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Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

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February 18, 2020

7 @ 7:00

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1. Gold has traded between $1,585 and $1,594 so far today as it closes in on $1,600…as of 7:00 am Pacific the yellow metal is up $9 an ounce at $1,590…Silver has jumped 16 cents to $17.92…both Gold and Silver are looking increasingly bullish from a technical perspective as they start to push through key resistance on short-term charts…Palladium has jumped another $23 an ounce to $2,424 while Rhodium has shot up $200 an ounce to $10,500…base metals are off slightly with Copper, Nickel and Zinc at $2.59, $5.85 and 96 cents, respectively…the U.S. Dollar Index continues to shine, up more than one-third of a point to 99.40 while Crude Oil has retreated 92 cents to $51.13…investment professionals now see China’s $12.2 trillion economy rising an average of just 5.2% over the next 3 years, according to the Bank of America Global Research Fund Manager Survey for February…while that’s a level that much of the developed world would envy, it’s well off China’s average quarterly gain of 6.6% over the previous 3 years and well below the 10.6% gain of a decade ago…it’s also the weakest outlook since September 2015…

2. Chinese officials are celebrating a drop in the number of new coronavirus infections and deaths, though the World Health Organization warned against complacency as global health authorities continue to battle the virus…China’s National Health Commission today reported 1,886 new confirmed coronavirus cases in mainland China yesterday, the first time the daily tally has fallen below 2,000 since the beginning of the month…the daily number of confirmed cases outside Hubei province, the epicenter of the outbreak, also fell to below 100 for the first time this month, while the number of new deaths across mainland China – 98 yesterday, all but 5 of them in Hubei – fell to less than 100 for the first time in nearly a week…of course we have to assume that China’s communist government is providing accurate numbers…the debate over whether the coronavirus has peaked has consumed health authorities and policy makers over the past week…across China, some policies have called for tighter controls to contain the spread of the virus, while others are designed to pave the way for a return to normalcy as the economic toll of the outbreak intensifies…

3. The optics aren’t good for Canada: President Trump is focused like a laser beam on the U.S. economy, a shining light in a rather gloomy world…meanwhile, as Canadian infrastructure came under attack by anarchists and eco-terrorists (not “land defenders”), Prime Minister Trudeau was galavanting around the globe last week to promote his failing globalist agenda in an attempt to win Canada a useless seat on the useless UN Security Council…he even cozied up to the rogue regime of Iran, warmly embracing Iranian foreign minister Foreign Minister Mohammad Javad Zarif at the 56th Munich Security Conference on Friday (video that Iran happily used for propaganda purposes)…back home where he belongs, Trudeau now says his government is committed to finding a “quick and peaceful” resolution to the blockades that have shut down swaths of the country’s rail system and temporarily blocked bridges and highways…those who are determined to “shut down” Canada surely sense the weakness in this country’s political leadership…in fact, there is a massive leadership vacuum…even “Conservative” Ontario Premier Doug Ford, all hat and no cattle as they would say out west, has hardly said a word about the disruptions that have carried on for more than a week…the national interest has no defender and the rule of law simply doesn’t exist…who’s even standing up for the democratically elected First Nation bands in northern British Columbia, all of whom support the Coastal GasLink pipeline?…every day the rail stoppages continue, the loss to the Canadian economy is staggering…with very rare exceptions (Jason Kenney in Alberta, for example), this country’s political leadership is an unmitigated disaster…

4. Palladium has quickly built on last week’s sharp gains, climbing more than $100 an ounce already this week to break above a bullish symmetrical triangle on the short-term chart…next measured Fib. resistance is near $2,800…the Palladium market was in a supply/demand deficit of more than 1 million ounces in 2019, and the shortage is expected to be even worse in 2020, according to Johnson Matthey in a report issued yesterday…analysts generally have cited strong auto-catalyst demand that is causing a continuing wide supply deficit…“The Palladium market deficit widened to over 1 million ounces in 2019, as combined primary and secondary supplies grew only modestly, while auto-catalyst demand surged higher on the back of new (emissions) legislation in China and more stringent testing regimes in Europe,” Johnson Matthey noted…the company said that average Palladium loadings rose by 14% in gasoline-powered cars…this drove automotive demand for Palladium to a record high of 9.7 million ounces, despite lower auto production in most regional car markets…all forms of Palladium demand amounted to 11.5 million ounces in 2019, up from 10.2 million in 2018, Johnson Matthey said…mine production eased to 6.89 million ounces from 7 million, hurt by lower shipments from Russia…however, recycling climbed to 3.42 million ounces from 3.12 million…investment demand remained negative, although the pace of liquidations slowed considerably from the previous several years…some 700,000 ounces of Palladium were in ETF vaults at the start of 2019, down from a peak of nearly 3 million in 2015…by August, the total fell to 590,000 before some moderate ETF buying in the final quarter of 2019, leaving them at around 660,000 ounces at the end of the year…imagine if ETF buying were to accelerate…“The Palladium deficit is likely to deepen in 2020, as an increasing number of Chinese and European vehicles meet China 6 and Euro 6d legislation, respectively,” Johnson Matthey added…“This is expected to drive up global average loadings on gasoline catalysts and could lift world automotive demand above 10 million ounces”…

5. Silvercrest Metals (SIL, TSX) is pushing higher in early trading after this morning’s confirmation of a new discovery at its Las Chispas Project in Sonora, Mexico – the Babi Norte southeast faulted extension named the “Area 200 zone”…expansion drilling has significantly increased the strike length of the Babi Norte Vein from 1.2 km as previously announced on February 25 to over 2 km…39 drill holes in this area have established an initial high-grade footprint of 500 m x 125 m…drill results from these 39 holes in Area 200 show an average estimated true width of 1.5 m with a weighted average grade of 16.1 g/t Au and 2,166 g/t Ag, or 3,375 g/t AgEq…Area 200 is not included in the current resource estimate….with this discovery, the Babi Norte Vein becomes the highest-grade vein currently known on the property…Babi Norte now has a total of 274 drill holes, including Area 200, which will be part of the updated resource and initial reserve estimate for the Feasibility Study to be released around the middle of this year…the cut-off date for drill data to be included in the FS is the end of this month…CEO Eric Fier remarked, “Since the high-grade discovery in January, 2018, of the Babicanora vein, Area 51 zone, the Silvercrest technical team has been systematically testing out its theory of the nature of multiples for the potential to discover parallel high-grade precious metal veins and zones similar to Area 51. With the high-grade discoveries of Las Chispas vein, Area 118, in November, 2019, and now the Babi Norte vein, Area 200, this work has proven effective. Area 200, approximately 500 m in strike length, is now considered the highest-grade discovery to date at Las Chispas and, combined with the remaining 1.5-km strike length of the vein, is the longest mineralized vein in the district, surpassing the Babicanora vein. Area 200 is proximal to the Santa Rosa decline, suggesting it could be easily accessed with minimal underground development”…SIL is up $1.31 at $10.08 as of 7:00 am Pacific…

6. The Dow has fallen 89 points through the first 30 minutes of trading…Apple (AAPL, NASDAQ) is under pressure after the company said the fallout from the coronavirus will cause it to miss its sales targets this quarter, sending shockwaves across tech stocks globally…meanwhile, Walmart reported fiscal 4th-quarter earnings this morning that fell short of analysts’ estimates…the retailer saw weak demand for toys, apparel and video games during the holiday season..in Toronto, the TSX is up 20 points with the Gold Index gaining 3 points to 264…exploration and production companies in the S&P/TSX Composite Index are collectively trading 70% below their 2014 peak…a resurgence in the Canadian energy sector is still nowhere in sight, leading more and more investors at home and abroad to the conclusion that the Oil patch is investable given Trudeau’s National Energy Program 2.0 (capital will always flow to where it’s wanted, and it’s increasingly flowing from Canada to the U.S.)…the Venture is up 3 points at 573…heavy volume in 1911 Gold (AUMB, TSX-V) in early trading on a major cross…it’s an attractive Gold junior we’ve been highlighting…AUMB is up a penny-and-a-half at 36.5 cents as of 7:00 am Pacific…Amex Exploration (AMX, TSX) has added 7 cents to $1.86 following last week’s new high-grade Gold discovery at depth at the Perron Property near Rouyn-Noranda…the stock confirmed a fresh breakout above $1.60 with a 27-cent gain last week…Palladium One (PDM, TSX-V) announced this morning that drilling will commence next week at its Palladium project in Finland…PDM is up a penny at 16 cents…other Palladium plays to keep an eye on include Canadian Palladium (BULL, CSE) and Transition Metals (XTM, TSX-V)…Sixth Wave Innovations (SIXW, CSE), which made its debut on the CSE with impressive volume and price action last week, has a major partner to crow about – the company announced last Thursday that Sumitomo Corporation of Americas is acting as sales representative for its IXOS^®-Au product line…Sumitomo will introduce and promote IXOS^® to its extensive customer base in the Gold mining industry and receive a 5% commission on applicable sales…Sumitomo completed a rigorous analysis and assessment of Sixth Wave’s disruptive IXOS^® molecular imprinted nanotechnology used for Gold extraction, and is also interested in future Sixth Wave technological advancements for the extraction of other metals and contaminants associated with mining activities…SIXW raised nearly $14 million at 75 cents with no warrants…

7. As young adults from Generation Z start to carve out their career paths, they should not overlook the mining industry…there are 79,680 positions that will need to be filled in the mining field in Canada over the next decade, according to The Mining Association of Canada recently released annual report…a retirement wave is coming to the mining sector in the next decade which will see 25% of the industry’s current workforce retire by the year 2030, which represents around 57,000 positions…“The mining industry, both in Canada and abroad, faces a number of human resources challenges. The 2020 edition of the Canadian Mining Labour Market Outlook estimates that the Canadian mining industry will need to hire 79,680 new workers over the next decade to 2030. These new hires are required to replace retirees and fill new positions to meet baseline production targets”…on top of the retirement problem, the Canadian mining industry is facing an increasing brain drain when it comes to skilled workers…“Companies in other countries are actively recruiting Canadian graduates and workers, making retention challenging and recruitment highly competitive,” the report pointed out…

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Comments (6)

February 13, 2020

7 @ 7:00

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

1. Gold has traded between $1,572 and $1,578 so far today…as of 7:00 am Pacific the yellow metal is up $7 an ounce at $1,573…Silver has jumped 21 cents to $17.66…Palladium has added $5 an ounce to $2,305 as it continues to trade within a bullish symmetrical triangle on the short-term chart…action this week suggests Palladium could be nearing another major breakout…base metals are up slightly with Copper, Nickel and Zinc at $2.61, $5.96 and 98 cents, respectively…the U.S. Dollar Index is relatively flat at 98.99 while Crude Oil has gained 55 cents to $51.72…global Oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the coronavirus and widespread shutdown of China’s economy hits demand…in a news conference today, China said it confirmed 15,152 new coronavirus cases and 254 additional deaths…those figures include the ones reported earlier by Hubei province under its new diagnosis methodology…previously, infections were only allowed to be confirmed with nucleic acid tests, which can take days to process, but Hubei province is now using CT scans which can diagnose the virus more quickly…the epidemic will hit China’s auto sales and production hard over the short-term, according to the China Association of Automobile Manufacturers…preliminary data for January shows vehicle sales tumbled 18% while sales of battery electric and other so-called new energy vehicles plunged 54.4%, down for a 7th month in a row…meanwhile, Canada is not without its share of problems these days…thousands of Alexandria Ocasio-Cortez’s have been mobilized across the country by the aboriginal extremist Wet’suwet’en “hereditary chiefs” and far-left foreign-funded affiliates who are determined to disrupt infrastructure, the resource sector and the broader economy as much as possible…in B.C., one of multiple provinces affected, rail shipments of perishable food, chlorine for water treatment and raw materials for manufacturers have been halted…unfortunately, this comes at a time when there is a huge vacuum of political leadership in Canada, particularly at the federal level…an extremist minority voice is being allowed to declare that it is the only true voice, and it’s ignoring court orders and using blockades to prevent companies from going about their lawful business…capital is going to increasingly flow to the United States if this craziness in Canada is allowed to continue…the unelected, unaccountable, foreign funded, anarchist and anti-capitalist “hereditary chiefs” are also undermining legitimate, moderate and entrepreneurial First Nation groups across the country who want to lift their people out of poverty…what’s happening here is a national disgrace…

2. The Palladium market was in a supply/demand deficit of more than 1 million ounces in 2019, and the shortage is expected to be even worse in 2020, according to Johnson Matthey in a report issued yesterday…analysts generally have cited strong auto-catalyst demand that is causing a continuing wide supply deficit…“The Palladium market deficit widened to over 1 million ounces in 2019, as combined primary and secondary supplies grew only modestly, while auto-catalyst demand surged higher on the back of new (emissions) legislation in China and more stringent testing regimes in Europe,” Johnson Matthey noted…the company said that average Palladium loadings rose by 14% in gasoline-powered cars…this drove automotive demand for Palladium to a record high of 9.7 million ounces, despite lower auto production in most regional car markets…all forms of Palladium demand amounted to 11.5 million ounces in 2019, up from 10.2 million in 2018, Johnson Matthey said…mine production eased to 6.89 million ounces from 7 million, hurt by lower shipments from Russia…however, recycling climbed to 3.42 million ounces from 3.12 million…investment demand remained negative, although the pace of liquidations slowed considerably from the previous several years…some 700,000 ounces of Palladium were in ETF vaults at the start of 2019, down from a peak of nearly 3 million in 2015…by August, the total fell to 590,000 before some moderate ETF buying in the final quarter of 2019, leaving them at around 660,000 ounces at the end of the year…imagine if ETF buying were to accelerate…“The Palladium deficit is likely to deepen in 2020, as an increasing number of Chinese and European vehicles meet China 6 and Euro 6d legislation, respectively,” Johnson Matthey added…“This is expected to drive up global average loadings on gasoline catalysts and could lift world automotive demand above 10 million ounces”…

3. Another reason for Gold to continue to track higher: The sea of red ink is getting deeper and deeper in Washington, with the federal government already racking up a budget deficit that is averaging close to $100 billion a month…Treasury Department data released yesterday showed the shortfall at $389.2 billion in the first 4 months of fiscal 2020…that’s a 25% gain over the same period last year and already about 40% of the total deficit for fiscal 2019-2020…over the past 12 months, the government has spent $1.06 trillion more than it has taken in…all the red ink has bought the total national debt to $23.3 trillion…receipts actually are on the rise comparatively, coming in at $1.18 trillion through January compared with $1.1 trillion a year earlier…however, the rate of spending is adding to the shortfall, with outlays coming in at $1.57 trillion vs. $1.42 trillion for the first 4 months of fiscal 2019…that’s a 9.6% spending increase…

4. As young adults from Generation Z start to carve out their career paths, they should not overlook the mining industry…there are 79,680 positions that will need to be filled in the mining field in Canada over the next decade, according to The Mining Association of Canada recently released annual report…a retirement wave is coming to the mining sector in the next decade which will see 25% of the industry’s current workforce retire by the year 2030, which represents around 57,000 positions…“The mining industry, both in Canada and abroad, faces a number of human resources challenges. The 2020 edition of the Canadian Mining Labour Market Outlook estimates that the Canadian mining industry will need to hire 79,680 new workers over the next decade to 2030. These new hires are required to replace retirees and fill new positions to meet baseline production targets”…on top of the retirement problem, the Canadian mining industry is facing an increasing brain drain when it comes to skilled workers…“Companies in other countries are actively recruiting Canadian graduates and workers, making retention challenging and recruitment highly competitive,” the report pointed out…

5. This should come as no surprise: Two Wet’suwet’en “hereditary chiefs” are suing Ottawa in a bid to force the federal government to take action on climate change…if the claim filed in federal court this week by these 2 “hereditary chiefs” of the Likhts’amisyu Clan succeeds, Ottawa would be forced to revisit the approval of projects such as the $6 billion, 670-km Coastal GasLink pipeline, if they prevent Canada from meeting international commitments to lower greenhouse gas levels…”What the Likhts’amisyu are saying to the federal government is that you’ve talked the talk, now it’s time to walk the walk,” said Richard Overstall, the lawyer for the chiefs…“And allowing these high greenhouse gas emitting projects to continue for 40 years isn’t walking the walk”…the lawsuit describes global warming as an “existential threat” that has specific impact on the “rights” of the Wet’suwet’en as guaranteed under Section 7 of Canada’s Charter of Rights and Freedoms – the right to life, liberty and security of the person (of course these are the same aboriginal extremists and anarchists who refuse to abide by court orders and do not respect the laws of the country)…the chiefs want a declaration from the Supreme Court that the Crown has a constitutional duty to act to keep global warming between 1.5 C and 2 C above pre-industrial levels…they also want a declaration that Canada has an obligation to meet those targets under a section of the Constitution that requires government to maintain “peace, order and good government”…and they’re seeking a requirement for Ottawa to prepare “a complete, independent and timely annual account of Canada’s cumulative greenhouse gas emissions” with the ability to cancel approval for projects that threaten climate goals…

6. In their own words: Who are these individuals supporting the Wet’suwet’en “hereditary chiefs?…a typical example is 24 year-old Simran Dhunna of Climate Justice Toronto, profiled in a story by the left-leaning Toronto Star: “We’re a youth-led group of young people who are uniting in solidarity with Indigenous folks who are on the front lines of the climate crisis. We really believe that we’re going to be able to only stop the climate crisis when we confront its root causes: colonialism, white supremacy and capitalism (our emphasis). A lot of our membership and youth around the city and country know that the struggle for Indigenous sovereignty is the struggle for climate action. That’s part of the reason I was one of the people who was involved in a nearly 24-hour occupation of Carolyn Bennett’s office this Monday, rallying with others outside. We occupied for 3 key reasons. We want the Canadian government to implement UNDRIP and to respect Wet’suwet’en’s rights to free prior informed consent, which Coastal GasLink had never obtained. We want the RCMP to stand down, to leave Wet’suwet’en land immediately, and to not arrest land defenders or searching through the Unist’ot’en’s healing centre. This movement is taking the lead from Wet’suwet’en nation. The Unist’ot’en camp has released a supporter tool kit (our emphasis). And so climate activists and community groups have taken that toolkit and organized their own non-violent direct actions around the country. For as long as there is an RCMP presence and for as long as the government and Coastal GasLink try to gain access to Wet’suwet’en land without consent, we will continue to take non-violent direct action and disrupt business as usual. The government says that they’re climate leaders, say that they’re about reconciliation, What we’re really seeing is inaction and hypocrisy on part of the government at the provincial and federal level”…

7. The Dow has fallen 154 points through the first 30 minutes of trading…Tesla (TSLA, NASDAQ) is under further pressure this morning after Elon Musk’s automaker announced plans to raise $2 billion in a stock offering through underwriters Goldman Sachs and Morgan Stanley…Tesla says it plans to use the proceeds from the offering “to further strengthen its balance sheet, as well as for general corporate purposes”…in Toronto, the TSX is down 31 points, with the Gold Index bucking the trend with a 3-point gain to 261…the Venture is 1 point lower at 570 at the top of a strong support band…Amex Exploration (AMX, TSX-V) has drilled a whopper of a hole – 29.4 g/t Au over 8.5 m (hole PE-20–137) at its 100%-owned Perron Property near Rouyn-Noranda…this result is a major breakthrough as it opens up a whole new area of exploration in the Eastern Gold zone and is reminiscent of similar Abitibi Gold mines that have significant depth potential…PE-20–137 extends the Gold mineralization at depth by 150 m as well as along strike by 75 m…it’s also to the east of a late-stage diabase dike as shown in an image on the company’s website…the intercept was from 631.5 m to 640 m (true width estimated at 45% to 75%) and shows exceptional grade continuity over the composite interval including 60.5 g/t over 0.70 m, 11.7 g/t over 1.00 m, 48.7 g/t over 0.60 m, 50.3 g/t over 0.50 m and 279.7 g/t over 0.50 m…AMX is breaking out to new all-time highs, up 27 cents at $1.82 as of 7:00 am Pacific…Eric Sprott is a major investor in AMX and will cheer these results…Great Bear Resources (GBR, TSX-V) has cut 10.6 g/t Au over 21 m in fresh results released this morning from its Dixie Project in the Red Lake District…the company has completed a successful “first pass” 4.2 km drill test of the LP Fault…all 59 drill holes on 50 to 250-m spacings successfully intersected Gold mineralization…a continuously mineralized zone is now interpreted (the “LP Fault zone”) which remains open both along strike and at depth…Balmoral Resources‘ (BAR, TSX) has commenced its 2020 winter drill program targeting several known Gold-bearing zones along the Area 51 system at its wholly-owned Fenelon Property…drilling is anticipated to continue through to spring break-up in April with a minimum of 5,000 m planned during the current phase of the program…Balmoral’s current 2020 exploration plan calls for a minimum of 20,000 m of drilling, focused almost exclusively on Gold targets on the Detour Gold Trend Project, which will be completed in 2 phases…Galway Metals (GWM, TSX-V) has cut 6.3 g/t Au over 30 m in the George Murphy zone (GMZ) at its Clarence Stream Project in southwestern New Brunswick…Sixth Wave Innovations (SIXW, CSE), which made its debut on the CSE earlier this week, has a major partner to crow about – the company announced this morning that Sumitomo Corporation of Americas is acting as sales representative for its IXOS^®-Au product line…Sumitomo will introduce and promote IXOS^® to its extensive customer base in the Gold mining industry and receive a 5% commission on applicable sales…Sumitomo completed a rigorous analysis and assessment of Sixth Wave’s disruptive IXOS^® molecular imprinted nanotechnology used for Gold extraction, and is also interested in future Sixth Wave technological advancements for the extraction of other metals and contaminants associated with mining activities…SIXW raised nearly $14 million at 75 cents with no warrants…

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Comments (6)

February 12, 2020

7 @ 7:00

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

1. Gold has traded between $1,561 and $1,568 so far today…as of 7:00 am Pacific the yellow metal is off $4 an ounce at $1,564…Silver has fallen 13 cents to $17.48 but remains well within key support…Palladium remains very strong with buyers stepping in on any dips…it’s relatively unchanged at $2,262 as it continues to trade within a bullish symmetrical triangle…key breakout area is $2,365 at the top of that triangle and Fib. resistance on the short-term chart…Copper is up a penny at $2.61…Nickel has added 2 cents to $5.95 while Zinc is unchanged at 98 cents…Crude Oil has rebounded another $1.39 a barrel to $51.33 while the U.S. Dollar Index has gained one-tenth of a point to 98.84…foreign dollars continue to flow into the United States which has the cleanest shirt in a pile of global dirty laundry…U.S. equity markets have hit new record highs…Wall Street is cheering last night’s New Hampshire primary victory by socialist Bernie Sanders who scored a narrow win in terms of total votes…buoyed by a strong organization, Sanders has to be considered the early favorite to win the Democratic nomination and challenge President Trump in November…the prospect of such a matchup, however, should be terrifying for Democrats as Sanders underscores Trump’s point that the once centre-left Democrats have been hijacked by the far left…Americans will never elect a socialist President…Sanders is a socialist, not a true Democrat, and his campaign could fracture the party…

2. Oil jumped more than 3% this morning as traders eyed deeper production cuts from OPEC and as China reported the lowest number of new coronavirus cases since the end of January, easing concerns about a drop-off in Crude demand…in a closely-watched monthly report published this morning, OPEC cut its forecast for Oil demand growth this year, saying the coronavirus outbreak was the primary reason…the cartel said it now expects 2020 daily Oil demand growth to be 990,000 barrels per day (bpd), which is 230,000 bpd below prior forecasts…this, in turn, could encourage OPEC and its allies, known as OPEC+, to implement additional production cuts…“The impact of the Coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global Oil demand growth in 2020,” OPEC said in its report…an OPEC+ technical committee last week recommended expanding production cuts to put a floor under falling Oil prices, although there was some resistance from Russia…RBC’s Helima Croft, a leading authority on Crude Oil and the global head of commodity strategy at RBC, said that Oil’s move higher is a “sign that we are getting close to Russia signing off on the OPEC+ deeper cut”…

3. As Canada heads down a very dangerous path with deteriorating respect for the rule of law, and the critical resource sector, finally a politician is speaking out…Alberta Premier Jason Kenney on Twitter: “It’s about time that our authorities demonstrated that Canada is a country that respects the rule of law. Allowing mob rule to override the express democratic wishes of First Nations is unacceptable, and it has to end”…the left wing mainstream media in Canada still doesn’t get it, nor do many Canadians it seems…there should be no sympathy for the Wet’suwet’en “hereditary chiefs”…they are not innocent “land defenders” – they are foreign funded anarchists, aboriginal extremists, with a carefully crafted agenda to undermine Canada’s resource sector…all native groups, with the exception of the outlier Wet’suwet’en “hereditary chiefs”, support the Coastal GasLink pipeline in northwest British Columbia…the “hereditary chiefs” conducted an illegal blockade against this project and are supported by such groups as Red Braid Alliance for Decolonial Socialism, an anti-capitalist organization that was responsible for shutting down Canada’s busiest port in Delta, B.C., last weekend…this movement has wings to it…“We’re part of a nationwide movement to shut down Canada in solidarity with Wet’suwet’en,” Red Braid organizer Isabel Krupp stated several days ago when her thugs blockaded the port in Delta and then defied a court order…meanwhile, in a statement yesterday, CN Rail announced that it would be shutting down “significant” portions of its rail network due to ongoing protests…this raises serious questions about the stability of Canada’s transport system and concerns about adequate enforcement of court orders putting an end to protests…a variety of shipments – food, construction materials, lumber, coal and propane – have been affected by the rail blockades just east of Belleville, Ontario, and in New Hazelton, British Columbia…near Belleville, members of the Tyendinaga Mohawk Territory have parked a large dump truck with a plough along the tracks…where is law enforcement and where is Ontario Premier Doug Ford?…the protests have stopped Via Rail passenger trains as well as CN trains, cutting off routes between Toronto, Ottawa, Montreal and Kingston…is this the kind of country Canadians want?…if it is, the socialist mob will prevail and the economy will go completely into the tank...unfortunately, Canada at the moment is in a weakened position because it’s a leaderless country, unlike its major trading partner to the south where the economy is zipping along under the strong leadership of President Trump (love ’em or hate ’em)…Justin Trudeau at the moment is roaming around South Africa promoting his globalist agenda when he should be here at home right now advocating a Canada First agenda…capital will increasingly flow to the United States unless this nonsense is Canada is stopped, and quickly…

4. Here’s a refreshing switch (and it’s the kind of activism that we need to see more of from entrepreneurial First Nations) – sue the Feds for NOT approving a resource project…the Financial Post’s Geoffrey Morgan wrote yesterday that an Indigenous group that stands to benefit from Teck Resources‘ (TECK.B, TSX; TECK, NYSE) Frontier Oil sands project in Alberta says it would launch a legal challenge against the Trudeau government if it rejects the development (as expected) later this month…“We do recognize that there are ways that we can go – and that’s one,” stated Ron Quintal, President of the Fort McKay Metis Nation, about launching a legal challenge if the Frontier Project is rejected…“We are prepared”…Quintal says the Trudeau government has not yet consulted with his group…if a legal challenge is launched, it would mark a new type of challenge launched by an Indigenous community arguing their rights have been infringed by a project being rejected…the Fort McKay Metis are 1 of the 14 Indigenous groups that have signed benefits agreements with Teck…ironically, Canada’s “inclusive, progressive” federal government is carrying out a resource policy that is actually anti-First Nations as it’s perpetuating First Nations’ poverty…that’s the argument that conservatives need to push…

5. The Dow has soared 259 points through the first 30 minutes of trading…in Toronto, the TSX is up only 66 points…Barrick Gold (ABX, TSX; GOLD, NYSE) has reported a higher 4th-quarter adjusted profit that beat analysts’ estimates…it also announced a dividend hike and an increase in Gold reserves…the company posted adjusted 4th-quarter earnings – excluding special items – of $300 million (U.S.), or 17 cents per share, up from $264 million, or 15 cents, in the 3rd quarter…the result slightly beat the consensus estimates of analysts…the Venture, holding above a strong support band between 570 and 560, is steady at 573…HIVE Blockchain (HIVE, TSX-V) is up another 2 cents at 49 cents…the stock has been a very heavy trader on a major surge in the share price, though strong resistance exists in the mid-to-upper-50’s on the long-term chart (Fib. resistance at 55 cents and the declining 500-day SMA at 58 cents)…Garibaldi Resources (GGI, TSX-V) has brought in much-needed fresh blood…Mark Scott, the former head of Nickel operations in Manitoba for Vale Canada, has joined the GGI board and has also taken on the role of VP Corporate Development…“With its top-tier Nickel grades combined with 10 other metals, including high-grade Copper, Palladium, Platinum and Rhodium in massive sulphides, the Nickel Mountain discovery is an extremely rare find on a global scale,” stated Scott…he added that his mandate is to “help unlock the full value of the most exciting Nickel sulphide exploration project in the world entering what’s shaping up to be a decade of high demand for Class 1 Nickel and strategic metals”…GGI is up a nickel on the news at 84 cents as of 7:00 am Pacific…the chart shows a bottom in the high 60’s recently and a likely near-term move through the 50-day SMA at 86 cents…

6. Pretium Resources (PVG, TSX-V) is down sharply in early trading, making the company an even more attractive takeover target…change is definitely on the way at Pretium…the company has been consistently profitable with strong cash flow since commercial production started at Brucejack in 2017…however, investors are disappointed that the company’s early estimates of a fairly quick ramp-up to half a million ounces per year aren’t going to be realized…Gold production at Brucejack for 2020 is expected to be in the range of 325,000 to 365,000 ounces…the production rate for 2020 is expected to be 3,800 tonnes per day with the average annual Gold grade ranging between 7.6 g/t to 8.5 g/t at a targeted recovery of 97%…the midpoint of 2020 Gold production guidance is slightly below 2019 actual production, and that certainly has investors less than impressed nearly 3 years into mining…adjusted earnings for the 4th quarter were $33.1 million (U.S.), or 18 cents, up from $20.2 million, or 11 cents, in the same period of 2018…meanwhile, Pretium says its board of directors has started searching for a new President and CEO with current CEO Joseph Ovsenek planning to continue in his role while the search is under way…Ovsenek has been President and CEO since 2017 and President since 2015…PVG is down $2.47 a share to $10.25…

7. Sixth Wave Innovations (SIXW, CSE) made its CSE debut yesterday, closing at 59 cents…Sixth Wave, which raised nearly $14 million at 75 cents, is a North American-based nanotechnology company focusing on extraction products and technologies primarily for the resource and life sciences industries…the company specializes in molecular engineering, a discipline that is revolutionizing the fields of materials extraction, detection, purification and design…founded in 2013, Sixth Wave began as a manufacturer of detection devices for Homeland Security applications….since then, the company has expanded its remarkably selective detection and extraction technologies to address applications in high-value metals and pharmacological applications, with patent applications and protections now spanning over 40 countries…“We’re delighted to make this important transition to the capital markets, as a means of accelerating our growth trajectory and maximizing our future visibility,” stated Dr. Jonathan Gluckman, President and CEO…“Sixth Wave has selected Gold as the initial target of our resource products division. The timing for our commercial release is excellent, as demand for this historically rewarding metal is in an upswing. Our IXOS-AuC product offers Gold producers an unprecedented means of increasing recoveries and maximizing profits. The platform promises to replace activated carbon outright as the go-to method of Gold extraction, with minimal retrofitting to existing circuits, significantly lower capex for new installations, and significant increases in gold recovery and cost savings. Simply put, we could not have chosen a better target metal, a better value proposition or better juncture for aggressive expansion in the resource sector”…

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February 11, 2020

7 @ 7:00

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

1. Gold has traded between $1,565 and $1,575 so far today…as of 7:00 am Pacific the yellow metal is relatively unchanged at $1,571…Silver is off slightly at $17.69…Palladium dipped as low as $2,215 overnight but has bounced back and is now even on the day at $2,260…base metals are firming up…Copper has climbed 3 pennies to $2.69, Nickel has jumped 12 cents to $5.95 while Zinc is up a penny at 98 cents…Crude Oil has rebounded 81 cents to $50.38 while the U.S. Dollar Index is flat at 98.77…China’s National Health Commission last night said the coronavirus death toll had risen to 1,016 people with 42,638 confirmed cases…however, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak…the epidemic could peak this month and then plateau before easing, according to the Chinese government’s top medical adviser on the outbreak…China, however, has not been totally transparent with regard to the coronavirus…in the United States, fears over the economic fallout from the outbreak have been offset by positive economic indicators thanks to a strong Trump economy…jobs data released last week easily beat analysts’ expectations while U.S. manufacturing and services activity show signs of improvement…

2. Federal Reserve Chair Jerome Powell was fairly upbeat about the outlook for the U.S. economy in the first of his twice-a-year updates to Congress this morning, but cited a potential threat from the coronavirus in China and concerns about the economy’s long-term health…the U.S. economic expansion, now in its 11th year, is the longest on record…over the 2nd half of 2019 “the economy appeared resilient to the global headwinds that had intensified last summer,” Powell said in remarks to the House Financial Services Committee, as economic activity increased further and the labor market strengthened…his remarks echo the formal report the Fed submitted to the U.S. Congress on Friday, which repeated the central bank’s view that its current target range for short-term borrowing costs, between 1.5% and 1.75%, is “appropriate” to keep the expansion on track…with risks like trade policy uncertainty receding and global growth stabilizing, Powell signaled he sees no reason to adjust interest rates unless new developments cause a “material reassessment” to the current outlook…

3. Freda Huson, the spokesperson for the Wet’suwet’en “hereditary chiefs”, is an alt-left aboriginal extremist often championed by socialist and Marxist groups across North America and the globe…far from being a “land defender”, as a CTV News reporter generously described her (similar to calling a terrorist a “freedom fighter”), she is a law-breaking anti-resource, anti-capitalist foreign-funded anarchist who’s actually damaging the cause of First Nations across Canada – Indigenous peoples, unlike her, who actually work or want to work for a living, often in Canada’s resource sector where wages are high…she has aligned the Wet’suwet’en with the Red Braid Alliance for Decolonial Socialism, a radical foreign-funded anti-capitalist group that was responsible for shutting down Canada’s busiest port in Detla, B.C., on Sunday…“We’re part of a nationwide movement to shut down Canada in solidarity with Wet’suwet’en,” Red Braid organizer Isabel Krupp stated…“More than $1 billion of commerce moves through Deltaport every year. We’re shutting it all down. There’s no commercial traffic going in or out of Deltaport today”…Krupp’s thugs didn’t want to respect a court order and had to be arrested…Red Braid’s mission statement: “Red Braid is a revolutionary working class and Indigenous organization. We fight to abolish colonialism, imperialism and capitalism, which are destroying our communities and the nonhuman world. We fight for multiple worlds where the free, full, creative development of each person is the responsibility of all”…is there not a single politician in Canada who is willing to stand up to this nonsense?…First Nations negatively impacted by the actions of Huson, Wet’suwet’en “hereditary chiefs” and their supporters also need to break their silence…all elected native bands along the Coastal GasLink route are supporting the project and will reap substantial economic and social benefits from it…

4. Here’s a refreshing switch (and it’s the kind of activism that we need to see more of from entrepreneurial First Nations)…the Financial Post’s Geoffrey Morgan wrote this morning that an Indigenous group that stands to benefit from Teck Resources‘ (TECK.B, TSX; TECK, NYSE) Frontier Oil sands project in Alberta says it would launch a legal challenge against the Trudeau government if it rejects the development (as increasingly expected) later this month…“We do recognize that there are ways that we can go – and that’s one,” stated Ron Quintal, President of the Fort McKay Metis Nation, about launching a legal challenge if the Frontier Project is rejected…“We are prepared”…Quintal says the Trudeau government has yet to consult with his group (if a legal challenge is launched, it would mark a new type of challenge launched by an Indigenous community arguing their rights have been infringed by a project being rejected)…the Fort McKay Metis are one of the 14 Indigenous groups that have signed benefits agreements with Teck…

5. Skeena Resources (SKE, TSX-V) has drilled 14.8 g/t AuEq (11.5 g/t Au and 247 g/t Ag) over 31 m as Eskay Creek…other highlights of late 2019 drilling results released this morning included 15 g/t Au and 70 g/t Ag over 18.26 m; 1.5 g/t Au and 355 g/t Ag over 21 m; and 2.8 g/t Au and 44 g/t Ag over 25 m (core lengths represent 80–100% of true widths)…4 surface drill rigs were utilized for the 2019 program in the 21A, 21E and HW Zones to infill and upgrade areas of Inferred resources to the Indicated classification…infill drilling within the 21A Zone continues to confirm historical widths and improve upon historically defined grades…the company expects to commence 2020 drilling with multiple rigs in the coming days…SKE is up 2 pennies at $1.15 in early trading…

6. The Dow is up 85 points through the first 30 minutes of trading as Wall Street continues to post record highs…in Toronto, the TSX has gained 57 points…the Venture, holding above a strong support band between 570 and 560, is up a point at 572…HIVE Blockchain (HIVE, TSX-V) has hit a new multi-month high of 46.5 cents in early trading, on continued impressive volume, though extreme RSI(14) conditions have formed on the daily chart…Canadian Palladium (BULL, CSE) has commenced drilling at its East Bull Palladium Property near Sudbury…a 2nd rig will be added once logistics are settled and snow has been removed from various drill sites…the first drill is starting in the western end of the Valhalla zone and will progress eastward, infilling gaps and drilling down dip in an effort to expand the NI-43–101 resource…Canada Cobalt (CCW, TSX-V) has added 3 pennies to 63 cents in early trading…new core photos from Castle East show that CCW has drilled into what clearly appears to be more exceptionally high-grade Silver as part of another vein shoot near the lower contact of the Nipissing diabase with Archean volcanics, approximately 350 feet from the original discovery zone that returned values as high as 212 oz/ton (~70,000 g/t) over a 4-m core length…

7. Canada’s government should fund initiatives like a proposed $1.6 billion project that would provide power and fiber optics to the country’s remote north and spur new business, says a prominent Gold mining executive…Canada’s Infrastructure Bank recently signed an MOU to assess the project, which needs federal investment to get built and would run to Nunavut from Manitoba…“This has to be looked at as nation building,” said Agnico Eagle (AEM, TSX, NYSE) CEO Sean Boyd in an interview…Agnico, Canada’s largest Gold producer, runs 3 Gold mines in the Kivalliq region and is Nunavut’s largest private employer…“A big part of that funding has to come from the federal government to not only build the power line to benefit the current communities, but to look at it as a way to finally open up an area which has tremendous potential,” he said…Nunavut is a vast Arctic region – the size of Mexico – with a population of 36,000 mostly Inuit that separated officially from the Northwest Territories 20 years ago…though rich with mineral deposits, it suffers from a dire lack of infrastructure and all electricity is produced by diesel generators…electricity production for the territory consumes 55 million litres (15 million gallons) of diesel each year, and Agnico Eagle’s Nunavut sites require 80 million litres (21 million gallons)…“As we’re considering major projects and as we make new discoveries in the north, which we believe will be there, we need a cost structure that allows you to build those into meaningful businesses,” Boyd said…

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February 10, 2020

7 @ 7:00

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

1. Gold has traded between $1,569 and $1,577 so far today…as of 7:00 am Pacific the yellow metal is up $3 an ounce at $15.73…commercial traders have been quietly and systematically covering their short positions…over the past week they unwound 41,310 shorts, leaving them with a current net short position of 344,788 contracts…Silver is up 4 pennies at $17.71…Palladium has jumped $37 an ounce to $2,250…key resistance, at the top of a symmetrical triangle, is $2,350…Copper is steady at $2.56…Nickel has rebounded 8 cents to $5.83 while beaten-down Zinc has fallen another penny to 96 cents…Crude Oil is 44 cents lower at $49.88…Crude Oil prices are down more than 20% from their January high after the coronavirus hit demand in the world’s largest Oil importer and fuelled concerns of excess supply…worries over supply were not alleviated on Friday when Russia said it needed more time to decide on a recommendation from a technical committee that has advised OPEC and its allies to cut production by a further 600,000 barrels per day (bpd)…the strengthening U.S. Dollar Index is up slightly at 98.74…the greenback has climbed steadily since the number of coronavirus cases began surging in China last month, pushing the Dollar Index to its highest level since early October…with many analysts concerned that disruptions to the Chinese economy will dent global growth, investors have been clinging to U.S. assets…a high dollar works against the Fed’s desire to see inflation pick up…the White House’s economic adviser on Friday said that the Trump administration does not expect the coronavirus in China will have a major effect on the U.S. economy…“There’s a lot of variables involved and things we don’t know. Internally we have looked at a drop in GDP of perhaps two-tenths of 1% – that’s all we found so far. We think it will be an absolute minimal impact,” said National Economic Council Director Larry Kudlow…U.S. January retail sales figures due Friday will be important as consumer spending accounts for two-thirds of economic growth…retail sales are forecast to have increased by 0.3% month-on-month in January…

2. Inflation in China hit its highest level in more than 8 years last month as the coronavirus drove up demand for some consumer goods and shuttered business activity in parts of the country…China’s consumer price index rose 5.4% in January after rising 4.5% in December…the jump in prices comes as economic activity has been curtailed across large parts of the country by the coronavirus outbreak, though some of the closed factories are now starting to reopen…as of last night, the country had more than 40,000 confirmed cases and 908 deaths from the virus…the number of cases has exceeded the SARS outbreak in 2002-2003 but the mortality rate is far lower at around 2%…over the weekend, the Chinese government pledged to spend more than $10 billion to fight the virus…Beijing has orchestrated support for its companies and financial markets in the past week and investors are hoping for more stimulus to lift the world’s 2nd-biggest economy…

3. When Federal Reserve Chairman Jerome Powell heads to Capitol Hill for 2 days of testimony beginning tomorrow, he’ll will face questions about how the central bank might respond to new economic uncertainties emanating from China…Fed officials cut their benchmark federal-funds rate 3 times last year, to a range between 1.5% and 1.75%, after raising it 4 times in 2018…they left the rate unchanged at their meeting last month and maintained their wait-and-see policy stance…Powell’s testimony will be made public tomorrow morning, prior to market open, and his hearing before the House Financial Services Committee is set to begin at 10:00 am EST…he is scheduled to appear Wednesday before the Senate Banking Committee…one thing’s for certain – the Fed has no desire or inclination to raise rates this year, and that’s positive for equity markets and precious metals…

4. The Trudeau government will pour gas on the fire of western separatism, and further damage Canada’s resource sector, if Alberta’s $20 billion Frontier Oil sands mine proposed by Teck Resources (TECK.B, TSX) is rejected by the federal cabinet later this month…at a Friday news conference, Alberta Environment Minister Jason Nixon flatly rejected any suggestion that Ottawa could placate the province with an “aid package” if it turns down the project…“Albertans are not looking for a Justin Trudeau handout. We’re not interested in that. We want Justin Trudeau and the federal government to get out of Albertans’ way, to let hard-working Albertans do what they do best, which is create prosperity for this province and create prosperity for this country”…Reuters reported Thursday that that federal officials were preparing various streams of funding for Alberta, including cash to help clean up thousands of abandoned wells spread across the province…Alberta Premier Jason Kenney told an audience at the Canada Institute in Washington, “It’s hard to overstate the response of Albertans, not just our government, but Albertans broadly, if this project were to be rejected”…Teck has already spent $1 billion during the past decade to clear a series of regulatory hurdles, invest in technology designed to lighten the mine’s carbon footprint and forge agreements with First Nations group…a rejection from Ottawa now would signal to investors that despite such efforts, projects can ultimately be scuttled by an “arbitrary political decision” made without any transparency, he said…“I think that would be a devastating message to send in terms of investor confidence at a time when we are struggling to attract foreign direct investment to the Canadian economy,” he said, speaking alongside Saskatchewan Premier Scott Moe…“So the response would be very challenging”…demand for Crude Oil will continue during the coming decades even as energy transitions away from fossil fuels, Kenney added, and it’s better that the last barrel of Oil come from “a stable reliable democracy with the highest environmental and human rights labour standards on earth. Teck represents a pathway to that”…

5. This is getting insane, yet another example of how Canada has become dysfunctional: Commerce and travel disruption in parts of Ontario and Quebec (VIA Rail service) as well as British Columbia in recent days has been triggered by protestors sympathetic to the Wet’suwet’en “hereditary chiefs” who are illegally blocking construction of the CoastalGas Link pipeline in British Columbia…the Wet’suwet’en are an unelected, unaccountable, foreign-funded and anti-Canadian “fake” native band in northern B.C. that refuses to recognize Canadian laws…they have the full support of a radical anti-capitalist group called Red Braid Alliance for Decolonial Socialism…Red Braid effectively shut down Canada’s busiest port in Delta yesterday…“We’re part of a nationwide movement to shut down Canada in solidarity with Wet’suwet’en,” protest organizer Isabel Krupp said…“More than $1 billion of commerce moves through Deltaport every year. We’re shutting it all down. There’s no commercial traffic going in or out of Deltaport today”...late yesterday, a B.C. court granted an injunction against those protesters who also blocked the Port of Vancouver in solidarity with Wet’suwet’en pipeline opponents…meanwhile, the Wet’suwet’en and their radical supporters are also putting lives in danger…RCMP said Friday they have opened a criminal investigation into the alleged cutting of support beams on the Lamprey Creek Bridge near the main Coastal GasLink protest camp, making it unsafe for all foot and vehicle traffic…the $6-billion, 670-km Coastal GasLink pipeline has the support of all elected First Nations band councils along the route, including 5 of the 6 band councils in the Wet’suwet’en nation…the “hereditary chiefs” are the problem and all attempts at negotiation with these individuals have failed…their real agenda is revealed by Red Braid’s mission statement, “Red Braid is a revolutionary working class and Indigenous organization. We fight to abolish colonialism, imperialism and capitalism, which are destroying our communities and the nonhuman world. We fight for multiple worlds where the free, full, creative development of each person is the responsibility of all”…where is the political leadership in Canada to stand up to this nonsense?…

6. The Dow has added 49 points through the first 30 minutes of trading…Amazon (AMZN, NASDAQ) has hit a new record high, topping $2,100 per share…despite Friday’s losses, Wall Street posted its biggest weekly gain since June as the S&P 500 jumped 3.2%…strong economic data along with solid corporate earnings reports fuelled the market’s weekly surge…in Toronto, the TSX is up 22 points while the Venture is 2 points lower at 572…Hive Blockchain (HIVE, TSX-V), up a nickel at 34 cents as of 7:00 am Pacific, is the early volume leader on the Venture…the company announced this morning that it now anticipates about a 40% reduction in its operating and maintenance costs at its GPU mining facility in Sweden, compared with such costs under its previous service provider agreement, which it ended in November of last year…this improvement is the result of locking in a lower than anticipated electricity rate, stemming from an unusually warm winter in Sweden, for a majority of the company’s electricity costs via hedging agreements that will continue through 2020…electricity, which is provided through green energy, comprises the majority of the company’s operating and maintenance costs…Antibe Therapeutics (ATE, TSX-V) has been hot lately…the stock traded more than 13 million shares last week as it added another 8 cents to close the week at 65 cents…it’s unchanged in early trading this morning…

7. Canada’s government should fund initiatives like a proposed $1.6 billion project that would provide power and fiber optics to the country’s remote north and spur new business, said a Gold mining executive yesterday…Canada’s Infrastructure Bank on Wednesday signed an MOU to assess the project, which needs federal investment to get built and would run to Nunavut from Manitoba…“This has to be looked at as nation building,” said Agnico Eagle (AEM, TSX, NYSE) CEO Sean Boyd in an interview…Agnico, Canada’s largest Gold producer, runs 3 Gold mines in the Kivalliq region and is Nunavut’s largest private employer…“A big part of that funding has to come from the federal government to not only build the power line to benefit the current communities, but to look at it as a way to finally open up an area which has tremendous potential,” he said…Nunavut is a vast Arctic region – the size of Mexico – with a population of 36,000 mostly Inuit that separated officially from the Northwest Territories 20 years ago…though rich with mineral deposits, it suffers from a dire lack of infrastructure and all electricity is produced by diesel generators…electricity production for the territory consumes 55 million litres (15 million gallons) of diesel each year, and Agnico Eagle’s Nunavut sites require 80 million litres (21 million gallons)…“As we’re considering major projects and as we make new discoveries in the north, which we believe will be there, we need a cost structure that allows you to build those into meaningful businesses,” Boyd said…

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Comments (13)

February 7, 2020

7 @ 7:00

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

1. Gold has traded between $1,561 and $1,575 so far today…as of 7:00 am Pacific the yellow metal has reversed to the upside, $6 higher at $1,572…holdings of Gold by physically backed ETFs have risen for 12 consecutive business days, according to BMO Capital Markets…holdings continue to rise as “portfolio positioning retains a defensive hedge amid coronavirus concern,” BMO said…yesterday these holdings climbed by another 112,000 ounces, taking net purchases this year to 1.65 million ounces…analysts also cited World Gold Council data showing that 61.7 metric tons of Gold were added in January, over half of which were by European funds…“This asset allocation annuity continues to support Gold prices…despite a relative lack of traditional retail consumers,” BMO said…Silver is off slightly at $17.73…Palladium has fallen $46 an ounce to $2,182…Copper is down 4 cents at $2.56…Nickel has lost 12 cents to $5.76 while beaten-down Zinc has dipped below $1 to 98 cents…Crude Oil has retreated 69 cents to $50.62 while the U.S. Dollar Index is unchanged at 98.48…the Democrats’ politicized impeachment strategy appears to have backfired big-time, and that has major implications for the markets through the remainder of 2020…new polling by Gallup reveals that President Trump’s approval rating is now at an all-time high of 49%…the poll was taken between January 19-26 while Trump’s impeachment trial was taking place…the Republican Party has also seen its approval rating skyrocket…51% of Americans now say they have a favorable view of the GOP – that is up from 43% in September and it’s the first time that a majority has expressed a favorable opinion of the Republican Party since 2005…on the other hand, only 45% say that they have a positive opinion of the Democratic Party – that is down slightly from September…this week we also learned that the Democrats, who are advocating unprecedented government intervention in the U.S. economy and of course a “Green New Deal” to “save the planet”, can’t even count their own votes in Iowa…

2. The globalist Trudeau Liberals appear to be gearing up for another blow against Western Canada and Oil and gas development in this country, all in the name of course of “saving the planet”…media reports say the government is preparing an “aid” package for Alberta in hopes of appeasing the province if the $20 billion proposed Frontier Oil sands mine is rejected by Cabinet later this month…as the mayors of Alberta’s 2 biggest cities were in Ottawa calling for fair treatment for the province, Reuters reported that approval for the project has become a major battle within the Liberal Party…“Rejecting Teck without providing Alberta something in return would be political suicide,” a source told Reuters…rejecting Teck, period, would be political suicide as it’ll be viewed as yet another attack against the West and Oil and gas development in this country by an economically incompetent federal government…it would create a Western backlash (and a backlash from North American and international investors) like the Liberals have never seen…options being considered in the “provincial aid package” include a cash injection to help clean up thousands of inactive Oil and gas wells abandoned by bankrupt companies…also under discussion is expanding the federal fiscal stabilization program that helps provinces deal with economic downturns…local infrastructure projects could also be in the mix…even the liberal Mayor of Calgary, Naheed Nenshi, urged the Trudeau cabinet to approve the mine and cautioned against an instinctual bias toward Eastern interests that would overlook the project’s benefits…“If this project is not one that the government can approve, then they should just admit that there’s a moratorium on all energy investment in Canada”…rejecting the project, which Teck says would eventually create 7,000 jobs, would be “a devastating signal for investors looking at Canada,” a spokesman for Alberta’s energy minister said…

3. This is long overdue: RCMP have arrested 6 opponents of a natural gas pipeline through northern B.C. after moving in yesterday and enforcing a court injunction around a key project worksite…it comes a day after the RCMP held a news conference pleding that officers would take a “light touch” when enforcing the B.C. Supreme Court order requiring that Coastal GasLink workers be given access to the area near Houston…the 6 who were arrested are more than just “opponents” and they belong in jail for an extended period – they are anarchists who refuse to respect the laws of the land (if you oppose these radical “First Nation” individuals you are labelled a “racist”)…their actions are illegal (in direct violation of a recent court order) and detrimental to the economy and the legal pursuit of resource development in this country…they want the United Nations to come to their defence…ironically, all of the elected First Nation groups along the pipeline route are in favor of the project, and are benefiting from it, so these anarchists/eco-terrorists are even hurting their own people…it’s time Canada stood up and took a very tough stand against this nonsense…

4. U.S. employers added a robust 225,000 jobs in January, much more than expected, and the jobless rate was 3.6%, signs that the U.S. labor market is positioned to fuel economic growth in 2020…wages increased 3.1% from a year earlier, a touch higher than December’s annual rise of 3% and the 18th consecutive month of gains 3% or better…economists surveyed by The Wall Street Journal had forecast job growth of 158,000, an unemployment rate of 3.5% and year-over-year wage growth of 3%…January’s payroll gain points to a continued healthy labor market in a U.S. economic expansion now in its 11th year…over the past 3 months, the U.S. economy added an average 211,000 jobs…strong jobs growth and solid but not runaway wage growth will be positive for stocks through the balance of 2020…

5. The Dow has retreated 208 points after a 4-session winning streak…the major averages hit new record highs yesterday, boosted by China’s decision to halve tariffs on $75 billion worth of U.S. products…in Toronto, the TSX has lost 64 points…the Gold Index is up another point at 263…the Venture, meanwhile, is off 1 point at 577…technically, the Venture continues to look healthy and it’s just a matter of time before a key breakout occurs above the critical mid-580’s…Venture volume averaged 140.6 million shares last month, up slightly from December but down about 7% from January last year…the total value of financings in January was up 24% from the previous month and up 59% from January 2019…yet another Venture company that thinks nothing of doing a cheap, dilutive financing that makes no sense and only a weak and lazy management team would allow – Fremont Gold (FRE, TSX-V) has increased its previously announced $1 million at financing at 6 cents, with a full warrant at 10 cents, to $1.47 million (24 million shares and 24 million warrants)…this destroys what was a fairly attractive share structure prior to the PP as only 54.3 million shares were outstanding…Canaccord Genuity’s Canadian capital markets revenue dropped 42% in the last 3 months of 2019 compared with the previous year, driven by a sharp decline in cannabis underwriting work…the Canadian Marijuana Index has fallen another 7 points to 183, its lowest level since October 2016…

6. Another sign of the times in the struggling cannabis sector: Aurora Cannabis (ACB, TSX, NYSE) CEO Terry Booth is stepping down and the company is laying off hundreds of employees…the announcement came just days before Aurora is due to report quarterly earnings…the layoffs will eliminate 500 full-time-equivalent staff, including 25% of corporate positions…the company also announced that it expects to take a $740 million to $775 million writedown on goodwill, and an impairment charge of between $190 million and $225 million…the moves are another sign of the reversal in the fortunes of Canada’s cannabis industry…Booth has led Aurora since 2013, overseeing the Edmonton company’s stunning transition, through a series of acquisitions, into Canada’s 2nd largest cannabis company by sales and third largest by market capitalization…over the past year, however, Aurora has struggled to live up to the expectations it set in the lead-up to the legalization of recreational marijuana…sales growth has faltered, and the company continues to burn through cash at a rapid rate…in November, it announced that it was stopping construction on 2 new facilities, including a 1.6-million sq. ft growing operation in Medicine Hat…Booth will remain on the Aurora board…Aurora’s stock has lost 80% of its value over the last year, a stunning decline for the 2nd largest pot producer in the country, a company that was once worth more than $10 billion…the licensed producer has been struggling with consecutive revenue declines, a high monthly burn-rate, soaring debt and depleting cash resources, having never struck a deal with a large multinational conglomerate that could have at least salvaged much of its short-term cash issues…

7. Canada’s government should fund initiatives like a proposed $1.6 billion project that would provide power and fiber optics to the country’s remote north and spur new business, said a Gold mining executive yesterday…Canada’s Infrastructure Bank on Wednesday signed an MOU to assess the project, which needs federal investment to get built and would run to Nunavut from Manitoba…“This has to be looked at as nation building,” said Agnico Eagle (AEM, TSX, NYSE) CEO Sean Boyd in an interview…Agnico, Canada’s largest Gold producer, runs 3 Gold mines in the Kivalliq region and is Nunavut’s largest private employer…“A big part of that funding has to come from the federal government to not only build the power line to benefit the current communities, but to look at it as a way to finally open up an area which has tremendous potential,” he said…Nunavut is a vast Arctic region – the size of Mexico – with a population of 36,000 mostly Inuit that separated officially from the Northwest Territories 20 years ago…though rich with mineral deposits, it suffers from a dire lack of infrastructure and all electricity is produced by diesel generators…electricity production for the territory consumes 55 million litres (15 million gallons) of diesel each year, and Agnico Eagle’s Nunavut sites require 80 million litres (21 million gallons)…“As we’re considering major projects and as we make new discoveries in the north, which we believe will be there, we need a cost structure that allows you to build those into meaningful businesses,” Boyd said…

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