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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 $1,253 and $1,260 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,255, virtually unchanged from where it was at this time yesterday despite this morning’s U.S. jobs report…Silver is off 6 cents at $15.97…Copper is down 3 pennies at $2.85, Nickel has retreated another 11 cents to $6.30 while Zinc is up a penny at $1.26…Cobalt is up 23 cents at $32.89…Crude Oil is 32 cents lower at $72.62…Haywood Securities believes the Syncrude facility in Fort McMurray will not fully restart until the end of August, which would have a “ripple effect” for Oil prices…“Based on our ‘boots on the ground’ contacts, we believe the timeline to ramp back to full capacity is now likely September, which would add continued support (and potentially upside) to current Oil prices,” stated analyst Darrell Bishop in a research note yesterday that hasn’t been widely circulated yet…the U.S. Dollar Index is off slightly at 94.31…

2. U.S. tariffs on $34 billion worth of Chinese goods (mostly aerospace products, information technology, auto parts and medical instruments) took effect this morning, while China’s commerce ministry said it had been forced to retaliate, meaning $34 billion worth of imported U.S. goods also face 25% tariffs…the imposition of the tariffs was absorbed calmly by markets, with stocks edging higher…the reality is that China has been in a trade war with the United States for 2 decades and now someone is finally standing up…

3. This morning’s U.S. jobs report wasn’t too hot or too cold, allowing stocks to push higher after Dow futures had earlier pointed to a triple digit loss…June non-farm payrolls came in at 213,000, beating the consensus estimate of 195,000…in addition, the April and May non-farm jobs numbers were also revised upwards by a net 37,000…however, the overall unemployment rate rose to 4.0% in June from 3.8% in May, mainly due to more would-be workers entering the job market…the closely watched average hourly earnings figure for June rose by a modest 5 cents to $26.98…on an annual basis, wages are up 2.7%…a number closer to 3% may have alarmed investors…this morning’s report strongly suggests the Fed will remain on its present course with 2 more rate hikes expected this year…minutes from the Fed’s most recent meeting were released yesterday and showed some officials were concerned that a “a prolonged period in which the economy operated beyond potential could give rise to heightened inflationary pressures”…Oil will be the key factor as far as inflation is concerned, and that’s why President Trump continues to put pressure on OPEC…

4. Canada’s economy gained 31,000 jobs last month but a closer look at the numbers reveals a disturbing picture as the country’s bloated public sector grew while the private sector actually shed 2,000 jobs…yes, when you look under the shiny hood of the mainstream media’s headline number, it’s not a pretty sight…that’s the kind of under-performance that politicians across the country seem to be content with…the Bank of Canada is nonetheless expected to increase interest rates for the 4th time in a year next Wednesday…

5. The Dow is up 22 points through the first 30 minutes of trading…in Toronto, the TSX has climbed 19 points…despite its strong performance since the spring, added by Oil stocks, the TSX is only up 0.6% so far this year which compares with the S&P 500 gain of 1.5% and the NASDAQ’s 8.7% return so far this year…the TSX is ahead of the Dow’s -2.2% for the year, but a U.S. investor in the TSX has lost 3.8% due to the weakness in the Canadian dollar…the Venture showed some life yesterday with several stocks in the Golden Triangle enjoying a nice lift, led by Garibaldi Resources (GGI, TSX-V)…weather conditions in the Eskay Camp have been ideal this week, and multiple drill programs are in progress…as of 7:00 am Pacific the Venture is flat at 742…

6. Gold demand continues to intensify within the technology sector, according to a study released by the World Gold Council, with the WGC noting that Gold is playing abigger role to play in the electrification of vehicles than most investors believe…Gold’s technology demand accounted for more than 380 tonnes of the yellow metal used annually over the past decade, which is nearly 13% more than central bank net purchases…“Gold’s role in this vibrant and growing industry is broadly unrecognized and often misunderstood,” WGC CEO Aram Shishmanian wrote yesterday…main uses of Gold in the tech sector include phones, cars, TVs and hospital monitors…the yellow metal does not corrode and is known for its conductive qualities, especially when it comes to coatings for connectors and Gold bonding wire…“Gold is a soft, pliable material, which can be easily drawn out into narrow wires or plated into thin coatings.  These physical properties make Gold the ideal material for a wide range of electronic applications,” stated Metals Focus consultant Elvis Chou…

7. Should we be proud? – Canada is about to get its first cannabis museum…MYM Nutraceuticals (MYM, CSE) announced this morning that it has entered into a partnership with the Sherbrooke Historical Society to create the concept for the CannaCentre museum which is expected to be built at the company’s planned 1.5 million sq. foot cannabis production facility in Weedon, Quebec…under the agreement, the Sherbrooke Historical Society will present a concept for the museum along with a work schedule and associated costs.  “We are thrilled to partner with the Sherbrooke Historical Society in developing the concept of the CannaCentre at what is anticipated to be our flagship cannabis production facility in Weedon,” stated Rob Gietl, CEO of MYM. “The Sherbrooke Historical Society has long recognized the importance of historical conservation in Sherbrooke and the Eastern Townships. Having a hand in building Canada’s first cannabis museum will ensure this monumental occasion will be highlighted in the records of the Eastern Townships rich history”…

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1. Gold has traded between $1,250 and $1,258 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,256…Silver has retreated 5 cents to $16.01…base metals have stabilized with Copper, Nickel and Zinc at $2.89, $6.44 and $1.26, respectively…Crude Oil is 33 cents higher at $73.81…WTI remains well supported as an Oil outage at Syncrude Canada’s facility in Fort McMurray, looming U.S. sanctions on Iranian Crude exports, force majeure in Libya and unplanned pipeline outages in Nigeria are offsetting rising output by OPEC…the U.S. Dollar Index has retreated one-fifth of a point to 94.31…the just-released ADP national employment report for June showed a rise of 177,000 versus the forecast for a gain of 185,000 jobs…the more important U.S. employment report from the Labor Department is out tomorrow morning, with the non-farm jobs number expected to come in at about 195,000…

2. India’s Gold demand has been soft compared to the same period in 2017, according to Commerzbank…analysts cite preliminary data showing that India, the world’s 2nd-largest Gold consumer after China, imported 54 tonnes of the precious metal in June, roughly a quarter lower than the same month a year ago…data from India’s Ministry of Finance show that Gold imports slumped by 40% to 343 tonnes in the 1st half of the year…“That said, last year’s level was unusually high,” Commerzbank says…”One factor contributing to the sharp fall was the depreciation of the Indian rupee, which has made Gold much more expensive in local currency.  Nonetheless, the Gold price in Indian rupees decreased recently despite the weak currency”…normally Gold demand in India eases off between June and August since farmers, who account for much of the country’s Gold buying, are busy planting (and hoping for a good monsoon season)…“Since Chinese traders are also buying only small amounts of Gold at present, the Gold price is finding no support from this side, either,” Commerzbank adds…

3. Concerns about trade tensions, tariffs and the impact on commodities are overdone, according to Goldman Sachs in a research note…the White House is set to levy a 25% tariff on $34 billion in Chinese goods tomorrow, while the Chinese government has said it would retaliate on the same value of U.S. goods…Goldman says commodities are not set to be largely hit by a ratcheting up of trade tensions as some have suggested…“Only markets that cannot be rerouted globally to other consumers will be impacted by the proposed July 6th tariffs…we believe that the trade war impact on commodity markets will be very small, with exception of soybeans where complete rerouting of supplies is not possible,” the Goldman note said…“We believe all of these concerns have been oversold. Even soybeans, the most exposed of all assets to trade wars, is now a buy”…they say their broadly bullish view on commodities has been bolstered by strong global growth and depleting inventories in energy and metal markets that would likely result in higher prices…as such, the bank is maintaining its “overweight” assessment of the commodities space, and says it has a 12-month expected return of 10% for the S&P Goldman Sachs Commodity Index…commodities are still the top-performing asset class of 2018, despite the pullback in June…

4. Ordering OPEC to increase supply is not exactly like ordering a coffee at Starbucks, but President Trump’s tweet shows he’s paying close attention to the WTI chart and rising gas prices throughout the United States:  “The OPEC Monopoly must remember that gas prices are up & they are doing little to help,” the President wrote on his personal Twitter account.  “If anything, they are driving prices higher as the United States defends many of their members for very little $’s.  This must be a two way street, REDUCE PRICING NOW!”…

5. U.S. equity markets are back in action after yesterday’s 4th of July holiday…through the first 30 minutes of trading, the Dow is up 115 points…in Toronto, the TSX has climbed 56 points while the Venture – showing further signs of a reversal – is 2 points higher at 741…key Golden Triangle plays Garibaldi Resources (GGI, TSX-V), GT Gold (GTT, TSX-V), Metallis Resources (MTS, TSX-V) and Aben Resources (ABN, TSX-V) are starting to firm up as drilling continues in 3 of those 4 situations…Metallis is expected to commence drilling at Kirkham by about mid-month…Canopy Growth (WEED, TSX) has introduced its Latin American affiliate “Canopy LATAM”,  a wholly-0owned and controlled subsidiary of Canopy Growth…through Canopy LATAM, WEED has acquired Spectrum Cannabis Colombia S.A.S., expanding its focus on the emerging medical cannabis market of Latin America…Canopy LATAM will advance medical cannabis throughout Latin America, home to more than 600 million people, as individual nations modernize their medical cannabis legislation…

6. Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, told CNBC this morning that he sees the world’s largest cryptocurrency by the end of the year at more than $20,000 per unit, 20% less than his previous estimate…”Bitcoin has historically traded at 2.5 times its mining costs.  It’s not out of the question that it could be over $20,000 by the end of the year at fair value,” the Fundstrat Global Advisors‘co-founder said on ‘Squawk Box’…“The reason bitcoin looks really good here is the cost of mining around $7,000 fully loaded.  And the difficulty is rising.  So by the end of the year, it’s going to be $9,000“…

7. The National Energy Board says Crude-by-rail exports from Canada grew to a record 193,500 barrels per day in April, up 13% per cent from the previous month, as full pipelines forced more producers to use trains to get their products to market (that’s more risky from an environmental perspective, of course, but try to explain that to the average pipeline protestor)…the Oil shipping tally beat the previous record of nearly 179,000 bpd in September 2014, and was well ahead of the 150,000 bpd moved in April of last year…rail shipments will continue to grow this year…demand for Canadian heavy Oil is expected to increase as it will be needed in the U.S. Gulf Coast refining complex to replace shrinking volumes from Venezuela…

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1. Happy 4th of July to our American friends!…Gold prices rose to a 1-week high today, rebounding from a new yearly low touched in the previous session, as the greenback weakened against the yen…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,256…it has traded as low as $1,254 and as high as $1,262…Silver is up a nickel at $16.05…base metals are under mild pressure with Copper, Nickel and Zinc at $2.91, $6.39 and $1.27, respectively…Crude Oil has eased off 28 cents to $73.86…WTI is well supported as an Oil outage at Syncrude Canada’s facility in Fort McMurray, looming U.S. sanctions on Iranian Crude exports, force majeure in Libya and unplanned pipeline outages in Nigeria are offsetting rising output by OPEC…the U.S. Dollar Index continues to encounter stiff resistance at 95 and is currently off one-tenth of a point at 94.51…China’s central bank has moved to calm jittery financial markets after the yuan dropped to its lowest level in almost a year as trade anxieties deepened…Friday is the U.S. government’s deadline to implement $34 billion in tariffs on imported Chinese goods…the Chinese government has threatened to retaliate in kind on the same day…economists at UBS Group AG said the first round of U.S. tariffs likely would have only a limited impact on China’s $11 trillion economy…if the conflict escalates to include $200 billion of Chinese exports and global trade slows, they estimate that would shave half a percentage point from China’s GDP growth, which last year was 6.9%…

2. The Financial Times reports that the London Metal Exchange (LME) is intensifying its scrutiny of companies that source their Cobalt from mines in the Congo, amid growing fears over the use of child labor in the electric car supply chain…the LME, the world’s largest metal exchange, will require all companies that get at least 25% of their metal from small-scale mines in the DRC to undergo a professional audit starting in January, 2019…the move comes after concerns last year that the exchange had allowed a Chinese company to sell untraceable supplies of the metal…more than 60% of the world’s Cobalt comes from the DRC, and it’s estimated that up to 20% is hand-mined by small-scale miners…much of this metal is sold at local markets before being sent to China to be refined into battery materials…

3. The TSX posted a Q2 gain of 5.9%, its best quarter since the end of 2013…the benchmark will end the year just above 17,000, according to the average of 10 estimates compiled by Bloomberg…that’s marginally ahead of the level that was predicted in January but still lags the 8.3% predicted for the S&P 500, according to a Bloomberg survey…“The primary driver of our overweight allocation to Canada is the energy space, because energy stocks have lagged the underlying commodity price significantly and we think we’re going to see a catch-up there,” said Candice Bangsund, portfolio manager for global asset allocation at Fiera Capital, who helps manage $136 billion and recently raised her year-end target to 17,300 from 16,900…the energy sector lagged in Q1 but surged 15% in Q2, its best quarterly gain in 9 years…MEG Energy (MEG, TSX) was the top-performing TSX stock in the 2nd quarter, soaring 141%…

4. U.S. equity markets are closed today as Americans celebrate Independence Day…new orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector as the American economy fires on all cylinders…the most important data this week will be Friday’s jobs report…trading in Canada today is lighter than usual due to the U.S. holiday…in Toronto, the TSX is up 31 points through the first 30 minutes while the Venture has backed off 2 points to 738…GT Gold (GTT, TSX-V) has crossed the $1 level for the first time this year as drilling continues at the company’s Saddle South high-grade Gold discovery in northwest British Columbia…2 rigs are stepping out east and west of the 2017 discovery zone…Canada Cobalt (CCW, TSX-V), still trailing district peer First Cobalt (FCC, TSX-V) by more than $100 million in market cap, has hit a new high of 80 cents in early trading…CCW is on the verge of becoming the first company in the Northern Ontario Cobalt Camp to produce a Cobalt sulphate product from its own material and through a proprietary process (Re-2OX) at SGS Lakefield…meanwhile, underground drilling continues to target high-grade Cobalt left behind by Agnico Eagle which focused exclusively on high-grade Silver when it was mining Castle’s 11 levels in the 1980’s…National Access Cannabis (META, TSX-V) has pulled back slightly in early trading after jumping to a nearly 4-month high of $1.12 yesterday on news…Datametrex AI’s (DM, TSX-V) Ronin Blockchain has entered into a binding Letter of Intent with Cluny Capital,a capital pool company, to combine the businesses of the two companies…the proposed transaction will result in a reverse takeover of Cluny by Ronin and its shareholders, constituting Cluny’s qualifying transaction…following completion of the proposed transaction, and assuming the maximum private placement of $3.75 million is achieved (25 million Ronin shares @ 15 cents), the current shareholders of Cluny will hold approximately 5.7% of the common shares of the resulting Issuer, Datametrex will hold approximately 78.9%, and subscribers in the Ronin private placement will hold approximately 15.4%…DM is up a penny on the news at 8.5 cents as of 7:00 am Pacific…

5. Advanced Gold stocks have been performing much better than bullion over the past several months – a positive sign for Gold prices during the 2nd half of the year – and this morning Pure Gold Mining (PGM, TSX-V) got a lift on a buy recommendation from Mackie research analyst Stuart McDougall…with the Feasibility Study underway for a proposed restart of the Madsen underground mine in the Red Lake District, there is “plenty of upside to be had” with Pure Gold, according to McDougall:  “PGM is a few months away from completing a definitive Feasibility Study…this, combined with the deposit’s relatively high grades and what we view as solid exploration success, ranks the company as one the better exploration and development stories we have looked at”…

6. Analysts at Bank of America Merrill Lynch (BAML) yesterday reiterated their forecast for Gold prices to average the 4th quarter around $1,400 an ounce…at the same time, the bank sees Silver prices averaging $17.50 in the final 3 months of 2018…BAML said in its report that growing geopolitical tensions, escalating global trade wars and rising inflation pressures will remain supportive of the precious metals…“We note that the business cycle is maturing and the ongoing uncertainty around trade is not helping at this junction,” the analysts said in their report.  “At the same time, inflation has been picking up (shorting Treasuries is one of the most crowded trades), a combination which may ultimately bring Gold buyers back into the market”…

7. The Vancouver Sun reported this morning that First Nations from British Columbia and Alberta are expected to meet later this month in Vancouver to discuss the possibility of purchasing a stake in the Trans Mountain pipeline…the meeting on July 25 at the Vancouver Convention Centre is to be hosted by the Fort McKay and Mikisew Cree First Nations, according to Fort McKay First Nation Chief Jim Boucher…the two entrepreneurial Alberta First Nations publicly stated an interest in an ownership share of the project following the announcement in May the federal government was purchasing the existing Trans Mountain pipeline and its expansion project for $4.5 billion…last year, Fort McKay and the Mikisew raised $545 million through a bond issue to acquire a 49% stake in Suncor’s (SU, TSX) Oil sands storage facilities…a total of 43 First Nation communities had signed benefit agreements with Kinder Morgan (KML, TSX) valued at $400 million…

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1. Bullish action in Gold to start the first week of July…the yellow metal plunged into a strong support zone in the upper $1,230’s this morning, after weakness yesterday, and then quickly reversed to the upside…as of 7:00 am Pacific, billion is up $10 an ounce at $1,252…another positive indicator – money managers have reversed to a tiny net-short position in Gold futures, the first time they have not been net bullish in more than 2 years, according to the most recent weekly data from the Commodity Futures Trading Commission…Silver fell as low as $15.73 but is now 18 cents higher at $16…Nickel and Copper are up slightly at $6.62 and $2.98, respectively, while Zinc is steady at $1.30…Cobalt is off 32 cents at $35.21…Crude Oil remains strong, surging $1.25 a barrel to $75.19…Libya declared force majeure on some of its Crude exports, while the loss of Canadian supplies from Fort McMurray has also helped lift WTI to levels not seen since late 2014…the U.S. Dollar Index continues to find stiff resistance at 95 and is currently off one-quarter of a point to 94.64…a negative divergence between price and RSI(14) on the Dollar Index daily chart suggests the greenback has started a consolidation phase after its sharp rise since the spring…Mexico’s future looks more bleak this morning…the country, beset by drug, violence and economic problems (25,000 homicides already this year), elected Andrés Manuel López Obrador as its new President over the weekend…Obrador is a career politician and a socialist who openly disdains wealth, so he’ll be taking Mexicans down a very dangerous path…almost 44% of Mexicans live below the national poverty line, earning less than $5 per day according to the World Bank, so how a socialist will prevent Mexico from becoming a failed state is a good question…the country’s resource sector has every reason to be alarmed..

2. Analysts at Bank of America Merrill Lynch (BAML) yesterday reiterated their forecast for Gold prices to average the 4th quarter around $1,400 an ounce…at the same time, the bank sees Silver prices averaging $17.50 in the final 3 months of 2018…BAML said in its report that growing geopolitical tensions, escalating global trade wars and rising inflation pressures will remain supportive of the precious metals…“We note that the business cycle is maturing and the ongoing uncertainty around trade is not helping at this junction,” the analysts said in their report.  “At the same time, inflation has been picking up (shorting Treasuries is one of the most crowded trades), a combination which may ultimately bring Gold buyers back into the market”…

3. Mitsubishi notes that Chinese Gold buyers have been assertive of late…turnover on the Shanghai Gold Exchange’s Gold contract has been about 12% higher in the last 10 days, compared to the same period a year ago…“The average local price of Gold has been 21% lower in this period than a year ago, leading to a good deal of opportunistic buying from the local jewelry and bar fabrication business, despite the retail market in general being quite quiet…Chinese and wider Asian buying demand ought to continue to cushion further price drops in Gold“…

4. Glencore shares took a beating today after the world’s biggest commodities trader said it had received a subpoena from the U.S. Department of Justice seeking documents related to the Foreign Corrupt Practices Act and money laundering statutes…Glenore said the DOJ subpoena, dated July 2, relates to its business in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela and covers an 11-year period from 2007 to the present…the Switzerland-based group said it was “reviewing the subpoena and will provide further information in due course as appropriate”…

5. The Dow is up 86 points through the first 30 minutes of trading after yesterday’s intra-day bullish reversal…in Toronto, the TSX is up 40 points…the S&P/TSX capped energy index, comprising 37 companies, posted a 15% gain in the quarter that ended Friday…the Venture, which confirmed a hammer reversal Friday, has added 3 points to 743…Canada Cobalt (CCW, TSX-V) has hit a new high of 79 cents in early trading and appears poised to head much higher this month, now that it’s on the verge of becoming the first company in the Northern Ontario Cobalt Camp to produce a Cobalt sulphate product from its own material and through a proprietary process (Re-2OX) at SGS Lakefield…underground drilling and development on the broad first level, just 70 feet below surface, continues at the Castle mine…GT Gold (GTT, TSX-V) sprang to life Friday with a sharp gain on high volume into month-end…the stock has climbed 3 sessions in a row since last Wednesday’s news regarding the commencement of drilling at the company’s Saddle South high-grade Gold discovery, a 2-hour drive north of the Eskay Camp…key resistance is 91 cents…newly-listed Tidal Royalty (RLTY, CSE), a leading provider of royalty financing to licensed U.S. cannabis operators, was halted pre-market with the company announcing that it’s providing up to $12.5 million (U.S.) to an established Oregon licensed operator to finance that company’s expansion into the Massachusetts market…the Oregon Cannabis Company is a vertically-integrated operator led by a sophisticated management team with operational experience gained at JP Morgan, other Fortune 500 companies, and a number of high-growth start-ups…it currently operates multiple cultivation facilities in Oregon, as well as a network of dispensaries, and an e-commerce and delivery platform in the state…known for its unique and inclusive store branding, the Oregon Cannabis Company has plans for multi-state growth, starting with its expansion into the Massachusetts market…the company will pay Tidal Royalty 15% of all net sales generated by the financed operations in Massachusetts in perpetuity…

6. The government of Manitoba has awarded National Access Cannabis (META, TSX-V) permission to operate 10 privately owned retail cannabis stores, as well as an e-commerce platform, in the province…the initial 10 recreational cannabis retail stores are planned to operate under National’s retail brand Meta Cannabis Supply Co. and are expected to be located throughout the province, including a planned 4 in Winnipeg, 1 in Brandon and 5 in smaller Manitoba municipalities…National Access says its premium stores will be built around a model of customer education, immersive retail environments, technology, and quality cannabis and cannabis-related product offerings, with a balanced range of pricing and product lines…additionally, the company continues to develop its strategy to open cannabis retail locations in partnership with 5 Manitoban indigenous First Nations…these partnerships are expected to establish retail cannabis distribution on First Nation lands under indigenous and National Access leadership…“We are excited about NAC’s future in Manitoba’s recreational cannabis market and I look forward to providing updates as we work with the regulators to be awarded additional locations,” stated CEO Mark Goliger.  “With NAC’s history operating nationwide cannabis-focused medical clinics, close First Nations and licensed producer relationships, and our strong consideration for safety, security and harm reduction, NAC is well positioned to provide recreational customers with special in-store experiences in an environment where education and access to quality products with a range of options and pricing are our top priorities”…

7. The home of the Toronto Maple Leafs and Toronto Raptors has officially been renamed Scotiabank Arena…Canada Day on Sunday marked the start of the Bank of Nova Scotia’s (BNS, TSX) 20-year stretch with its name on the former Air Canada Centre…now the hard work begins in earnest to prove that the eye-popping $800 million Scotiabank is spending on the arena’s naming rights and other sponsorship – a landmark agreement in Canadian sports marketing – can pay off and serve as a template for future deals in the industry…Scotiabank sees the former Air Canada Centre as a rare jewel and was willing to pay dearly to compound its competitive edge in marketing to hockey fans…for the past 9 months, the bank has been working with Maple Leaf Sports & Entertainment, the building’s owner, on a complex logistical plan to remake its appearance…the heavy lifting began over the weekend with the removal of signs bearing the name of Air Canada, the arena’s main sponsor for its entire 20-year history…in its place, there will be temporary signs advertising Scotiabank Arena until a new sign made out of video screens can be installed on the building’s west face…

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