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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 $1,224 and $1,233 so far today…as of 7:00 am Pacific, bullion is down $7 an ounce at $1,224…Silver has retreated 17 cents to $15.34…Copper is flat at $2.77…Nickel and Zinc are up slightly at $6.10 and $1.18, respectively…Cobalt is steady at $31.75…Crude Oil has jumped 86 cents a barrel to $69.12 on supply worries after tensions worsened between Iran and the United States over the weekend, while the U.S. Dollar Index has rebounded one-quarter of a point to 94.55…euro zone consumer confidence was unchanged in July from June, indicating economic growth may be stabilizing going into the 3rd quarter, according to fresh data released this morning…

2. U.S. Secretary of State Mike Pompeo delivered a scathing speech on Iran’s leadership yesterday, accusing Tehran’s ruling ayatollahs of spreading violence across the Middle East and lining their own pockets with ill-gotten gains at the expense of ordinary Iranians…the Secretary of State and former CIA Director accused several members of Iran’s leadership, including Ayatollah Ali Khamenei, the Supreme Leader of Iran, of participating in widespread corruption…Khamenei, Pompeo alleged, maintains a personal off-the-books hedge fund worth $95 billion, that is untaxed and used as a “slush fund” by the Islamic Revolutionary Guard Crops (IRGC)…the IRGC is a branch of the country’s armed forces with influence over practically every aspect of Iranian life…Iran’s economy is under severe strain, and hundreds of demonstrations have erupted across the country over rising prices, corruption and environmental damage…the value of the country’s currency is down by nearly half since January and Iranians are also increasingly frustrated with the country’s lack of political and social freedoms…the economic crisis has only grown more severe since the Trump administration pulled out of the 2015 nuclear deal…in the month following the May announcement, Oil exports were down 16%…“The level of corruption and wealth among regime leaders shows that Iran is run by something that resembles the mafia more than a government,” Pompeo said…“These hypocritical holy men have devised all kinds of crooked schemes to become some of the wealthiest men on Earth while their people suffer”…

3. Copper’s slump amid global trade tensions offers a long-term buying opportunity, according to Citigroup which has shrugged off fears regarding world growth to boost its long-term forecasts…“Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a recent note…the bank sees average annual prices at $8,000 (U.S.) a metric ton in 2022, passing $9,000 a ton by 2028 under its baseline scenario…“We look beyond the potential trade war to longer-term Copper market fundamentals and we find that current prices of around $6,000 a ton are nowhere near high enough to enable the market to clear,” the analysts said…“Copper is set to outperform most other commodities under our coverage over the coming decade on a lack of mine supply growth”…the bullish outlook chimes with other analysts and miners who see a supply shortage looming as urbanization and the rise of renewable energy and electric vehicles fuels the world’s need for the metal…demand can keep growing at an average of 2.7% a year through 2030, with new energy sectors and EV’s contributing most of the increase, according to Bloomberg Intelligence…the market is entering a long period of deficits starting this year, Citigroup said…

4. The Dow has retreated 16 points through the first 30 minutes of trading…Google-parent Alphabet is set to report earnings after the bell today, while Facebook and Amazon are scheduled to release their results later this week…technology shares have been the best performers of 2018, rising 15.4% through Friday’s close…in Toronto, the TSX is flat at 16,436 as of 7:00 am Pacific…it was announced this morning that Kelvin Dushnisky will be leaving his position as President of Barrick Gold (ABX, TSX, NYSE) to become CEO of AngloGold Ashanti (AU, NYSE)…the Venture is up 2 points at 714…Zincx Resources (ZNX, TSX-V), drilling its Cardiac deposit in northeast B.C., has hit a new multi-year high of 68 cents in early trading…Blue Moon Zinc (MOON, TSX-V), the Venture’s most active stock Friday after news the company has received multi-year drill permits for its Zinc-rich VMS deposit in Northern California, is up half a penny at 9.5 cents through the first 30 minutes of trading…MOON is expected to proceed to drilling shortly…

5. Adventus Zinc (ADZN, TSX-V) and Salazar Resources (SRL, TSX-V) reported this morning that they have intersected 9.98 m grading 2.58% Copper, 11.5 g/t Au, 22.7% Zn, 266 g/t Ag and 2.7% Pb for 23.06% CuEq through infill drilling (CURI-272) at the El Domo VMS deposit in Ecuador…the program commenced in early March with the objective of upgrading the confidence level of the higher-grade portion of the open-pit constrained mineral resource by decreasing drill spacing…this will also generate material for a planned metallurgical program in the 2nd half of 2018…to date, drilling within the higher-grade portion of the open-pit constrained resource has successfully completed 34 out of 52 planned drill holes…

6. No surprise – the federal government has failed to find a private sector buyer for the Trans Mountain pipeline before the July 22 deadline and is set to become the official owner of the project…Kinder Morgan will now take Ottawa’s $4.5 billion offer to purchase the project to its shareholders…pending their approval, the sale, which includes the existing pipeline, the pumping stations and rights of way, and the Westridge marine terminal in Burnaby, will close sometime in August or September…at the time of its taxpayer-funded buyout at the end of May, the federal Liberal government stated: “The Government of Canada has reached an agreement with Kinder Morgan to immediately restart construction…(We) will guarantee financing for the 2018 summer construction season…this guarantee will ensure that construction work on the project is restarted without delay”…more Liberal deception and incompetence…on Wednesday, in a conference call with investors, Kinder Morgan Canada explained it had spent about $1.25 billion on its Trans Mountain Expansion Project before the federal government bought the pipeline in late May…and how much has been spent on the pipeline since the Liberal government took over?…just $41 million…something similar has been going on with construction permits…in June, the feds revealed about 1,100 permits would be needed during the construction phase…the number applied for before federal purchase: just over 700…the number applied for since the Trudeau Liberals bought Trans Mountain: 1…the urgent goal, the Liberals claimed, was to take full advantage of this year’s weather-window and build, build, build…Finance Minister Bill Morneau even promised construction was “going to start this week”, meaning the first week of June…the Liberals reek of incompetence on the energy file, scaring off the private sector which explains why they’ve had to nationalize a pipeline…and this is the same government Canadians trust to complete a trade deal with the United States?…

7. Bitcoin’s price clocked a 2-month high today of $7,820 today and looks set to extend gains further, a key cryptomarket gauge indicates…CoinMarketCap’s Bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, rose to 46% today – the highest level since December 20 – adding credence to BTC’s 20% rally seen in the last 7 days…in addition, a bullish head-and-shoulders bottom reversal pattern has formed on the daily bar chart, and now a price uptrend is firmly in place…

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

1. Gold has traded between $1,211 and $1,226 so far today, hitting a new 52-week low…as of 7:00 am Pacific, bullion is down $11 an ounce at $1,217…Silver has retreated 29 cents to $15.23…Copper is off 6 cents at $2.72, Nickel is 13 cents lower at $6.02 while Zinc has slipped 2 pennies to $1.17…Cobalt is bucking the trend, up 91 cents to $31.75…Crude Oil is also higher, gaining 81 cents to $69.57…Saudi Arabia’s OPEC governor said today that the kingdom won’t export much more Oil in July than it did last month…OPEC and non-OPEC producers cut Oil output in June by 20% more than agreed levels, compared with 47% in May, according to a Reuters report…the U.S. Dollar Index is off slightly at 95.04 after touching 95.40 earlier in the day…

2. The Conference Board’s Leading Economic Index increased half a percent in June, beating expectations, marking the 8th straight month of gains for the Index…“The U.S. LEI increased in June, pointing to continuing solid growth in the U.S. economy,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board.  “The widespread growth in leading indicators, with the exception of housing permits which declined once again, does not suggest any considerable growth slowdown in the short-term”…in other economic data released this morning, the number of Americans claiming new unemployment benefits fell last week to the lowest level in nearly half a century…

3. Big news from an innvovative Vancouver-based technology company this morning:  Torino Power Solutions (TPS, CSE) has announced that it has entered into an MOU with SICAME, a French-based world leader in the manufacturing of components, equipment and services for transmission and distribution electrical networks…Torino and SICAME will collaborate in Internet of Things technology sensor development, attracting utility clients and advancing Power Line Monitoring product…upon successful outcomes of testing and review over the course of this summer, the MOU contemplates the parties entering into a definitive agreement for a mutually beneficial business transaction that could involve technology licensing, equity purchase/investment or some other transaction…Torino’s patented microwave cavity sensor technology delivers real-time temperature measurements of overhead power lines that allow for increased transmission capacity, improved grid resiliency, lower energy costs and bottleneck elimination…Torino sensors, assembled by a group of engineers at a facility in Burnaby, can be deployed quickly and begin transmitting real-time data to the utility almost immediately…Rav Mlait, CEO of Torino, stated:  “This emerging relationship with SICAME is an important and major step in the development and growth of our business.  It has been a core belief of Torino that sensors are at the heart of IOT strategies.  SICAME is developing an impressive IOT technology platform for utilities and smart grid adoption across Europe and elsewhere.  We are very pleased to work with SICAME on several fronts to eventually capture business opportunities globally”…TPS, which has just 46 million shares outstanding, is up 4 pennies at 16 cents through the first 30 minutes of trading…

4. The Dow has retreated 137 points through the first 30 minutes of trading…just over 13% of S&P 500 companies have reported calendar Q2 earnings thus far, with 85.1% of those firms surpassing analysts’ expectations…for the next few weeks, earnings could become a major driving force of the market…in Toronto, the TSX is up 42 points as of 7:00 am Pacific…the TSX Gold Index is holding steady near 190 despite Gold’s new 52-week low this morning…the Gold Index is actually up slightly since June 1…Costco customers in Southern Ontario can now get groceries from the general retailer delivered directly to their doorsteps…Costco Wholesale (COST, NASDAQ) announced yesterday that it started selling groceries online for the first time in Canada, following its top rivals as supermarkets prepare for Amazon.com’s entry into the grocery market…Costco previously launched an online shopping service in the United States…the Venture is holding up well in early trading, down just 2 points at 715, despite another drop in metal prices…

5. Chemesis International (CSI, CSE), a new cannabis deal that started trading on the CSE yesterday, announced this morning that it has increased its ownership stake in SAP Global from 51% to 80%…SAP is a California corporation that controls legal cultivation and manufacturing licenses for the new state-of-the-art facility where the company will manufacture and distribute medical and recreational tetrahydrocannabinol and cannabidiol products for the California market…with recreational cannabis legal in California, SAP’s flagship facility and operations strategically located in Cathedral City have the legal standing necessary to meet the California medical and recreational application requirements, which in turn will facilitate the sale of over-the-counter and holistic cannabis products…SAP is able to process up to 2,000 lbs of agricultural trim and yield as much as 200 lbs of clean, compliant cannabis oil per day…this capacity is intended to provide Chemesis with a consistent revenue stream with products that are essential to the industry and cater to both the medical and recreational cannabis markets in California…to increase its ownership of SAP to 80%, the company committed and paid an additional $700,000 CDN toward additional capital expenditures at the flagship facility…CSI has also announced the acquisition of the California Sap brand and product catalogue, which includes the effective and easy-to-use cannabis oil Gramqul and Vape Cartridges, for $500,000 (U.S.) in stock at a deemed price of $1.00 CDN per share…the stock is subject to a 36-month lock-up/leak-out…

6. Pack up and go home:  Pipeline protesters camping on Burnaby Mountain say they are gearing up for a legal battle after being slapped with an eviction and bylaw notice yesterday and given 3 days to leave…the City of Burnaby ordered the occupants of the “Camp Cloud” protest site at to immediately remove all structures, trailers and vehicles, as well as put out fires, tear down a shower and leash their dogs…officials warned the protesters to cease their “unauthorized occupation and use” of city lands within 72 hours or face city action to remove the camp…the protest camp started last November with a single trailer parked at Kinder Morgan’s Westridge Marine Terminal on Burrard Inlet, but was moved in December to the street outside the tank farm’s gates, where it has grown into dozens of tents, trailers and buildings, including a two-level wood structure…Kwitsel Tatel, court monitor at the camp, dismissed the city order as “illegitimate” Wednesday and said that protesters would stand their ground…meanwhile, in a report Tuesday, consultancy firm IHS Markit lowered its forecast for Oilsands production compared to its 2017 estimate, largely due to delays in building pipelines…it said further delays could continue to tamp down output as major Oilsands players defer project expansions…

7. A South Korean salvage team has reportedly discovered the wreck of a Russian warship that is believed to still contain 200 tons of Gold bullion and coins worth 150 trillion won ($130 billion U.S.)…the Russian Imperial Navy cruiser Dmitrii Donskoi, which was sunk in a naval battle 113 years ago, was discovered at a depth of more than 1,400 feet about 1 mile off the South Korean island of Ulleungdo, according to The Daily Telegraph…the U.K. newspaper reported that a joint team made up of experts from South Korea, Britain and Canada discovered the wreck last weekend…they had used two manned submersibles to capture footage of the vessel…the images caught by the submersibles show “extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel,” the Telegraph reported…there are reports that the Dmitrii Donskoi, which was scuttled during the Russo-Japanese war in 1905, went down with 5,500 boxes of Gold bars and coins still in its holds to stop the Japanese seizing it…

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