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1. Gold has traded between $1,234 and $1,245 so far today, touching a new 5-week high…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,243 as equity markets remain under pressure…Gold holdings of global ETFs and similar products rose for the 2nd straight month in November, this time by 21.2 tonnes, the World Gold Council reported this morning…holdings are still down 6.1 tonnes for the year to date, although the WGC said ETF flows are now positive for 2018 in U.S. dollar terms…Silver is off 4 cents at $14.43…Copper has retreated another 3 pennies to $2.78 after pulling back from important resistance between $2.86 and $2.90…Nickel is 15 cents lower at $4.94 while Zinc is unchanged at $1.23…Cobalt also remains flat at $25.06…Crude Oil has tumbled $1.38 a barrel to $51.51 while the U.S. Dollar Index has slid one-quarter of a point to 96.73…the U.S. trade deficit jumped to a 10-year high in October as soybean exports continued to fall and imports of consumer goods rose to a record high…80% of the daily moves in U.S. stocks are machine-led, a fund manager told CNBC this morning…the phenomenon, also called algorithm or algo trading, refers to market transactions that use advanced mathematical models to make high-speed trading decisions (these trades also occur on the Venture)…many believe that the different sell-off episodes seen throughout 2018 have been caused by these machines, as they act on immediate data releases, without taking the time to digest them as humans would…“80% of daily volume in the U.S. is done by machines, so what you get is a lack of focus on earnings, a lack of focus on outlooks and you just get short-term movements based on very specific data that is released every day and that creates noise,” stated Guy De Blonay, fund manager at Jupiter Asset Management…
2. A fascinating situation is unfolding between Canada and the United States, and China, which is also impacting markets today…it was reported yesterday that Canadian authorities in Vancouver have arrested Huawei Technologies‘ Chief Financial Officer at the request of the U.S. government for alleged violations of Iranian sanctions, the latest move by Washington to crack down on the Chinese cellular-technology giant…the arrest of Meng Wanzhou has infuriated the Chinese government and comes just days after the U.S.-China trade “truce” and amid a year-long U.S. government campaign against a company it rightly views as a national security threat…the Chinese government has perfected the art of spying and stealing intellectual property…in the past year, Washington has taken a series of steps to restrict Huawei’s business on American soil and, more recently, launched an extraordinary international outreach campaign to persuade allied countries to enact similar curbs…the U.S. is seeking Wanzhou’s extradition so as to have her appear in federal court in the Eastern District of New York…
3. Oil prices are under renewed pressure today on fears OPEC will fail to cut output enough at its current meetings in Vienna…the cartel and its allies are working towards cutting Oil output by up to 1.5 million barrels per day – that’s what the market would love to see – but could fail to reach a deal if no compromise is found with non-OPEC Russia, according to the Saudi energy minister…OPEC is meeting today but is also waiting for news from Russian Energy Minister Alexander Novak who flew back to Russia from Vienna for consultations with President Putin…Novak returns to Vienna tomorrow for talks between Saudi-led OPEC and its allies…OPEC hopes to prop up the price of Crude, which has lost one-third of its value since early October, but it’s also facing pressure from President Trump who actually wants to see lower Oil prices…”We hope to conclude something by the end of the day tomorrow…we have to get the non-OPEC countries on board,” Saudi energy minister Khalid al-Falih told reporters…
4. The climate change-obsessed Trudeau Liberals and their Green Monster friends in British Columbia ought to be very careful – the “yellow vests” in France are worrying greens around the world…the worst riots in Paris in decades were sparked by higher fuel taxes, and French President Emmanuel Macron responded by scrapping them yesterday…but taxes on fossil fuels are just what international climate negotiators, meeting in Poland this week, say are desperately needed to help wean the world off fossil fuels and slow “climate change” to “save the planet”…yesterday, just in time for the conference of globalist climate change extremists in Poland, the B.C. government rolled out its new “Climate Action Plan” to great cheerleading from the left…the NDP-Green plan proposes sweeping changes that will touch every part of the economy using the province’s abundant supply of clean hydro-electric power to help shift individuals and industry off their reliance on fossil fuels that currently make up two-thirds of B.C.’s energy consumption…details of the rebates and tax credits aimed at spurring the change will not be released until budget day in February, but Premier Horgan says his province is now back on track to cut greenhouse gas emissions in line with Canada’s international commitments on climate…the plan aims to cut almost 19 million tonnes of GHG emissions annually from transportation, industry and buildings by the year 2030…the escalating carbon tax will be used in part to help B.C. industries become global leaders in low-carbon energy and commodities, these politicians claim…building codes will be revised to ensure new energy-efficient designs…infrastructure to support zero-emission vehicles will be expanded…and new power transmission lines will offer heavy polluters the opportunity to convert to cleaner energy for production…one project that fits perfectly into the NDP-Green plan would be the province’s first magmatic Nickel-Copper-Cobalt-Palladium-Platinum-Gold-Silver massive sulphide discovery in the heart of the Eskay Camp – Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain Project is the type of venture that Premier Horgan would cheer on as it features the much-needed metals that will power his vision of a “green economy” while at the same time it would serve as a sign that he supports Northwest B.C. where the NDP and Greens need to boost support in order to remain in power…
5. Blue Moon Zinc (MOON, TSX-V) reported this morning what appears to be the best intercept ever encountered at its Zinc-rich Blue Moon VMS deposit in Northern California…assays are still pending from several holes but MOON announced this morning that recently completed Phase 1 drilling intersected multiple sections of massive sulphides including 11.5 m (38.5 feet, core length) of massive sulphides in drill hole BMZ78…assays are expected in early January, which means samples are likely going through high-grade re-checks…historically, the deposit was mined by Hecla during WWII at an average grade of 12.3% Zinc…there is plenty of room for expansion at this deposit which already hosts 7.8 million tons at 8.07% Zinc equivalent…this includes 771 million pounds of Zinc @ 4.95%, 71 million pounds of Copper, 300,000 ounces of Gold and 10 million ounces of Silver…historical metallurgical work has indicated very high recoveries…“Receiving the key multi-year drill permit earlier in 2018 is a project milestone,” stated President and CEO Patrick McGrath…“The company looks forward to receiving the final assays for the 2018 drill program and planning our follow-up drilling program to continue to expand and explore” this deposit and new discoveries…pre-Christmas bottom fishers should find MOON to be a profitable pick-up between 4 and 5 cents heading into January results…
6. The Dow has fallen another 455 points as of 7:00 am Pacific after an 800-point drop Tuesday (markets were closed yesterday for the funeral of George H.W. Bush)…fresh economic data just out shows the U.S. services sector expanded slightly more than expected in the month of November…the TSX has slid 329 points through the first 30 minutes of trading while the Venture has declined 2 points to 561…technically, the Venture’s RSI(2) on the daily chart is now at an extreme low of just barely above 1 as the Index continues to show classic signs of a December bottoming pattern…Dolly Varden (DV, TSX-V) has cut 22 m grading 333 g/t Silver in the Kitsol Zone of its Dolly Varden Property, 1.5 km northwest of the Tobrit mine…National Access Cannabis (META, TSX-V) announced this morning that it has achieved $3 million in cumulative sales in its first 43 days of retail operation and $3.95 million in its first 50 days…the average gross margin achieved over the first 50 days of operation of retail locations was over 30%, with consumable cannabis making up 94% of total sales…NAC is currently the largest private cannabis retail operator in the country and has plans to open up to 75 retail cannabis locations in Ontario over the next 18 months, subject to regulatory approval, along with continued growth in other areas of the country…it currently has 14 NewLeaf Cannabis stores in Alberta and 4 Meta Cannabis Supply Co. stores in Manitoba…
7. More news from Wesdome Gold Mines (WDO, TSX) this morning which continues to release impressive underground drifting and drilling results from 7 Zone exploration and development activities at its wholly-owned Eagle River mine in Wawa, Ontario, including 151.4 g/t Au (uncut) over 1.99 m true width…the 7 Zone is the intermediate zone parallel to the 300 Zone to the north and the historic 8 Zone to the south…all 3 zones are currently in production…ongoing development on the 1038 m level has now confirmed that mineralization east of the western core of the 7 Zone has merged to form one continuous zone now defined over 146 m in strike length and grading 30.5 g/t Au (uncut) over an average true thickness of 2.61 m…additionally, ongoing drilling has now confirmed that this longer strike length extends to depth over an addition 100 m to the 1,250 m level and remains open down-dip…this extension is a substantial addition of potential resources compared to previous interpretations, and thus will be the focus of future drilling…
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