yesterday that China wants more talks to hammer out the details of the Phase 1 trade deal with the U.S. before signing it…investors are also keeping a close eye on a make-or-break summit between Britain and the EU on Thursday and Friday that will determine whether Britain is headed for a deal to leave the bloc on October 31, a disorderly no-deal exit or a delay…metal held across global Gold ETPs is at all-time highs, yet there is still appetite to add to exposure…regional distribution of ETP flows has recently shifted toward Europe…Silver has slipped 14 cents to $17.48…Nickel, which tumbled over a 5-minute span yesterday, has rebounded 15 cents to $7.75…Copper, Zinc and Cobalt are all steady at $2.60, $1.11 and $16.10, respectively…Crude Oil is off 39 cents to $53.20 while the U.S. Dollar Index has added more than one-tenth of a point to 98.62…U.S.-China trade tensions will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, according to the International Monetary Fund…the IMF added that the outlook could darken considerably if trade tensions remain unresolved…what they fail to point out, of course, is how poor economic policies in the euro zone and elsewhere are also acting as a drag on global growth…the IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast…the IMF and World Bank hold annual meetings this week in Washington…

2. St. Louis Federal Reserve Bank President James Bullard, a voting member of the FOMC, stated today at a conference in London that global trade and other risks remain high for a U.S. economy that may slow more sharply than expected…as a result, the Fed “may choose to provide additional accommodation going forward, but decisions will be made on a meeting-by-meeting basis,” he said…Bullard did not specifically discuss the preliminary trade deal reached between the United States and China last week, instead stressing that the uncertainty around global trade was likely to last, potentially for years…daily threats and counter-threats in the trade battle, or announcements or rejections of tentative deals, “are just the manifestations of ongoing negotiations and manifestations of the trade regime uncertainty,” he added…

3. The Dow has climbed 139 points as of 7:00 am Pacific…earnings season kicked off with stronger-than-expected results from J.P. Morgan Chase, Johnson and Johnson, UnitedHealth, BlackRock and CitigroupGoldman Sach’s 3rd quarter profit fell 26% from a year ago, hit by a slowdown in deal-making and losses on the bank’s stakes in companies…in Toronto, the TSX is up 38 points while the Venture has rebounded 3 points to 544Canada Cobalt (CCW, TSX-V), the world’s top-performing Cobalt stock the past 2 years, continues to gain traction following news that the company has inked a transformational deal to acquire a strategic mineral processing and analytical facility in the Northern Ontario Silver-Cobalt District, the area’s only facility that includes bullion pouring (Silver and Gold), bulk sampling, commercial assaying and eWaste processing, specializing in high-grade ores…CCW’s proprietary and environmentally friendly Re-2OX process will be integrated into the PolyMet Labs‘ facility…CCW is up 2 cents to 38.5 cents as of 7:00 am PacificCCW has multiple drivers in its favor at the moment including the fact it’s one of the market’s best-kept secrets on the Silver side…Gatekeeper Systems (GSI, TSX-V) is looking strong, up a penny at 17.5 cents…the company, which posted a 3rd quarter profit, recently announced that it has won a $6.3 million contract with the Southeastern Pennsylvania Transit Authority (SEPTA) to supply and install digital video recorders (DVRs) on SEPTA vehicles and trains…what’s the next chapter in the humorous but pitiful MGX Minerals (XMG, CSE) saga?…MGX Minerals fires CEO Lazerson”MGX Minerals says Lazerson still CEO”MGX Minerals directors still say Lazerson out as CEO”MGX Minerals says Lazerson remains CEO”“MGX news releases temporarily restricted by judge”

4. Benchmark Metals (BNCH, TSX-V) reported this morning that it has completed its 2019 exploration program at the Lawyers Property in north-central British Columbia…the program included 47 diamond drill holes totalling 10,767 m, defining 6 discrete mineralized zones that will be the focus of resource definition and expansion drilling in 2020…in addition, the collection of 1,406 soil samples, 215 rock trench samples, 42 rock channel samples, 299 rock grab samples, and detailed geological mapping and ground geophysics have developed 2 zones to drill-ready targets and 6 additional early-stage exploration targets for more comprehensive field programs in 2020Benchmark anticipates the release of drill results from October through January, 2020…CEO and Chairman John Williamson commented,  “The 2019 program successfully extended Gold-Silver mineralization in all directions within 6 different zones across a 3 km radius in the heart of the Lawyers trend.  Each zone shows significant potential to develop a mineral resource that includes high-grade and bulk-tonnage intersections that begin at surface.  Our geologists have also defined new discovery zones across the 127 sq. km package that will be drill tested in 2020

5. Cannabis producer CannTrust Holdings (TRST, TSX) says it will destroy about $12 million worth of plants and about $65 million worth of inventory as the company’s new management seeks to regain full regulatory compliance…Health Canada had frozen over half of CannTrust’s stock of marijuana and the company had earlier estimated its inventory and assets impacted by regulatory issues to be about $51 million…the Canadian health regulator canceled CannTrust’s licence to produce and sell cannabis in September, months after it found the company was illegally cultivating pot…since the company was found to be growing illegal pot back in July, it has fired its CEO, disclosed a regulatory investigation, and said its results may have to be restated…the company said yesterday it would not challenge the regulator’s suspension order…the Ontario-based company said its plan to regain regulatory compliance includes measures to recover cannabis that was not authorized by CannTrust’s licence and improve its inventory tracking…CannTrust will provide a detailed plan to Health Canada on or before October 21…the stock has rallied on the news, gaining 39 cents to $1.59 as of 7:00 am Pacific

6. Despite Trudeau’s promise to the contrary, the legal weed market has only supplanted 14% of the black market since legalization a year ago according to a Financial Post report over the weekend…there is no shortage of answers to the question of what went wrong in the cannabis industry’s disappointing first year – among them, mediocre product quality, uncompetitive pricing and a heavy regulatory burden (governments will typically find a way to screw things up)…there is plenty of blame to go around, however…the industry’s early focus on scale, something that others agree was largely a symptom of the push to raise capital ahead of legalization, distracted it from other important considerations…

7. How high of a carbon tax do you want to pay to supposedly “save the planet”, according to Canada’s left-wing “coalition” toying with socialism?…even if Canadian federal and provincial governments increase their carbon taxes to $75 (U.S.) a tonne, they will fall far short of reaching greenhouse gas emission targets, according to a new report by the International Monetary Fund…countries that rely more on Coal than Canada will see a greater impact from carbon taxes on their emission levels because the monetary bite will be deeper, the IMF says…some would see a $75 (U.S.) a ton carbon tax balloon Coal prices by 200% by 2030, the report released today showed…“Whereas a $25 (U.S.) a ton price would be more than enough for some countries (for example, China, India, and Russia) to meet their Paris Agreement pledges, in other cases (for example, Australia and Canada) even the $75 (U.S.) a ton carbon tax falls short,” the Washington, D.C.-based lender said…“Emissions are more responsive to pricing in Coal-reliant countries such as China, India, and South Africa than in other countries”

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