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1. Gold has traded between $1,411 and $1,426 so far today…as of 7:00 am Pacific, bullion is off $5 an ounce at $1,414…the World Gold Council (WGC), in an outlook report released this morning, calls for Gold prices to remain strong this year due to expectations for softer monetary policy and continued central bank buying…further, much of the world’s bond yields are either negative or else real yields – adjusted for inflation – are below 1%, not offering investors much return in this market…during the next 6 to 12 months, the WGC said, Gold investment demand is likely to be underpinned by financial market uncertainty and accommodative monetary policy…“Weaker economic growth may soften Gold consumer demand near-term, but structural economic reforms in India and China will likely support long-term demand,” the WGC added…Silver is off a penny at $15.19…Nickel, at a 3-month high, has jumped a dime to $5.91…Nickel inventories in LME-registered warehouses are the lowest since 2013 at 153,612 tonnes…there was also a global deficit of 27,200 tonnes over January-April in the 2.4 million tonne-a-year Nickel market, according to the International Nickel Study Group…Copper and Zinc are steady at $2.68 and $1.09, respectively…Crude Oil has gained 30 cents to $60.30 while the U.S. Dollar Index has slipped one-tenth of a point to 97.02….

2. U.S. underlying consumer prices increased by the most in nearly 1.5 years years in June amid solid gains in the costs of a range of goods and services, though this won’t change expectations of a Fed interest rate cut at the end of the month…the Labor Department said this morning that its consumer price index excluding the volatile food and energy components rose 0.3% last month, more than expected…that’s also the largest increase since January 2018 and followed 4 straight monthly gains of 0.1%…the so-called core CPI was boosted by strong increases in the prices for apparel, used cars and trucks, as well as household furnishings…however, the Fed, which has a 2% inflation target, tracks the PCE price index (core personal consumption expenditures) for monetary policy…that inflation measure increased by only 1.5% year-on-year in May and has undershot its target throughout 2019…Fed Chairman Jerome Powell told lawmakers the central bank would “act as appropriate” to protect the economy from rising risks such as trade tensions and slowing global growth…he also said “there is a risk that weak inflation will be even more persistent than we currently anticipate”…

3. Prime Minister Trudeau proudly introduced his party’s new candidate for a riding in Montreal last night, staunch anti-Oil radical environmentalist Stephen Guilbeault who helped found “Equiterre” in the early 1990’s and later worked for a decade in a high position for Greenpeace…the globalist Guilbeault (his loyalties aren’t with Canada) is vehemently opposed to the Trans Mountain pipeline and has labelled Canada a “dirty Oil producer” while his province of course imports Oil from hideous regimes in the Middle East…Guilbeault will be a star candidate for the Liberals in the Montreal riding of Laurier-Sainte-Marie and the party hopes his name recognition and environmentalist credentials will allow it to take the Laurier seat away from the NDP and increase the Liberals’ presence in Quebec…“I find in the Liberal party everything I need to continue the fight against climate change,” stated Guilebeault who will never let facts get in the way of his climate change alarmism…accepting Guilbeault as a candidate will reinforce Western Canadians’ strong distrust of Trudeau who will decimate Canada’s resource sector if he is re-elected in October…

4. Marathon Gold (MOZ, TSX) has intersected 72 m grading 4.2 g/t Au, 24 m @ 6.9 g/t and 10 g/t over 19 m in separate drill holes (infill) along the Main zone corridor of its Leprechaun deposit in the Valentine Gold Camp…these drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main zone corridor, are part of the series of planned infill drill holes that will cover a more than 800-m strike length of the Main zone corridor…these holes are designed to penetrate down through the shallow SW dipping, stacked Gold-bearing QTP-Au veins which form the dominant vein orientation within the Main zone corridor of the Leprechaun deposit, increasing the width of the corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open-pit into potential future underground resource development…the current drilling program is designed both to further confirm the geological model for the Leprechaun deposit and to continue to upgrade Inferred resource material into the Measured and Indicated categories…“These new wide intervals of high-grade Gold at Leprechaun continue to expand the size and grade of the high-grade Main zone while the lower grades in the hanging wall will assist in reducing the overall strip ratio of the Leprechaun open-pit,” said Phillip Walford, President and CEO of Marathon Gold…”The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main zone.  Drilling has commenced at the Marathon deposit and we look forward to the new Leprechaun deposit resource estimation due in September”…

5. Gran Colombia Gold (GCM, TSX), a strong performing Gold stock the year, produced a total of 18,882 ounces of Gold in June, bringing the total for the 2nd quarter to 57,882 ounces, up 9% from the 2nd quarter of 2018…for the 1st half of 2019 the company produced a total of 118,483 ounces, up 12% over the 1st half last year…this brings the trailing 12 months’ total production at the end of June to 230,906 ounces, up 6% over 2018’s annual production and above the top end of Gran Colombia’s initial guidance range for 2019 of between 210,000 and 225,000 ounces…CEO Lombardo Paredes commented, “We turned in another strong quarter of operating performance in the 2nd quarter of 2019 led by our flagship Segovia Operations.  The final phase of the expansion of the Maria Dama plant to 1,500 tonnes per day was completed earlier this month, giving us the additional capacity required to handle our expected near term growth.  In light of our first half results, we now feel confident in raising our annual production guidance for 2019 to between 225,000 and 240,000 ounces of Gold“…

6. The Dow has surged 142 points in early trading, topping the 27,000 level for the first time ever…in Toronto, the TSX has retreated 8 points while the Venture is 2 points lower at 583 as of 7:00 am Pacific…high flier Martello Resources (MTLO, TSX-V), which ran into resistance as expected at 90 cents, is up 4 cents at 68 cents in early trading after finding support (Fib.) in the upper 50’s…the company announced this morning that it will release financial results for the 4th quarter and 2019 fiscal year pre-market July 17…they’ll have to be stellar to keep momentum going in this play…Mountain Boy (MTB, TSX-V), which has been quiet in recent months, announced this morning that permitting is on track to conduct drilling this summer at its American Creek Project in the Stewart Camp…the highly prospective American Creek Corridor is 20 km north of the deep-water port at Stewart…the 26 sq. km project includes the historic Mountain Boy high-grade Silver mine which last operated in the 1930’s…“The spectacular Gold and Silver values found in this area are now better understood in terms of our emerging geological model,” commented Lawrence Roulston, CEO…“Four historic high-grade mines, either on the Mountain Boy property or immediately adjacent, are now recognized as being part of a large and robust geological system similar to those which have made the Golden Triangle such a treasure trove”…

7. U.S. lawmakers weighed reforming pot laws in what advocates called an “historic” hearing yesterday, with numerous members of Congress saying they wanted to loosen federal laws, even legalize marijuana…“Marijuana decriminalization may be one of the very few issues upon which bipartisan agreement can still be reached in this session,” said Rep. Tom McClintock, R-Calif., adding “it ought to be crystal clear to everyone that our laws have not accomplished their goals”…11 states have legalized adult recreational use and polls show that a majority of Americans support legalization…a number of bills are on the table that would reform federal marijuana laws…the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security sought input on how to reform federal laws in a hearing yesterday titled “Marijuana Laws in America: Racial Justice and the Need for Reform”…Americans can learn some lessons from Canada’s experience at legalizing marijuana…Justin Trudeau’s rationale for legalizing marijuana was that it would eliminate the black market…the funny thing is, the average cost of a gram of cannabis from the illicit market continues to drop as legal prices rise – with authorized retailers charging as much as 80% more, according to an analysis by Statistics Canada…the government agency said yesterday that the average price of an illegal gram of pot was $5.93 in the 2nd quarter, down from $6.23 in the previous quarter and $6.51 in the prior quarter…the cost of a legal gram of weed, however, was $10.65, up from $10.21 in the previous quarter and $9.82 in the 4th quarter of 2018…the share of StatsCannabis respondents purchasing pot illegally rose to 59% during the quarter, up from 55% in the 1st quarter…the cannabis black market in Canada is alive and well…

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1. Gold has traded between $1,389 and $1,412 so far today, getting a boost from Fed Chair Jerome Powell who’s appearing before Congressional committees today and tomorrow…as of 7:00 am Pacific, bullion is up $10 an ounce at $1,407…Powell said the economic outlook hasn’t improved in recent weeks, a strong signal the central bank will cut its benchmark short-term interest rate when officials meet at the end of the month…since June’s meeting, “It appears that uncertainties around trade tensions and concerns about the strength of the global economy continues to weigh on the U.S. economic outlook.  Inflation pressures remain muted,” Powell added, and that’s a key point – the Fed is much less concerned now about potential inflationary pressures, even in the midst of the longest economic expansion in U.S. history, and that gives the central bank a certain comfort level to go into rate-cutting mode to prolong the expansion…Silver has jumped 8 cents to $15.17…Nickel, continuing to firm, has added another 10 cents to $5.81…Copper is up 4 pennies at $2.68 while Zinc has gained 1 cent to $1.08…Crude Oil has climbed $1.69 a barrel to $59.52 while the U.S. Dollar Index, after meeting strong resistance at 97.50, has retreated one-quarter of a point to 97.24…Iron ore prices have soared by more than 68% this year, a resurgence driven by falling supplies that has led to challenging times once again for steel mills that use the material…as steel’s main ingredient, Iron ore is one of the world’s most traded commodities and can influence prices for materials used in everything from cars to skyscrapers…the global steel industry uses roughly 2 billion metric tons of Iron ore, along with metallurgical coal and recycled steel, to make 1.7 billion tons of crude steel each year, according to the World Steel Association…Iron ore is one of the best-performing assets year-to-date, trading in the $120’s which is up from roughly $73 at the start of the year and its highest level since January 2014…

2. In prepared testimony to the House Financial Services Committee this morning, Fed Chair Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger…“Crosscurrents have reemerged.   Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened.  Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook”…TD Securities commented, “While the bar was low for the Fed chair to meet the market’s expectations, the fact his prepared remarks beat market expectations should keep Gold prices anchored north of the $1,400/oz mark, as he opted to look past the strong jobs report and rather focus on other incoming data that suggest uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.  Gold remains the most likely winner as the precious metal has historically been the preferred choice for portfolio managers and central bankers alike”…

3. The Trudeau economy lost jobs in June while the Trump economy added 224,000 – the numbers speak for themselves…this morning, as expected, Bank of Canada Governor Stephen Poloz and his deputies left the benchmark interest rate unchanged…however, they also issued a mostly dour assessment of the economy’s near-term prospects and will continue to monitor data ahead of future decisions with a particular focus on developments in the energy sector and global trade…the bank predicted economic growth in Canada this year of 1.3%, up slightly from its April forecast of 1.2%, and an expansion of 1.9% in 2020, down from its previous call of 2.1%…no Canadian should be satisfied – those numbers are well below U.S. numbers because of poor public policy choices in this country…the bank also downgraded its 2019 global growth forecast to 3% from 3.2%…“Escalating trade conflicts, geopolitical tensions and related uncertainty are contributing to the broad-based slowdown of global economic activity,” the bank said in its report…blaming global conditions for a severely under-performing Canadian economy, when the country’s largest trading partner is faring very well, is a cop out – Canada just doesn’t have its act together…

4. Great Bear Resources (GBR, TSX-V) has significantly expanded the Hinge Zone high-grade Gold discovery at its 100%-owned Dixie Project in the Red Lake district of Ontario…highlights of drill hole results released this morning include 3 m @ 23.2 g/t (DHZ-042) and 3.9 m @ 18.1 g/t (DL-048, 150 m down-plunge of previous high-grade intercepts)…all 11 drill holes reported this morning intersected 1 to 5 Gold-bearing quartz veins…Chris Taylor, President and CEO of Great Bear said, “Our strong results drove us to fast track our exploration process with aggressive new step-down drilling.  We have now hit more high-grade Gold mineralization 440 m down-plunge from surface and 150 m down-plunge from the nearest previously reported high-grade intercept.  Results suggest the Hinge Zone projects from near-surface with significant depth potential, and contains a high degree of continuity of Gold mineralization within its extensive vein network.  During 2019, we plan to test its continuity down to increasing depths, and will also drill deeper and along strike into what we interpret as at least 6 additional Gold zones with similar plunges along the 500 m strike length of the Hinge Zone vein swarm we have drilled so far”…GBR is up 7 cents at $4.61 through the first 30 minutes of trading…

5. Going deep at Brucejack:  Following up on successful deep underground drilling earlier this year, Pretium Resources (PVG, TSX) is drilling a hole approximately 1.5 km below the Valley of the Kings deposit in the Eskay Camp to test both the extent of Brucejack-style mineralization and porphyry potential…hole VU-2019, which is planned to reach a length of 2,000 m, is targeting the centre of a low-resistivity anomaly approximately 1,400 m below the deposit as identified from a CSMT (controlled source magnetotelluric) geophysical program…the new hole, which is already well underway, was drilled from the 1,130-m level of the Valley of the Kings underground development at an azimuth of 40 degrees and a dip of negative 85 degrees…the orientation of VU-2019 was based on geological interpretations of key features of the Brucejack system, including geometry of late mineral dikes and potential major structures, alteration patterns, results of prior drill holes, and downhole geochemical anomalies…meanwhile, modifications and upgrades required to sustain processing at the increased production rate of 3,800 tonnes per day are progressing on schedule…underground development is accelerating to the targeted rate of 1,000 m per month, with 993 m achieved for the month of June…development is expected to continue at approximately 1,000 m per month for the remainder of the year to ensure development remains ahead of production requirements to achieve mining rates of 3,800 tonnes per day…Pretium, a prime takeover target given Breucejack’s location, profitability and high-grade resources, is up 25 cents at $13.76 as of 7:00 am Pacific…

6. U.S. markets jumped to new record highs this morning after testimony from Fed Chair Powell bolstered the case for easier monetary policy…the Dow is up 183 points as of 7:00 am Pacific while the S&P has broken above the 3,000 mark for the first time ever with energy and tech sectors leading the way…in Toronto, the TSX is up 76 points while the Venture has added 2 points to 587…GoGold Resources (GGD, TSX) reports record production of 250,073 ounces of Silver and 2,281 ounces of Gold for 451,011 Silver equivalent ounces at its Parral Tailings Project in Mexico during the quarter ended June 30th, an increase of 6% from the previous quarter which was also a record…the company continues to focus on quality agglomeration to ensure strong recoveries are achieved…519,643 tons were placed on the heap leach pad which is an increase of 9% over the previous quarter…Brad Langille, President and CEO, stated, “This is our second quarter in a row where we have set the production record at Parral.  We’re also pleased with the progress on the SART, with the engineering nearing completion and key components procured, with construction still on schedule to be completed prior to the end of 2019″…

7. More high-grade from Silvercrest Metals (SIL, TSX):  The company has released the first underground sampling results for the Babicanora Vein at its promising Las Chispas Project in the state of Sonora, Mexico…last month, Silvercrest intersected the Babicanora Vein in the high-grade Area 51 zone with the newly constructed Santa Rosa Decline and proceeded with development (3.5 m by 3.5 m drift) along the strike of the vein for approximately 35 m…during this development drifting, a total of 133 channel samples were collected from blast faces, analyzed, and compiled to determine the estimated average vein width and grade…compilation shows an average vein width in this area of 2.6 m, which is comparable to the resource block model for this area…compilation of underground sample results within the vein shows an uncut undiluted weighted average grade of 13.7 g/t Au and 1,108 g/t Ag, or 2,132 g/t AgEq…for comparison purposes, the estimated grade from the current resource block model for the mined area (undiluted but with capping applied) is 3.6 g/t Au and 592 g/t Ag, or 863 g/t AgEq…while the difference between the results is significant, the company cautions that sampling covers a small part of the resource for the Babicanora Vein and should not be considered representative…SIL is up 13 cents at $5.22 as of 7:00 am Pacific…

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1. Gold has traded between $1,386 and $1,396 so far today…as of 7:00 am Pacific, bullion is down $3 an ounce at $1,392…Gold holdings by global ETFs soared in June, rising by 127 tonnes to 2,548 tonnes, the World Gold Council reported this morning…ETFs based in North America posted inflows of 65 tonnes while those in Europe rose by 59 tonnes…holdings of Gold by Asian ETFs climbed by 2.4 tonnes while those from other regions had a 0.4-tonne increase…European ETFs now account for their largest percentage of total global Gold ETF assets in history at 47% of the total…Silver is off a penny at $14.99…Copper, Nickel and Zinc have each retreated slightly to $2.63, $5.68 and $1.07, respectively…Crude Oil is down 19 cents at $57.47 while the U.S. Dollar Index has added one-tenth of a point to 97.50 (resistance) ahead of Fed Chairman Powell’s testimony before Congressional committees tomorrow and Thursday…the Quebec government is joining other provinces in the legal fight against Ottawa’s investment-killing carbon tax, hoping to convince the Supreme Court of Canada that a key part of the federal law intrudes on provincial jurisdiction…the Quebec government will continue to participate in a cap-and-trade system, but is planning to argue in court that Ottawa does not have the power to decide whether carbon pricing by the provinces fails to meet federal standards…Copper production in the Congo (DRC) fell by 16.2% year-on-year in the January to May period, while Cobalt output slid 21.5%, the central bank confirmed today…Copper output for the first 5 months of 2019 stood at 416,067 tonnes compared to 496,468 tonnes in the same period of last year, while Cobalt production was 33,967 tonnes, compared to 43,291 tonnes in 2018…Gold production was off 6.4%…

2. Official central bank reserve data is starting to filter through financial markets, showing that June was a very busy month for Gold purchases, and comes after a relatively quiet May, according to fresh data from the World Gold Council…“Several emerging market central banks – including Russia, China, Turkey and Kazakhstan – have dominated buying for a few years now, and this is still the case in 2019“…however, Poland jumped into the fray last month as its central bank bought a whopping 95 tonnes, one of the highest monthly purchases in recent years…last year Poland bought just 26 tonnes, taking its Gold holdings “for financial security” to 229 tonnes…

3. Canada’s loonie is actually the world’s best-performing fiat currency this year but not for the right reasons (a strong resource sector)…unlike the Fed and other central banks that have adopted a more dovish tone or even cut rates, the Bank of Canada has not signalled its intent to follow…we’ll hear again from Stephen Poloz this week…an appreciating currency is a particular worry for a Canadian economy weighed downed by household debt and banking on its exporters to carry more of the growth burden…

4. Top American and China negotiators are set to speak this week in an effort to revive stalled trade talks, as discord over prior commitments and political considerations threaten to bog down discussions…President Trump and Chinese President Xi Jinping agreed at the recent G20 meeting in Japan to formally resume talks, yet people following the process say that the issues that snagged talks 2 months ago remain…among the sore spots: U.S. demands for China to buy more American agricultural and industrial products and to enforce protection of intellectual property, and China’s insistence that the U.S. remove tariffs on $250 billion in Chinese goods…“One side or the other can always cave and talks can wrap very quickly, but, barring that, Osaka was conflict limitation, not conflict resolution,” said Derek Scissors, a resident scholar at the American Enterprise Institute think tank who has consulted with the U.S. administration…senior officials from each side, including Robert Lighthizer, the U.S. trade representative, are set to speak by telephone this week…if successful, that could lead to face-to-face talks, likely in Beijing…the last round of face-to-face meetings that took place in Washington in May ended in an impasse…

5. BASF SE fired a warning shot across industries, as the world’s largest chemical company said slowing markets from cars to crops and the impact of U.S.-China trade tensions threaten to cut profit by 30% this year…the German maker of plastics, pesticides and lubricant additives dropped the most in 2 months, leading chemical-maker peers lower with profit warning that one trader described as a “shocking”…but with the Ludwigshafen-based company supplying industries ranging from autos to consumer products and computer chips, investors quickly called into question the outlook for other sectors in the upcoming earnings season…the projected drop in earnings before interest, taxes and special items was “mainly due to the trade conflicts,” BASF said late yesterday…tensions between the U.S. and China haven’t eased as expected, and that has slowed decision-making and investments in key markets including the Asian country…BASF doesn’t see the situation improving in the 2nd half of 2019…

6. The Dow has slipped 99 points through the first 30 minutes of trading as weakness continues following Friday’s strong jobs report…in Toronto, the TSX is up 18 points while the Venture is steady at 588…Martello Technologies Group (MTO, TSX-V), which has more than quadrupled in value over the last week, is up again this morning on news that it has forged a partnership with Suria Business Solutions, a provider of IP telephony and unified communications and collaboration (UCC) systems, applications, service, and solutions to more than 500 customers in Malaysia and Indonesia…Bruce Linton’s involvement in Martello, his departure last week from Canopy Growth (WEED, TSX; CGC, NYSE), and technical momentum have combined to really light a fire under the stock…long-term chart shows a band of resistance starting at 90 cents…Metallis Resources (MTS, TSX-V) has commenced Phase 1 exploration at its 100%-owned Kirkham Property in the Eskay Camp, contiguous to Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain Project…after 2 years of extensive work, the Kirkham Property is primed for an important new district discovery with geologists honing in on high-grade Gold, Copper-Gold porphyry and Nickel-rich magmatic sulphide targets…Golden Ridge Resources (GLDN, TSX-V) has signed an option agreement with Evrim Resources (EVM, TSX-V) to acquire an 80% interest in the 524 sq. km Ball Creek Project located in the Golden Triangle, just north of the Eskay Camp…the Ball Creek Project fully surrounds Golden Ridge’s 100%-owned 1,700 sq. km Hank Property, effectively increasing the company’s land position by 3,056%…GFG Resources (GFG, TSX-V) has started its 2019 drill program at its Rattlesnake Hills Gold Project in Wyoming…the program will consist of approximately 5,000 to 6,000 m of core drilling and is fully-funded by GFG’s partner, Newcrest Resources, a wholly-owned subsidiary of Newcrest Mining (NCM, ASX)…2 drill rigs over the next few months will focus on testing moderate to deep Gold targets proximal to the North Stock deposit and on greenfield targets…GFG is the operator of the program and will receive a 10% management fee on the total expenditures…

7. Aben Resources (ABN, TSX-V) has commenced drilling at its Forrest Kerr Gold Project in the Eskay Camp…Aben is starting with a 5,000-m drill program that can be expanded to 10,000-m as results dictate…initial drilling will be focused within and peripheral to the North Boundary Zone which has previously returned high-grade results such as 38.7 g/t Au over 10 m (from 114 to 124 m) including 331 g/t over 1 m in hole FK18–10…geologists see potential for a northward extension of the high-grade mineralized core at North Boundary…2018 drilling was hampered by limited permitted pad locations as a result of extensive forest fire activity in the area…over the winter season, an additional 45 drill pad locations were approved by government agencies, allowing maximum flexibility for testing new geophysical and geochemical targets and for investigating evolving geological theories…this summer’s drilling will also target polymetallic mineralization at the South Boundary Zone where broad intercepts of Gold-Silver-Copper-Zinc values in quartz veins were intersected in 3 holes last year…

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Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,398 and $1,408 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,401…Nickel has jumped 7 cents to $5.69…Copper has added 2 cents to $2.67 while Zinc has slipped another 2 pennies to $1.08…Zinc prices have recently come under pressure from expectations of rising supply and the likelihood of a 2nd half balanced market or surplus…Crude Oil is up 56 cents to $58.07 while the U.S. Dollar Index is relatively flat at 97.33…new bank loans in China are expected to have picked up to a 5-month high in June, a Reuters poll shows, as Beijing kept ample liquidity in the financial system to support the slowing economy and offset growing U.S. trade pressure…the central bank also stepped up cash injections last month to calm nerves after regulators seized a troubled regional bank, which sparked worries of financial contagion and briefly drove some short-term lending rates to record highs…voters in Greece have come to their senses, throwing out socialist Prime Minister Alexis Tsipras after a tumultuous 4 years in office as the country struggled through a crippling financial crisis…another example of how socialism never works (many young people in Canada and the United States don’t seem to have learned that lesson yet)…Conservative opposition leader Kyriakos Mitsotakis comfortably won Greece’s parliamentary elections yesterday…the 51 year-old Mitsotakis vowed to abide by his campaign pledges to cut taxes, attract investment and improve the job market…“Greeks deserve better and the time has come for us to prove it,” he said…

2. After Friday’s better-than-expected U.S. jobs report, all eyes will be on Fed Chairman Jereme Powell this week when he has the opportunity to reinforce market expectations for a late July rate cut, or rein them in…Powell testifies before the House Financial Services Committee Wednesday and at the Senate Banking Committee Thursday as he answers questions on the economy and Fed policy…Friday’s report exceeded economists’ expectations, but with an accompanying –11,000 in revisions, the job gains were nothing to derail the Fed’s anticipated cut July 31…after that meeting, the Fed doesn’t gather again until September 17–18…Friday’s jobs data led some traders to reassess how sharply the central bank might lower key lending rates…bets of a 50 basis point cut have plunged to 1.8%, from about 20% a week ago, according to CME Group’s FedWatch program…

3. The binge in central bank Gold buying continues…the People’s Bank of China has added another 10.3 tonnes of the precious metal to its holdings…Commerzbank pointed out that the Chinese central bank has now added to its Gold reserves every month since December…“During this period, it has bought a good 85 tonnes of Gold in total,” Commerzbank noted…“One reason is likely to be the trade dispute with the U.S., which has prompted China to reduce its dollar holdings and U.S. Treasuries of late”…15% of the world’s Gold demand last year came from came from central banks, which collectively bought 651.5 tonnes, according to World Gold Council data…these were the most central bank purchases in roughly half a century…then in the 1st quarter of this year, global official Gold purchases totalled 145.5 tonnes, a 68% increase compared to the same period in 2018…2019 so far has been a strong year for central bank Gold buying with a number of macroeconomic headwinds driving the need to diversify away from the U.S. dollar…this comes after news last week that Poland has become the top holder of Gold in central Europe by more than doubling its holdings…

4. BlackRock has downgraded its global growth outlook for the 2nd half, and while it still sees a good environment for U.S. stocks, it no longer favors emerging market equities…the outlook has weakened as a direct result of geopolitical and trade frictions, but that has also increased the potential for easier policy by central banks, including the Federal Reserve and European Central Bank…for that reason, the outlook for U.S. stocks remains positive, and the firm upgrades European stocks from negative to neutral…emerging market stocks were lowered from overweight to neutral, but it upgraded emerging market debt…“Our view on China has become less positive, and as a result, the rebound we were expecting in Europe is not in the cards anymore.  It’s a downgrade in the broader global picture, and it’s driven by the European and China view,” said Jean Boivin, head of the BlackRock Investment Institute…

5. The Dow has slipped 135 points through the first 30 minutes of trading while the S&P 500 and NASDAQ are also both under mild pressure after last week’s new record highs…a downgrade on Apple has hurt the broader tech sector this morning…an analyst at Rosenblatt Securities said Apple stock will “face fundamental deterioration” over the next 6 to 12 months as the company’s iPhone sales disappoint and growth in other products slows down…in Toronto, the TSX is 77 points lower with the Gold Index steady at 219…strong support at 211…the Venture has added a point to 587…Martello Technologies (MTLO, TSX-V) is the Venture volume leader again this morning…Bruce Linton, turfed from Canopy Growth (WEED, TSX; CGC, NYSE) last week, wants to do some big things with Martello and suddenly has more time on his hands…Martello tripled in price on huge volume Wednesday-Thursday-Friday, and climbed as high as 67 cents in early trading this morning…the long-term chart shows quite a bit more room to the upside on a confirmed breakout through the mid-50’s…“Anybody who’s dumb enough to launch a new cannabis company in Canada, I don’t know what they’re doing, they should have been at it 6 years ago.  Canada is done,” Linton told Bloomberg TV…“You’re going to end up with a few winners and a whole bunch of people who wonder why they started”…hence, money from the cannabis space has been slowly working its way into the resource sector in recent months, accumulating a range of undervalued plays in anticipation of a strong rebound at some point during this 2nd half of 2019…

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