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1. Gold has traded between $1,487 and $1,502 so far today, getting a lift within the past hour from a weaker than expected U.S. durable goods report…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,498…for the 2nd time this week, Silver is attempting to overcome a key band of resistance between $17.70 and $17.80…a close above $18 would confirm a fresh breakout…Silver is currently up 20 cents at $17.73…durable goods orders in the U.S. fell 1.1% in September, their largest drop in 4 months…however, shortly afterward, IHS Market said its flash U.S. manufacturing Purchasing Managers Index for October rose to a reading of 51.5, up from September’s 51.1 and better than the consensus estimate of 50.7…at the same time, the firm’s service sector PMI reading rose in line with expectations to 51.0, up from September’s reading of 50.90…Palladium has jumped $21 an ounce to $1,746…Nickel is 12 cents higher at $7.63…Copper is steady at $2.64 while Zinc has added a penny to $1.15…Cobalt is unchanged at $16.10…Crude Oil and the Dollar Index are both up slightly at $56.04 and 97.57, respectively…the ECB has left its policy mix unchanged at President Mario Draghi’s final meeting today, amid tensions among top ECB officials over how to respond to the region’s economic slowdown…

2. Copper woes: Freeport McMoRan (FCX, NYSE) has reported a 3rd-quarter loss as Copper production was hit by lower output at its Peru mine and its move to underground mining at its giant Grasberg mine in Indonesia…the world’s largest publicly listed Copper miner warned earlier that production at Grasberg is expected to slip as it switches from open-pit mining to underground operations…Freeport said Copper sales were also lower in South America, dented by lower grades and recovery rates at its Cerro Verde mine in Peru…anti-mining protests in Peru had held up about $400 million in Copper exports from some of the country’s top mines for nearly 3 weeks in August…Freeport was among miners that were unable to ship Copper concentrates…meanwhile, demand for Copper, especially from top consumer China, has declined in the past year due to weakening global growth…the average price Freeport received for its Copper fell 6.4% in the 3rd quarter to $2.62 per pound…Copper production fell 14%…

5. Agnico Eagle Mines (AEM, TSX) is hiking its quarterly dividend by 40% after posting net income of $76.7 million (U.S.) or 32 cents per share, for the 3rd quarter of 2019 (adjusted net income was $87.5 million or 37 cents per share)…through the first 9 months of 2019, Agnico Eagle has reported net income of $141.5 million, or 60 cents per share, vs. $67 million in net income over the same period in 2018…“With record performance at several of our operations and the ongoing ramp-up of our 2 new mines in Nunavut, we achieved record quarterly Gold production in the 3rd quarter of 2019,“ stated CEO Sean Boyd…“As expected, this strong result, combined with the completion of the extensive construction spending program in Nunavut, resulted in the generation of substantial free cash flow in the quarter.  With the expectation of growing production and strong free cash flow generation, we are in a good position to continue to invest in our project pipeline, improve our financial flexibility and grow our dividend”… 

6. The Dow is off 55 points as of 7:00 am Pacific…the TSX, getting a boost from higher Gold prices, is up 46 points…Imperial Metals (III, TSX) is off slightly at $1.85 after announcing that 3rd quarter production at the Red Chris mine was 19.5 million pounds Copper and 8,419 ounces Gold, an 11% jump in production from the previous quarter this year…Imperial completed the sale of a 70% interest in Red Chris to Newcrest Mining (NCM, ASX) in mid-August…not surprisingly, Newcrest is waiting no time in making things happen as they prepare for major changes in the mining system at Red Chris…4 drill rigs are currently active at Red Chris and 2 more will be added during this 4th quarter…drilling will test the upside of the East zone, Main zone and Gully zone, and a number of regional targets…at the East zone, a deep infill resource definition drilling program is in progress to provide additional geological, metallurgical and geotechnical data to support studies for future underground operations…a new step-out exploration drilling program is searching for additional zones of high-grade mineralization within the main mineralized trend…drilling is also being conducted in the Gully zone to follow up previous high-grade intercepts…the Venture has gained 1 point to 544…it’s a high-grade market – Tudor Gold (TUD, TSX-V) has slipped 8 cents to 56 cents after releasing long intervals of low-grade Gold mineralization at its Goldstorm Project in the Eskay Camp, including 336 m @ 1 g/t in GS-19–52 (including 87 m @ 2 g/t)…this week’s high-grade winners, Skeena Resources (SKE, TSX-V) and Wallbridge Mining (WM, TSX), are slow out of the gate this morning but are trending higher, while Canada Cobalt (CCW, TSX-V) continues to look strong technically and fundamentally ahead of anticipated high-grade numbers from the Castle mine and property…Blue Moon Zinc (MOON, TSX-V) has received all regulatory approvals for its strategic joint venture and related equity financing for the Blue Moon Polymetallic Zinc-Gold-Copper-Silver Project with Australian-based Platina Resources, originally announced in late August…in conjunction with closing, the company issued Platina 6 million common shares for gross proceeds of $300,000 which was issued at a 100% premium to the MOON market price…Platina has been actively preparing drilling at Blue Moon which will target both exploration and development opportunities at the deposit in an historic mining community in northern California…Platina can earn up to a 70% interest in the Blue Moon Project by contributing up to $11 million in the joint venture and making property payments of up to $750,000…MOON is trading at 2.5 cents for a market cap of $2.75 million…

7. Score Media & Gaming (SCR, TSX-V, “theScore”) reported a $9.4 million loss in fiscal 2019 ending August 31, but 4th quarter revenue was a record $6.4 million while the growing company secured a $10 million (U.S.) private placement that included Penn National Gaming, North America’s largest regional gaming operator, and a $40 million (CDN) strategic investment from a fund managed by Fengate Asset Management to accelerate growth and development of theScore’s media and sports betting businesses…“theScore Bet is live and taking bets in New Jersey, capping one of the most significant quarters and fiscal years in our history,” said John Levy, Founder and CEO of theScore…“Not only did we successfully launch our new sports betting platform in the fast-growing New Jersey sports betting market, but we also secured market access rights for an additional 11 states via a highly-coveted partnership with Penn National Gaming.  Along with New Jersey, this provides us with potential market access to offer mobile sports betting to about 30% of the U.S. population.  We continue to explore strategic opportunities to bring theScore Bet to as many states as possible and are well capitalized to execute on our vision following the $40 million strategic investment by Fengate.  It was also a record Q4 for advertising revenue in our media business, powered by strong direct sales deals in the U.S. and Canada, while records were also broken for Q4 engagement on our sports app as well as consumption of our esports and social content. The continued growth of our media business, combined with our unique and differentiated entry into the sports betting space, puts us in a strong position as we enter fiscal 2020″…SCR is unchanged at 63 cents in early trading…

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1. Gold has traded between $1,488 and $1,497 so far today…as of 7:00 am Pacific, bullion is up $8 an ounce at $1,496…Silver is 8 cents higher at $17.57…key resistance remains $17.70 to $17.80…a close above $18 would confirm a fresh breakout…the Indian Diwali festival begins Friday…Gold demand from Indian consumers usually rises during the festival…however, reports say Indian consumer Gold demand could decrease up to 50% this year due to higher prices and an increase the country’s Gold import duty…it’s notable that the UAE is the latest country to announce that it’s establishing a federal platform for Gold trading and the tracking of Gold sources…the move, approved by the UAE cabinet earlier this month, is part of a larger policy to enhance the UAE’s position as a global hub for Gold and jewellery trading…the policy has 3 main pillars – governance, sustainability and innovation – with 10 separate strategic programs and initiatives, also including the establishment of a federal platform for Gold trading and tracking, international marketing of the Gold sector, and the use of technology in the production of Gold…the move is another signal that some countries are moving away from the dollar for Gold denomination…Antofagasta said today that protests in Chile could cut its Copper production by about 5,000 tonnes, equivalent to less than 3% of 3rd quarter output, due to delays in supplies and travel disruptions for workers…the London-listed miner, which has 4 mines in Chile and employs about 19,000 people, kept its annual forecast unchanged at 750,000–790,000 tonnes of Copper this year but said 2020 output would be lower at 725,000–755,000 tonnes…Copper is up a penny at $2.63 as of 7:00 am Pacific…Nickel has climbed 3 pennies to $7.57 while Zinc is flat at $1.14…Cobalt is steady at $16.10…Crude Oil has lost 14 cents to $54.34 while the U.S. Dollar Index is unchanged at 97.54…

2. As noted yesterday, the Canadian economy is already in trouble as Trudeau begins his 2nd term with a minority government devoid of any representation from the heart of the country’s Oil and gas sector…Stats Canada reported that August retail sales were negative 0.1%…real gross domestic product (GDP) has expanded only 1.4% in the past year, but population growth is 1.5%, so the Canadian economy, despite all the bravado from the Liberals and their left-leaning friends in the mainstream media, is actually contracting fractionally on a year-over-year per capita basis…the fastest-growing segments of the economy are government, as we saw in the latest employment report, cannabis and multi-unit construction…those segments, amounting to 40% of GDP, have a combined year-over-year growth rate of over 3%…and of course we know the pain that has been brought upon the Oil and Gas sector in this country, largely due to government policies and the inability to get pipelines built…what sensible country would intentionally harm such an important sector of its economy, and care more about getting pot to market than Oil?…that’s “progressive”?…meanwhile, productivity growth in Canada is stagnant, whereas in the United States it is up 1.7% in the past year…Canadian household debt, while marginally off its all-time high‎, is still higher today as a share of GDP (101.3%) than it was in the United States at the 2006-07 bubble high (98.2%)…total principal and interest payments now absorb 15% of personal disposable income, a record high back to 1990 when borrowing costs were double-digits…this represents a serious drag on Canadian cyclical consumer spending, as we have seen with flat year-on-year retail sales growth…

3. A few earnings disappointments this morning including Boeing, Texas Instruments and Caterpillar…shares of Caterpillar (CAT, NYSE), considered a bellwether for the global economy, dipped in early trading after the company slashed its full-year outlook and posted 3rd-quarter earnings that were well short of expectations…the company blamed the dismal results on a reduction in inventories from dealers…management said in a news release this weakness could persist due to “global economic uncertainty”…the heavy machinery manufacturer earned $2.66 per share in Q3 vs. the consensus estimate of $2.88 per share, according to Refinitiv…revenue came in at $12.76 billion, more than half a billion dollars below expectations…despite the weak results from Caterpillar and a few others, the 3rd-quarter earnings season has largely topped analysts’ expectations…of the 118 S&P 500 companies that have reported, 81% have posted better-than-expected results, according to FactSet…to be sure, companies are beating watered-down estimates…S&P 500 earnings were expected to have fallen by more than 4% in the previous quarter entering the season, according to FactSet…

4. Wallbridge Mining (WM, TSX) is up a penny in early trading at 44.5 cents, where it can be expected to meet some technical resistance…the company released a whopper of a drill hole at depth following Monday’s late morning halt – 27 g/t Au over 38.9 m, and the stock certainly would have responded better if there weren’t already half a billion shares outstanding…Wallbridge’s impressive 70,000– to 80,000-m 2019 drill program continues to follow up on the Area 51 and Tabasco discoveries, outlining a large Gold system at its 100%-owned Fenelon Gold Property…drill hole FA-19-086, which was visually described in the company’s October 9 news release, assayed 27 g/t tonne Gold over 38.39 m in the Tabasco zone at a vertical depth of 500 m, further demonstrating the significant Gold endowment of the system at depth…further assay results from this hole are pending…“This interval released from hole FA-19-086 is a truly spectacular intersection with strong Gold mineralization throughout the over 38-m core length that has been assayed so far,” stated Attila Pentek, VP-Exploration for Wallbridge…“We are keenly awaiting further assay results of surrounding batches from this hole, which, based on the mineral assemblages described, should carry some additional Gold mineralization.  Holes FA-19–090 and FA-19–092, 100 to 150 m away, also returned mineralized intersections of significant width along with some visible Gold mineralization in the Tabasco zone.  These new intersections, for which assays are not yet available, along with 20.89 g/t Au over 8.54 m, intersected in FA-19-052 (Tabasco), 17.58 g/t Au over 11.04 m in FA-19-059 (Cayenne) and 5.50 g/t Au over 10.96 metres in FA-19-065 (Tabasco), make us very excited about the potential of the Fenelon Gold system at depth”…

5. The Dow is up 46 points as of 7:00 am Pacific…most Canadian voters didn’t take this into account Monday but inflows into Canadian stocks from international investors have declined by about 75% over the past year, another affect of anti-resource government policies in this country…net inflows into Canadian equities could be quickly headed to zero for the first time since 2008, which would not bode well for domestic stock performance…as of 7:00 am Pacific, the TSX is off 11 points while the Venture has rebounded 2 points at 542…Score Media & Gaming (SCR, TSX-V) is up slightly…the company’s reports year-end financial results after the close…Gatekeeper Systems (GSI, TSX-V) is finding technical support in the low 20’s after the stock’s surge on Monday to a 2+ year high of 27.5 cents on record volume…the company’s recurring revenue model got a boost last week, thanks to an $11.8 million 5-year deal with the 6th largest transportation system in the United States…Skeena Resources (SKE, TSX-V) is unchanged at 52 cents after another bounce to the upside yesterday following more drill results from Eskay Creek…very high grades of Gold mineralization hosted within the largely under-explored and undeveloped Lower Mudstone horizon clearly demonstrate that another high tenor mineralization event occurred in the Eskay Creek stratigraphy…geologically, something very special occurred in the area from Nickel Mountain to Eskay Creek which both formed at approximately the same time…

6. Fiore Gold (F, TSX) has cut thick intervals of oxide Gold mineralization both within and outside of the current resource pit shells at its Gold Rock Project in Nevada, just 8 miles from its Pan Gold mine…highlights include 22.9 m @ 0.72 g/t Au in GR-19–023; 25.9 m @ 0.92 g/t in GR-19–24; 15.2 m @ 1.48 g/t in GR-19–026; 16.8 m @ 1.6 g/t in GR-19–029; and 10.7 m @ 1.36 g/t in GR-19–032…these results will expand the resource envelope in advance of a PEA targeted for year-end…holes GR-19–026 and 032 are particularly interesting in that they show strong intercepts with grades well above the average resource grade at the very northern end of the current pit-constrained resource…in the case of GR-19–032, the intercept is north of the current resource pit, indicating the deposit remains open along strike to the north…holes 24 and 25 provide good infill intercepts in the central portion of the northern resource pit, while hole 19 (12.2 m @ 1.04 g/t) demonstrates continuity of grade through the lightly drilled gap in the current resource south of the northern resource pit…strong intercepts were also encountered in the southern resource pit, particularly in holes 23 and 29…President and CEO Tim Warman stated, “These holes represent the last of the RC holes from the 2019 drilling program at Gold Rock, with the results showing strong, consistent mineralization over approximately 2.4 km of strike length.  With the final RC assays in place we can now begin updating the geological and resource model at Gold Rock in support of the upcoming PEA scheduled for the end of the year.  Work on the PEA is progressing well and we are looking forward to the first detailed view of what we hope will be our second operating mine in Nevada.  With this first phase of drilling complete at Gold Rock, we’ve begun drilling at the Pan mine with the goal of growing the resource and reserve base and extending the mine life as we did successfully in 2018“…

7. Now the World Gold Council is on the climate change bandwagon…the WGC today published: Gold and Climate Change: Current And Future Impacts…the report highlights the Gold sector’s carbon footprint and the steps the industry can take to become net-neutral and meet the objectives of the Paris Agreement…“There is a path for Gold companies to meeting the Paris Accord.  We are already seeing a lot of good progress from a lot of mining companies, there is still more work that can be done,” stated Terry Heymann, CFO for the WGC, in an interview with Kitco News…“Everyone needs to play their role when it comes to combating climate change and the Gold industry is no exception”…the report noted that the entire Gold sector produces 36,793 tonnes of carbon dioxide per tonne of Gold…total Gold market carbon emissions come in at 126.4 million tonnes…Gold production has by far the largest footprint in the entire sector…the WGC said that last year about 32,689 tonnes of greenhouse gasses were released last year for every tonne of Gold produced…Heymann noted that the biggest carbon emitter at a mine site is used in power generation: diesel fuel used to power generators that run the camps and mills…he added that this portion of Gold production has the biggest carbon footprint but it also represents the biggest opportunity to decarbonization…“It’s not an easy path right now but it’s feasible for mining companies to play their role and operate with net-zero emissions,” he said…“It’s only going to get easier as technology advances”…

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1. Gold has traded in a tight range between $1,483 and $1,489 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,487…Silver is 2 cents higher at $17.54 after a brief spurt past some short-term moving averages intra-day yesterday…key resistance remains $17.70 to $17.80…a close above $18 would confirm a fresh breakout…Nickel is down slightly at $7.34…Copper and Zinc are each up a penny at $2.63 and $1.14, respectively, Cobalt is steady at $16.10…the London Metal Exchange (LME) is reviewing recent trading in the Nickel market following the biggest-ever decline in inventories…the exchange sent an email to members asking for more details of “significant client activity” in Nickel warrants since September 1…the LME also asked members to identify the client and business reason for the transactions, as well as steps taken to “ensure that the client’s activity is not conducive to an abusive squeeze or other pattern of market abuse/disorderly market conduct”…British Prime Minister Boris Johnson faces 2 pivotal votes in Parliament today that will decide if he can deliver on his pledge to lead the United Kingdom out of the EU in 9 days’ time…the Canadian economy is already in trouble as Trudeau begins his 2nd term…retail sales in Canada took a dive in August, falling 0.1%, as reported by Stats Canada this morning…the August figure was well below the consensus estimate of a 0.4% gain…China and the United States have achieved some progress in their trade talks, Chinese Vice Foreign Minister Le Yucheng said today…Yucheng’s comments came a day after President Trump spoke of optimism about a deal, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well…

2. Eric Sprott on Silver, and bank liquidity issues: “There is going to be a shortage of Silver.  We get information from dealers looking for supply and paying premiums, which is almost unheard of.  And when I look at the amount Silver going into ETFs and going into India, there is no way that there is not going to be a shortage”…on top of that, there is “a huge problem” happening under the surface – ongoing bank liquidity issues and how the Federal Reserve is responding to it…“There’s something happening underneath the surface where bank illiquidity is encountering a huge problem, and we are not being told.  Who knows what’s going on behind the scenes?  The most likely thing is somebody has blown up their derivatives book, and all the banks are calling in loans to other banks for fear…of the domino effect.  The repo market has come under tremendous stress”…the problem became visible to investors in mid-September when the repo rates surged close to 10%, he added…“The fact that they let it happen.  The fact that they weren’t aware that it was happening.  So there’s this huge illiquidity situation in the banking business which they thought they solved”…

3. Eastern Canada, particularly Quebec, wants Western Canada’s Oil money but not the Oil, so perhaps it’s time for the West to get creative in terms of protecting its vital interests…in a sign of the times in a climate change-crazed hysteria “progressives” have strategically created to scam enough votes for federal power, the heartland of Canada’s critical Oil and gas sector, Alberta and Saskatchewan, is no longer represented in the federal government after yesterday’s election that reduced the Trudeau Liberals to a minority, albeit a strong enough minority to prevent a formal Liberal-NDP coalition…despite the fact his party was completely wiped out in Alberta and Saskatchewan, lost the national popular vote to the Conservatives and bled seats in every region of the country (it was the 2nd lowest popular vote for any national government in Canadian history), there was not even a shred of humility in Justin Trudeau’s victory speech last night…in fact he was just as defiant and smug as ever, coming across as if he had won a smashing majority…in a breach of tradition and decorum, he even walked out to the podium and delivered his speech in Montreal less than 2 minutes after Conservative leader Andrew Scheer began to deliver his opening remarks to supporters in Regina…the TV networks switched to Trudeau, preventing Scheer from speaking live to a national audience…if that’s Trudeau’s way of “reaching out to the West”, we’re in for some difficult times until the plug can be pulled on his minority government in 17 months or so (the average lifespan of a minority at the federal level)…meanwhile, Stephen Guilbeault, radical environmentalist and new Liberal star in Quebec, boldly stated that the Liberals will move “further and faster” on “climate change”…Guilbeault is expected to hold a key position in the new Trudeau cabinet and will be a lightening rod for the West and the resource sector in general…he could be appointed Trudeau’s “Climate Change Czar” with far-reaching influence into the resource space, bolstered by the Liberals’ hideous Bill C-69 which recently became law…Canada has become more divided than ever under Trudeau with Western alienation resurfacing while the Bloc has regained strong new support in Quebec…unfortunately, times are about to get even tougher for Canada’s Oil and Gas sector which has already been crushed by Trudeau…notably, the last time the Venture Exchange traded above 1,000 was when it was being led by the Oil and Gas sector in 2014…

4. Vivian Krause reported in the Financial Post this morning that Barack Obama’s tweet in support of Justin Trudeau wasn’t the only outside influence in the 2019 election…“In 8 battleground ridings, Leadnow, a Vancouver non-profit with roots in the United States, was busy helping to try to defeat Andrew Scheer and the Conservatives.  According to emails sent to anyone who subscribes, Leadnow made 150,000 phone calls, and in Greater Toronto, it ran radio ads against the Conservatives.  Leadnow is one of the lead organizations in a Rockefeller-funded international effort called The Tar Sands Campaign that aims to land-lock Oil and Natural Gas from Western provinces, keeping Canada out of the global Oil market.  Leadnow has organized protests against all of the pipeline projects that have been scrapped or stalled: Northern Gateway, Keystone XL, Energy East and Trans Mountain as well as Woodfibre LNG and the Coastal Gaslink project in northern B.C.  In 8 ridings, Leadnow did door-knocking and helped to get out the vote for specific candidates.  During the 2015 federal election, Leadnow was also active with a strategic voting campaign to defeat Conservatives in 29 swing ridings. All but 5 were defeated”…

5. The Dow is up 12 points as of 7:00 am Pacific…U.S. stocks will try this week to break the all-time highs set earlier in the year as a slew of S&P 500 companies report earnings…about 120 S&P 500 companies, or around 24%, are scheduled to release their quarterly results this week…those companies include Caterpillar and Boeing, both of which are expected to report tomorrow morning…the TSX is up 47 points and the Canadian dollar is steady as investors mostly shake off last night’s election results, likely relieved that it was a strong minority and the NDP doesn’t have “veto” power (the NDP will have sway, however, as Trudeau will nonetheless attempt to remain in power as long as he can by forming an unofficial “progressive” alliance)…the Venture is unchanged at 543…Gatekeeper Systems (GSI, TSX-V), yesterday’s volume leader with a 36% gain, has eased off 1.5 cents to 25 cents in early trading… the stock is trading at its best levels since early 2017 and charts show it could move robustly into the 30’s on a breakout above key resistance in the upper 20’s…the company’s recurring revenue model got a boost last week, thanks to an $11.8 million 5-year deal with the 6th largest transportation system in the United States…MacDonald Mines (BMK, TSX-V) is under pressure after releasing additional results from drilling at its SPJ Property near Sudbury…assays for SM-19–005 weren’t quite as exciting as the visuals…3 distinct zones of mineralization were intersected – 7.8 g/t Au over 1.4 m, 21.7 g/t over 1.6 m and 8.1 g/t over 1.9 m…drilling has yet to step out aggressively from the known historic deposit…Phase 3 diamond drilling has commenced at Radius Gold’s (RDU, TSX-V) high-grade Gold-Silver Amalia Project in Chihuahua, Mexico…Pan American Silver (PAAS, TSX, NASDAQ) is now operating the project and plans a minimum 2,500-m program as part of its option agreement with Radius to earn an interest in Amalia…

6. Skeena Resources (SKE, TSX-V) continues to deliver strong results from drilling at the past producing Eskay Creek mine…2 surface drill rigs are being used for the 2019 Phase I program in the 21A, 21E and 22 zones to infill and upgrade areas of Inferred resources to the Indicated category…this morning, Skenna released results from the 21A zone and the Lower Mudstone horizon, below the current Essay Creek resource…highlights include 313 g/t Au and 95 g/t Ag over 2.2 m in SK-19–063, including 1,380 g/t Au and 322 g/t Ag over 0.50 m; 3.3 g/t Au and 56 g/t Ag over 37.5 m in SK-19–065; and 4 g/t Au and 79 g/t Ag over 30.5 m in SK-19–056 (true widths estimated at 80% to 100%)…Paul Gaddes, Skeena VP-Exploration, noted, “Very high grades of Gold mineralization hosted within the largely under-explored and undeveloped Lower Mudstone clearly demonstrate that another high tenor mineralization event occurred in the Eskay Creek stratigraphy.   Both the regional and near mine mineralized intersections within this largely underexplored horizon represents a significant exploration target for the Eskay Creek Project.  The company’s detailed understanding of this mineralized system will allow future exploratory drill targeting to focus on instances where this auriferous horizon links to the known mineralized synvolcanic feeder zones and paleo-depressions in the mudstones”…the Lower Mudstone is situated approximately 100 m stratigraphically below the more familiar Contact Mudstone, host to the previously developed Eskay Creek deposits…Skeena is up 2.5 cents at 52 cents as of 7:00 am Pacific…the stock has performed well since late July, climbing more than to 50% thanks to solid progress at Eskay Creek where a lot of Gold was left behind when the mine shut down more than a decade ago…

7. Of all the market-moving tweets these days, one in particular from Democratic Presidential hopeful Senator Elizabeth Warren is sending shivers through the Oil industry…“On my first day as President, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands,” she tweeted on September 6…“And I will ban fracking – everywhere”…outlawing a technique that energy producers use to blast Oil and gas from shale formations would require legislation and spur a torrent of opposition from companies, investors and probably even state governments…substantial as those hurdles may be, they haven’t stopped analysts from running the numbers for investors and energy executives to see what might happen, if hydraulic fracturing were banned…they are particularly focused on Warren’s threat to choke off drilling on federal lands…Tudor Pickering estimates that if fracking were banned, Natural Gas prices in the U.S. would jump to somewhere between $9 and $15, up from $2.32 per million British thermal units on Friday…the firm figures that Oil, trading around $53 a barrel, would rise to the $80 to $85 range and could risk shooting to $150 during market shocks…entire Oil-field service companies would become obsolete…pipeline owners would suffer without replenishment, as existing wells peter out…the winners would potentially be Canadian shale drillers and big global operators like Exxon and Chevron, for which higher energy prices would offset losses on U.S. assets…

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The Most Important Venture Development Since The New Bull Market Began

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

1. Gold has traded between $1,487 and $1,496 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,492…the COT report for the week ending October 15 showed money managers dropped their speculative gross long positions in Comex Gold futures by nearly 18,000 contracts to 213,987…at the same time, short bets rose by 6,725 contracts to 38,200…Gold’s net-long positioning currently stands at 175,787 contracts, down more than 12% from the previous week…Silver is up 27 cents at $17.78 as it tries to conquer resistance in the $17.70 – $17.80 range…a close above $18 would confirm a fresh breakout…Nickel has dropped another 11 cents to $7.37 while Copper, Zinc and Cobalt are all steady at $2.63, $1.13 and $16.10, respectively…the union of workers at BHP’s Escondida mine, the world’s largest Copper mine, will hold a day-long strike tomorrow in a show of solidarity with protests in Chile…several Chilean cities have been engulfed by days of riots, along with peaceful protests, after a hike in public transport costs…arson, looting and riots over the weekend left at least 7 dead….the unrest was some of the worst to hit the country in decades…Crude Oil has slipped 74 cents to $53.04 while the Dollar Index is unchanged at 97.28…White House economic adviser Larry Kudlow expressed optimism this morning about ongoing U.S.-China trade talks, and said that tariffs scheduled for December could be withdrawn if negotiations continue to go well…the talks, which are expected to continue with calls this week, were “looking pretty good”, Kudlow said in an interview on Fox Business Network…

2. Barrick Gold (ABX, TSX; GOLD, NYSE) says it has reached a deal to settle a long-running tax dispute (extortion by the government would be more accurate) between Tanzania and mining group Acacia, which Barrick bought in a $1.2 billion (U.S.) transaction approved by a British court last month…the tax deal includes the payment of $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50–50 basis, Barrick said in a statement yesterday…“Barrick is definitely back in Tanzania,” President and CEO Mark Bristow told reporters in Dar es Salaam, Tanzania’s commercial capital, yesterday…“A true partnership can only be described when you have 50/50 and our joint venture with the government of Tanzania is exactly that – a committed partnership to develop Tanzania’s Gold assets for the benefit of all stakeholders,” said Bristow…a new operating company named Twiga Minerals will be formed to manage the Bulyanhulu, North Mara and Buzwagi mines after a review by Tanzania’s attorney general, the statement added…under the agreement, the Tanzanian government will also buy a 16% shareholding in each of the mines…

3. Corporate buybacks are “plummeting” as companies tighten their purse strings, and it could have a big impact on the market, Goldman Sachs warns in a note to clients…in the 2nd quarter, S&P 500 share buybacks totaled $161 billion, about 18% less than the 1st quarter, the firm found…the amount spent on buybacks year-to-date is down 17% year-over-year, although it is on track to be the 2nd highest total on record…Goldman anticipates that this trend will continue, noting that “early indications suggest 2nd-quarter weakness in buybacks may persist”…for 2019 the firm predicts that total buybacks will drop 15% to $710 billion, and in 2020 they see another 5% decline to $675 billion…share repurchases have been a key element during this bull market, which is currently the longest on record…by repurchasing shares, a company reduces the number of shares outstanding which also has the effect of lifting earnings per share figures…

4. The Dow is up 13 points as of 7:00 am Pacific…U.S. stocks will try this week to break the all-time highs set earlier in the year as a slew of S&P 500 companies get set to report earnings…about 120 S&P 500 companies, or around 24%, are scheduled to release their quarterly results this week…those companies include Caterpillar and Boeing, both of which are expected to report Wednesday morning…Amazon, Intel, McDonald’s and Chipotle Mexican Grill are also on deck for the week…it’s election day in Canada…one thing seems certain – at the very least, Prime Minister Trudeau will lose his majority…however, that raises the nightmare possibility of a potential Liberal-NDP alliance that could govern even if the Conservatives emerge with the most number of seats…the Venture, which snapped a 3-week losing skid last week, is up 1 point at 543…Gatekeeper Systems (GSI, TSX-V), which won a significant contract last week, is up another 2 pennies at 21.5 cents…the stock is now at its best levels since early 2017…next significant resistance is in the upper 20’s…one of last week’s top performers, Antibe Therapeutics (ATE, TSX-V), has slipped a penny to 42 cents through the first 30 minutes of trading…ATE’s chart pattern remains very constructive, however, as it also does for Canada Cobalt (CCW, TSX-V) which is unchanged at 35 cents after an important breakout above 33 cents…Aben Resources (ABN, TSX-V) has slipped another 3 pennies to 8 cents on another round of weak drill results from its Forrest Kerr Project in the Eskay Camp…

5. After being halted since the beginning of July due to a major transaction, Calibre Mining (CXB, TSX) resumed trading today with the stock now on the TSX as opposed to the Venture…the company announced this morning that it expects Gold production of between 32,000 and 35,000 between mid-October and the end of December after completing the acquisition of the El Limon and La Libertad mines from B2Gold (BTO, TSX)…all-in-sustaining costs are expected to range from $950 to $980 per ounce (U.S.)…as of the transaction close October 15, Calibre has a strong balance sheet with approximately $45 million CDN in cash and a multi-asset production platform with significant near-mine, district-scale exploration potential…CEO Russell Ball stated, “As anticipated, we are processing higher grade ore from the El Limon Central pit.  In addition, at La Libertad processing of higher-grade ore from the recently developed Jabali Antenna open-pit commenced in the 4th quarter.  I am excited about the near-mine exploration opportunities at La Libertad, El Limon and the Pavon project.  Drilling has already commenced at the Buenos Aires target at La Libertad, with expansion drilling at El Limon Central scheduled to begin in early November”…CXB, which now has 310 million shares outstanding, is trading higher at 65 cents in early trading…

6. Bets on rising U.S. Oil prices have hit a 9-month low, underscoring investors’ concerns that a slowing economy will dent demand for Crude at a time when the world is awash in Oil…notably, net bullish bets are at their lowest level since the week ended January 8 – the latest indicator that softening demand and strong production from the U.S. and other suppliers are souring investors’ outlook on Crude…the International Energy Agency recently cut its 2019 and 2020 Oil-demand forecasts, citing a lower outlook for growth, while downbeat manufacturing numbers from around the world and trade uncertainties keep a lid on Oil prices, despite escalating tensions in the Middle East that could threaten supply…low Crude prices, however, are also an economic stimulus and help keep inflation in check…

7. Of all the market-moving tweets these days, one in particular from Democratic Presidential hopeful Senator Elizabeth Warren is sending shivers through the Oil industry…“On my first day as President, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands,” she tweeted on September 6…“And I will ban fracking – everywhere”…outlawing a technique that energy producers use to blast Oil and gas from shale formations would require legislation and spur a torrent of opposition from companies, investors and probably even state governments…substantial as those hurdles may be, they haven’t stopped analysts from running the numbers for investors and energy executives to see what might happen, if hydraulic fracturing were banned…they are particularly focused on Warren’s threat to choke off drilling on federal lands…Tudor Pickering estimates that if fracking were banned, Natural Gas prices in the U.S. would jump to somewhere between $9 and $15, up from $2.32 per million British thermal units on Friday…the firm figures that Oil, trading around $53 a barrel, would rise to the $80 to $85 range and could risk shooting to $150 during market shocks…entire Oil-field service companies would become obsolete…pipeline owners would suffer without replenishment, as existing wells peter out…the winners would potentially be Canadian shale drillers and big global operators like Exxon and Chevron, for which higher energy prices would offset losses on U.S. assets…

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