Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,337 and $1,349 so far today…as of 7:00 am Pacific, bullion is down $4 an ounce at $1,341…Silver has added 5 cents to $16.69…Copper has slid 3 pennies to $3.09…Nickel touched a new 3-year high overnight of $6.49 before pulling back to $6.40…Zinc is steady at $1.42…Cobalt remains unchanged at $41.50…Crude Oil is down 28 cents at $65.94…however, Oil markets have strong technical and fundamental support due to the risk of supply interruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output in crisis-hit Venezuela…the U.S. Dollar Index is up one-fifth of a point at 89.58…
2. Rising global tensions, including U.S. sanctions against Russia, have sparked a strong rally in commodities, sending Nickel, Aluminum and Oil to fresh multi-year highs…Russia of course is a key producer of a wide range of commodities including Palladium which has also soared in recent days, touching a high of $1,012 per ounce this morning…with supplies already tight across some of the raw materials markets, the April 6 announcement of sanctions against more than 3 dozen Russian individuals and entities have given prices a jolt…Aluminum, for example, is now at its highest levels in 6 years…the sanctions hit Russian metals tycoon Oleg Deripaska who controls the world’s 2nd-largest Aluminum producer, United Co. Rusal PLC…while China is the world’s dominant supplier of Aluminum, analysts estimate as much as 13% of the remaining supply could be disrupted…Russia is an even more prominent producer of Palladium, accounting for roughly 40% of global supplies…Palladium, used to scrub emissions in diesel engines, has climbed nearly 15% since the sanctions were announced after a major correction at the start of the year…meanwhile, fresh concerns regarding the Middle East have helped propel gains in Crude Oil which in recent days has hit its best levels since December 2014…
3. How ironic, the Green Monster is now lecturing Alberta on the constitution: The NDP-Green coalition in B.C. says it’s considering legal action against its neighbor after Alberta introduced legislation yesterday that would allow the government to restrict the flow of Oil and gas…B.C. Attorney General David Eby stated, “If there is anything in this legislation that even suggests the possibility of discrimination against British Columbians, we will take very step necessary to protect British Columbians because it would be completely illegal. It is very difficult for us to forget the context by which this was introduced. We know, as I am sure they know, that the constitution forbids discrimination around energy between provinces.” The only way to slay the Green Monster in B.C. is to starve it of Oil and gas for a few weeks, as its naive followers would soon discover that a carbon-free future isn’t the paradise that Andrew “Wacky” Weaver and others have been promising…toppling the reckless and unstable B.C. government is the only answer to completing the Kinder Morgan pipeline expansion…you can’t negotiate with terrorists, in this case climate change fanatics who will never compromise…Weaver’s idol is none other than David Suzuki who last year made the Green Party leader his first-ever political endorsement…just recently, Suzuki spoke at a convention of Calgary teachers where he received a very warm response as he told the educators (of our children) than in order for Canada to live up to its green commitments signed by Trudeau, then 80% to 85% of fossil fuel reserves have to be left in the ground. “I’m sorry, Alberta, but we have to keep that fuel in the ground,” stated Suzuki, according to the Calgary Sun. “We have to be free of fossil fuels long before 2050. No more exploration of fossil fuels. We don’t need to find where there’s more when we know most of it has to be left in the ground. No more infrastructure getting that stuff out – that means rails, pipelines, shipping. There’s no point investing in infrastructure when they’re all going to be shut down. The question of whether the human species can survive is very, very questionable.” Of course Suzuki bagged his usual $50,000 speaking fee from the teachers’ union to spew that garbage…
4. A new poll suggests a growing proportion of Canadians are feeling the effects of higher interest rates…the quarterly MNP consumer debt index survey says 43% of Canadians say they’re feeling the effects of increasing interest rates, still at historically low levels but at their highest in nearly a decade…the poll done for insolvency firm MNP also said 51% of respondents fear rising rates could impact their ability to repay their debts, while 33% agreed that rising interest rates could possibly push them toward bankruptcy…concern over rising rates is being led by millennials (18-34)…at 61% they are more likely than older counterparts to have concerns about their ability to repay their debts as a result of rising rates…women, at 50%, are more likely than men, at 40%, to report being within $200 of financial insolvency….no wonder our governments are in such a mess…
5. Strong corporate earnings continue to push U.S. equity markets higher…Goldman Sachs reported Q1 results that beat significantly on both the top and bottom line as the bank’s traders took advantage of a volatile stock market, posting the highest equities trading revenue in 3 years…the Dow is up 214 points through the first 30 minutes of trading…in Toronto, the TSX is up 39 points while the Venture has retreated 5 points to 797 after 5 straight winning sessions took the Index above 800 for the first time this month…the rich get richer – Garibaldi Resources (GGI, TSX-V) is adding another $10 million to its coffers prior to the start of drilling at Nickel Mountain…unnamed “strategic” investors are carrying out a flow-through private placement at $3.35 per share with no warrants…the financing is expected to close shortly…marijuana stocks have generally backed off this morning, though Cannabix Technologies (BLO, CSE) has followed through on yesterday’s strong advance with more upside after some favorable press coverage…
6. Bonterra Resources (BTR, TSX-V), which has been one of the better-performing junior Gold stocks over the last year, has received encouraging results from preliminary metallurgical testing which forms part of its continuing resource development program at its 100%-owned Gladiator Gold deposit in Quebec…results to date show total Gold recoveries of up to 99.4%, including 76.1% from the Gravity circuit. “The outstanding metallurgical results, when compared to the overall average lower recoveries within our industry peer group, are a significant milestone for the Gladiator Gold Deposit,” stated Nav Dhaliwal, Bonterra CEO. “The exceptional gravity recovery rates of up to 76.1%, combined with a simple flotation circuit, may reduce capital requirements related to a future potential milling operation. Potentially not requiring a cyanide leaching circuit minimizes the environmental footprint of any future mining operation and could also improve potential future process economics of the project .”
7. The Aurora Sun will soon shine over Medicine Hat: Aurora Cannabis (ACB, TSX) is acquiring approximately 71 acres of land in Medicine Hat, Alberta, where the company intends shortly to commence construction on a new high-technology hybrid greenhouse cannabis production facility…to this end, ACB has signed a memorandum of understanding with the City of Medicine Hat, concerning terms and a general understanding of potential transactions, including a prospective 10-year, 42-megawatt energy supply agreement…the new facility, to be designed and engineered by the company’s wholly owned Aurora Larssen Projects Inc. division, will be named Aurora Sun in recognition of Medicine Hat’s status as the sunniest city in Canada, with more than 2,500 hours of sunshine per year…at 1.2 million sq. feet, or over 21 football fields, the footprint of Aurora Sun will be 50% larger than Aurora’s Sky, a 100,000-plus-kilogram-per-year Health Canada-licensed facility the company is completing at Edmonton International Airport…
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