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1. Gold has traded between $1,202 and $1,189 so far today…as of 7:00 am Pacific, bullion has retreated $9 an ounce to $1,192…money managers have started scaling back some of their extreme bearish positioning in Gold futures, based on Friday’s latest COT data, but they have added to their bearish stance in Silver…metals are under pressure to begin the new month as overblown trade fears once again take hold…looming U.S. tariffs on $200 billion in China-made goods, and uncertainty regarding NAFTA, are weighing on sentiment…Silver has plunged 41 cents to $14.05…Copper, which experienced its biggest monthly drop in 2 years in August and its 3rd monthly fall in a row, has declined 7 cents to $2.64…traders obsessed with trade fears point to Bank of America Merrill Lynch statistics that show a 1 percentage point decline in global trade growth has historically reduced Copper prices by an average of about 4%…if global trade growth fell from April’s 4.4% YoY to the 2015/16 average of 1.7%, Copper prices could correct by another 10%, or so the theory goes…Nickel has slid 14 cents to $5.61, Zinc is off 3 pennies at $1.09 while Cobalt is steady at $29.26…Oil prices have jumped following the evacuation of 2 Gulf of Mexico Oil platforms in preparation for a hurricane…WTI has climbed 65 cents to $70.45…the U.S. Dollar Index has added more than one-third of a point to 95.54 which is a key resistance area…in economic news this morning, fresh ISM data showed that American factory activity accelerated in August, with new orders, production and employment in the sector growing…

2. Nickel sank to its lowest in more than 7 months this morning, weighed down by worries about China’s economy, trade tensions and weak steel prices…manufacturing activity in China, the world’s biggest consumer of industrial metals, grew last month at its slowest rate in more than a year, with export orders shrinking for a 5th straight month according to the Caixin/Markit Manufacturing Purchasing Managers Index…China’s government, however, is expected to add fresh stimulus to offset any negative affects from trade tensions with the United States…also weighing on Nickel, mainly used to make stainless steel, was another fall in construction steel rebar prices in Shanghai…

3. U.S. stocks are coming off their best August performance in more than 4 years as the S&P 500 and NASDAQ both reached all-time highs…the Dow, meanwhile, entered September just 2.5% below its record high…September has historically been a tough part of the year for Wall Street, though the Venture has fared better as exploration results roll in…since 1950, September has been the worst month for the Dow and the broader S&P 500, according to data from “Stock Trader’s Almanac“…the Dow averages a decline of 0.7% while the S&P 500 falls 0.5% …the NASDAQ, which made its debut in 1971, has lost an average of 0.5% during September…losses also tend to widen in mid-term election years…

4. If you think it’s hard now to build big resource projects in Canada, you ain’t seen nothing yet…Justin Trudeau and the Liberals, who have directly contributed to a net divestment of $8.6 billion from the energy and mining sector in this country over the last 5 quarters according to the latest Statistics Canada numbers, are in the final stages of overhauling the National Energy Board and turning it into the “Canadian Energy Regulator“…the word “Regulator” says it all…the end result of this latest version of liberal social engineering and anti-fossil fuel bias will be new layers of bureaucracy to further complicate the process of resource project approval…some are even calling Bill C-69 an “existential threat to Canada’s competitiveness”…behind the scenes, lower levels of government, companies and think tanks have been suggesting changes to Bill C-69 which will be debated this month in the Senate…Alberta NDP Energy Minister Marg McCuaig-Boyd, who has supported the federal government on several energy and climate initiatives, has “serious concerns including ‘what does this mean for project timelines’”…she said Alberta is seeking to influence the implementation of the regulations even though the bill has already been pushed through the Commons by the Liberal majority…what impact the Senate can have is questionable…one thing’s for certain – it won’t be long before the resource sector gets another kick in the gut from the climate change/gender obsessed social engineers in Ottawa…

5. The Dow has retreated 107 points through the first 30 minutes of trading…in Toronto, the TSX is off 50 points…Canopy Growth (WEED, TSX) has hit another record high, passing $63 in early trading…former Mexican President Vicente Fox thinks Mexico could legalize marijuana within the next 18 months and that the drug has potential to be part of the North American Free-Trade Agreement one day (tell that to President Trump)…Fox, who was in Toronto late last week attending a board meeting of Canadian-headquartered Colombian cannabis company Khiron Life Sciences (KHRN, TSX-V), says within the next 18 months Mexico could legalize recreational weed…“The new government is very liberal. Great positive attitude toward legalization,” said Fox…the Venture climbed as high as 729 in early trading but has backed off to 723 as of 7:00 am Pacific…strong support stretches from 720 to 710…watch for potential market-moving news out of Northwest B.C. this week with several companies expected to report soon…GT Gold (GTT, TSX-V) is one of them and it has started the new month on a strong note, up a nickel at 63 cents on heavy volume through the first 30 minutes of trading…drilling continues at Saddle South (high-grade Gold) and Saddle North (Copper-Gold porphyry) with fresh evidence from Saddle South results last month that the Saddle mineralized system, at least 3 km in length, has deep roots…

6. Guatemala’s highest court today confirmed the suspension of mining operations at the San Rafael unit of miner Tahoe Resources (THO, TSX), and ordered the government to carry out an immediate consultation of the local indigenous population…the Constitutional Court upheld the suspension of licenses at Tahoe’s Escobal mine, one of the world’s biggest Silver mines, and at the company’s smaller Juan Bosco mine…the licenses for the 2 mines were suspended in July of last year after an anti-mining group alleged that the energy and mining ministry had not consulted with the Xinca indigenous people before awarding the license to Tahoe…Constitutional Court magistrate Martin Guzman told a news conference that the suspension would remain in place until the consultation had been carried out…after that, it’s possible that Tahoe could regain its licenses, he said (not likely in our view)…Tahoe said in a statement it did not yet know how long the ministry would take to complete the consultation…nevertheless, the company noted that a consultation in a similar case had been carried out by the ministry within 6 months…after just 30 minutes of trading following the news, Tahoe has plunged 79 cents to $3.70…

7. U.S. investors are piling into an ETF that tracks the Canadian pot industry as the country moves toward legalization and liquor producers show growing interest in selling pot…the U.S.-listed $436 million ETFMG Alternative Harvest ETF, known by its ticker MJ, took in about $22 million (U.S.) in August, putting it on track for the largest monthly inflow since February…that asset growth has been fuelled by a 35% surge in the fund’s price since mid-August…a major boost for cannabis shares came just over 2 weeks ago when alcohol giant Constellation Brands (STZ, NYSE) invested $3.8 billion (U.S.) in Canopy Growth, the biggest deal yet in the burgeoning industry…recently, BNN Bloomberg TV reported that global liquor giant Diageo Plc is seeking a cannabis partner, raising market speculation over who that may be…Molson Coors Canada (TPX, TSX) also announced a joint venture with Hydropothecary Corp. to develop non-alcoholic, cannabis-infused beverages…

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