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1. Gold has traded between $1,274 and $1,283 so far today…as of 7:00 am Pacific, bullion has rebounded $5 an ounce to $1,281…Silver has added 5 cents to $14.95…Copper is up 2 pennies at $2.93, Nickel is off slightly at $5.62 while Zinc is unchanged at $1.29…Crude Oil is holding steady at $65.83…Poland and Germany have suspended imports of Russian Crude via the Druzhba pipeline, citing poor quality…trading sources said the Czech Republic had also halted purchases…this comes after the Trump administration declared an end earlier this week to sanction waivers with respect to imports of Iranian Oil by foreign countries…on the supply side, U.S. Crude production has risen by more than 2 million bpd since early 2018 to a record of 12.2 million bpd currently, making the U.S. the world’s biggest Oil producer ahead of Russia and Saudi Arabia…in part because of high domestic production, U.S. commercial Crude inventories last week soared to 460.63 million barrels, their highest since October 2017, according to fresh data yesterday from the Energy Information Administration…the Dollar Index is threatening to break out above the 98 level…it’s up slightly at 98.11…U.S. durable goods numbers for March were released this morning and beat expectations, increasing by $6.8 billion or 2.7% to $258.5 billion after declining in February…economists were expecting an increase of only 0.7%…meanwhile, core durable goods, which strips out the volatile transportation sector, was also better than expected, increasing 0.4% vs. an estimated 0.2%…the U.S. economy is stronger than the mainstream anti-Trump media wants to admit…
2. In its updated commodity outlook, the World Bank remains optimistic that Gold prices will end the year above $1,300 an ounce…growing investor demand and central bank buying will continue to support prices this year as industrial demand is expected to wane…“Prices have been supported by strong demand and a fall in long-term real interest rates,” World Bank analysts said in the report…“Upside risks to the forecast include the possibility of an interest-rate cut in the United States”…the CME FedWatch Tool shows that markets are now pricing in a more than 55% chance of a rate cut by December…although the World Bank is optimistic on Gold, its analysts aren’t as enthusiastic regarding Silver, which continues to underperform within the precious metals market…the Gold-Silver ratio remains at a multi-year high, currently 85.7…they see Silver prices remaining around current levels for the balance of the year as industrial demand, in particular demand from the solar-power sector, remains weak…“Tariffs on solar imports to the United States led to reduced use of Silver in solar panels in 2018, and this trend is expected to persist. The use of Silver in photovoltaics is expected to decline as it is one of the most expensive components”…
3. Positive earnings surprises: Contrary to many forecasts, earnings growth in the U.S. looks like it could be positive for Q1, now that more than a third of S&P 500 companies have reported…this of course bodes well for the equity markets…Refinitiv data shows that based on the actual results of 178 S&P 500 companies and estimates for the balance, Q1 earnings are basically looking to be flat, or unchanged…that is a big jump from earlier in the week when consensus forecasts for earnings growth were still looking negative, with an expected decline of 1.1% from last year’s 1st quarter…J.P. Morgan strategists noted the outlook for Q1 earnings was too pessimistic, and they expected the anticipated decline in 1st quarter profits to turn around by the end of the reporting period, with S&P 500 companies delivering a 4% to 5% earnings surprise and profit growth of 2% to 3%…
4. Newcomer Etruscus Resources (ETR, CSE) is the first junior in the Eskay region to commence 2019 exploration…the company announced this morning that crews have started work at the low elevation Rock & Roll Project near the Snip mine on the western side of the Eskay Camp…Rock & Roll was a Murray Pezim discovery nearly 3 decades ago in 1990…initially, Pezim’s Prime Group believed it had stumbled onto another high-grade Snip Gold mine but evidence years later made it very clear that the Black Dog showing and deposit is part of what geologists believe is a broad VMS system likely featuring a cluster of deposits in different-aged rocks than those at Eskay Creek…exploration at Rock & Roll was short-circuited in the early 1990’s due to a government-induced mining bust in B.C., and little work was completed since a substantial program in 1991…with the Eskay region now revitalized thanks to fresh discoveries (tens of million dollars are going into the ground this summer) and massive glacial retreat, Etruscus acquired 100% ownership of the Rock & Roll as a private company last year and is now gearing up for a major exploration campaign including drilling…ETR has just 19 million shares outstanding, the tightest share structure in the district…meanwhile, neighbor Crystal Lake Mining (CLM, TSX-V) has a huge program planned at its Newmont Lake Project…
5. The Dow has slipped more than 200 points in the first 30 minutes of trading…a sharp decline in 3M (MMM, NYSE) shares put pressure on the 30-stock index at the open…3M said it would cut 2,000 jobs and restructure its sprawling business after demand for its tapes and adhesives fell in China and other important markets…the NASDAQ is faring much better than the Dow this morning, thanks to a boost from strong quarterly reports out of Facebook (FB, NASDAQ) and Microsoft (MFST, NASDAQ)…in Toronto, the TSX has retreated 39 points while the Venture is up 1 point at 609 as it continues trades just above new support at its rising 100-day SMA…Albert Mining (AIIM, TSX-V), a leader in the use of AI and advanced knowledge-extraction techniques in the mining sector, is on the move in early trading…the company has announced that Dinesh Kandanchatha , a founder of Patriot One Technologies (PAT, TSX) and CEO of Macadamian Technologies, has been appointed Chairman of Albert’s Board of Directors…Kandanchatha has over 20 years of experience in start-up and early-stage companies, having raised over $100 million…he has overseen multiple IPOs and acquisitions, acting as an officer or director of many successful technology companies…the Canadian Marijuana Index is rebounding, up 4 points to 642 after recently testing strong support at 600…Aurora Cannabis (ACB, TSX) announced this morning that it has signed a binding share purchase agreement for all of the issued and outstanding common shares of privately held Chemi Pharmaceutical, an Ontario-based laboratory specialized in providing high-quality analytics services to the pharmaceutical and cannabis industries, in a cash and share transaction…Chemi has a Health Canada drug establishment licence enabling it to perform certified good-manufacturing-practice-compliant quality control analytical testing…in addition, Chemi has received U.S. Food and Drug Administration accreditation for its facility, which is said to be the Gold standard for global pharmaceutical testing…
6. Global Energy Metals (GEMC, TSX-V) is ready to carry out exploration work, including drilling, at its Lovelock mine in Churchill county, Nevada, after after securing all necessary permitting from the Bureau of Land Management…Global Energy has an option on 2 battery metal projects, Lovelock and Treasure Box, located on the doorstep of the world’s largest Lithium-ion battery production plant, the Gigafactory that Tesla Motors and partner Panasonic Corp. have built in Nevada…Mitchell Smith, President and CEO, stated in a news release this morning, “Completing this bond payment enables the Company to move forward with a staged exploration program at Lovelock that will allow for further definition of the character, size and potential of the Nickel-Cobalt-Copper system. We are excited about this initial phase of exploration and are very optimistic that this strategically located asset will significantly further the growth of our company”…limited historical production at Lovelock featured Nickel and Cobalt grades in excess of 10%…the area has been vastly under-explored and geologists are now investigating the possibility of a much broader system of Nickel, Cobalt and Copper mineralization…GEMC is up half a penny at 7 cents as of 7:00 am Pacific…
7. Lawrence Roulston’s Auramex Resource (AUX, TSX-V) is another low-priced junior to watch closely heading into summer...AUX announced this morning that drill permitting is under way at its extensive Bear Pass Project in the Stewart camp…the 6,400-hectare project is centred on Highway 37A, 30 km northeast of Stewart toward the Eskay Camp…compilation of 100 years of historic exploration and production results laid the foundation for last year’s field program, which was conducted by a 5-person geological team…that work identified a mineralizing system which is inferred to be the same age as that at the producing Brucejack mine, just 48 km to the north, and geologically similar to that at the historic Silbak-Premier mine, 20 km to the southwest…the core of the system, known as the Bear Pass Pluton, was examined using isotopic age measurement and other techniques and Auramex determined that it is one of the Early Jurassic intrusions, with exceptional potential to generate and host precious metal deposits and which are associated with the majority of Gold-Silver mineralization in the Golden Triangle…Bear Pass has a long history of mining and exploration, beginning in the early 1900’s…numerous Gold-Silver and base metal occurrences were explored, with several being developed into mines…AUX last traded at just 4.5 cents…
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