China is “quite serious about living up to the commitments they have made regarding North Korea,” U.S. Commerce Secretary Wilbur Ross stated this morning in an interview on CNBC. The order for mainland lenders to stop doing business with Pyongyang “is a logical next step in the sanctions, and a very important one…Chinese commercial banks had been a big route for facilitation of trade to North Korea so the fact that the PBOC has put out a taboo, that’s a very big deal,” the Commerce Secretary declared…
September 26, 2017
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,296 and $1,282 so far today as the greenback continues to rally, hitting a 5-week high…as of 7:00 am Pacific, bullion is off $9 an ounce at $1,284…Silver is steady at $16.76…Copper is up 2 pennies at $2.91…Nickel is flat at $4.74…Crude Oil has gained another 20 cents to $52.07 while the U.S. Dollar Index has climbed nearly half a point to 93.42…the Dollar Index has been due for a strong rally but will
2. Gold prices remained on the defensive Wednesday, extending overnight losses slightly, after a Commerce Department report showing that orders for U.S. durable goods rose by 1.7% to $232.8 billion during August.
The headline figure in the report was modestly above consensus expectations compiled by various news organizations, which called for durables to be up by somewhere between 1% and 1.5%.
2. Brent hit its highest settlement since July 2015 on Monday, closing at $59.02 a barrel, while U.S. crude futures posted their largest one-day advance of the year, to $52.22 a barrel.
The steady increase in Brent in recent weeks has been driven in part by renewed market confidence in the Organization of the Petroleum Exporting Countries’ plan to cut production and bring down the global supply overhang, as well as by fresh data from the International Energy Agency showing rising global demand growth. Investors and analysts will be looking ahead to weekly data from the EIA Wednesday afternoon regarding U.S. crude inventory levels.
2. The U.S. Dollar Index has rallied another one-third of a point to 92.89...the greenback is benefiting from weakness in the euro which suffered its worst day of the year yesterday as investors fretted over the uncertainty created by Sunday’s elections in Germany and how the outcome could make closer euro zone integration more difficult…meanwhile, markets will be closely monitoring a speech (“Prospects for Growth: Reassessing the Fundamentals“) by Federal Reserve Chair Janet Yellen at a luncheon in Cleveland today…4 other Fed officials are also speaking today…yesterday, Minneapolis Fed President Neel Kashkari said there was no need for the Fed to raise interest rates further as he sees no evidence recent weak inflation data will improve anytime soon…
3. U.S. consumer confidence remains strong…the Conference Board just reported that the September consumer confidence index fell just slightly to 119.8 (within expectations) from a revised 120.4 in August…the consensus estimate from most news organizations called for a headline index reading of around 119.5 to 120.2…the index rose in July and August to 5-month highs…the measure of consumer confidence has been in a steady uptrend from the lows hit in 2009 but turned particularly strong late last year…
4. Another example of the failures of Big Government and socialism – Brazil tomorrow will begin reversing what industry officials say was a costly and ultimately disastrous decision a decade ago when the government set aside billions of barrels from the Western Hemisphere’s largest Oil discovery in 30 years for its state-run Oil firm at a time when deep-pocketed foreign companies were clamoring to invest…as a result, Brazil’s Oil output today is less than half what industry officials say it should be and all of Brazil is feeling the impact. “We are trying to put the country back on track,” Energy Minister Fernando Coelho told an Oil conference in Houston earlier this year…Petrobras, which produces the vast majority of Brazil’s Oil, has been hobbled by years of mismanagement and corruption that have forced it to slash jobs and production targets…saddled with the largest pile of debt in the global Oil industry, Petrobras plans to invest only $15 billion a year over the next half-decade, less than the cost of servicing its loans and just one-third of 2013 levels…
5. The Dow is up 64 points as of 7:00 am Pacific with the technology sector rebounding today…news services report that President Trump will call today for slashing tax rates on businesses and individuals as part of a new tax plan that is likely to offer few details about how to pay for the cuts without expanding the federal deficit…hammered out over months of talks among Trump aides and top Republicans in Congress, the plan to be unveiled at an event in Indianapolis is expected to propose a 20% income tax rate, a new 25% tax rate for pass-through businesses such as partnerships, and a reduced 35% top income tax rate for individual Americans…
the TSX has slipped 22 points while the Venture has slipped 2 points to 780…Garibaldi Resources (GGI, TSX-V) is threatening to hit a new high, up 4 cents at $1.85…meanwhile, Nickel Mountain neighbor Metallis Resources (MTS, TSX-V) hit a new high of 98 cents yesterday in the wake of the closing of a $1.3 million financing as the company ramps up drilling at its Kirkham Property…Pure Gold Mining (PGM, TSX-V) has intersected the down plunge extension of the South Austin deposit approximately 240 m below any previous mining as hole PG17–456 returned 34.6 g/t Au over 4.3 m, including 67 g/t over 2 m…the result confirms that the Madsen mine is open to depth with deep-seated Gold mineralization similar to other prolific deposits in the Red Lake district…Hochschild Mining has appointed Isac Burstein, the company’s VP-Exploration and Business Development, to Cobalt Power’s (CPO, TSX-V) board of directors…
6. Barkerville Gold (BGM, TSX-V) has reported the highest Gold grades encountered to date in the Shaft Zone at its Cariboo Gold Project…Phase II infill drill hole IM-17–151 predictably intersected a modeled veining corridor now referred to as the “Alpha Corridor”, averaging 158 g/t Au over 5.3 m including 750 g/t over 0.55 m, 479 g/t over 0.50 m and 234 g/t over 0.60 m hosted within a larger interval grading 72.2 g/t Au over 12 m…the intersection came at a vertical depth of 350 m below surface and correlates spatially with previously reported drill hole IM-17–112 which cut 11.4 g/t Au over 4.75 m…the 2 holes are separated by a horizontal distance of 15 m…the new intersection in the Alpha Corridor remains open for expansion along vein strike to the southwest of IM-17–151…BGM is up 3 pennies at 88 cents through the first 30 minutes of trading…
7. eCobalt Solutions (ECS, TSX) has released feasibility study results for the company’s Idaho Cobalt Project (ICP), the only environmentally permitted, primary Cobalt project located in the United States…the FS is based on an underground mine with a target production rate of 800 short tons per day and a weighted average annual production of 2.4 million pounds of Cobalt, 3.3 million pounds of Copper and 3,000 ounces of Gold over a 12.5-year mine life with an estimated pre-production period of 24 months utilizing a 0.25% Cobalt cut-off grade. The economic model uses a 34% corporate tax rate and a 7.5% discount rate, resulting in an after-tax net present value of $135.8 million (U.S.) and an IRR of 21.3% using an average base case price of $26.65/pound for contained Cobalt in Cobalt sulphate…
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
September 25, 2017
7 @ 7:00
Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold backed off slightly this morning as the prospect of a fractured parliament in Germany following Chancellor Angela Merkel’s less than resounding election victory negatively impacted the euro…the yellow metal has traded between $1,290 and $1,297 so far today…as of 7:00 am Pacific, it’s down $4 an ounce at $1,293…a st…Silver has retreated 12 cents to $16.86…Copper is steady at $2.91…Nickel is up 4 cents at $4.75…Crude Oil has pushed above $51 a barrel for the first time in 4 months while the U.S. Dollar Index has added one-fifth of a point to 92.48…
2. Gold has now slipped nearly 5% from the more than 1-year high it hit on September 8, but the pullback has been healthy from a technical standpoint and bullion’s downside is limited from current levels…net bets by hedge funds and other speculative investors on a higher Gold price fell for the first time since mid-July during the week ended September 19, according to the latest Commodity Futures Trading Commission data released Friday…meanwhile, physical Gold demand remained soft in the major Asian markets last week despite lower prices, as consumers awaited further dips, while a government move to bring transparency to bullion trading kept buyers on the sidelines in India…
3. OPEC and other Oil exporters declined on Friday to extend their agreement to limit production in a bid to drain a global glut that has weighed on prices for 3 years, but it’s likely only a matter of time before the cartel agrees to an extension through all of 2018…significantly, OPEC has now achieved its goal of flipping Brent Crude’s market structure into so-called backwardation…that’s when prices for future delivery are cheaper than the cost of Oil for immediate shipment…backwardation signals the market is tightening and discourages Oil traders from stockpiling barrels…
4. The Dow is off 11 points as of 7:00 am Pacific as declines in technology stocks offset gains on the energy side..the TSX has retreated 35 points while the Venture has added 2 points to 780…Mission Ready Services (MRS, TSX-V), the Venture’s most active trader the last 3 weeks, has topped up its treasury by closing a non-brokered private placement at 25 cents for gross proceeds of $1.65 million…the proceeds from the offering will be used for growth opportunities, sales and marketing initiatives, product development, and general working capital…
5. Atlantic Gold (AGP, TSX) is on track to put Canada’s next open-pit Gold mine into production…the company announced this morning that first ore has been put through the mill at its Moose River consolidated mine in Nova Scotia…the overall commissioning process to date has revealed no significant issues and Atlantic will achieve first Gold production by the end of September…Phase 1 life of the mine will produce 87,000 ounces of Gold per year over a minimum 8.5-year mine life at all-in sustaining costs of $690 per ounce…additional satellite deposits containing 850,000 ounces Measured and Indicated within pit shells and 309,000 ounces Inferred are currently under feasibility study and have potential to add significantly to life-of-mine production…
6. Probe Metals (PRB, TSX-V), making excellent progress with its Val d’Or East Project, has entered into a 75/25 joint venture agreement with SOQUEM Inc. on its 300 sq. km Detour Quebec Project…under the terms of the agreement, Probe will own 75% interest and SOQUEM 25%…Probe will remain the operator and each party will be responsible for funding its proportionate share of expenditures on the project…Dr. David Palmer, President and CEO of Probe, stated: “We are very pleased to be working with SOQUEM on the Detour Quebec Project. Their knowledge and experience will be welcome contributions to the project going forward. The joint venture will also allow us to accelerate our exploration plans along one of Quebec’s most exciting new Gold districts. Our large land position along-trend of Detour Gold Corp’s new high-grade discoveries, coupled with encouraging explorations received to-date through the work funded by SOQUEM, indicates very strong potential for this property to host significant Gold deposits. With SOQUEM, we are now planning an extensive fall/winter program of geophysics and drilling designed to rapidly advance our understanding of the belt and its potential.”
7. Diamonds in Manitoba – Altius Minerals (ALS, TSX) reported this morning that it has confirmed the presence of micro-diamonds and macro-diamonds on its 610 sq. km Lynx Diamond Project, located near the community of Oxford House in the province of Manitoba…Altius optioned the project from a consortium of prospectors and geologists who worked in conjunction with the Manitoba Geological Survey in 2016 to study the potential of the Knee Lake area to host diamonds…this is part of the province which has been recognized historically for its abundance of kimberlite indicator minerals in till but for which no known source of KIMS or diamonds had been identified…this morning, Altius reported that 16 of the 23 outcrop and channel samples its crews collected over the summer were diamondiferous, results that follow up on a single 15.8 kilogram sample collected and analyzed earlier this year that contained 144 micro-diamonds…the company plans to undertake additional investigative work in the coming weeks to further assess the potential of this new surface discovery, including field mapping, additional MiDA sampling, indicator mineral abundance and composition studies, petrography and potential mini bulk sampling for the purposes of recovering possible macro-diamonds…
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
September 24, 2017
September 23, 2017
The Venture Week In Review And A Look Ahead
From AltaGas Camp Near McLymont Hydroelectric Facility, SW of Eskay Creek
Over the last 19 sessions the Venture has traded within an unusually narrow 10-point spread on a closing basis while a “market within a market” rages on. In today’s report, a look ahead at what October may bring – you’ll be surprised!
Below, another BMR photo from the Eskay Camp where geological power and picturesque beauty are uniquely intertwined.
BMR photo, southwest of Eskay Creek.
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September 22, 2017
7 @ 7:00
Check back later today for additional posts including Daniel’s Den, and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold rebounded from a 4-week low this morning as the latest twist in tensions between the United States and North Korea sparked modest fresh interest in safe haven assets…the yellow metal has traded between $1,293 and $1,299 so far today…as of 7:00 am Pacific, Gold is up $5 an ounce at $1,296…Silver is flat at $16.96…Copper is steady at $2.91…Nickel has slipped 19 cents to $4.77 after trading fees were hiked in China to dampen speculation…Crude Oil is unchanged at $50.51 as OPEC and certain non-OPEC producers meet in Vienna while the U.S. Dollar Index is off more than one-tenth of a point to 92.03…
2. “Rocket Man” exploded today – Kim Jong Un issued a bombastic first-ever first person statement to the world, focused on President Trump, in another provocation by the Hermit Kingdom after the nation’s foreign minister revealed that Pyongyang could conduct an historic aboveground test of a hydrogen bomb over the Pacific Ocean…”Rocket Man’s” message threatened that North Korea would accelerate its already brisk pace of weapons testing which has included missiles meant to target U.S. forces throughout Asia and the U.S. mainland…President Trump responded by saying the North Korean leader “will be tested like never before”…the heightened tensions should help keep a floor under Gold prices…meanwhile, the Trump administration’s strategy to choke off funding to North Korea is working with Chinese banks under pressure from their central bank to no longer do business with the rogue nation…China’s instructions to banks however, were at least partially undermined when South Korea yesterday bizarrely approved $8 million in supposed humanitarian aid to North Korea through U.N. programs…
3. Swiss customs data show the country, a key conduit for the movement of Gold globally, posted its fewest Gold exports in 3 years during August at 71 tonnes. “This was the smallest Gold export volume in 1 month since at least early 2014,” Commerzbank stated…only 15.9 tonnes were exported to India last month, 27% less than last August and the lowest amount in 13 months…exports to China and Hong Kong totaled 20.7 tonnes, down 53% year-on-year and the smallest quantity in 3 years. “Asian Gold consumers are therefore displaying increasing price sensitivity (noticeably less Gold was also exported to Thailand and South Korea),” Commerzbank says. “For example, Gold prices in Indian rupees and in Chinese yuan rose significantly in July and August, which presumably deterred buyers. As such, the Gold price is currently lacking one important demand component, for India and China together account for more than half of global Gold demand.”
4. Russia is the No. 1 “official” Gold buyer in the world at the moment with the country’s central bank acquiring 201 tonnes of the precious metal in 2016, the World Gold Council (WGC) says…in sharp contrast, Russian private purchases of bullion remain extremely low. “Russia is the largest official purchaser of Gold in the world and the 3rd-largest producer. But it has yet to reach its potential on international investment markets,” wrote Tatiana Fic, director of central banks and public policy for the WGC, in the September issue of Gold Investor…the country’s central bank surpassed all others with its purchase of 201 tonnes of Gold last year, beating the People’s Bank of China, which bought 80 tonnes and came in second, followed by the National Bank of Kazakhstan, which acquired 36 tonnes…overall, the Russian central bank has added a staggering 1,250 tonnes to its Gold reserves during the past decade, increasing its total to 1,700 tonnes…reserve diversification is one of the primary reasons driving Russia to buy Gold, according to Elvira Nabiullina, governor of the Bank of Russia…
5. Russia’s top energy official said today at a meeting in Vienna that major Oil producers would not immediately extend supply cuts beyond March…OPEC and other Oil producers will not take a decision until January on whether to extend their pact to curb production, Alexander Novak stated this morning. “I believe that January is the earliest date when we can actually, credibly speak about the state of the market.” Meanwhile, U.S. Oil is trading at the biggest discount to the global price in 2 years, helping extend a boom in exports of Crude from American shale fields to refiners in Europe and Asia…
6. The Dow is off 10 points as of 7:00 am Pacific…the flash U.S. manufacturing PMI for September rose to a reading of 53.0 from August’s 52.8, research firm IHS Markit reported this morning…the latest monthly figure matched economists’ expectations…at the same time, the firm’s service sector PMI reading came in modestly below expectations at 55.1 after jumping to 56.0 in August…the TSX is up 45 points while the Venture has added 3 points to 779….HIVE Blockchain Technologies (HIVE, TSX-V) has eased off to $1.68, down 21 cents and just 12% above the $1.50 bought deal private placement price announced yesterday…Bio-Ventures (CYX, TSX-V) announced this morning that it’s unaware of any material change in the company’s operations which would account for the recent increase in market activity…further to its news release of August 15, the company confirms that it continues with the expansion of its product offerings to incorporate blockchain technology to ensure reliability and security in cloud-based computing platforms…
7. Castle Silver Resources (CSR, TSX-V) reported this morning that it has been accepted as an associate industrial member of the Cobalt Institute…the announcement coincides with a rebranding initiative of the organization formerly known as the Cobalt Development Institute…as CSR advances its Cobalt strategy, anchored by its proprietary Re-2OX process and two past-producing mines in northern Ontario’s Cobalt Camp, the Cobalt Institute is expected to provide valuable assistance in helping CSR build a reliable supply chain and a path to market…preparation of samples for key recipients downstream continues…over the past 2 months there has been a healthy unwinding of temporarily overbought technical conditions in CSR following a 300%+ gain between late January and mid-April, setting the stage for a fresh advance during Q4…CSR is up 1.5 cents at 20.5 cents through the first 30 minutes of trading…
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
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