BullMarketRun.com

Visit the BMR comments section throughout the day for updates and helpful information. No Daniel’s Den today as Daniel is on a site visit.

1. Gold has traded between $1,316 and $1,323 so far today…as of 7:00 am Pacific, bullion is flat at $1,318…yesterday’s drop pushed bullion below an uptrend line on the short-term chart going back to December…a strong support zone exists between $1,300 and $1,280…Silver is up 4 pennies at $16.41…Silver production is likely to keep growing in key producing nations Mexico and Peru, according to consultancy Metals Focus…Mexican output jumped by an estimated 5% last year while Peruvian production rose 1%, compared to a 4% decline in global output…Copper, Nickel and Zinc have eased off slightly to $3.15, $6.27 and $1.59, respectively…Cobalt continues to hover around a decade high of $37 a pound…Crude Oil has added 29 cents to $63.30 while the U.S. Dollar Index is now at a 3-week high of 90.59, up one-fifth of a point, as a rally begins to build…helping the greenback is the fact that euro zone inflation has slowed for the 3rd consecutive month, according to February data just released from the region’s official statistics office, raising further questions over the ECB’s ability to exit its easy monetary policy stance later this year…

2. Growth in China’s manufacturing sector in February slowed more than expected to the weakest in over one-and-a-half years, though base metals are reacting little to the news…the mainstream media seem oblivious to this but keep in mind that China’s Lunar New Year holiday period disrupts/distorts business activity over several weeks, so discerning any trend from February data is unwise…official manufacturing PMI in China for this month has come in at 50.3, below the 51.2 forecast by Reuters and the 51.3 figure seen in January…watch for a pick-up during March…

3. World stocks are set to snap a record 15-month-long winning streak today while the Venture’s 7-month winning streak will also come to a screeching halt after an unusual and volatile February…sellers pushed the Dow down 300 points at the close yesterday after new Fed boss Jerome Powell’s comments suggested the possibility of four U.S. interest rate increases this year rather than three…the Dow had climbed in 10 out of the previous 12 sessions following the late January/early February correction, so traders were certainly looking for an excuse to lock in some profits…Powell’s debut testimony to Congress struck a generally more hawkish tone than most investors were anticipating as he vowed to prevent the economy from “overheating”…meanwhile, the Commerce Department reported this morning that its second GDP estimate for Q4 has been revised down slightly to 2.5% from 2.6%…Q1 growth is expected to be weaker due to a seasonal quirk, but most economists believe the economy will strengthen throughout the balance of the year due to tax cuts plus other measures and reach the Trump administration’s 3% annual growth target…the slowing Canadian economy, hobbled by an Oil and gas sector that’s now in the tank and not likely to recover anytime soon, is expected to grow only 2.2% this year with a further slide in 2019…

4. The Dow has recovered 159 points through the first 30 minutes of trading…T. Boone Pickens was many things during his decades-long career – wildcatter, corporate raider, cattle trader, investor…now he has become an exchange-traded fund…the Pickens Oil Response ETF (BOON, NYSE) began trading this morning (it opened at $25.19) and reflects the Oil tycoon’s philosophy of going all in on the U.S. energy renaissance…it will track the NYSE Pickens Oil Response Index, developed last year by some of Pickens’ lieutenants at his Dallas investment firm BP Capital (it’s the first time the NYSE has branded a stock index with an individual)…in Toronto, the TSX is virtually unchanged in a not-so-enthusiastic embrace of yesterday’s bizarre federal budget that more resembled a social document…the Venture, meanwhile, is up 4 points at 819…Cornerstone Metals (CCC, TSX-V) is one of the highest-volume percentage gainers in early trading after releasing positive initial drill results from its Vanadium Project in Nevada (see below)…also south of the border and trading near a multi-year high is Blue Moon Zinc (MOON, TSX-V), steady at 11 cents…

5. Federal budgets, from the Martin-Chretien Liberals beginning in the 1990’s to the Harper Conservatives who followed and remained in power until late 2015, used to be about balancing the books and keeping Canada competitive…now they’re about something very different – virtue-signalling, identity politics, gender, race, and just about every social cause one can imagine in the face of daunting economic challenges – as evidenced again yesterday…deficits and debt are piling up as far as the eye can see, contrary to a Trudeau election promise in 2015, and – shamefully – not one word was mentioned yesterday about Canada’s urgent pipeline problem which is costing the economy $50 million per day or $16 billion annually, shaving nearly a full percentage point off 2018 GDP according to a Scotiabank report last week…while the pipeline issue was ignored, the word “gender” appeared no less than 358 times in yesterday’s budget and included this gem:  “At the same time, men and boys also have gendered intersecting identities and experience inequality, and are not all a homogenous group. This work will recognize that gender is not synonymous with women” ($1.8 million for something called Engaging Men and Boys to Promote Gender Equality, though that pales in comparison to the $2 billion in new funding for the Feminist International Assistance Policy aimed at “building a more peaceful, inclusive and prosperous world.”  It goes on and on and on…the Finance Minister, borrowing a line and a lie from B.C.’s budget, says the feds are putting “people first” but in reality they are putting the growth of government first while abusing all hard-working taxpayers…Canada’s competitiveness vs. the United States continues to erode as economic policy in the U.S. goes in one direction while Canadian policy (higher taxes, burdensome regulatory regimes, etc.) heads in another, leading to paltry estimated growth of just 1.6% in Canada for 2019…meanwhile, the federal government wants us to believe that it made all the right moves in recently rewriting the rules for approval of major resource projects across this country (that’s another boondoggle)…things are so bad on the Oil and gas front, the Canadian Association of Petroleum Producers issued an urgent call Monday in a news conference for an immediate “course correction” in this country given the fact that energy investors are now dumping Canada in favor of such places as Iran and Brazil…budgets speak volumes about the priorities of a government or an individual – yesterday, we saw the federal government’s priorities on full display and those misplaced priorities, cheerleaded by their media friends on the left, are not reassuring to investors…

6. Cornerstone Metals (CCC, TSX-V) has intersected 25.3 m grading 1.07% Vanadium pentoxide (V2O5), highlighting results from the first 8 holes of a recently completed 20-hole confirmation diamond drilling program at its Carlin Vanadium Project in Nevada…significantly, 5 of the 8 holes returned much higher Vanadium grades compared to their neighboring historic holes, supporting an extensive near-surface horizontal high-grade mineralized Vanadium zone…the deposit has an historic Inferred resource estimate of 28 million tons at 0.515% V2O5 for a total metal content of 289 million pounds V2O5, based on a 0.3% V2O5 cut-off grade and defined by 127 holes completed by Union Carbide in the late 1960’s…CCC has just 21 million shares outstanding but keep in mind that 7.8 million shares from a 14-cent financing last October became free-trading just over a week ago…the stock is up a nickel at 33 cents as of 7:00 am Pacific…

7. CSE-listed Maricann Group (MARI, CSE) is taking a hit this morning in an unusual situation where underwriters have pulled out of a previously announced $70 million bought deal financing after regulators started posing some questions…Maricann has come under the radar of the the Ontario Securities Commission for not disclosing (the company says it was unaware of this) that CEO Ben Ward is under investigation for his actions at another company, Canadian Cannabis, where he served as CEO from 2013 to 2016…in addition, the OSC is raising concerns about why directors Julian Tabatznik and Raymond Stone sold about $8 million worth of shares days before Maricann announced its large equity financing January 29…MARI’s news release this morning stated that Tabatznik and Stone have both resigned…however, the company also stated that it’s unaware of any facts that could reasonably lead it to conclude that the OSC investigation of Ward has had, or will have, any impact on the ability of him to properly and effectively carry out his duties as CEO or director of the company…MARI is off 52 cents at $1.97 as of 7:00 am Pacific…

Most Popular Recent BMR Posts

Venture Locked and Loaded For Powerful Q1

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

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!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

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

1. Gold has traded between $1,324 and $1,335 so far today…as of 7:00 am Pacific, bullion is off $8 an ounce at $1,325…Silver has retreated 16 cents to $16.48…monthly Chinese Silver imports have come in at the highest in 7-and-a-half years…Commerzbank notes that the most recent data from customs authorities showed 493 tonnes were imported last month, 85% more than January 2016…however, the Silver market was certainly not in tight supply last month as ETF investors dumped nearly 400 tonnes…base metals are looking better, though Copper is down 4 cents this morning at $3.18…Nickel and Zinc are both relatively unchanged at $6.29 and $1.61, respectively…Cobalt continues to hover around a decade high of $37 a pound, off slightly at $36.97…Crude Oil has slipped 14 cents to $63.77 while the U.S. Dollar Index has reversed higher, up slightly at 89.96…

2. U.S. consumer confidence numbers came in higher than expected this morning as Federal Reserve Chairman Jerome Powell made his first public comments during Congressional testimony since replacing Janet Yellen at the helm earlier this month…Powell downplayed concerns over recent market volatility, arguing that such swings do not weigh heavily on his outlook for the economy…he said he expects continued gradual increases in interest rates given that the job market remains robust, consumer spending is solid and wage growth is accelerating…he also highlighted gains in U.S. exports and stimulative fiscal policy as new “tailwinds” for the economy.  “The economic outlook remains strong,” he concluded, in remarks that are pushing Treasury yields higher this morning…

3. The Dow has jumped 911 points the last 3 sessions and is up another 6 points through the first 30 minutes of trading this morning…gains have been recorded in 10 out of the past 12 sessions since a 1,033-point drop February 8, so a modest pullback soon is likely in order…in Toronto, the TSX is 14 points higher while the Venture has fallen 6 points to 821 after failing to push through resistance at 833 yesterday…bucking the trend is Blue Moon Zinc  (MOON, TSX-V), up half a penny at 10.5 cents and near a new multi-year high as the company progresses toward a drill program at its Zinc-rich VMS deposit in Mariposa County…licensed producer Aurora Cannabis (ACB, TSX) has signed a deal to supply medical marijuana to Shoppers Drug Mart…the agreement is subject to Health Canada’s approval of the pharmacy chain’s application to dispense medical cannabis….Aurora’s products are expected to be sold online, as current Canadian regulations prohibit the sale of medical marijuana in pharmacy locations…Shoppers Drug Mart’s deal with Aurora comes after it recently signed similar deals with licensed medical marijuana producers Aphria, MedReleaf and Tilray…Cronos Group (MJN, TSX-V and CRON, NASDAQ) became the first marijuana company to trade on a major U.S. exchange this morning…it climbed as high as $8.38 before pulling back…

4. The northern Ontario Cobalt Camp now features an aggressive new brand – Canada Cobalt Works (CCW, TSX-V), formerly Castle Silver, has laid out a powerful vision for the role it expects to play as a vertically integrated and leading domestic pure play Cobalt company focused exclusively on northern Ontario…the company has also delivered more exceptionally high Cobalt grades from underground selected bulk sampling on the first level of its 100%-owned Castle mine – 2.47% Cobalt and 0.91% Cobalt…the underground sampling program continues (more results pending) ahead of important underground drilling…CCW is also applying to have all 11 levels of the Castle mine dewatered…significantly, CCW has retained Amec Foster Wheeler (Wood), a leading global engineering firm specializing in the energy sector, to design plans and launch the permitting process for a state-of-the-art 600-tonne-per-day gravity flotation cyanidation mill at the Castle mine…no such processing facility exists in the entire district and it’ll be designed to handle Gold mineralization from the Granada mine across the border in Quebec, and material from the Castle mine and elsewhere throughout the Cobalt Camp…the planned mill, underground access and a proprietary process (Re-2OX) to handle the complex metallurgy of the Cobalt Camp are major distinguishing features for Canada Cobalt…

5. Group Ten Metals (PGE, TSX-V) has identified an initial 12 major geophysical conductive anomalies from a 1,914-line-km Fugro DIGHEM electromagnetic survey covering its Stillwater West Project in south-central Montana…these first targets are located within the lower banded, ultramafic, and basal series of the Stillwater complex within Group Ten’s main claim group adjacent to, and contiguous with, Sibanye-Stillwater’s high-grade Platinum PGE mining operations…the strongest geophysical conductors show signatures that may be characteristic of large bodies of massive to extensively disseminated sulphides, which correspond with overlapping highly elevated Palladium, Platinum, Gold, Nickel, Copper and chromium values in soil samples, covering a distance of 18 km…

6. The Canadian Association of Petroleum Producers (CAPP) has issued issuing an urgent call for a “course correction” with energy investors dumping Canada for Iran and Brazil, among other places (notably as well, of course, the United States which is aggressively promoting Oil and gas).  “Rising government costs, the burden of inefficient regulation, lack of energy infrastructure, are moving Canadian investment further and further behind,” Tim McMillan, president and CEO of CAPP, said at a news conference in Ottawa to launch a year long-campaign to propose a new energy vision. “In Canada we need pipelines, not barricades, to supply the world with more energy. The time to build is now.”  CAPP’s vision has 4 key components:  1) Global connection for Canada’s Oil and natural gas resources; 2) Globally competitive policies; 3) Climate plan that doesn’t disadvantage Canada and is comparable to other jurisdictions competing for the same global capital;  and 4) Government policies that encourage and accelerate innovation and technology in the Oil and natural gas sector…

7. The Financial Post reported this morning that the B.C. government has appointed a 12-member task force of industry, indigenous and labour leaders to measure the current state of the provincial mining industry…Mines Minister Michelle Mungall says the group will provide an economic analysis of the mining sector and offer recommendations to ensure job security for the industry during times of commodity price fluctuations…the task force has until this November to submit a report to her ministry, including recommendations for changes or amendments to current legislation or regulations…the task force members include Tumbler Ridge Mayor Don McPherson, Tom Syer of Teck Resources, Michelle Laurie with the United Steelworkers, and Mark Podlasly, a senior adviser with the First Nations Energy and Mining Council…the government says B.C.’s mining sector provides more than 30,000 jobs and generates more than $6-billion annually to the provincial economy…the task force will give the industry and those connected to mining the opportunity to provide direct input on policy and direction to the government…whether this is just a PR stunt by the NDP-Green coalition, or a real attempt at helping grow this industry, remains to be seen…

Most Popular Recent BMR Posts

Venture Locked and Loaded For Powerful Q1

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

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!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.

1. Gold is trying to rebound after its worst week of the year…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,333…today’s trading range has been between $1,330 and $1,342…a lower dollar and a return of interest from major consumer China, where a week-long holiday ended last week, has given Gold a slight lift but resistance is strong around $1,350…hedge funds and money managers raised their net long positions in COMEX Gold contracts in the week to February 20…Silver is up 9 cents at $16.59…a key focus for precious metals investors this week will be tomorrow’s Congressional testimony by the new chair of the Federal Reserve, Jerome Powell, as he makes his first public appearance since his appointment…base metals are firm…Copper has added 2 pennies to $3.21…Nickel is up 6 cents at $6.26 after climbing as high as $6.33, while Zinc has gained a penny to $1.62…Cobalt is unchanged at a decade high of $37.19…Crude Oil has steadied around its highest prices in 3 weeks, supported by comments from Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies…a surprise drop in U.S. Crude stockpiles last week and halted production at a Libyan Oil field led to Crude’s biggest 2-week gain since November…WTI is off 25 cents at $63.30 as of 7:00 am Pacific while the U.S. Dollar Index has recovered from its morning lows and is now back to almost even for the day at 89.91…

2. Ivanhoe Mines (IVN, TSX) reports a 50% increase in Indicated resources at a 3% cut-off grade at its world class Kakula discovery in the DRC…the Kamoa-Kakula Project is a joint venture between Ivanhoe Mines, China’s Zijin Mining and the government of the Democratic Republic of Congo…the updated Kakula resource estimate, prepared under the direction of independent consultant Amec Foster Wheeler, covers a mineralized strike length of 13.3 km and boosts the total tonnage of Kakula’s Indicated resources to 174 million tonnes at a grade of 5.62% Copper…this compares to the May 2017 estimate of 116 million tonnes at 6.09% Copper…estimated Inferred resources now total an additional 9 million tonnes at a grade of 3.66% Copper.  “Kakula is the most remarkable mineral discovery we have seen during our 35-plus years in the exploration industry. The new, independently-verified resource estimate now places Kamoa-Kakula ahead of Indonesia’s renowned Grasberg deposit as the world’s 4th-largest Copper discovery on the planet in terms of contained Copper. And it still is growing,” stated Robert Friedland…

3. The NASDAQ will list its first cannabis shares tomorrow, marking a key milestone for an industry that has been rejected by the Trump administration…Cronos Group (MJN, TSX-V) will be the first marijuana company on a major U.S. exchange, under the ticker symbol “CRON“, right alongside NASDAQ stocks such as Apple, Microsoft and Starbucks…Cronos will also retain its Venture listing…this could help expand the so-called Green Rush…American investors who were previously uncomfortable or restricted from putting funds abroad or into over-the-counter stocks now have a mainstream option that has passed muster with the Securities and Exchange Commission…Mike Gorenstein, Cronos Group CEO, stated:  “This up listing to NASDAQ is a major corporate milestone and reflects the significant progress we have made in strengthening our corporate governance and expanding our global footprint.  We believe this will increase long term shareholder value by improving awareness, liquidity, and appeal to institutional investors”…MJN is up 83 cents on the Venture at $9.73 as of 7:00 am Pacific…

4. The Dow, which has climbed in 9 out of the last 11 sessions, is up another 197 points as of 7:00 am Pacific…it has recovered more than half of its losses from the late January/early February correction…in Toronto, the TSX is 42 points higher while the Venture has jumped 7 points in early trading to key immediate resistance at 833…Pretium Resources (PVG, TSX) reported this morning that it’s continuing the ramp-up at its high-grade Brucejack Gold mine in the Eskay Camp, and the mine remains on track to reach steady-state production mid-to-late 2018…additionally, an exploration drill program has been initiated underground to test for a porphyry source and evaluate the potential extension of the Valley of the Kings deposit to the east…recent choppy market conditions have made it more difficult for cannabis firms to price stock sales and size up potential acquisitions…nearly all of the 3 dozen public cannabis stocks tracked by investment firm Echelon Wealth have tumbled over the month ended February 22, plunging by an average of 24%…an IPO led by Canaccord Genuity Group for The Green Organic Dutchman Holdings aims to list on the TSX in March…it operates a small production facility near Hamilton and holds one of 90 licenses in this country – and one of 48 in Ontario – that have been issued by Health Canada to cultivate pot plants for medical use…

5. Gold Standard Ventures (GSV, TSX) has released plans this morning for a $25.8 million (U.S.) program at its Railroad Project in Nevada…this will include an estimated 74,800 m of RC drilling and core drilling in 381 holes…infill and development work at Dark Star and Pinion is expected to account for approximately 40,800 m of drilling in 296 holes while exploration is expected to add another 34,000 m of drilling in 85 holes…Jonathan Awde, CEO and Director of Gold Standard, commented: “This year’s program is designed to add maximum value to the Railroad Project for our shareholders. We expect to achieve significant resource growth while also reducing risk and establishing the outstanding economic potential of the oxide Gold deposits we have discovered and developed. We also expect to make further new discoveries, as we have each of the last 5 years.”

6. Australia’s Newcrest Mining announced this morning that it’s investing $250 million (U.S.) at $5.50 (CDN) per share to buy a 27.1% stake in Lundin Gold (LUG, TSX) to help develop Lundin’s rich Fruta del Norte mine in Ecuador…in addition, Newcrest has also signed a joint venture with Lundin to earn up to a 50% direct interest in 8 Ecuadoran exploration concessions by spending up to $20 million over 5 years…LUG is up 19 cents at $5.00 through the first 30 minutes of trading…

7. Results this morning from several Marathon Gold (MOZ, TSX) shallow drill holes, showing high-grade Gold intervals at depths between 40 and 130 meters, cover a 170-m strike length and demonstrate the presence of the quartz-tourmaline-pyrite-Gold mineralizing system beneath the 3.5-km-long bog and overburden covered zone between the Marathon and Sprite deposits…a 15,000-m winter drilling campaign continues with 2 drill rigs operating along the 3.5 km of bog and overburden covered ground between the Marathon and Sprite deposits, and the 3rd drill continuing with step-out holes along strike to the NE and SW of the Marathon deposit…a maiden PEA for Marathon is expected by the end of May…trading in the low 90’s, MOZ is now the closest it has been to its rising 500-day moving average (SMA) since its big move began in early 2016…

Most Popular Recent BMR Posts

Venture Locked and Loaded For Powerful Q1

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

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!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

The Venture continues to search for fresh market leadership as March quickly approaches…