January 11, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,315 and $1,324 this morning, buoyed modestly by a decline in the greenback and strength in Oil…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,322…Silver is steady at $16.97…Copper is flat at $3.21 while Nickel has retreated 5 cents to $5.77 as it attempts to confirm an important breakout above a downtrend line going back to 2011…Crude Oil continues to push higher, up 71 cents to $64.28, while the U.S. Dollar Index has fallen nearly half a point to 91.87…
2. China is diversifying its foreign exchange reserves in order to safeguard their value, the country’s currency regulator said today, while dismissing a media report the government is halting or reducing its purchases of U.S. debt…Bloomberg News reported yesterday that Chinese officials reviewing the country’s vast foreign exchange holdings had recommended slowing or halting purchases of U.S. Treasury bonds amid a less attractive market for them and rising U.S.-China trade tensions…that spooked investors worried that sharp swings in China’s massive holdings of U.S. Treasuries would trigger a selloff in bond and equity markets globally…the report sent U.S. Treasury yields to 10-month highs and the dollar lower…
3. Cryptocurrency crackdown in South Korea…Bitcoin has slumped to its lowest level in nearly 3 weeks as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets…the remarks from Minister of Justice Park Sang-ki came just days after the country’s financial regulator started inspecting some of South Korea’s largest financial institutions that help facilitate digital-currency trading…
4. Not good news for the Fed which continues to be frustrated by a lack of inflationary pressures in the U.S. economy – producer prices fell for the first time in nearly one-and-a-half years in December amid declining costs for services…the Labor Department said today that its producer price index for final demand slipped 0.1% last month, the first drop since August 2016…in the 12 months through December, the PPI rose 2.6% after advancing 1.6% in 2016 (vs. 2.4% and 1.8% for the core PPI over the same periods)…
5. Strong Q4 and 2017 operating results from Kirkland Lake Gold (KL, TSX) this morning…consolidated full-year production was 596,405 ounces, beating improved guidance of 580,000 to 595,000 ounces…it was a record full year production at each of KL’s operating mines, including 263,845 ounces at Fosterville (74% increase), 194,237 ounces at Macassa, 66,677 ounces at Holt and 50,764 ounces at Taylor…over the last year, Fosterville has joined Macassa as one of the world’s highest-grade Gold mines with mineral reserve ounces and the average reserve grade more than doubling…Kirkland Lake was the top-performing stock on the S&P/TSX Composite Index in 2017 with share price increasing 174.5%…
6. Major averages in the U.S. are rebounding from losses yesterday…the S&P 500 and NASDAQ both snapped 6-session winning streaks as investors fretted over the possibility of China halting its Treasury bond purchases and the U.S. pulling out of NAFTA…the Dow is up 88 points through the first 30 minutes of trading…in Toronto, the TSX is up 36 points while the Venture has fallen 10 points as marijuana stocks continue to correct…keep in mind, the Venture’s close supporting moving average since early December has been the EMA(8) which is currently in the mid-890’s…secondary support at the EMA(20) which is currently in the 860’s, above the key 850 breakout point…astute investors will embrace the dip…ML Gold (MLG, TSX-V), which may have bottomed at 10 cents during Q4 last year, has firmed up on news that it has intersected 311 m of veined and variably disseminated Copper sulphide mineralization consisting predominantly of chalcopyrite in the first drill hole on its Stars Project near the Huckleberry mine in central British Columbia…Skeena Resources (SKE, TSX-V) has reported multiple high-grade Gold intercepts from underground drilling at the Snip mine in the Eskay Camp…results include 74 g/t Au over 2 m, 19.3 g/t Au over 11.85 m, 11.2 g/t Au over 5.95 m, and 35.5 g/t Au over 4.35 m…
7. Global Blockchain Technologies (BLOC, TSX-V) is in the news again after reporting yesterday that it has invested $2 million (U.S.) in the new Kodak coin…BLOC announced this morning that it has made a strategic investment of $2 million (CDN) in Spectra7 Microsystems (SEV, TSX), a leading provider of high performance analog semiconductor products for broadband connectivity markets…last November, Spectra7 announced a new product line optimized for blockchain processing data centers…Spectra7’s BCI-2500 products enable Copper cables up to 3 x the reach of passive Copper cables at dramatically lower power levels than alternative solutions which addresses the needs of data centers running blockchain applications including Bitcoin mining…
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January 10, 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 hit a 3-and-a-half month high today, trading between $1,308 and $1,328…as of 7:00 am Pacific, bullion is up $7 an ounce at $1,319…Silver has added 9 cents to $17.02…Copper and Nickel are both firm with Copper up 2 cents at $3.22 while Nickel soared to a new 2-and-a-half year high of $5.94…it has since backed off to $5.79, but that’s still up 8 pennies for the day…Nickel is attempting to confirm a breakout above a long-term downtrend line going back to 2011 – that would be a major technical event…a World Bank forecast of solid global economic growth has helped the metals sector while investors shrugged off weak inflation data from China, the world’s biggest metals consumer…Crude Oil continues to push higher, up 41 cents at $61.37, while the U.S. Dollar Index has fallen one-fifth of a point to 92.38…
2. Equities and the greenback came under pressure this morning after a report from Bloomberg News that officials in Beijing have recommended the Chinese government lowers – or even stops – its buying of U.S. sovereign debt…the report also notes that Chinese officials think U.S. debt is becoming less attractive compared to other assets, adding that trade tensions between the 2 countries could provide a reason to slow down or halt the purchases…China is trying to play hard ball with President Trump – should be fascinating to see how that game plays out…
3. U.S. Crude inventories have dropped for an 8th consecutive week, giving further support to Crude prices which have already been helped by OPEC-led production cuts and healthy global demand…investors are betting on an increasingly tighter market, especially with threats to supply from major producers such as Iran and Venezuela…today we should find out whether President Trump extends U.S. sanctions relief to Iran as part of a flawed 2015 Obama-led international agreement to curb the Islamic Republic’s nuclear program…the potential for new sanctions is very real and that would be another bullish catalyst for Oil…Trump’s decision will come on the heels of anti-government protests in Iran last week…rather than passing on the benefits of the nuclear agreement to its people, the hideous Iranian regime is meddling throughout the Middle East and has ramped up its proxy war against Saudi Arabia…Iran is not a poor country, but its national wealth is going to Hezbollah in Lebanon, Hashd al-Shaabi in Iraq and the Houthis in Yemen, not to mention terrorists elsewhere…
4. The Dow is off 98 points as of 7:00 am Pacific…U.S. equities posted record highs in the previous session, continuing their stellar start to 2018…in Toronto, the TSX has dipped 11 points while the Venture has fallen 9 points on profit taking as the marijuana sector cools off a little…
5. Eastman Kodak (KODK, NASDAQ) has more than tripled in price since yesterday morning after the company announced that it has used blockchain to create a digital photography platform called KodakCoin…there’s also a Venture connection to that…Global Blockchain Technologies (BLOC, TSX-V), halted yesterday with trading resuming at 7:30 am Pacific, is the lead investor with a $2 million (U.S.) investment into the Kodak coin, a compliant and fully registered initial coin offering (ICO)…Kodak is the first major NYSE-listed corporation to be part of creating and implementing a cryptocurrency…Global Blockchain has subscribed for all 8 million Kodak coins that were available in the Pre ICO Stage I…the KodakOne Image Rights Management Platform and Kodak Cryptocurrency gives photographers a new revenue stream and secure platform for protecting their work…utilizing blockchain technology, the KodakOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform…with Kodak-branded cryptocurrency, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, receive a share of overall platform revenue, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform…Global Blockchain completed a $41 million bought deal at $2.55 just before Christmas…it last traded yesterday at $1.52…
6. Klondex Gold Mines (KDX, TSX) took a hit at the open, trading as low as $2.10, creating an opportunity for bargain hunters after the company announced that it will be suspending underground mining at its True North Gold Project in Manitoba…management explained that the decision was largely based on the site’s inability to achieve planned operating and cash flow metrics in 2017…preliminary full-year 2017 Gold ounce production from True North is estimated to be approximately 24,000 to 27,000 ounces, which is less than the guidance of 35,000 to 45,000 ounces…the mine will be placed on care-and-maintenance status after the developed areas are mined to review strategic options and reassess if Gold prices push significantly higher…fortunately, True North was an inexpensive acquisition for KDX…the share price has recovered to $2.65 as of 7:00 am Pacific after the stock opened down 86 cents at $2.10…
7. Silver Bull Resources (SVB, TSX) has reported exceptionally high-grade Zinc as well as high-grade Silver from channel sampling of previously inaccessible historical underground workings that were recently reconditioned by the company at its Sierra Mojada Project in northern Mexico…continuous chip samples up to 2 m lengths were taken along the walls of the underground workings and returned multiple high-grade values including sample N342057 @ 30.7% Zn, 124 g/t Ag, 15.8% Pb and 0.26% Copper in new sulphide zones to the west of Silver Bull’s recent drilling along an east-west trend…that drilling included diamond core intercepts of 9 m @ 20.7% Zn, 98 g/t Ag, 1% Pb and 0.26% Cu, and 16 m @ 396 g/t Ag and 1.61% Cu…a 1.4-km-long “chargeability high” has been identified through an IP survey and remains open toward the west…Sierra Mojada lies within an historical high-grade Silver-Lead-Zinc mining district discovered in 1879…the project is 100% owned and operated by Silver Bull and is part of a large land package consisting of 20 mining concessions totaling 47 sq. km…the main zone of mineralization found at Sierra Mojada extends over 6 km in an east-west direction along the base of the Sierra Mojada Range coincident with the Sierra Mojada fault…over 54 historical mine shafts lie along this strike, mining to depths in excess of 200 m…the area has never been mined with modern technology and processes…
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January 9, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,308 and $1,320 so far today…as of 7:00 am Pacific, bullion is off $10 an ounce at $1,310…a strong support band stretches from $1,300 to $1,280…prices had risen in 11 straight sessions and 15 of the last 16 trading days entering yesterday, boosted by a decline in the greenback which is rallying today…Bart Melek, head of commodities strategy at TD Securities and a Gold bull for 2018, has been declared the winner of the London Bullion Market Association’s Gold-forecasting contest for 2017…Silver has pulled back 20 cents to $16.90…Copper is off a penny at $3.20 while Nickel has added 3 cents to $5.69…Crude Oil is up 27 cents at $62 while the U.S. Dollar Index has rallied one-fifth of a point to 92.51…
2. Gold held by global exchange-traded funds increased by 197.5 tonnes in 2017, a gain of 8.4%, the World Gold Council said in its monthly report today…the rise last year was largely driven by European ETFs which represented three-quarters of all total inflows by adding 148.6 tonnes of Gold ($5.8 billion) to their holdings…in turn, the European market was dominated by Germany. “German-listed ETFs accounted for 35% of global net inflows in 2017,” according to the WGC report…meanwhile, in the North American market, iShares Gold Trust and SPDR Gold Shares collectively accumulated 62.6 tonnes in 2017, representing 28% of global net inflows…
3. Palladium, the best-performing commodity of 2017, has continued its ascent in 2018, hitting a fresh record high of $1,115 this morning before pulling back just below $1,100…the diesel scandal, which has generated high demand for gasoline-powered cars, still appears to be a key driver of the Palladium price…analysts cite figures from the China Passenger Car Association showing that car sales in China rose for the 27th consecutive year in 2017…the U.S. and China are the world’s two largest car markets and both consist of mainly gasoline-powered vehicles which use Palladium rather than Platinum for catalysts…
4. The Dow is up 47 points as of 7:00 am Pacific on investor optimism entering the corporate earnings season…financial giants BlackRock, J.P. Morgan Chase and Wells Fargo are among the companies set to report quarterly results later this week…in Toronto, the TSX is off 3 points while the hot Venture gapped up at the open again and has added 18 points to 939 through the first 30 minutes of trading…marijuana stocks, increasingly very technically overbought, continue to set the pace but are poised for a pullback…TD Bank is acquiring artificial intelligence startup Layer 6 for an undisclosed amount as financial services companies increasingly look to tap the technology’s potential…Michael Rhodes, head of innovation, technology and shared services for TD Bank Group, stated, “Layer 6 adds new capabilities to TD’s growing base of innovation talent and know-how. Artificial intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals”…mass amounts of data with increases in computing power give rise to the ability for machine learning, or artificial intelligence, to really play a much more prominent role in multiple sectors, and that’s why Venture companies such as Datametrex AI (DM, TSX-V) and AnalytixInsight (ALY, TSX-V) have found favor with investors…ALY hit a new multi-year high of 87 cents yesterday on record volume and is active again in early trading today…
5. Orca Gold (ORG, TSX-V) has drilled 162 m grading 2.01 g/t Au (GSDD045) in latest results released this morning from a continuing 25,000-m drill program at its Block 14 Project in Sudan…the addition of 12,500 m of diamond drilling and 2,500 m of reverse circulation drilling will form the basis of a new mineral resource estimate slated to be released in the coming weeks, to be followed by a Feasibility Study in Q2…hole GSDD045 successfully tested a new geological interpretation in the East zone…significant results were also obtained in the Main Zone of the deposit including 48 m at 2.76 g/t in Hole GSDD042 and 50 m grading 2.75 g/t in GSDD047, which are expected to have a positive impact on the resource estimate (true widths estimated at 50% to 70% of intercept widths)…ORG hit a new multi-year high yesterday and is off 3 pennies at 73 cents as of 7:00 am Pacific…
6. Copper Mountain Mining (CMMC, TSX) announced this morning that its operation near Princeton, B.C., produced 88.3 million pounds of Copper equivalent in 2017, including 75.8 million pounds of Copper, 23,600 ounces of Gold, and 277,000 ounces of Silver, all within guidance numbers…the mill averaged 90.3% operating time for the year…the mill processed a total of 14.1 million tonnes of ore at an average rate of 38,592 tonnes per day (43,000 tpd in December) and a grade of 0.32% Copper…Jim O’Rourke, President and CEO, stated, “The favorable mine performance coupled with the rise in the Copper price has allowed the company to increase cash on its balance sheet.” CMMC hasn’t broken below its rising 100-day SMA, currently $1.44, since pushing above it last July…CMMC is off a nickel at $1.50 as of 7:00 am Pacific…
7. The gap between the prices fetched for Western Canadian Select and West Texas Intermediate Crude has hit a 4-year high of almost $27 (U.S.) to start the New Year – the direct result of a shortage of spare pipeline capacity in Canada where getting pot to market is more of a sense of urgency for politicians than getting Oil to market…Ralph Klein is rolling over in his grave…the pipeline bottleneck combined with increasing Canadian production is forcing more producers to rely on a rail option which ironically also carries more environmental risks…
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January 8, 2018
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