November 10, 2017
November 9, 2017
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has firmed up again today on weakness in the greenback…bullion has traded between $1,281 and $1,289 so far today and is up $4 an ounce at $1,285 as of 7:00 am Pacific…impressively, bullion has held key support at $1,260 despite declining in 7 out of the past 8 weeks…Silver has slipped 3 pennies to $16.96…Copper is off slightly at $3.07 while Nickel has corrected 21 cents to $5.54…Crude Oil continues its uptrend, trading just below 2-year highs at $56.91, while the U.S. Dollar Index has surrendered one-quarter of a point to 94.62…
2. Lackluster investor interest in North America and declining jewelry sales in India weighed heavily on global Gold demand in Q3 as it fell to its lowest level in 8 years, according to the latest report from the World Gold Council (WGC)…in its Gold Demand Trends report, the WGC said that total Gold demand between July and September dropped to 915 tonnes, a 9% decrease compared to Q3 2016…for the year, total Gold demand is down 12% from 2016…leading the decline in the 3rd quarter was a 28% drop in total investment demand…it’s important to note that investment numbers in the report are somewhat skewed given the fact that extraordinary events occurred during Q3 last year including the Brexit vote that caused Gold prices to spike to nearly $1,400…Gold investment demand continues to grow, albeit at a slower rate, and has been restrained during this 2nd half of 2017 by surging equity markets…
3. Crude Oil prices remain firm (Saudi Arabia-Iran tensions are helping in that regard) despite news yesterday that U.S. production rose 67,000 barrels per day last week to 9.62 million bpd, the highest in decades…Texas issued 997 Oil and gas drilling permits last month, up nearly 17% versus the same month a year ago…in Alberta, Canada’s Oil and gas hub, the process to acquire drill permits has become much more cumbersome, another example of Canada’s decreasing competitiveness as politicians north of the border embrace the new religion of climate change extremism…
4. Palladium’s premium over Platinum is hovering near its highest since 2001…in September, Palladium became more valuable than Platinum for the first time in 16 years and is trading just over $1,000 an ounce this morning vs. the low $930’s for Platinum…the latter is more heavily used in diesel vehicles which have fallen out of favor since 2015’s Volkswagen emissions-rigging scandal…Palladium has benefited from the switch to petrol engines and expectations for growth in hybrid electric vehicles which tend to be gasoline-powered…
5. The Dow has retreated more than 100 points in early trading…the TSX is 56 points lower while the Venture is off 2 points at 793…Tinka Resources (TK, TSX-V) is up another penny at 79 cents in early trading after announcing yesterday that it has more than doubled its Inferred mineral resource at its 100%-owned Ayawilca Zinc Project in Peru…42.7 million tonnes have been outlined, grading 7.3% Zinc equivalent…in addition a separate Inferred resource of 10.5 million tonnes of Tin equivalent grading 0.70% has also been delineated (the Tin zone and Zinc zone resources do not overlap)…drilling continues at the property with 2 rigs…Fintech Select (FTEC, TSX-V), up strongly this week, announced this morning that it will be launching a test pilot project around its physical bitcoin product line to accompany the closed loop Selectcoin card at participating retail locations…the bitcoin boom and cryptocurrency craze continues…the bitcoin price is now above $9,000 CDN…
6. Cameco (CCO, TSX) has strengthened in early trading on news of cost-cutting measures due to continued Uranium price weakness…the company announced that production from the McArthur River mining and Key Lake milling operations in northern Saskatchewan will be temporarily suspended by the end of January, 2018, and that its annual dividend will be reduced to 8 cents per common share next year. “With the continued state of oversupply in the Uranium market and no expectation of change on the immediate horizon, it does not make economic sense for us to continue producing at McArthur River and Key Lake when we are holding a large inventory, or paying dividends out of proportion with our earnings,” said Tim Gitzel, Cameco’s President and CEO. “We regret the impact these actions will have on our work force and other stakeholders and are doing what we can to cushion it while ensuring the long-term sustainability of the company. We believe these actions will help shield the company from the nearer-term risks we face and will benefit all our stakeholders for their continued patience and support of our strategy to build long-term value.”
7. More problems between Eldorado Gold (ELD, TSX) and the socialist, anti-mining government of Greece – Eldorado said today that it’s putting its Skouries development project back on “care and maintenance” as it faces an ongoing stalemate with the government over securing necessary permits…while dialogue between the company’s Greece subsidiary and the Ministry of Energy and Environment continues, Eldorado said it still has not secured an electromechanical installation permit for the Skouries flotation plant, as well as other needed permits…Eldorado said it has also initiated 3 lawsuits in an effort to protect its interests…the company said it will reassess its investment in the Skouries Project upon receipt of the required permits and will also consider whether there is a “supportive” government open to discussions on the use and implementation of the best available technologies…
The Template For The Next 10% Move In Garibaldi Resources
The Nickel Mountain Magma Highway
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
November 8, 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 has firmed up today, trading between $1,276 and $1,287…as of 7:00 am Pacific, bullion is up $10 an ounce at $1,285…Gold is building on its best gains in more than a month on Monday as it tries to end a slide that has resulted in 7 losing weeks out of 8…key support at $1,260 has still held, however…Silver has added 14 cents to $17.06…Copper and Nickel are steady at $3.09 and $5.74, respectively…Crude Oil has retreated 37 cents to $56.83 while the U.S. Dollar Index is up slightly at 94.87…
2. India’s Gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, according to industry officials and analysts…this contrasts with the first 9 months of 2017 when the country’s Gold imports surged 131% to 638.4 tonnes, based on GFMS data, as jewelers front-loaded buying ahead of a sales tax hike that took effect from July 1…Gold demand usually strengthens in the final quarter in India due to the wedding season as well as festivals such as Diwali and Dussehra when buying bullion is considered auspicious…
3. Crude Oil prices eased off slightly today on news that Chinese Crude imports fell to a 1-year low, though it’s important to note that overall demand in that country remains strong (imports are up 7.8% on 12-month basis)…losses in WTIC today are being offset by investor caution over rising political turmoil in the Middle East where traders are closely watching escalating tensions between regional rivals Saudi Arabia and Iran…that’s a major theme that could bring a “risk” premium back to Oil and give prices quite a jolt in 2018…
4. U.S. stocks have been on a roll ever since President Trump shocked the establishment with an election victory exactly 1 year ago today…in fact, on the first anniversary of Trump’s win, the Dow has booked its best-ever first year under a new administration since 1945…the Dow has soared 28.5% since Election Day 2016, the 4th-best performance in history and the top mark since Franklin Roosevelt and his successor, Harry Truman, in 1945…under Roosevelt and Truman, the Dow gained 29.8% in the first year, according to Dow Jones statistics…Trump has surpassed Bill Clinton, who saw the Dow move 26.5% higher in the year following his re-election in 1996…on average, the Dow advances 6% in the year following Election Day…yesterday the Dow posted its 4th straight record close and its 58th since the Trump inauguration…strong earnings, regulatory rollbacks across multiple industries and prospects of deep individual and corporate tax cuts are driving investor enthusiasm..
5. The Dow has retreated slightly in early trading, down 43 points as of 7:00 am Pacific…the TSX is 39 points lower while the Venture is steady at 797…Richmont Mines (RIC, TSX) has posted net earnings of $4.8 million CDN or 8 cents per share for Q3 and $21.7 million or 34 cents per share for the 9-month period…Richmont achieved record production of 26,659 ounces of Gold in Q3, positioning the high-grade Island Gold Mine to exceed the top end of annual production guidance of between 87,000 and 93,000 ounces…A.I.S. Resources (AIS, TSX-V) has graduated from the NEX board to the regular TSX Venture after raising $4 million for a promising Lithium project in Argentina, guided by industry legend Dr. Carlos Sorentino…AIS is just a few pennies shy of its all-time high of 84 cents as the company gears up for an active finish to the year that’s expected to include drilling and production modelling at its pilot plant…Datametrex AI (DM, TSX-V) pushed through technical resistance at 16 cents on high volume in early trading after the company announced yesterday that it has incorporated a wholly-owned subsidiary to identify blockchain opportunities that can both complement existing platforms and other environments…Datametrex is also close to closing its key acquisition of Nexalogy Environics…also active on the tech side are Calyx Bio-Venture (CYX, TSX-V), up 1.5 cents to 12.5 cents, and Fintech Select (FTEC, TSX-V) which has pulled back to the mid-40’s after 2 days of strong gains…Vanadium play Cornerstone Metals (CCC, TSX-V) has hit a new multi-year high of 39.5 cents in early trading…
6. Tinka Resources (TK, TSX-V) has more than doubled its Inferred mineral resource at its 100%-owned Ayawilca Zinc Project in Peru…42.7 million tonnes have been outlined, grading 7.3% Zinc equivalent…in addition a separate Inferred resource of 10.5 million tonnes of Tin equivalent grading 0.70% has also been outlined (the Tin zone and Zinc zone resources do not overlap)…Dr. Graham Carman, Tinka’s President and CEO, stated: “These updated mineral resource estimates are a major milestone for the company. Ayawilca now has 5.6 billion pounds of contained Zinc classified as Inferred resources, with significant potential for more as the resources are open in several directions. The updated Zinc mineral resource shows a 130% increase in total contained pounds of Zinc since the last resource estimate (May 2016), and a 127% increase in overall tonnage (from 18.8 Mt to 42.7 Mt). The Zinc grade has gone up slightly to 6.0% Zn (from 5.9% Zn) while the Zinc equivalent grade has decreased to 7.3% ZnEq (from 8.2 % ZnEq) due to a higher Zinc price and a lower Indium price. Importantly, South Ayawilca now forms a high-grade core with 13.3 million tonnes grading 7.6% Zn (9.5 % ZnEq). In addition, the Tin mineral resource has increased by 60% since the last resource estimate (May 2016) to now include 145 million pounds of contained Tin.” TK is up 6 cents to a new multi-year high of 80 cents through the first 30 minutes of trading…
7. Seabridge Gold (SEA, TSX) has returned very long runs of some of the highest metal values found to date at its KSM Project in the Eskay Camp…results released this morning from the final 3 drill holes targeting the plunge projection of the Iron Cap deposit were highlighted by 700 m grading 0.87 g/t Gold and 0.51% Copper (1.07% CuEq) including 186.3 m grading 1.49 g/t Au and 0.74% Cu (1.69% CuEq) in IC-17–71…meanwhile, IC-17–72 returned 851.8 m @ 0.86 g/t Au and 0.51% Cu (1.06% CuEq)…there were also Silver credits of a few g/t in each hole…Rudi Fronk, Seabridge Chairman and CEO noted: “Our efforts to expand Iron Cap have proved to be an unqualified success. Going into this year, Iron Cap was clearly subordinate in size to both Mitchell and Kerr in the KSM porphyry cluster. The success of this year’s drilling indicates that Iron Cap is approaching parity in size with these other deposits but with zones of considerably higher metal values. We now see the early development of Iron Cap as a high priority for further study due to its grade, location and size. Revising the project’s mine plan to reflect this thinking would likely have a positive impact on KSM’s projected economics.”
The Template For The Next 10% Move In Garibaldi Resources
The Nickel Mountain Magma Highway
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
November 7, 2017
7 @ 7:00
Check back later today for an additional post and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,275 and $1,281 so far today…as of 7:00 am Pacific, the metal is off $5 an ounce at $1,276…Silver has retraced a dime to $17.10…Copper and Nickel have both pulled back slightly after strong gains in recent sessions…they’re at $3.10 and $5.78, respectively…Crude Oil, after enjoying its best session yesterday in 6 weeks, has retreated 27 cents to $57.08 while the U.S. Dollar Index has gained more than one-quarter of a point to 95.02…
2. Fresh tensions between Iran and Saudi Arabia enabled Crude Oil to touch nearly a 2-and-a-half-year high yesterday…the Saudi-led coalition fighting against the Iran-supported Houthi movement in Yemen said it was closing all Yemeni air, sea and land crossings after a missile was fired towards Riyadh over the weekend..Saudi Arabia and its Gulf allies have said they see Iran as responsible for the Yemen conflict, and Saudi Foreign Minister Adel al-Jubeir said his country reserves the right to respond to Iran’s “hostile actions”…there’s little doubt Iran is a major destabilizing force in the Middle East and the ratcheting up of tensions should help keep a floor under Oil prices…
3. Markets in Japan, Hong Kong, Taiwan and Australia have all hit multi-year highs, supported by the climb in energy and materials companies…Japan’s Nikkei rose 1.7% today to levels last seen in early 1992 while Hong Kong’s Hang Seng has hit a 10-year high, supported by gains in Chinese Oil majors…Taiwan’s Taiex is at its highest since 1990…meanwhile, Australia’s benchmark has hit its best levels since early 2008, aided by commodities, with roughly one quarter of the index comprising energy and materials companies…
4. Canadian miner Centerra Gold (CG, TSX) is buying smaller rival AuRico Metals (AMI, TSX) in a deal valued at $310 million (CDN)…Centerra offered $1.80 per share in cash, a 38.5% premium to AuRico’s closing price yesterday…Canadian miners have been boosting acquisitions at home as they come under pressure from foreign governments over profit-sharing at crucial mines…Toronto-based Centerra reached an agreement with Kyrgyzstan in September to settle all outstanding disputes over the Kumtor Gold mine, the company’s biggest…earlier this year, Alamos Gold agreed to buy Richmont Mines in a deal valued at about $905 million, creating a top-10 Gold producer in North America…Centerra’s deal will be funded through cash in hand and debt and is expected to close in January…AuRico is developing the Kemess Property in north central British Columbia, a low-cost brownfield development asset that is host to the Kemess underground (feasibility stage) and Kemess East (PEA level) projects…
5. The Dow, S&P 500 and Nasdaq all closed at all-time record highs yesterday…the Dow has added another 48 points through the first 30 minutes of trading today…earnings reports have been generally upbeat, with 6 of the 11 sectors of the S&P 500, led by energy, reporting year-over-year earnings growth, according to FactSet…in Toronto, the TSX is 28 points higher as of 7:00 am Pacific while the Venture has slipped 2 points to 794…Fintech Select (FTEC, TSX-V) is building on its big move yesterday when it provided an update on its POS cryptocurrency solution…Tinka Resources (TK, TSX-V) was halted pre-market, pending news, after the stock closed at its highest level yesterday (74 cents) since April…
6. Drill crews at Jaxon Mining’s (JAX, TSX-V) Hazelton Project have completed vertical drill hole #1 to a depth of 170 m and have relocated 270 m along trend to the second drill pad for holes 2 and 3, as announced by the company this morning…these 3 holes are testing a large 2-D induced polarization high-chargeability anomaly coincident with soil geochemistry anomalies at the southeastern edge of the Max target…this anomaly, called the Hamblin zone, is interpreted to be 300 m long and 80 m in vertical thickness…a total of 13 holes for 2,000 m are planned for this Phase 1 program, covering a number of zones like the Hamblin…Jaxon intends to complete fieldwork and submissions to the lab for assay by the end of November…Jason Cubitt, President and CEO, commented, “We’re thrilled to get our Phase 1 drill program started before year-end at the Max target and I want to take the opportunity once again to congratulate our team and all of our contractors for the excellent work they’ve done mobilizing for this effort.”
7. Thanks to environmental terrorists opposing its Silver mine in Guatemala, Tahoe Resources (THO, TSX-V) has reported a net loss in the 3rd quarter as revenue fell due to closure of the Escobal mine, one of the largest Silver mines in world…the company lists a loss of $8.4 million, or 3 cents per share, compared to income of $63 million, or 20 cents, in the same quarter a year ago…Escobal was shut down in early July as extremists used a license issue to halt operations…the Guatemalan Supreme Court reinstated the company’s mining license near end of the Q3 but the issue must still be resolved by the Constitutional Court…also, extremists near the town of Casillas are blocking a supply road connecting Guatemala City to San Rafael Las Flores and the Escobal mine…Tahoe listed no Silver output in the 3rd quarter compared to 5 million ounces in the same period a year ago…
The Template For The Next 10% Move In Garibaldi Resources
The Nickel Mountain Magma Highway
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
BMR Morning Alert!
-
-
-
-
Press "Reload" for fresh quote