January 27, 2018
January 26, 2018
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 traded between $1,348 and $1,357 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,352…Silver has added 11 cents to $17.36…on the base metal front, the big story this week has been Nickel which is set for a weekly close above $6 for the first time in 3 years…significantly, Nickel has pushed through a long-term chart downtrend line going back to 2011…it’s up another 14 cents at $6.14 while Copper is off slightly at $3.20…Zinc and Cobalt are steady at $1.59 and $36.29, respectively…Crude Oil is 37 cents higher at $65.88 while the U.S. Dollar Index has fallen another one-third of a point as it hovers around 89…
2. U.S. economic growth unexpectedly slowed in the 4th quarter as the strongest pace of consumer spending in 3 years resulted in a surge in imports…however, a measure of domestic demand jumped at a 4.6% rate, the fastest since the 3rd quarter of 2014, underscoring the economy’s strength…GDP was up 2.6% in Q4, missing expectations after expanding at a 3.2% clip during Q3…meanwhile, durable goods orders in the U.S. rose at a much faster pace than expected in December, climbing 2.9%…
3. President Trump is winning a global currency war with the Dollar Index plunging to a 3-year low…this has also created headaches for Chinese government officials who have seen the yuan surge to its best level against the greenback since its surprise devaluation in August 2015…the yuan is on track for its best monthly performance in more than 3 decades, rising 3% against the dollar so far in January…meanwhile, President Trump today wooed global political and business leaders to funnel more money into the American economy, a speech that contrasted starkly with the “progressive” words delivered earlier this week by Canadian Prime Minister Trudeau…in Trudeau’s leftist world, profit is a dirty word which may partly explain why the TSX is so badly under-performing U.S. equity markets…
4. Of the S&P 500 companies that have reported as of this morning, 77% have reported better than expected earnings while 79% have surpassed sales estimates, according to data from FactSet. “The beat rates and growth rates are as good as we have measured in any earnings season over the past 5 years,” said Nick Raich, CEO of The Earnings Scout. “Most importantly, 1Q 2018 EPS estimates are rising and that is the first time we have seen aggregate S&P 500 EPS estimates going higher in any earnings season in 7 years.”
5. The Dow and S&P 500 have both hit new record highs in early trading as a powerful combination of earnings momentum, tax cuts and regulatory reform have created the “Perfect Storm” south of the border…the Dow is up 85 points through the first 30 minutes of trading…Kopin Corp. (KOPN, NASDAQ), an astute pure play on one of the fastest growing segments of technology – wearables – is showing increasing momentum after enjoying one of its best volume sessions in recent years yesterday…it’s up another 9 cents at $3.79 as of 7:00 am Pacific...in Toronto, the TSX has slipped 7 points while the Venture is up 2 points at 888…Hit Technologies (HIT, TSX-V) has more than tripled in value week, trading more than 100 million shares since news on Wednesday…Wolfden Resources (WLF, TSX-V), which drilled into massive sulphides (assays pending) above and below historical intersections its first 2 holes at Pickett Mountain, a high-grade VMS play in Maine, has touched a new multi-year high of 67 cents…Metallis Resources (MTS, TSX-V) has closed an over-subscribed private placement for nearly $2.2 million at $1.15 per unit (includes a half warrant) as the company gears up for its most aggressive exploration program ever at the Kirkham Property contiguous to Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain in the heart of the Eskay Camp…Eric Sprott invested $2.2 million in MTS at $1.10 last October and continues to consistently add to his very significant position in Garibaldi…
6. Global Blockchain Technologies (BLOC, CSE) announced this morning that it’s doing a 1-for-1 spin-out for shareholders of record March 1 as the company unlocks the value of its mining division by creating Global Blockchain Mining…to that end, BLOC says it has entered into an agreement with a turnkey mining operator to run its 6,666 Antminer S9 bitcoin miners…Shidan Gouran, President of Global Blockchain, stated: “We are extremely pleased to have been able to find the right partner to operate and monetize our machines and to provide us with the ability to grow into an existing first-rate facility at a large scale of 100 megawatts.”
7. First Cobalt (FCC, TSX-V) has started a research program to identify regional controls for Cobalt-Silver mineralization in the northern Ontario Cobalt Camp…this is the latest of a series of initiatives to bring research and innovation into the 110-year-old district and will be conducted in partnership with the Mineral Exploration Research Centre at Laurentian University. Trent Mell, President and CEO, commented: “Structural controls on Cobalt-Silver mineralization in the Camp are poorly understood and initiatives like the one announced today allow us to improve our geological models and create shareholder value. Our commitment to research and innovation is underpinned by our conviction that this historic mining district can be revived more quickly by embracing innovation as a core element to our exploration strategy.”
Most Popular Recent BMR Posts
Venture Locked and Loaded For Powerful Q1
The Template For The Next 10% Stake 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
January 25, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has hit a new 4.5-month high, trading between $1,356 and $1,367 so far today…as of 7:00 am Pacific, bullion is flat at $1,358…Silver is off slightly at $17.50…on the base metal front, the big story is Nickel which is now above $6 a pound for the first time in 3 years…significantly, Nickel is breaking out above a long-term downtrend line going back to 2011 which implies the possibility of a very strong run this year after a turnaround in 2017…Nickel pushed as high as $6.21 this morning and is currently up 6 cents at $6.11…Copper and Zinc are steady at $3.22 and $1.58, respectively…Crude Oil is 13 cents higher at $64.60…Brent Crude hit $71 a barrel today for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. Crude inventories and a weaker greenback…in a further sign the glut is clearing, U.S. Crude inventories have fallen for a record 10th straight week to the lowest since February 2015…the specter of growing output of U.S. shale Oil is being offset by multiple bullish factors including global demand that’s stronger than most analysts expected…the U.S. Dollar Index is trying to stabilize, off just slightly at 89.03 after hitting its lowest level since December 2014…
2. The European Central Bank did the expected today and left interest rates unchanged, suggesting they will remain at current levels for an “extended period of time”…however, the euro is pushing higher…traders have noted that despite comments from ECB President Mario Draghi today, easy monetary policy in the region is likely coming to an end…the euro zone is seeing its best economic growth in a decade, leading economists and policymakers to upwardly revise their economic forecasts for several major European countries…late last year, the ECB increased its growth forecast for 2018 to 2.3%, up from 1.8% previously…this is all very positive for the metals space…
3. U.S. equity markets are at their most technically “overbought” levels since Bill Clinton was President, but that may actually be a good thing…the S&P 500’s 14-month relative strength index (RSI) has surpassed 87 for the first time in nearly 22 years, a fact pointed out by Ari Wald, head of technical analysis at Oppenheimer…that’s a level it has reached only 1% of the time since 1930 – the other periods in which the measure moved that high were in 1996, 1986 and 1955, three of the strongest bull markets in history…in 1996, the RSI hit 87 in June – from there to the market peak, the S&P 500 rose 128%…a decade earlier, the RSI reached similar levels and the S&P 500 proceeded to gain roughly 50% through to the bull market’s high…going further back, in 1955, the RSI peaked at 88 in July and gained around 15% through to the top of its bullish stretch…
4. U.S. markets are on track for new record highs again today…the Dow is up 26 points through the first 30 minutes of trading…positive earnings reports continue to underpin equities…in Toronto, the TSX has slipped 52 points while the Venture is off 6 at 888…iMetal Resources (IMR, TSX-V) reported this morning that it continues to find high-grade mineralization (Gold and Copper) in surface sampling over wide sections at its Gowganda West Project, contiguous to Tahoe Resources‘ (THO, TSX) 4 million ounce Juby deposit in northern Ontario…IMR is proceeding quickly toward first-ever drilling…on the CSE, Global Blockchain (BLOC, CSE) has been halted, pending news, while a stock starting to come to life this week has been Torino Power Solutions (TPS, CSE) which is making headway with its power line monitoring technology for utilities and other infrastructure entities…
5. Garibaldi Resources (GGI, TSX-V) has reported more high-grade Nickel-Copper results this morning from its massive sulphide discovery at Nickel Mountain in the heart of the Eskay Camp…of particular importance, however, is a new geophysical discovery of apparent greater magnitude than the one that helped lead geologists to Discovery Hole EL-17-14 (8.3% Nickel and 4.2% Copper over 16.75 m within a broader 40.4-m interval highlighted by 3.9% Nickel and 2.3% Copper plus Palladium, Platinum, Cobalt, Gold and Silver)…two “unusually strong conductive zones” – essentially “super” conductors greater than 10,000 Siemens – have been identified, interpreted to represent massive sulphides over broad areas at depth immediately below EL-17–14 and south of the historic deposit adjacent to the east…an aggressive, fully-funded 2018 exploration and drilling program resumes this quarter…”HC2” south of the historic deposit and trending SW-NE may have implications for neighbor Metallis Resources (MTS, TSX-V)…according to Dr. Peter Lightfoot, one of the world’s premier Nickel sulphide experts, Nickel Mountain is producing some of the highest Nickel grades recorded in magmatic sulphide ore deposits on a global basis. “The depth and lateral extent of Nickel-Copper-rich sulphide mineralization in the discovery and northwest zones is entirely open, creating a compelling combination of high grades and potential scale with this unique Eskay Camp system. A major expansion of drilling will be guided by an enhanced geological understanding and proof of concept with geophysics,” Lightfoot stated…
6. ML Gold (MLG, TSX-V) has mobilized a geophysics crew to its Stars Project near the Huckleberry mine in central British Columbia…the primary focus of the geophysics program will be to collect detailed airborne magnetic data around recently drilled hole 4 which intersected significant visible chalcopyrite mineralization over 300 m (assays pending)…recent drilling has discovered the presence of a large Copper zone within a porphyry system occurring in host rocks similar to those associated with the Huckleberry mine to the south…drill targeting to date has been primarily focused on IP chargeability and resistivity anomalies…these IP anomalies appear to be associated with a large propylitic halo typified by pyrite mineralization…recent developments, based on ML Gold’s preliminary drilling observations, have shown that there is a Copper-rich zone within one of the highest chargeable areas, surrounded by a large pyrite halo…currently there are no distinctions in the chargeability signature between chalcopyrite, pyrite and the different rock types, as the high chargeability anomaly extends across all…the detailed airborne magnetic survey will greatly assist in follow-up drilling around hole 4 which is anticipated to begin early next month…
7. Canada and Australia may be more connected than scientists ever imagined…new research from Australia’s Curtin University reveals that, about 1.7 billion years ago, part of northern Australia may have once been part of Canada…the study, published in the journal Geology, found that rocks in Georgetown, Australia bear a striking resemblance to rocks found in modern-day Canada, and the rocks are not found anywhere else in Australia…Adam Nordsvan, the PhD student behind the research, said the report reveals a previously unknown story behind Nuna, an ancient supercontinent that once included Greenland, India, North China and part of West Africa…researchers say a chunk of northern Australia was once physically connected to part of northwestern Canada…the proof, researchers say, is that the distinct sedimentary rocks that both regions share…the two pieces of land eventually separated, and after about 100 million years, the small piece of Aussie land collided with part of northern Australia, becoming a permanent part of the continent…this theory has been floated before but the new research provides strong new evidence of the ancient link…
Most Popular Recent BMR Posts
Venture Locked and Loaded For Powerful Q1
The Template For The Next 10% Stake 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
January 24, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information. Daniel’s Den returns Friday.
1. Gold, enjoying its 5th straight winning session, is now testing key resistance…bullion is up $13 an ounce at $1,354 as of 7:00 am Pacific, thanks to a plunging greenback, while Silver has jumped 37 cents to $17.40…on the base metal front, Copper has added 8 cents to $3.20…Nickel, rapidly closing in on the critical $6 level, has surged 13 cents to $5.93 while Zinc is steady at $1.57…Crude Oil is 13 cents higher at $64.60 while the U.S. Dollar Index is taking the path of least resistance, as we predicted, falling below key support at 90…it’s currently down three-quarters of a point at 89.28…look out below…the 87 level is uptrend support going back to the 2011 lows on BMR’s long-term monthly Dollar Index chart…
2. The Trump administration has favored a lower dollar since assuming power a year ago and that policy was very much evident again today, contributing to this latest plunge in the currency…speaking at a press conference at the World Economic Forum in Davos this morning, Treasury Secretary Steven Mnuchin had to know that his comments regarding the dollar would be perceived negatively by traders, pushing the Dollar Index below a key level. “Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told reporters in Davos, according to Bloomberg, adding that the currency’s short term value is “not a concern of ours at all (our emphasis). Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency,” he stated…Mnuchin’s comments added to the greenback’s immediate woes and rippled across global markets today, boosting the price of metals and emerging market assets, halting the rally in European and Japanese shares, and pushing currencies like the British pound and euro higher…
3. Holdings of Gold by global exchange-traded funds have hit the highest level in nearly 5 years, according to SP Angel, with the total known holdings in bullion-backed ETFs rising to 2,254 tonnes as of yesterday, the best since May 2013…yesterday marked the 6th daily inflow in a row…
4. 2018 is looking great for commodities, according to Jeffrey Currie, global head of commodities for Goldman Sachs…one of Currie’s last great calls was on Gold in early 2013…now, he’s pointing out that the macro environment is ideally positioned to push the commodities complex higher, though he missed the first leg in 2016. “For the first time in years we have a positive carry to own commodities more broadly,” Currie told CNBC yesterday…he describes the positive macro backdrop as the “best in decades for owning commodities”, thanks to the three “R’s” – reflation, reconvergence of global growth, and relveraging. “You put those three together, they create a positive macro backdrop, the best since 2004.” Goldman Sachs commodities chief explained that inflation is projected to run at a quicker pace as global economies continue to grow and borrowing rises…Currie is particularly bullish on the base metals complex where “you have a lot of potential price upside”…
5. If only Canada’s sense of urgency at getting pot to market was matched by the same sense of urgency at expanding Oil pipeline capacity…Western Canadian Select (WSC), the Canadian benchmark, traded near $33 yesterday after losing about $8 in 2 days, while WTI hit nearly $65, up more than a dollar per barrel over the same period…Canada exports approximately 3.2 million barrels of Oil a day to the United States of different qualities…the discount means a daily loss of tens of millions in revenue, taxes and royalties for Canadian producers and governments, and a corresponding gain for their counterparts in the U.S., its only export market…the latest scare to push down Canadian Oil prices came from Canadian Pacific Railway Ltd. late last week, which said it has no interest in carrying big quantities of Western Canadian Oil while producers wait for pipelines to get built…Canadians are getting what they asked for…federal and provincial anti-energy policies, packaged by naive globalists in this country as an attempt to “save the planet“, have done nothing to move the needle on “climate change”…what they have done, though, is transferred wealth to other countries…
6. Stronger than expected earnings results have pushed U.S. equity markets to new record highs this morning…the Dow is up 156 points through the first 30 minutes of trading…J.P. Morgan chief Jamie Dimond told CNBC this morning that the Trump tax cuts will drive wages higher and spark an economic boom. “I think it’s possible you’re going to hit 4% some time this year,” Dimon said in an interview at the World Economic Forum in Davos, Switzerland. “I promise you, we are going to be sitting here in a year and you all will be worrying about inflation and wages going up too high.” The Venture has added 5 points to 905 while the TSX is down 11 points…some representatives of the Canadian auto industry slammed Canada’s decision to sign a revised Trans-Pacific Partnership yesterday, calling the deal harmful to the auto sector and warning that it undermines Canada’s position in NAFTA negotiations…Cannabix Technologies (BLO, CSE) is up another 15 cents at $3.38 following positive news yesterday regarding development of its marijuana breathalyzer…more impressive high-grade results from Arizona Mining (AZ, TSX) from its Hermosa Project, including 31 feet assaying 40.9% combined Zinc-Lead and 11.7 ounces per ton Silver in drill hole HDS-497 which successfully targeted the northwest extension of the Taylor Deeps Zone…
7. Aurora Cannabis (ACB, TSX) and Cannimed Therapeutics (CMED, TSX) have kissed and made up…the two have finally agreed on terms of an Aurora buyout…under the new offer, CanniMed shareholders will receive 3.40 Aurora shares or a combination of cash and shares at the election of each CanniMed shareholder, with the maximum aggregate cash consideration of $140 million…based on an implied Aurora share price of $12.65 and the 3.40 exchange ratio, the new offer would equate to $43.00, representing a 181% premium over the closing price of CanniMed Shares on November 14, 2017, the last day prior to the public disclosure of Aurora’s intention to pursue a combination with CanniMed, and a 79% increase to the previous offer cap price of $24…CMED is up $6 a share at $43.50 as of 7:00 am Pacific…
Most Popular Recent BMR Posts
Venture Locked and Loaded For Powerful Q1
The Template For The Next 10% Stake 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
January 23, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,331 and $1,339 so far today…as of 7:00 am Pacific, bullion is unchanged at $1,333 an ounce…Silver is also flat, trading at $16.97…Copper has slid 5 cents to $3.14…Nickel has added 4 pennies to $5.80 while Zinc remains strong at $1.57…Cobalt, meanwhile, is at $36.29 a pound, up from early last week but down just slightly from Friday’s new decade high of $36.51…Crude Oil has jumped 80 cents to $64.37…the robust global economic outlook (the IMF revised its growth forecasts upward yesterday) and seasonally colder weather has led to firmer Oil demand growth, facilitating the continuation of a fall in Crude inventories toward OPEC’s recent 5-year average target…BNP Paribas has hiked its 2018 Oil price forecasts by $10 a barrel and expects WTI to average $60 and Brent $65…the U.S. Dollar Index has fallen one-fifth of a point to 90.18…
2. Cannabix Technologies (BLO, CSE), at the leading edge of marijuana breathalyzer technology, announced this morning that it has completed development of the Beta 3.0 prototype for its FAIMS-based Cannabix Marijuana Breathalyzer for law enforcement and the workplace…significantly, the device is designed to operate both independently or coupled in tandem directly to a conventional Quadrupole Mass Spectrometer (MS) device used in forensic labs…MS is considered the Gold standard in toxicology in the analysis of drugs, poisons, and metabolites due to its superior specificity and sensitivity…BLO is up 16 cents at $2.84 through the first 30 minutes of trading…
3. The Dow, which hit another new record high yesterday, has eased off 48 points as of 7:00 am Pacific…during yesterday’s session, Senate Democrats came to their senses and the chamber voted for a temporary arrangement (a bill that later also passed the House and was then signed by President Trump) to end a 3-day government “shutdown” and keep the U.S. government “open” until at least February 8…in Toronto, the TSX has retreated 51 points in early trading while the Venture is up 2 points at 900…Millennial Lithium (ML, TSX-V) is up another 14 cents at $4.48 as takeover rumors persist following the recent buyout of another Lithium player in Argentina, Lithium X (LIX, TSX-V)…China’s hunger for Lithium continues unabated…Osisko Mining (OSK, TSX) has released multiple high-grade drill results from its Lynx 4 discovery zone at Windfall Lake including 415 g/t Au over 5.9 m and 19.9 g/t Au over 8.8 m in OSK-W-17–1166-W1415…new results appear to demonstrate that Lynx 4 is developing a high-grade core similar to the Lynx 1 discovery zone…Pretium Resources (PVG, TSX) produced 70,281 ounces of Gold during Q4 at its Brucejack mine in the Eskay Camp…management expects steady state Gold production by mid-to-late 2018 as the ramp-up of mining into areas of higher-definition drilling continues…150,000 to 200,000 ounces is the estimated production range for the 1st half of the year, but that’s lower than what the market was hoping for and the stock has dropped in early trading…
4. ML Gold (MLG, TSX-V), still fighting key resistance at 28 cents, reported this morning that it has intersected 3 long intervals with visible Copper sulphide in the 2nd, 3rd and 4th drill holes at its continuing program at the Stars Project near the Huckleberry mine in central British Columbia…significantly, drill hole #4, collared 150 m southeast from drill hole #1, and toward the east, has intersected a 300 m interval starting at 25.2 m with visible chalcopyrite as veins and disseminations including massive chalcopyrite mineralization…all mineralization encountered to date begins at or close to surface, hidden by a thin layer of glacial till averaging 20–25 m…Adrian Smith, President of ML Gold commented, “We are extremely pleased with first 4 holes of the program. Hole four is the most impressive hole to date and there is no indication we have drilled within the best zone of this porphyry system yet.”
5. Skeena Resources (SKE, TSX-V) continues to release encouraging results demonstrating high-grade continuity from underground drilling at the past producing Snip mine in the northwest corner of the Eskay Camp…targeting a less densely drilled portion of the Upper Twin Zone, 2017 underground drill hole UG17–062 intersected two intervals grading 91.6 g/t Au over 3.8 m and 8.7 g/t Au over 5 m, supporting the up-dip grade and geological continuity of the Upper Twin…inclusive of historical drilling, this portion of the Upper Twin has now been traced along its dip extent for 370 m and remains open for expansion…in the footwall of the Upper Twin, drilling has also confirmed and is expanding upon the extensional veining systems that are geologically equivalent to the historically mined 130 and 150 areas…drill hole UG17–044 cut 12.6 g/t Au over 4.7 m and the geological continuity is verified by UG17–054 and UG17–055 which graded 30.4 g/t Au over 1.5 m and 23.3 g/t Au over 1.5 m, respectively…assays are still pending for 12 of the 62 underground drill holes completed in 2017…a Phase 2 underground drill program is expected to commence next month with surface drilling planned for the summer…
6. After giving some confusing signals last summer that mining sector investors found disturbing, the rogue Minister of Energy and Mines for the Dominican Republic has finally expressed his support for GoldQuest Mining’s (GQC, TSX-V) Romero Project…Minister Isa Conde has completed his review of GoldQuest’s exploitation permit application for Romero and has approved that application, sending it to the President of the DR for ratification…exploitation permits in the Dominican Republic are for 75 years, with a tax stability agreement that freezes the tax treatment for the project for a minimum of 25 years protected under the current mining law…Bill Fisher, GoldQuest CEO, stated, “We have reached agreement with the ministry as to the details of sharing the project’s benefits in a win-win formula under the existing law, where the project’s net present value and internal rate of return remain aligned with previous guidance. The company is well funded with over $20 million in treasury, and, once we receive the formal exploitation license, we will rapidly advance towards a production decision at Romero, with the first items being the full feasibility study, outlining project financing and the environmental impact study, coupled with an accelerated exploration program.”
7. Gold Standard Ventures (GSV, TSX) has intersected 237.8 m grading 2.96 g/t Au, including 93 m @ 5.06 g/t, in DS17-37 (infill hole) at its Railroad Project in Nevada…those are the thickest and highest-grade intercepts drilled to date at the Dark Star deposit, confirming once again the potential of this laterally continuous zone of near-surface oxide mineralization…Jonathan Awde, Gold Standard CEO, commented: “This drilling is designed to convert current Inferred resources to Measured and Indicated resources in support of a future prefeasibility study. Nonetheless, we also look at these holes as a second wave of exploration drilling as we discover structural features that appear to drive exceptional grades and thicknesses in certain locations. Some of these results are well in excess of what was predicted in the current resource model and the data could help us find other such occurrences. We are especially encouraged by the additions we are making to the depth dimension of the Dark Star deposit which we had not expected.” GSV has been gradually gaining momentum after hitting an important low of $1.61 late last year, just above its rising 1,000-day moving average (SMA)…
Most Popular Recent BMR Posts
Venture Locked and Loaded For Powerful Q1
The Template For The Next 10% Stake 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
January 22, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,328 and $1,335 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,332…holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose over 2% last week, their best week in 4-and-a-half months…Silver is flat at $17.01…Copper, Nickel and Zinc are each steady at $3.19, $5.75 and $1.56, respectively…Zinc stocks in LME-registered warehouses have hit a new decade low…Crude Oil is relatively unchanged at $63.27…U.S. drillers cut 5 Oil rigs in the week to January 19, reducing the total count to 747…despite the cuts, the rig count in 2017 and early this year remains much higher than in 2016, contributing to a 16% rise in U.S. Crude Oil production since mid-2016, to 9.75 million barrels per day (bpd)…the U.S. Dollar Index is flat at 90.47…
2. The U.S. Senate will vote later this morning whether to advance a measure that would “reopen” the government for 3 weeks after a “shutdown” that began Saturday…in a $19.5 trillion economy with 147 million workers, a “shutdown”, even a long one, won’t leave much imprint on the broader economy…the last government “shutdown”, in October 2013, sent 818,000 workers, or about 30% of all federal government employees, home without pay for more than 2 weeks (furloughed workers were later paid retroactively)…nonetheless, in the final quarter of 2013, the economy had its strongest performance in 2 years…there have been 18 government “shutdowns” since 1977, ranging from a day to 3 weeks…most “shutdowns” have lasted fewer than 10 days…
3. The International Monetary Fund (IMF) has revised global growth forecasts for 2018 and 2019 upwards, saying the revision is partly due to the recently approved overhaul of the U.S. tax system under President Trump…global growth forecasts for 2018 and 2019 have both been revised upward by 0.2 percentage points to 3.9%. “The revision reflects increased global growth momentum and the expected impact of the recently approved U.S. tax policy changes,” the IMF said in its World Economic Outlook report published this morning ahead of the World Economic Forum in Davos, Switzerland…the IMF says the tax changes are expected to stimulate activity “with the short-term impact in the United States mostly driven by the investment response to the corporate income tax cuts”…
4. A recent report by Canada’s Federal Finance Minister’s Advisory Council on Economic Growth underscores how this country is in desperate need of regulatory form, similar to what’s happening now in the United States… a raft of scary statistics includes this gem – it now takes 249 days to permit a new general construction project in Canada, which is 168 days longer than in the United States…the only country that did worse than Canada out of the 35 looked at was the Slovak Republic…unbelievable but, sadly, true…
5. The Dow is off 16 points through the first 30 minutes of trading…Apple got its 2nd downgrade in a week as some on Wall Street fear that iPhone demand is softening…in Toronto, the TSX has retreated 36 points while the Venture has jumped 8 points to 889…Castle Silver Resources (CSR, TSX-V) is active in early trading after news Friday that included its proposed new name (“Canada Cobalt Works“), a strategy expected to draw much more attention to the company’s extensive focus on Cobalt and its competitive advantages in the northern Ontario Cobalt Camp…Clean Commodities (CLE, TSX-V) announced this morning that option partner AREVA Resources Canada will be commencing a planned 4,500-m diamond drill program at the Preston Uranium Project near the NexGen Energy (NXE, TSX) and Fission Uranium (FCU, TSX) deposits…Tudor Gold (TUD, TSX-V) has drilled 337.5 m of continuous mineralization, grading 0.76 g/t starting from 2 m, at its Treaty Creek Property in the Eskay Camp…the hole was collared adjacent to the west side of the the Treaty Creek glacier where glacier melt-back has exposed new opportunities for exploration success…Eskay Mining (ESK, TSX-V) announced this morning that SSR Mining (SSRM, TSX) has elected to proceed with the 2nd year of a 3-year year option agreement with the company on its SIB Property in the Eskay Camp…Adventus Zinc (ADZN, TSX-V) and Salazar Resources (SRL, TSX-V) have started drilling the very prospective Curipamba Project in Ecuador, a high-grade VMS play…Adventus can earn a 75% interest in Curipamba by spending $25 million (U.S.) over 5 years…this year’s program is fully funded at $7 million (U.S.)…marijuana stocks are little changed in early trading…with about 6 months to go until the legalization of recreational cannabis, only 3 smaller provinces – representing less than 4% of Canada’s population – have signed contracts with licensed producers to lock down supply…others will be scrambling…some provinces are still focused on getting clarification from the feds on how supply and distribution networks will be regulated…cryptocurrencies are under pressure again this morning…Reuters reported that new research from accounting giant Ernst & Young found that more than 10% of funds raised through “initial coin offerings” are lost or stolen in hacker attacks…
6. Lundin Gold (LUG, TSX) reported this morning that it has received commitments from a syndicate of 5 senior lenders for a senior secured project finance facility of $300-million (U.S.) to finance the development and construction of its Fruta del Norte Gold Project in Ecuador…the Lenders are ING Capital LLC, Societe Generale, Caterpillar Financial Services Corporation (Cat Financial), The Bank of Nova Scotia and KfW IPEX-Bank GmbH. “Together with the project financing package from Orion Mine Finance Group and Blackstone Tactical Opportunities, this facility further reflects a strong endorsement of the project and confidence in the Lundin Gold team,” said Ron Hochstein, President and CEO of Lundin Gold. “The Project remains on schedule and on budget to achieve first Gold production by the end of 2019.”
7. Bonterra Resources‘ (BTR, TSX-V) has commenced its 2018 winter drilling program at its Gladiator Gold Project in Quebec…after completing more than 60,000 m in 2017, the company plans to drill 30,000 m over the winter and 70,000 m in total in 2018…the expanded program includes 4 drills and will focus on the extension and definition of the Gladiator Gold deposit with an updated NI-43–101 resource estimate expected later this year…approximately 20% of the planned meters will be drilled outside of the deposit at targets highlighted from exploration activities conducted last year…similarly, multiple target areas have been identified to the east and west of the Gladiator deposit…additional meters will also be allocated for exploration drilling, pending success in the initial phase of the campaign…
Most Popular Recent BMR Posts
Venture Locked and Loaded For Powerful Q1
The Template For The Next 10% Stake 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
-
-
-
-
Press "Reload" for fresh quote