July 19, 2018
July 18, 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 $1,221 and $1,228 so far today…as of 7:00 am Pacific, bullion is off another $3 an ounce at $1,224…Silver has retreated 13 cents to $15.40…Copper is off a penny at $2.76, Nickel is flat at $6.09 while Zinc has added 2 pennies to $1.18…Cobalt is at $30.84, Crude Oil is at $67.76 while the U.S. Dollar Index has jumped one-fifth of a point to 95.24…U.S. Commerce Secretary Wilbur Ross said today that he has launched a new national security investigation into Uranium imports that could lead to tariffs or quotas to limit them…the “Section 232” probe was prompted by a petition filed by 2 U.S. Uranium mining companies, UR Energy (URG, NYSE) and Energy Fuels (EFR, TSX), complaining that subsidized foreign competitors have caused them to cut capacity and lay off workers…
2. The U.S. economy is red-hot overall, thanks to broad-based tax cuts and regulatory rollbacks, but housing starts starts fell 12% in June to a 9-month low as reported by the Commerce Department this morning…the percentage drop was also the biggest since November 2016…according to Bespoke Investment Group, it was the widest miss relative to expectations since January 2007…mortgage applications also fell 2.5% last week…
3. The European Union has hit Alphabet’s Google (GOOG, NASDAQ) with a record antitrust fine of 4.34 billion euros ($5.06 billion U.S.) and ordered changes to its business that could loosen the company’s grip on its biggest growth engine – mobile phones…in the EU’s sharpest rebuke yet to the power of a handful of tech giants, the bloc’s antitrust regulator found that Google had abused the dominance of its Android operating system which runs more than 80% of the world’s smartphones, to promote and entrench its own mobile apps and services, particularly the company’s search engine.. the penalty – the same amount the Netherlands contributes to the EU budget every year – is far higher than any other dished out by the U.S., Chinese or other antitrust authorities…more significantly, Google has been given 90 days to stop what the EU said were “illegal practices” on contracts with handset manufacturers that push Google services in front of users…
4. The Dow is up 25 points through the first 30 minutes of trading…Morgan Stanley this morning reported better-than-expected earnings and revenue as trade revenue surpassed expectations…Wall Street has high hopes for this earnings season, with analysts at FactSet expecting S&P 500 earnings to have grown by 20% in the 2nd quarter…in Toronto, the TSX is relatively unchanged as of 7:00 am Pacific…should this come as any shock?…the Trudeau government is suddenly floating a surprise 2.3% “annual regulatory fee” that will be applied to the gross revenues of large-volume marijuana growers…coupled with a previously announced $1-a-gram excise tax, the proposed 2.3% levy (1% for small-scale growers) will likely boost the cost of legal weed and help fuel the black market…Trudeau, of course, argued that by legalizing marijuana, the black market would disappear (another Trudeau misconception)…the Venture touched strong support at 708 yesterday, just a fraction above its late 2016 low, and is flat at 713 in early trading…RSI(14) levels on the Venture’s daily chart have hit their lowest (most oversold) this week since the bottom of the bear market in January 2016…
5. Chemesis International (CSI, CSE) has commenced trading on the CSE this morning…Chemesis is a licensed producer and manufacturer of recreational cannnabis in California and Puerto Rico, currently operating a 20,000 sq. ft, expandable state-of-the-art manufacturing facility in Cathedral City, California…the company also operates a 120,000 sq. foot cultivation and manufacturing facility in Puerto Rico and is focused on becoming a global cannabis player…CSI has just 62 million shares outstanding (the private company had 46 million shares outstanding which is subject to a 36-month release schedule)…CSI has approximately $4 million cash on hand, most of which was raised at 50 cents…CSI is trading at 63 cents as of 7:00 am Pacific…
6. Two weeks after Canopy Growth (WEED, TSX) announced an expansion into Latin America, rival cannabis grower Aphria (APH, TSX) plans a “proposed acquisition” worth $200 million which would see it acquire 2 companies in South America and take a sizable stake in a Caribbean marijuana producer…the assets – in Colombia, Argentina and Jamaica – are owned or are in the process of being acquired by Aphria’s sister company Scythian Bioscience, and are held by a Scythian subsidiary, Latam Holdings…in return for Latam Holdings, Aphria will issue Scythian 15.7 million shares, “for aggregate transaction consideration of $193 million … at a deemed share price of $12.31,” according to Aphria’s news release yesterday…that equates to 6.3% of Aphria’s outstanding shares and would make Scythian the largest single Aphria shareholder…Aphria would also assume $1 million (U.S.) of Scythian’s debt…Canadian cannabis companies are increasingly targeting Colombia as a prime agricultural setting with export channels to the rest of Latin America…the country legalized cannabis cultivation for export as well as domestic medical use two years ago…
7. Channel sampling by Discovery Metals (DSV, TSX-V) has at its flagship Puerto Rico Project in northern Coahuila state, Mexico, has returned the highest grades seen to date (45.6% Zinc, 49.5% Lead and 5.1% Copper)…sampling of the San Jose mine area is complete, and the remaining results are expected in the coming weeks…in addition to the underground mapping program at the project, Discovery is carrying out a detailed and property-wide structural study to identify controls on mineralization and aid in drill targeting…additionally, within the next several weeks the company is also planning to conduct a magnetic survey on the project in preparation for drilling later in the 2nd half of 2018…
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July 17, 2018
7 @ 7:00
VIsit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,230 and $1,245 so far today as downside pressure continues…as of 7:00 am Pacific, bullion has slipped $8 an ounce to $1,233…Silver is down another 13 cents to $15.63…Copper is 2 cents lower at $2.78, Nickel has fallen another 8 cents to $6.09 while Zinc is up slightly at $1.15…Cobalt is steady at $31.98 while Crude Oil has retreated 60 cents to $67.46…the U.S. Dollar Index is up less than one-tenth of a point at 94.57…Federal Reserve Chairman Jerome Powell is on Capitol Hill today for his second pair of hearings since becoming the central bank’s new leader in February…he starts at 7:00 am Pacific before the Senate Banking Committee and then returns tomorrow to answer questions from the House Financial Services Committee…his remarks are unlikely to surprise…not much has changed since he said at his news conference June 13 that “the U.S. economy is in great shape”…Fed officials voted that day to raise interest rates and pencil in 2 more increases this year…Beijing’s state planning agency said today it was still confident of hitting its economic growth target of around 6.5% this year, despite views that it faces a bumpy second half as the trade row with Washington intensifies…
2. No surprise – holdings of Gold by global exchange-traded funds have fallen to the lowest level since March at 2158.1 tonnes, according to data compiled by Bloomberg…investors have exited Gold ETFs for 8 consecutive weeks, the longest slump since January 2014, which should be music to the ears of contrarians…interestingly, the TSX Gold Index has been outperforming the metal since mid-April, and is up slightly in early trading today despite a new 52-week low in Gold…
3. Lundin Mining (LUN, TSX), which was earlier rebuffed, has sweetened its offer to acquire Nevsun Resources (NSU, TSX)…Lundin is now offering an all-cash deal at $4.75 per share, putting a valuation on Nevsun of $1.4 billion…the offer price represents a significant premium of 82% to the closing price of $2.61 on February 6, 2018, the date of the first offer to Nevsun related to Lundin’s interest in acquiring Timok…this is also a 33% premium to the closing price of $3.58 as of April 30, 2018, the date of Lundin Mining’s previously announced prior proposal to Nevsun…Paul Conibear, President and CEO of Lundin Mining, commented: “Following our attempts to constructively engage Nevsun since early February, 2018, after having made a series of proposals and observing significant recent changes in the political landscape related to Eritrea, we have determined that the best course now is to make an all-cash offer directly to Nevsun shareholders. Our offer will represent the clearest path for Lundin Mining to acquire the Timok Project and for Nevsun shareholders to realize on the value of their investment without dilution and financing risk. We believe that the proposed Nevsun acquisition consideration is full and fair value and represents a significant premium to Nevsun’s unaffected share price prior to the announcement of our first proposal”…the Timok Project in Serbia features robust economics, and Nevsun shareholders may continue to hold out for a better deal…total Proven and Probable Reserves in the Upper Zone, based on the latest report in March, are 27.1 million tonnes grading 3.3% Copper and 2.1 g/t Au…
4. Q3 earnings season in the U.S. is off to a great start…more than 80% of the S&P 500 companies that have reported so far have beaten earnings estimates, according to The Earnings Scout…tech remains the best-performing sector in the market this year, rising nearly 15% through yesterday’s close…however, just a handful of tech shares are responsible for more than 80% of the S&P 500’s gains this year…technology is the biggest sector in the S&P 500 by weight, according to S&P Dow Jones Indices…as of the end of June, the sector represents 26% of the overall S&P 500…health care is the second-largest sector with a weight of 14.1%…
5. The Dow is up 6 points through the first 30 minutes of trading…in Toronto, the TSX has lost 31 points as of 7:00 am Pacific while the Venture is down another 4 points at 711, just 3 points above its late 2016 low and the top of a major support band…RSI(14) levels on the Venture’s daily chart are now at their lowest (most oversold) since the bottom of the bear market in January 2016…another drill program launches in the Eskay Camp – drilling has started at Tudor Gold’s (TUD, TSX-V) Treaty Creek Project that lies north along the geological trend of Seabridge Gold’s (SEA, TSX) KSM Project and Pretium Resources‘ (PVG, TSX) Brucejack mine in the Valley of the Kings…Metallis Resources (MTS, TSX-V) is expected to commence drilling at its Kirkham Property in the coming days, bringing to at least 8 the total number of drill programs in this very busy Camp where a minimum of $75 million will be invested this summer and fall…
6. Gold Standard Ventures (GSV, TSX) has intersected 213 m grading 2.39 g/t Au, including 41.2 m @ 5.8 g/t Au, in RC drilling at the Dark Star deposit, part of its 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin trend…results from that hole and others released this morning support the idea that Dark Star may be emerging as a major Carlin Gold occurrence where a larger-than-expected Ridgeline Fault System has played a significant role in concentrating higher grade Gold…to date, 17,624 m of infill, step-out and geotechnical drilling have been completed in 105 RC and core holes at Dark Star…with this morning’s news, results have now been reported for 47 of the 105 holes that have been completed…Jonathan Awde, CEO of Gold Standard, commented: “Essentially, our infill drilling campaign has morphed into fresh exploration. As is the norm for infill work, we are drilling to find the limits of the deposit and we are frequently not finding the limits, laterally and especially at depth. For the most part, past work at Dark Star focused on the shallow part of the system. We now believe significant expansion is likely at depth. It appears that the known surface deposits could potentially progress into deeper high-grade underground deposits coinciding with robust fault structures such as the Ridgeline system. Follow-up drilling is planned to pursue these exciting concepts in the current program”…
7. Constantine Metal Resources (CEM, TSX-V) has released the first round of assay results for a 10,000-m drill program currently underway at its Palmer JV Project in Alaska…wide intervals of Silver-Gold-Zinc-Lead-Barite mineralization have been intersected in the first 2 drill holes located 150 m along strike to the southeast from the AG Zone discovery, increasing the total strike length to 350 m…highlights include 43.3 m grading 143 g/t Ag, 0.5 g/t Au, 6.5% Zn and 2.5% Pb (CMR18–110), and 12.5 m grading 217 g/t Ag, 1.8 g/t Au, 5.2% Zn and 0.7% Pb in CMR18–109…President Garfield MacVeigh stated: “This is an exceptional start to our 2018 drill program at Palmer. The intersections are major step-outs to our 2017 AG Zone discovery and confirm significant size potential. We are particularly pleased with the very strong Silver and Gold contribution to the base metal values and the substantial widths”…
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July 16, 2018
Daniel’s Den
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 $1,239 and $1,246 so far today…as of 7:00 am Pacific, bullion is relatively flat at $1,240… Silver is down another 3 pennies at $15.75…Copper, Nickel and Zinc are each off slightly at $2.79, $6.23 and $1.15, respectively, extending their losses from last week…Nickel, which has been one of the top-performing commodities this year, has corrected 12% over the past 2 weeks…Cobalt is steady at $31.98 while Crude Oil has pulled back $1.77 a barrel to $69.24…WTI came under pressure after Treasury Secretary Steve Mnuchin said some Crude importers may receive waivers to continue buying supplies from Iran, despite U.S. sanctions on the Middle Eastern country…“We want people to reduce Oil purchases to zero, but in certain cases if people can’t do that overnight, we’ll consider exceptions,” Mnuchin told reporters on Friday before while traveling to Mexico…Mnuchin also reiterated that the Trump administration wants to avoid roiling global Oil markets as it seeks to pressure Iran to make concessions on its nuclear program, ballistic missile tests and its role in regional conflicts…the U.S. Dollar Index is off one-third of a point at 94.45…President Trump met behind closed doors for more than 2 hours today with Russian President Vladimir Putin as the two leaders tackled several weighty issues…rebuffing calls for him to cancel the summit in the wake of new indictments against Russian intelligence officers, Trump predicted their two countries “will end up having an extraordinary relationship”…how this Russian “reset” will differ from the others remains to be seen…
2. U.S. retail sales rose solidly in June, boosted by increases in purchases of motor vehicles and a range of other goods, cementing expectations for robust economic growth in Q2 – quite possibly above 4%…the Commerce Department said today that retail sales increased 0.5% last month while data for May were revised higher…the U.S. economy is clearly accelerating thanks to broad-based tax cuts and regulatory rollbacks…
3. Investors retreating from Gold can be seen in the largest Gold-backed ETF, New York’s SPDR Gold Trust, which has seen its holdings fall more than 8% since late April to below 26 million ounces…physical market demand in top consuming countries China and India is also weak, analysts say…India’s Gold imports fell for a 6th month in June to 44 tonnes as a drop in the rupee lifted local prices to a near 21-month high, curtailing demand…Indian and China retail consumption has been hindered by depreciating local currencies…
4. China’s economy expanded by 6.7% in the 2nd quarter, its slowest pace since 2016, as the impact of an aggressive deleveraging campaign curtailed investment in infrastructure and manufacturing…the pace of annual expansion announced this morning is still above the government’s target of “about 6.5%” growth for the year…GDP grew at 6.8% in the previous 3 quarters, if one can trust the data…a campaign to tackle excessive debt and financial risk that began early last year, following almost a decade of heavy credit stimulus, has weighed on fixed-asset investment, a pillar of overall growth…such spending grew only 6% in the first half of the year, a record low. “A main reason for the slowdown is that infrastructure investment began to slow down in the 1st quarter as the government was trying to control local government debt,” said Haibin Zhu, chief China economist at JPMorgan Chase in Hong Kong. “The good news is that there is space to provide more fiscal support through tax cuts and higher infrastructure investment. We expect they will move along these lines”…
5. The Dow is up 6 points through the first 30 minutes of trading…shares of Amazon have hit a new all-time high while the broader market searches for gains as the corporate earnings season kicks into full swing…in Toronto, the TSX, which hit a new record high intra-day Friday, has retreated 52 points as of 7:00 am Pacific while the Venture is down 1 point at 724…another drill program has launched in the Eskay Camp as Colorado Resources (CXO, TSX-V) has started a 4,500-m campaign at its KSP Project…Metallis Resources (MTS, TSX-V) is expected to commence drilling at its Kirkham Property during this last half of July…
6. Kraken Robotics (PNG, TSX-V) announced this morning that it has established a team to focus on acoustic signal processing applications with a focus on anti-submarine warfare (ASW) applications…Kraken’s new acoustic signal processing group has over 80 years of combined experience in sonar systems development and integration…Karl Kenny, Kraken President and CEO, commented: “Anti-submarine warfare signal processing is a special skill set requiring knowledge and experience built up over decades. Today, there is a rapid and sustained proliferation of submarine technology around the world. Underwater surveillance experts require next-generation digital signal processing software to detect and track quiet nuclear-and diesel-powered submarines and other underwater threats. Kraken’s acoustic signal processing group was established to meet these requirements for both the Royal Canadian Navy as well as international allies. In Canada, we see major opportunities within the upcoming underwater warfare suite upgrade, the Canadian surface combatant and other underwater surveillance programs. There are also significant international opportunities”…
7. Pascal Biosciences Inc. (PAS, TSX-V), a drug discovery and development company, has appointed Julie M. Eastland to its Board of Directors…Eastland is a seasoned strategic and financial executive with more than 25 years of experience in public and private biotechnology companies…most recently she was Chief Business Officer and Chief Financial Officer of Cascadian Therapeutics where she negotiated and managed the $810 million (U.S.) acquisition by Seattle Genetics in March of this year…Dr. Patrick Gray, CEO of Pascal, stated: “We are extremely pleased to have Julie Eastland join our Board of Directors. Ms. Eastland possesses the financial and corporate development experience that Pascal will need going forward. She has previously raised over $725 million in both private and public offerings for Cascadian Therapeutics and other biotechnology companies. Ms. Eastland has strong relationships with investors, investment bankers and analysts covering the U.S. public biotech sector, and excellent experience in partnering, acquisitions, collaborations, and licensing. She will work closely with Pascal to align our scientific strategy with our financial goals”…
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