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

1. Gold has traded between $1,386 and $1,419 so far today, tumbling $24 an ounce to $1,391 as of 7:00 am Pacific following a stronger-than-expected U.S. jobs report…however, some market participants are overreacting to fears the Fed may not cut interest rates as expected later this month…Commerzbank looks for Gold to reach $1,500 by the end of 2019 in a research report released this morning…“Even if some short-term setbacks cannot be ruled out following the recent steep price rise, the environment for Gold remains positive,” Commerzbank stated…“The still-low interest rates and numerous political risks are likely to generate further investment demand and thus counterbalance the weaker physical demand in Asia.  In addition, our currency strategists expect a weaker U.S. dollar, as the Fed has significantly more scope for interest-rate cuts than the ECB”…Silver has shed 29 cents to $14.91 but has ample support at $15 and immediately below…Nickel is up 2 pennies at $5.57…Copper has retreated 2 cents to $2.65 while Zinc is also 2 cents lower at $1.17…Crude Oil has added 25 cents a barrel to $57.59…OPEC output sank to a new 5-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group, according to a Reuters‘ survey…OPEC pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014…the survey suggests that even though Saudi Arabia is raising output following pressure from President Trump to bring down prices, the kingdom is still voluntarily pumping less than an OPEC-led supply deal allows it to…OPEC renewed the supply pact at meetings this week…the U.S. Dollar Index has jumped half a point to 97.34 but faces strong resistance…

2. U.S. employers added jobs at an unexpectedly robust pace in June, easing fears of a hiring slowdown and showing a strong labor market could propel a domestic economy facing threats from abroad…224,000 jobs were added amid concerns that both the employment picture and overall growth picture were beginning to weaken…the unemployment rate edged up to 3.7% as labor force participation rose…economists surveyed by Dow Jones had expected non-farm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%…May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago (the May count was revised slightly lower this morning to 72,00o)…stock market futures ticked lower after the report as investors contemplated what the strong numbers might mean for expectations that the central bank will be cutting interest rates later this month in an effort to stave off a widely expected economic slowdown through the year…however, a rate cut very much still appears to be in the cards…

3. The U.S. has to lift all the tariffs placed on Chinese goods if there is to be a trade deal, China’s Ministry of Commerce says…“If the two sides are to reach a deal, all imposed tariffs must be removed,” Ministry of Commerce spokesman Gao Feng stated yesterday…“China’s attitude on that is clear and consistent”…the 2 countries reached a truce in their year-long trade war last week at the G-20 summit in Japan…President Trump and Chinese leader Xi Jinping agreed to hold off on imposing new tariffs and start negotiations again…Trump also decided to ease his ban on American companies selling products to Chinese telecom giant Huawei….China said it would continue to buy U.S. agricultural products…however, Trump said after the G-20 meeting that the 25% tariffs currently imposed on $250 billion in Chinese goods will not be reduced…while the 2 nations reached an agreement, which was similar to the one at the G20- summit in Argentina at the end of 2018, there are still many sticking points including the issue of intellectual property that could deter a long-term deal…

4. Canada has had its slowest start for company financings in 16 years, as federal government policies with regard to the resource sector – particularly Oil and gas – have helped chase investors away…Canadian companies raised about $12 billion ($9.2 billion U.S.) in equity and equity-linked financings in the first 6 months of 2019, 39% less than a year ago and the slowest 1st half since 2003, according to data compiled by Bloomberg…it was also the slowest of any 6-month period since 2003, except the $10.4 billion raised in the back half of last year…the slow start contrasts with that of the U.S., which had $117 billion (U.S.) in stock sales in the 1st half, the data show…while down 15% from a year earlier, it still marked one of the better 6-month periods in the U.S. in the past 4 years…by virtually every economic measure, the Trudeau economy is significantly lagging the Trump economy – Canada’s self-inflicted wound that needs to be fixed…how much longer will Canadians put up with mediocrity and under-performance?…

5.  The Alberta government has opened a new offensive in the war against Oil sands haters, announcing yesterday a public inquiry into the finances of environmental organizations, specifically on funding from foreign donors…such a move raises the stakes for environmental groups that could now be compelled to testify before the inquiry and face as yet unknown consequences – perhaps lawsuits, Kenney speculated – once the commissioner reports back to the legislature…“For more than a decade, Alberta has been the target of a well-funded political propaganda campaign to defame our energy industry and to landlock our resources,” Kenney told reporters in Calgary in announcing the inquiry…the United Conservatives have long promised a “fight back strategy” aimed at shellacking the critics of Alberta’s energy industry and supporting those who want to bolster it…so far, the plan has consisted of creating a war room to counter “misinformation” and using a litigation fund to support the legal battles of pro-energy industry indigenous groups…but yesterday, the government unveiled an ambitious program of investigating the non-profit and charitable groups that do environmental advocacy in Canada, with Kenney raising the spectre of “shadowy funding” that includes U.S. hedge fund billionaire and environmentalist Tom Steyer; LeadNow, a Canadian advocacy group, that Kenney said “took an active role” in the 2015 federal election in Canada; and the Pembina Institute, an Alberta-based organization advocating “responsible” resource development…“This brief summary of what we know amounts to a premeditated, internationally planned and financed operation to put Alberta energy out of business,” Kenney said…

6. The Dow has slipped 144 points through the first 30 minutes of trading following the jobs report and yesterday’s 4th of July holiday…in Toronto, the TSX is 91 points lower with the Gold Index retreating 7 points to 214…strong support at 211…pullbacks in the Gold Index (typically brief and shallow) have consistently been astute buying opportunities and that trend is not going to change…the Venture has backed off 3 points to 585…ZoomerMedia (ZUM, TSX-V) zoomed out of the gate this morning after news yesterday, but was halted 16 minutes into trading pending company contact by the Exchange…the news was more than a little strange, raising plenty of questions, and the stock doubled in value on 3 million shares in early trading…Golden Predator (GPY, TSX-V) was halted with the company announcing that it has arranged $6.1 million in flow-through financings…Eric Sprott has agreed to acquire 5 million shares sold through the offering, which would increase his total ownership to 13 million shares of the company…no warrants are being issued…meanwhile, Continental Gold (CNL, TSX) has closed its previously announced non-brokered $25 million (U.S.) private placement with Eric Sprott through 2176423 Ontario Ltd. (a company he beneficially owns)…Newmont Goldcorp (NGT, TSX; NEM, NYSE) has until July 12 to exercise its right to maintain its pro rata ownership of Continental in connection with the closing this private placement…Garibaldi Resources (GGI, TSX-V), in the midst of a powerful new uptrend, is bucking the trend this morning…the company commenced 2019 drilling at Nickel Mountain with a series of exceptional targets a few weeks ago…assay results are expected to come a lot quicker this summer than last year…

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1. Happy 4th of July to our American friends!…Gold has hovered between $1,410 and $1,420 in quiet trading on this Independence Day…Silver is off a few cents at $15.23 but has demonstrated superb new support at $15 within a new uptrend…Copper, Nickel and Zinc are all relatively unchanged at $2.68, $5.56 and $1.11, respectively…Crude Oil is 43 cents lower at $56.91 while the U.S. Dollar Index is flat at 96.78…the Gold market could have at least 1 new ally within the Federal Reserve after President Trump nominated Judy Shelton this week to be a board of governor of the central bank…Shelton has previously advocated for the U.S. to return to a Gold standard to create a “reliable store of value across borders and through time”…in a commentary in The Wall Street Journal April 21, Shelton commented, “It’s entirely reasonable to ask whether this might be better assured by linking the supply of money and credit to Gold or some other reference point as opposed to relying on the judgment of a dozen or so monetary officials meeting 8 times a year to set interest rates”…President Trump will preside over July Fourth Independence Day celebrations later today – perhaps the biggest in American history – with a speech about patriotism and a show of military might that will undoubtedly drive much of the mainstream media to new levels of insanity…it’ll be an in-your-face celebration of freedom and national pride in America, taking place in front of the Lincoln Memorial – complete with fireworks, a flyover by Air Force One, and a display of tanks…

2. Jobs report tomorrow: Economists expect non-farm payrolls to have risen by 160,000 in June compared with 75,000 in May, although Wednesday’s private report suggested tomorrow’s jobs number from the Labor Department could disappoint (which would drive Gold higher)…government bonds are near multi-year lows on bets the Fed will cut interest rates this month and that other major central banks will embrace looser monetary policy, pushing world stocks to new 18-month highs…the Dow, S&P 500 and NASDAQ each closed at new record highs yesterday…“U.S. stock markets are probably part of the reason why Gold is not picking up pace again immediately,” Commerzbank analysts said in a note…

3. Top representatives of the United States and China are organizing a resumption of talks for next week to try to resolve the continuing trade battle between the world’s 2 largest economies, Trump administration officials confirmed yesterday…talks between the 2 sides broke down in May after U.S. officials accused China of pulling back from commitments it had made previously in the text of an agreement that negotiators said was nearly finished…Trump and Chinese President Xi Jinping declared a “truce” at last weekend’s G20 in Japan, allowing the 2 sides time to work out their differences while no new tariffs are imposed…however, in a tweet this morning, Trump stated, “China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA”…

4. Lupaka Gold (LG, TSX-V) has lost 80% of its value this week and is tumbling into the abyss, thanks to an unresolved road blockade by radical protestors at its Invicta Project in Peru…Lupaka creditor PLI Huara Holdings has filed a notice of acceleration and is requesting immediate payment of $15 million, as announced by Lupaka yesterday…“The specified claims of default relate primarily to the company’s inability to make scheduled repayments against the PLI Financing Agreement resulting from the ongoing illegal road blockade carried out by the community of Paran,” the company stated in a news release…Lupaka says all its workers have been prevented from entering the project since October 2018…payments against the PLI Financing Agreement were scheduled to commence at the beginning of this year…“Numerous attempts have been made to resolve the blockade, including requests for support from various levels of the Peruvian government, however to-date law and order have not been restored in the region,” Lupaka said…creditors, of course, don’t care – they just want their money, and Lupaka can’t pay PLI…

5. Lupaka is an extreme case but of course it’s not the only company facing opposition to its mining/exploration activities around the world…the latest example is Oceanagold (OGC, TSX) which has filed for an injunction against any unauthorized restraint of its operations at its Didipo mine in the Philippines, with a hearing date set for next week…this injunction is sought in response to an order from the Governor of Nueva Vizcaya, explicitly directing local government units to restrain any operations of the company (the national government has legal authority over the operation)…subsequent to the governor’s order, a local government unit prevented a large supply truck from accessing the mine site on Monday…the Didipio mine, a significant high-grade Gold/Copper underground operation on the island of Luzon, has delivered significant socio-economic benefits to the Barangay of Didipio, neighbouring communities, the provinces of Nueva Vizcaya and Quirino, and the Philippines…it directly employs over 1,500 workers of which 97% are Philippine nationals and 59% are from local communities….it provides several thousands of additional livelihood opportunities/indirect jobs through partnerships with co-operatives and social development organizations…

6. U.S. markets are closed, of course, on this 4th of July, and that also means much lower trading volumes in Canada…in Toronto, the TSX is off slightly as of 7:00 am Pacific with the Gold Index steady at 221…the Venture, meanwhile, is up a point at 587…Canopy Growth (WEED, TSX; CGC, NYSE) closed near its intra-day high yesterday after briefly dipping below $50 a share following the news of Bruce Linton’s sudden “resignation” (dismissal)…the ousting of Linton is a sign of things to come as the young industry grapples with investor impatience in the face of what have so far been disappointing financial results…there has been a recent shift with some cannabis investors parking more of their money into the resource sector, a trend that could intensify during the 2nd half of the year…

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1. Gold has traded between $1,412 and $1,429 so far today after yesterday’s sharp move back above $1,400…as of 7:00 am Pacific, bullion is off $5 an ounce at $1,413…SPDR Gold Trust, the world’s largest Gold-backed ETF, said its holdings dipped 0.2% to 798.44 tonnes yesterday…however, holdings have gained more than 5% over the past month, underlining strong investor interest in bullion…Silver is 3 cents lower at $15.24 but has demonstrated superb new support at $15 within a new uptrend…Nickel has climbed 7 cents to $5.56, Copper is a penny higher at $2.67 while Zinc is down 1 cent at $1.13…Crude Oil has jumped 75 cents to $57 while the U.S. Dollar Index is flat at 96.70…job creation in the U.S. looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report this morning from ADP and Moody’s Analytics…the number was well short of the 135,000 estimate from economists surveyed by Dow Jones and comes on the heels of weak May growth of just 41,000…the disappointment sets the stage for another possible letdown from the more widely watched non-farm payrolls report from the Labor Department, which will be released Friday and is expected to show growth of 165,000 after May’s lackluster 75,000…

2. The yield on the benchmark 10-year Treasury note fell to its lowest level since November 2016 today, continuing its slide below 2% on expectations central banks around the world would respond to a slowing global economy with more monetary stimulus…traders snapped up government debt after the European Council yesterday nominated Christine Lagarde to head the European Central Bank (ECB)…the choice is a strong signal that euro zone rates will remain low for the foreseeable future as the ECB tries to foster inflation and GDP growth in the region (they haven’t enjoyed much success so far)…Lagarde’s previous support for ultra-loose monetary policy, including bond-buying programs, put her squarely behind her predecessor’s efforts to kick-start inflation…she inherits a central bank struggling to hit its medium-term target for price growth of just under 2%…outgoing President Mario Draghi recently signalled that interest rates could be cut further and there could be a second quantitative easing program, or QE2…

3. An indigenous-led group plans to offer to buy a majority interest in the Trans Mountain Oil pipeline from the Canadian government within the coming days…the group, called Project Reconciliation, aims to submit the $6.9 billion offer as early as Friday, managing director Stephen Mason told Reuters, and start negotiations with Ottawa later this month…Project Reconciliation said the investment will alleviate First Nations poverty, a watershed for indigenous people who have historically watched Canada’s resources enrich others…expansion would triple capacity of the pipeline carrying Crude from Alberta to British Columbia’s coast, helping resuscitate an industry depressed by low prices and congested pipelines…the Loony Left in this country has a problem – on the one hand, as part of its identity politics game, it claims unequivocal support for First Nations…on the other hand, it wants nothing to do with pipelines or expanding Canada’s resource sector, denying many entrepreneurial indigenous groups in Canada their right to carve out better lives and move families out of poverty…there needs to be a strong pushback against Canada’s wealth destroyers…

4. FIRED: Bruce Linton, the high-profile face of Canopy Growth (WEED, TSX; CGC, NYSE), has been turfed as co-CEO and board member of Canada’s marijuana giant…this morning’s official news release had a different spin, indicating a resignation…however, Linton called into CNBC this morning and said he was fired…“I think stepping down might not be the right phrase,” he said, referring to the language in the news release…“I was terminated”…Linton’s sudden departure was related to the fact that Constellation Brands (STZ, NYSE) boss Bill Newlands was “not pleased” with Canopy Growth’s recent year-end results as it recorded a Q1 loss of $106 million (U.S.) in connection with its interest in the Canadian cannabis company…Canopy took a $4 billion investment from the spirits giant last November, giving Constellation a roughly 35% stake in the cannabis company…Constellation also nominated 4 directors to Canopy’s 7-member board…Mark Zekulin will become the sole CEO of the company and will work with the board to begin a search to identify a new leader…Rade Kovacevic, who currently leads the company’s Canadian operations and recreational strategy, will take over the role of President from Zekulin…WEED has slid $1.67 to $50.87 through the first 30 minutes of trading as the stock slips below its rising 300-day moving average (SMA) for the first time since late last year…it was a great buy then and probably now, too…

5. Tesla (TSLA, NASDAQ) is up more than 5% in early trading after the electric auto maker said it shattered its previous production and delivery records during the 2nd quarter, soundly beating analysts’ estimates…the company released its delivery and production results last night, hinting at a strong 3rd quarter that already has a backlog of orders…CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying Tesla was on course to deliver a record number of vehicles throughout the quarter…he wasn’t exaggerating…the company delivered 95,200 cars during the 3 months ending June 30 – a 51.1% increase over an admittedly weak Q1 and besting its previous record of 90,700 deliveries set in the 4th quarter of 2018…Tesla’s deliveries are a closely watched industry number and the nearest reflection of sales, showing how many cars were actually delivered to customers…

6. The Dow and S&P 500 have each hit new record highs in early trading, with the Dow up 58 points…in Toronto, the TSX is 39 points higher while the Venture is flat at 585 as of 7:00 am Pacific…Tinka Resources (TK, TSX-V) is under pressure in early trading after releasing results of a maiden PEA for its 100%-owned Ayawilcva Zinc Project in Peru…highlights include an after-tax NPV(8) of $363 million (U.S.), an initial capex of $262 million, an after-tax IRR (internal rate of return) of 27.1%, and a 21-year mine life with average head grades of 6.05% Zinc, 18.3 g/t Silver, 67.1 g/t Indium and 0.25% Lead…average annual production is estimated at 101,000 tonnes of Zinc concentrate and approximately 906,000 ounces of Silver in a Silver-Lead concentrate…PEA’s kill the mystery which is why TK is off a nickel at 22.5 cents…Sirona Biochem (SMB, TSX-V) announced this morning that clinical development of its SGLT2 inhibitor, TFC-039, which is currently well into Phase 1 of human trials, is progressing on schedule with no adverse events…TFC-039 was licensed to Wanbang Biopharmaceuticals, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical Group in 2014 with exclusive rights for China…in exchange for this licence, Wanbang will provide upfront and milestone payments of up to $9.5 million (U.S.) in addition to royalty payments for product sales in China…

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

1. Gold has traded between $1,388 and $1,395 so far today after yesterday’s post-G20 drop…as of 7:00 am Pacific, bullion is up $9 an ounce at $1,393…technical support is very strong around $1,380…Silver, off 2 pennies at $15.08, remains well within its new uptrend with strong support at and just below $15.00…inflows into Silver and Platinum ETFs are accelerating, according to Commerzbank…“Silver ETFs have seen inflows of 185 tonnes in the last 3 days of trading,” the bank confirmed…“There has also been considerable demand for Platinum ETFs.  For the first time ever, their holdings exceeded the 3 million ounce mark”…Copper, Nickel and Zinc are all relatively unchanged at $2.71, $5.75 and $1.17, respectively…Crude Oil has eased off 76 cents to $58.33…concerns that the global economy could be slowing outweighed an agreement by OPEC and allies, including Russia, to extend supply cuts until next March…the U.S. Dollar Index rallied yesterday in a “dead cat” bounce following the G20 meeting, contributing to Gold’s losses, but the Dollar Index has slipped about one-fifth of a point this morning to 96.70…China’s manufacturing activity shrank unexpectedly in June, coming in at its worst reading since January, according to a private survey…the Caixin/Markit factory Purchasing Managers’ Index for June was 49.4 – the lowest since January when the indicator came in at 48.3…Bitcoin has dropped below $10,000 (U.S.) for the first time in 11 days…

2. The U.S. economy, buoyed the last 2-and-a-half years by President Trump’s pro-growth agenda, is now enjoying its longest uninterrupted stretch of expansion since at least 1854, leaping over hurdles including the euro zone crisis, turbulence in the developing world and now trade battles to surpass the 1990’s economic boom – at least in duration…recessions are typically defined as 2 consecutive quarters of shrinking GDP, but the National Bureau of Economic Research – the semi-official arbiter of U.S. booms and busts – uses a broader, more qualitative definition, and reckons that the current expansion started in June 2009…that means that this month the U.S. expansion has entered its 121st month, making it longer than the golden era enjoyed by the economy from March 1991 to March 2001, and more than twice as long as the average post-WWII expansion…this means the cycle has been on for longer than The Beatles were together…it has persisted for a more extended stretch than the original run of Seinfeld on network TV, and it’s older than Instagram…

3. China will broaden the ability of some foreign firms to invest in the country a year earlier than expected, a move that comes as trade talks with the U.S. begin in earnest…“We will move up the lifting of foreign capital limits in securities, futures and life insurance, from 2021 to 2020,” Premier Li Keqiank, China’s 2nd-ranking official, said today at a meeting of the World Economic Forum…“This shows China’s commitment to opening up”…while it’s a small gesture toward improving the relationship with the Trump administration after trade talks fell apart in May, the move won’t satisfy the White House’s more sweeping demands that China amend its laws to protest U.S business interests in the country…

4. B2Gold (BTO, TSX; BTG, NYSE) and Calibre Mining (CXB, TSX-V) have announced an agreement in which B2Gold will become Calibre’s largest shareholder and Calibre will acquire the El Limon and La Libertad Gold mines, the Pavon Gold Project and additional mineral concessions in Nicaragua currently held by B2Gold…the $100 million purchase price will be paid with a combination of cash, common shares and a convertible debenture…following the completion of the transaction, B2Gold will own approximately 31% of Calibre…B2Gold said the deal will allow the company to remain involved with the Nicaraguan operations, yet focus on its other mines…with its interest in Calibre, B2Gold will have the right to appoint one director to the Calibre board and participate on an advisory board to the main Calibre board…the El Limon and La Libertad mines have produced in excess of 1.4 million ounces of Gold since 2010…their combined 2019 Gold production is projected to be between 150,000 and 160,000 ounces…Calibre was halted pre-market and remains halted…

5. The Dow, coming off its best June since 1938, is off 69 points as of 7:00 am Pacific…in Toronto, the TSX is up 27 points…the Gold Index has slipped 5 points to 215…accumulating Gold stocks on any weakness will continue to be a winning strategy…the Venture is 1 point in the green at 586…HIVE Blockchain (HIVE, TSX-V) is an early volume leader after news late Friday that HIVE and Genesis Mining have reached a settlement agreement which “positively resolves prior misunderstandings and disagreements”…the surge in Bitcoin prices forced the 2 sides to get their act together…Golden Predator Mining (GPY, TSX-V) is pushing higher in early trading on news that it has received formal notification from the Yukon government that provides for the restart of the Brewery Creek mine which was put into temporary closure in 2002…the company is authorized to restart mining activities that follow the previously assessed mine plans without further assessment and review…in addition, Golden Predator has received notice that the Tr’ondek Hwech’in have passed a formal Council Resolution in support of resumed mining and processing at the Brewery Creek mine under the existing licenses…Colorado Resources (CXO, TSX-V) and privately-held Buckingham Copper announced this morning that they have signed a binding agreement that will result in the acquisition of Buckingham by Colorado, along with the addition of new Colorado Board members and management, and a minimum $2.5 million concurrent financing…this is great news for Colorado shareholders as an incompetent management team will soon be out of the way…the plan of arrangement is expected to be completed on or around August 13, following corporate and regulatory approvals…upon completion of the arrangement, a $1.4 million exploration program, including drilling, is expected to commence immediately at Colorado’s Kinaskan-Castle Property contiguous to GT Gold’s (GTT, TSX-V) Tatogga Project…Benton Resources (BEX, TSX-V) was halted pre-market, pending news…

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Video: How This Innovative Junior Is Winning The “Battery Arms Race” In Northern Ontario

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