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 $1,200 and $1,210 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,202…bullion is headed for its longest monthly losing streak since 2013…Silver is flat at $14.54…Copper and Nickel are off slightly at $2.73 and $5.87, respectively, while Zinc has added a penny to $1.13…Cobalt has climbed 34 cents to $29.60…Crude Oil has retreated 28 cents to $69.97 but prices remain firm as impending U.S. sanctions on Iran and falling Venezuelan output offset concerns over the impact of a global trade war…the U.S. Dollar Index is steady at 94.67…further evidence that years of monetary stimulus have been very ineffective at boosting euro zone inflation – fresh numbers released today showed euro zone inflation weakening to 2.0% this month…
2. A national disgrace – Statistics Canada revealed this week that there has been net divestment of $8.6 billion from the energy and mining sector in this country over the past 5 quarters…meanwhile, yesterday’s decision by a left-leaning federal court to overturn Ottawa’s approval of the Trans Mountain pipeline expansion, halting construction on the project and sending the government back to the review phase to examine the impacts of tanker traffic and consult more deeply with First Nations, is yet another example of what is wrong with Canada right now, not the least of which is Justin Trudeau’s failed National Energy Program 2.0 (the original NEP was the disaster his father inflicted on the country 35 years ago)…Alberta Premier Rachel Notley stated the obvious yesterday – “this is a national crisis” – and she’s also pulling her province out of the federal “climate plan” until Ottawa fixes the mess…Trudeau has left Canadian taxpayers on the hook for a pipeline he obviously can’t move forward, despite his many assurances, jeopardizing more jobs and investment at the same time as the Canadian economy faces many other challenging issues thanks to an array of poor policy choices…the United States, meanwhile, continues to move in the opposite direction with an economy that is roaring thanks to tax cuts, regulatory rollbacks, and a general “Open For Business” approach that has unleashed the power of the private sector…
3. The U.S. and Canada will likely announce a trade agreement in principle later today, even if the details of it will have to be hammered out later, the National Post is reporting this morning…however, other news outlets are saying that negotiations turned sour last night…will be fascinating to see how this all turns out – markets are certainly paying close attention…the countries only began negotiating in earnest on Wednesday after the U.S. strategically forged a bilateral deal with Mexico, but have been working around the clock to try to meet President Trump’s Friday deadline for including Canada…Trump knows the “Art of the Deal” and he took control of these trade negotiations before they even began last year…
4. Coca-Cola (KO, NYSE) announced today that it would buy British coffee-shop chain Costa for $5.1 billion, diversifying further from its soft-drink roots and marking the latest bet by a major consumer-goods company on coffee…the move would be the biggest brand acquisition in the history of Coca-Cola and a gamble that the soda giant can move into the crowded retail world and take on Starbucks (SBUX, NASDAQ) which has more than 27,000 cafes around the globe…the deal gives Coke a large brick and mortar retail presence, though not in the United States…Costa’s red-and-white colored cups are served from its roughly 3,800 cafes, including about 2,500 in the U.K. and a growing presence in China…founded in London in 1971, it also sells coffee in grocery stores and gas stations…
5. The Dow is off slightly (14 points) through the first 30 minutes of trading…the Dow and the S&P 500 remain on track for their best August since 2014 while the NASDAQ is poised to clinch its best August since 2000…in Toronto, the TSX is down 15 points…the Venture, showing continued strength, is up another 4 points at 724 as of 7:00 am Pacific after a 10-session winning streak was snapped yesterday…this strong August close bodes extremely well for a powerful September…Gungnir Resources (GUG, TSX-V) is off half a penny at 29.5 cents as of 7:00 am Pacific after a big move yesterday…key immediate resistance is 31 cents – once that is cleared, the chart shows a path to the top of an upsloping channel in the mid-to-upper-40’s…earlier this week, GUG announced that it intersected a new wide zone of conglomerate-hosted sulphide mineralization at its Knaften Project in northern Sweden, including the presence of chalcopyrite…the newly discovered sulphide mineralization is located 400 m west of the company’s 2017 discovery of Copper-Nickel-bearing sulphides and approximately 5 km northwest of the Knaften 300 Gold zone…assays are pending…Golden Ridge (GLDN, TSX-V) is up 2 pennies at 43 cents as of 7:00 am Pacific…more assay results are pending (visually impressive drill core) from the company’s Copper-Gold porphyry discovery north of the Eskay Camp…Evrim Resources (EVM, TSX-V) has closed its private placement with Newmont Canada Corp., a wholly-owned subsidiary of Newmont Mining (NMZ, NYSE)…a total of 4,848,401 shares of the company were issued to Newmont at a price of $1.50 per share for gross proceeds of nearly $7.3 million…
6. Keep an eye on Blue Moon Zinc (MOON, TSX-V) which is trading at only 7.5 cents…the company has commenced a Phase 1 drill program at its 100%-owned Zinc-rich VMS deposit in Mariposa county, California…this is the first drilling at this project in more than 25 years with new interpretations of the system providing strong potential for fresh discoveries to significantly expand the known Zinc-Copper-Silver-Gold resource…Patrick McGrath, Blue Moon CEO, commented: “It’s an exciting new time for Blue Moon shareholders as we put our extensive review of historical data to work to identify potential new zinc-rich massive sulphide zones that could dramatically change the scale and dynamics of this project”…initial drilling (approximately 4,000 feet or 1,200 m) will target northern and southern extensions of the upper Main and West lenses between a depth of 500 and 1,000 feet from surface…Blue Moon geologists also recently performed a comprehensive review of historical data and identified multiple additional priority targets that could represent potential new high-grade zones and/or expansion of current zones…meanwhile, a review of drilling logs of the historical holes used in the NI-43–101 resource calculation revealed numerous intervals of massive and semi-massive sulphides that were not analyzed…the company will systematically sample and assay these intervals as part of the current drilling program…
7. It’s only getting worse for Tahoe Resources (THO, TSX) in both Guatemala and Peru, which may help explain why they’ve been quietly drilling their Juby Gold deposit near mining-friendly Gowganda in Northern Ontario…a group of 80 to 100 environmental “activists” from the Peruvian community of La Ramada, located about 3 km southwest of Tahoe Resources‘ (THO, TSX) La Arena mine, has illegally trespassed onto Tahoe’s property, disrupting mining operations and demanding payment for the alleged impacts of mining activity near their community…just a week ago in Guatemala, 12 unarmed Tahoe mining security contract workers were attacked and kidnapped, though later released…
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