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

1. Gold has traded between $1,571 and $1,585 so far today…as of 7:00 am Pacific the yellow metal is up $9 an ounce at $1,582 as it closes January on a strong note…Silver has climbed 9 cents to $17.90…Copper, in extreme oversold conditions, is off another 3 pennies at $2.53…long-term uptrend support, which held during the depths of the bear market in 2015, is in the mid-$2.40’s…Nickel has retreated 4 cents to $5.69 while Zinc is steady at $1.01…Crude Oil has fallen another 29 cents to $51.85 while the U.S. Dollar Index is off one-quarter of a point to 97.61…the United Kingdom leaves the European Union today for a potentially better future under Brexit, the most significant change to its place in the world since the loss of empire and a blow to 70 years of efforts to forge European unity from the ruins of war…an hour before midnight the country will officially leave the dysfunctional club it joined in 1973, moving into a transition period that preserves membership in all but name until the end of this year…“This is the moment when the dawn breaks and the curtain goes up on a new act,” Prime Minister Boris Johnson will say in a television address, though he has given few clues about his post-Brexit plans beyond inspirational words…we should be much more concerned about the future of Canada, how we can reduce regulation, cut taxes, get our resources to market, and create a more competitive economy that builds lasting prosperity…and here’s yet another issue that has come up this week…the Broadcasting and Telecommunications Legislative Review Panel’s report tabled Wednesday advocates for a sweeping series of interventions that would make all on-line media in Canada, in any language, subject to government regulation…indeed, if you transmit, for commercial purposes, words, video or voice through the Internet, text messages, fax or phone line, you would do so only with the permission of a federal agency…the state will determine what constitute’s “trusted” news when we have already have a state-sponsored broadcast network that pushes out Fake News…Canadians need to reject the increasing level of federal government intervention across all sectors of the economy…

2. Caterpillar (CAT, NYSE), considered a bellwether for the global economy, reported a revenue miss in the 4th quarter, citing “global economic uncertainty”…the industrial giant’s quarterly earnings came in at $2.65 per share adjusted, compared with an estimate of $2.37 in a Refinitiv survey of analysts…however, revenue fell 8% year-over-year to $13.144 billion, below the consensus estimate of $13,412 billion…Chairman and CEO Jim Umpleby noted persisting risks around the world that weighed on the company’s revenue…

3. Wall Street wisely never bought into the Trump impeachment scam, and this “Schiff Show” will thankfully come to end this weekend…Republican Sen. Lamar Alexander of Tennessee will oppose calling more witnesses in President Trump’s impeachment trial, all but dashing Democratic efforts to hear more testimony and pushing the Senate toward a vote to acquit Trump within the next few days…California House Democrat Adam Schiff led the impeachment circus and of course he was also one of the lead architects and propagandists behind the debunked “Russian Collusion” hoax – the biggest disinformation campaign waged against a sitting President in American history…Senator Alexander stated last night, “The framers believed that there should never, ever be a partisan impeachment.  That is why the Constitution requires a 2/3 vote of the Senate for conviction.  Yet not one House Republican voted for these articles.  If this shallow, hurried and wholly partisan impeachment were to succeed, it would rip the country apart, pouring gasoline on the fire of cultural divisions that already exist.  It would create the weapon of perpetual impeachment to be used against future Presidents whenever the House of Representatives is of a different political party.  Our founding documents provide for duly elected presidents who serve with ‘the consent of the governed,’ not at the pleasure of the United States Congress.  Let the people decide”…

4. The World Health Organization has declared a “global health emergency” with the viral novel coronavirus, named 2019-nCoV, due  to “weaker health systems” of other countries” – not for China’s handling of the outbreak…“Let me be clear, this declaration is not a vote of no confidence in China,” stated WHO director Tedros Ghebreyesus…“Our greatest concern is the potential for the virus to spread to countries with weaker health systems”, as if the Communist government’s health system is a model for the world…the number of cases outside China remains relatively small, with 98 cases in 18 countries, including 8 cases of human-to-human transmission in Germany, Japan, Vietnam and the United States…meanwhile, as the mainstream media sensationalizes the coronavirus, impacting markets, there’s another virus that has infected 15 million Americans across the country and killed more than 8,200 people this season alone…it’s not a new pandemic – it’s influenza…the 2019–2020 flu season is projected to be one of the worst in a decade, according to the National Institute of Allergy and Infectious Diseases…in the 2019–2020 season so far, 15 million people in the U.S. have gotten the flu and 8,200 people have died from it, including at least 54 children…flu activity has been elevated for 11 weeks straight, the Centers for Disease Control (CDC) reported, and will likely continue for the next several weeks…the CDC predicts at least 12,000 people will die from the flu in the U.S. every year…

6. The Dow has fallen 251 points through the first 30 minutes of trading…the last time Tesla (TSLA, NASDAQ) shareholders had a month like this, the electric vehicle maker was delivering fewer than 5,000 cars a quarter…now, the number is more than 20 times higher…as January comes to a close, Tesla shares are up 53% for the month (through yesterday), the best month since May 2013 when the stock surged 81%…in Tesla’s 10 years as a public company, the only other month with a bigger gain was a 62% jump in November 2010, 5 months after the IPO…in Toronto, the TSX has lost 101 points while the Venture is up 3 points at 578…despite a sell-off in base metals, the Venture is holding up well and has a chance to eke out a small gain for January…high-grade Gold and high-grade Silver plays will continue to be in favor…Osprey Gold (OS, TSX-V) is this morning’s early volume leader, up half a penny at 8.5 cents after yesterday’s strong gain following news of a 1-m intercept grading 517 g/t Au at its Goldenville Property in Nova Scotia…MegumaGold (NSAU, CSE), which holds 19.9% of OS, is up a penny-and-a-half at 15 cents after announcing that it has nearly doubled its land position in the Goldenville district…keep an eye on this company about to make its debut on the CSE – Sixth Wave Innovations…Sixth Wave has just closed the final tranche of a $13.9 million financing package at 75 cents a share…Sixth Wave is focused on Gold extraction and cannabis extraction…it also currently has patents and products that address mining and environmental cleanup applications as well as other life sciences applications…Antibe Therapeutics (ATE, TSX-V) has broken out above measured Fib. resistance at 50 cents on its 5-year weekly chart…it’s off a penny at 58 cents after a strong session yesterday…

7. Benchmark Metals (BNCH, TSX-V) has extended the Cliff Creek resource area at its Lawyers Property in north-central B.C. to more than 1 km along strike…drill hole 19CCDD010 intersected 1.2 g/t Au and 22.2 g/t Ag  across 102 m core length, including 6.3 g/t Au and 60.4 g/t over 8 m…CEO John Williamson commented: “The Cliff Creek South zone is providing the grade, consistency, and continuity of Gold and Silver mineralization that we have also recognized at the main Cliff Creek zone. This new zone will be a focus of 2020 expansion and definition drilling”…the Cliff Creek South (CCS) zone lies approximately 1 km south of the Cliff Creek resource area, within the same structural corridor that is coincident with a major northwest-trending magnetic anomaly…BNCH is up 4 cents at 43 cents through the first 30 minutes of trading…

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1. Gold has traded between $1,572 and $1,584 so far today after yesterday’s non-eventful Fed meeting…as of 7:00 am Pacific the yellow metal is up $2 an ounce at $1,578…Silver has surged 32 cents to $17.84…Copper, in extreme oversold conditions, is off another 3 pennies at $2.55…long-term uptrend support is in the mid-$2.40’s, so now’s certainly the time to be bullish on the metal…Nickel and Zinc are steady at $5.71 and $1.01, respectively…Crude Oil has fallen another 67 cents cents to $52.66 while the U.S. Dollar Index is flat at 97.66…infection from China’s coronavirus has spread to more than 8,100 people globally, surpassing the total from the 2002–2003 SARS epidemic in a fast-spreading health crisis forecast to deal a heavy blow to the world’s 2nd largest economy…this sets up the likelihood of major stimulative measures from China’s Communist government which in turn will help send base metal prices back up…the vast majority of infections are in China where the virus originated in an illegal wildlife market in the city of Wuhan and has also claimed 170 lives, latest official data showed…more than 100 cases have emerged in other countries, from Japan to the United States…the World Health Organization (WHO), which has so far held off declaring the flu-like coronavirus a global emergency, began another meeting in Geneva to reconsider…Secretary of Commerce Wilbur Ross said today that the coronvavirus could actually have a positive impact on the U.S. economy…“I don’t want to talk about a victory lap over a very unfortunate, very malignant disease,” Ross told Fox Business Network…“But the fact is, it does give businesses another thing to consider when they go through their review of their supply chain.  I think it will help to accelerate the return of jobs to North America.  Some to the U.S., some to Mexico as well” (interestingly he left out Trudeau’s Canada)…meanwhile, a new economic report for the Macdonald-Laurier Institute argues that Canada’s combination of weak economic growth, a reliance on consumer and government spending and a rising debt load makes it particularly vulnerable to a global downturn…

2. The U.S. economy grew 2.1% in the 4th quarter, closing out a year in which GDP decelerated to its slowest pace in 3 years amid a continuing drag in business investment…however, U.S. growth is still far outpacing that of many other countries thanks to regulatory rollbacks and broad-based tax cuts…the GDP increase matched the 3rd quarter and met expectations of economists surveyed by Dow Jones…for the full year, the economy grew 2.3%, below the 2.9% increase from 2018 and the 2.4% gain in 2017, the first year of the Trump presidency, according to the initial estimate released this morning by the Commerce Department…

4. No more tools left in his Fisher Price tool box: B.C. Premier John Horgan has finally conceded that the Trans Mountain Pipeline expansion will go ahead after all…B.C.’s anti-Oil NDP government, going against the will of the majority and the law, has been fighting the expansion through multiple court challenges, only to see its reference case quickly defeated in the Supreme Court of Canada…“Personally, I’m not enamored with the prospect of a 7-fold increase in tanker traffic in the Strait of Juan de Fuca and the Salish Sea,” Horgan said yesterday…“But the courts have determined that the project is legitimate and should proceed” (he went on to tell reporters he believes the Wet’suwet’en “hereditary chiefs” should similarly acknowledge the courts have ruled in favour of the Coastal GasLink pipeline to Kitimat)…eco-terrorists/climate change fanatics, some of the same people who helped elect Horgan, are still rallying against the Trans Mountain Pipeline…they are far from backing down…“Amazing how fast ‘we’re going to use all the tools in the toolbox’ turned into ‘we will do one thing with minimal political and legal risk, then throw our arms up in defeat,” Wilderness Committee “campaigner’ Peter McCartney stated on Twitter…“We’ll do it without you, John Horgan.  It was never the B.C. NDP that were going to stop this project”…

5. The Dow has fallen 76 points through the first 30 minutes of trading…in Toronto, the TSX has lost 27 points…Balmoral Resources (BAR, TSX) is steady at 45.5 cents after a nice move yesterday as Kirkland Lake Gold’s (KL, TSX, NYSE) friendly buyout of Detour Gold (DGC, TSX) was approved by shareholders of both companies…meanwhile, Balmoral neighbor Wallbridge Mining (WM, TSX) also jumped yesterday on more impressive high-grade Gold results from Fenelon…“A known strike length of 300 to 400 m, uncapped weighted-average Gold grades in excess of 10 g/t per tonne over average core lengths of about 15 m, the approximate 500-m downdip extent identified thus far, and indications from drill holes like FA-20–110 and FA-20–115 highlight the potential for a significant underground resource”…WM is off 1.5 cents at 89.5 cents as of 7:00 am Pacific…the Venture has retreated 1 point to 577…a very strong support band stretches from 570 to 560…Canadian Palladium Resources (BULL, CSE) is preparing for the start of a 10,000-m diamond drilling program on its East Bull Palladium Property following the completion of a $4 million financing, $1.5 million of which was taken by Eric Sprott…the current Inferred resource at East Bull is defined over 1.8 km and drilled down dip (minus 45 degrees) to 125 m…the new program will test the full 3 km length to a depth of 240 m…drilling will commence shortly with the expectation of having core to view at PDAC in early March…

6. Investors betting against Elon Musk’s electric-auto maker Tesla (TSLA, NASDAQ) collectively lost more than $1 billion+ today as the company’s stock rocketed higher after its better-than-expected earnings report…Tesla popped 11.4% to around $650 per share, meaning short sellers betting against the stock are on track to lose well in excess of $1 billion in mark-to-market losses on the day, according to estimates from data firm S3 Analytics…in fact, Tesla short sellers are now down more than $5.2 billion this year in mark-to-market losses after losing $2.89 billion in 2019, S3 said…since the stock’s low of $178.97 on June 3, 2019, Tesla short sellers have covered 19.11 million shares, worth $11.1 billion, and are down $12.43 billion in mark-to-market losses, according to S3′s Ihor Dusaniwsky…the spike in Tesla came after the company reported 4th quarter earnings of $2.14 per share, well ahead of expectations for $1.72 per share…it said it expected positive cash flow and net income on a continuing basis going forward barring 1-time production investments, a relief to those who’d poured cash into the young auto company in recent years…

7. Tim Hortons is plotting a return to its roots as a simple coffee and doughnuts chain, backing away from the frenzied menu experiments that have complicated its kitchens, slowed down its drive-thru and confused its customers…executives from the chain are unveiling their new strategy for 2020 in a series of town hall meetings with franchisees across the country this week…the plan is to remaster the Tim Hortons basics – coffee, baked goods and breakfast – while upgrading its drive-thru and loyalty programs…“While it’s interesting to test in burgers and cereal, it’s not what we’re famous for,” said Duncan Fulton, the Chief Corporate Officer at Tim’s parent company, Restaurant Brands International (QSR, TSX)…QSR has tumbled from an all-time high of $105 last September to the low $80’s…

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1. Gold has traded between $1,565 and $1,575 so far today as the Fed gets set to conclude its 2-day policy meeting…as of 7:00 am Pacific the yellow metal is up $5 an ounce at $1,571…Silver has added 4 pennies to $17.46…Silver prices took a hit Monday and yesterday, with the Gold-Silver ratio touching its highest level since July, but investors are turning to exchange-traded funds again, according to Commerzbank…“Silver has seen increased investor interest of late, however, with over 200 tons of inflows into the Silver ETFs already this week.  This has largely reversed the outflows during the first days of the year,” Commerzbank reported…Copper, suffering from the China flu, is in danger of incurring its 11th straight daily loss as very oversold conditions emerge…it’s down another penny at 2.58…Nickel has rebounded 3 cents to $5.74 while Zinc is steady at $1.02…Crude Oil has slipped 12 cents to $53.36 while the U.S. Dollar Index has climbed another one-tenth of a point to 98.15…figures on 4th-quarter economic growth in the U.S. are due tomorrow…the total number of cases of the cornonavirus reached more than 6,100 worldwide with 132 deaths in China, Chinese and international health authorities said this morning…since the first patient was identified in Wuhan on December 31, the number of coronavirus cases in China has mushroomed to more than 6,060, exceeding the total number of SARS cases in that country during the 2002–2003 epidemic…there were 5,327 SARS cases in China, and 8,000 across the world between November 1, 2002, and July 31, 2003, according to the World Health Organization…China’s economic growth will slip but that will mean some major stimulus measures which in turn will help drive base metal prices back up…President Trump, who held a very successful rally in blue state New Jersey last night (this should worry the Dems), has called once again on the Fed to lower interest rates, this time saying that doing so could help the U.S. pay down its burgeoning national debt…

2. The U.S. economy will grow at a solid rate of 2.2% this year, the non-partisan Congressional Budget Office forecast yesterday, but the federal budget deficit will hit $1.02 trillion…the economy will be strong during this presidential election year, thanks in part to consumer spending, CBO said, but it forecast “higher inflation and interest rates after a decade in which both remained low, on average”…the CBO predicts that economic growth will slow to an average annual rate of 1.7% from 2021 to 2030, …after topping $1 trillion in fiscal 2020, federal deficits will average $1.3 trillion per year between 2021 and 2030, CBO estimates, a level that some economists and policymakers warn is unsustainable (Gold would love it)…Washington’s budget deficit hit a peak of $1.4 trillion in fiscal 2009 after emergency measures to contain the Great Recession…it hasn’t topped $1 trillion since 2012 and fell to $585 billion at the end of President Barack Obama’s 2nd term in 2016…

3. Apple (AAPL, NASDAQ) reported iPhone revenue of $56 billion for its fiscal 1st quarter yesterday, blowing past analysts’ estimates, proving that the new iPhone 11 is off to a strong start…iPhone revenue for the quarter rose 8% from a year earlier and climbed from the 4th quarter when Apple generated $33.86 billion in iPhone sales…analysts were expecting revenue for the devices to come in at $51.62 billion in Q1…“People love the battery life.  They love the camera.  They love the industrial design.  The battery lasts all day,” CEO Tim Cook stated on CNBC, referring to the iPhone 11…“We also hit the right price with it”…

4. The voters for Kitco News’ Mining CEO of the Year survey have spoken: 2019 belongs to the year of the Silver miners…the top 2 CEOs in 2019 garnered nearly half of the votes…both were also Silver producers, with Keith Neumeyer, CEO of First Majestic Silver (FR, TSX; AG, NYSE) taking the crown, followed closely by Eric Fier, CEO of SilverCrest Metals (SIL, TSX)…the race for the top spot was close this year, with Neumeyer narrowly beating the runner-up, Fier…in 3rd place was Randy Smallwood, CEO of Wheaton Precious Metals (WPM, TSX, NYSE)….Neumeyer led First Majestic through a 94% return in share prices for the calendar year of 2019…driving this growth was a record 25.6 million ounces produced and 2 new acquisitions, the San Dimas and Santa Elena projects, coming into their portfolio…First Majestic plans to refocus all production efforts in 2020 to producing just Silver and Gold after shutting down a few mines in the last 2 years, and likely shutting down their last concentrate producer this year, Neumeyer said…

5. QMX Gold (QMX, TSX-V) has drilled high-grade Gold intersections in each of the first 3 drill holes a its new River target, roughly 1 km west of the Lac Herbin-Dumont-Fererber system that produced a total of 793,000 ounces of Gold historically in the Val d’Or Camp…results were highlighted by 39.8 g/t over 2 m, 17.1 g/t over 4 m and 7.8 g/t over 2.9 m…7 holes in total were drilled (1,130 m) and results are pending for the remaining 4 holes…the Gold mineralization is hosted by quartz-tourmaline veins with pyrite in shear zones in the Bourlamaque batholith…Dr. Andreas Rumpel, VP-Exploration, stated, “This gives us great optimism and encouragement to continue with our structural target delineation in general and for the River target in particular, where we anticipate establishing additional resources to our already substantial Bonnefond resource”…QMX is up half a penny at 11.5 cents as of 7:00 am Pacific…

6. The Dow is up 54 points through the first 30 minutes of trading…in Toronto, the TSX has gained 27 points…the TSX long-term monthly chart shows a breakout above an uptrend channel with 18,500 the next major resistance area…Detour Gold (DGC, TSX) and Kirkland Lake Gold (KL, TSX, NYSE) shareholders have voted decisively in favour of KL’s $4.9 billion acquisition of Detour…the Venture is up 1 point ay 576…a very strong support band stretches from 570 to 560…K92 Mining (KNT, TSX-V) hit another new all-time high of $3.70 in early trading…the company stated yesterday that it expects another significant year-over-year increase in Gold equivalent low cost production of 34% to 46%…GTT Gold (GTT, TSX-V) remains in a strong uptrend, a penny higher at $1.35 as of 7:00 am Pacific…Canadian Palladium Resources (BULL, CSE) has closed a $4 million private placement at 12 cents per share…Eric Sprott took $1.5 million of that PP for his first investment in the company…BMO Nesbitt Burns’ analyst Tamy Chen, seeing potential upside to the Street’s expectations for 3rd quarter Canopy Growth (WEED, TSX; CGC, NYSE) numbers which are scheduled for a February 14 release, has raised the stock to “outperform” from “market perform” with a share target of $40…“Even a modest beat in FQ3/20 results could begin to shift investor sentiment on the stock”…Chen believes Canopy’s value-priced brands are taking market share from higher-priced products and its overall product mix is now better aligned with demand following inventory writedowns in previous quarters…

7. Bee Vectoring Technologies (BEE, TSX-V) announced this morning that it has closed 5 new deals with blueberry growers in Florida, North Carolina and South Carolina to use the company’s proprietary bee delivery system Vectorite with CR-7 on portions of their crops in the coming growing season…in the 5 months since U.S. Environmental Protection Agency approval, Bee Vectoring has secured committed business with growers who collectively represent about 10% of blueberries grown in the Southeastern U.S. and exceeded its sales target for that market…the company’s original target for blueberry growers in the U.S. southeast was 10 growers and 500 acres; however with these agreements in place Bee Vectoring has surpassed this goal and will now cover 700 acres with 15 growers across the region…”We are delighted with the response from blueberry growers in the Southeast, which has exceeded our expectations,” stated Ashish Malik, CEO of Bee Vectoring…“We had set targets to ensure adequate resources were in place to properly service the business.  Based on the strong market appetite for the BVT system, we elected to increase this allocation in a structured manner.  We will now focus on delivering results to these customers to ensure they expand their use of the BVT system over following seasons and increase word-of-mouth of our technology within the industry”…BEE is buzzing in early trading, up 4 pennies at 56 cents on strong volume…

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

1. Gold has traded between $1,571 and $1,583 so far today as the Fed gathers for the first time in 2020 for a 2-day policy  meeting…as of 7:00 am Pacific the yellow metal is off $6 an ounce at $1,575…Silver has retreated 39 cents to $17.68 but has superb support between the low $17.40’s (50-day SMA) and Fib. level $17.27…Copper is in danger of suffering its 10th straight daily loss…it’s down another 2 pennies at $2.59…the metal is regarded as a bellwether of the global economy and has given up all of its gains since early December when a rally pushed prices up nearly 10% to 8-month highs as investors welcomed the Phase 1 of a U.S.-China trade deal and hoped for a rebound in economic growth…“Chinese demand accounts for about 50% of the majority of base metals,” noted BMO Capital analyst Timothy Wood-Dow…“On Friday, we didn’t know this, it (the coronavirus) seemed quite contained.  Now this wider geographical spread is very concerning, so that’s feeding through to the market”…Chinese economic growth could still hit 6% this year if the virus is quickly contained, aided by the government’s determination to bolster the economy…however, the number of cases could also be much higher than what the Communist government is officially revealing…Nickel has rebounded 4 cents to $5.74 while Zinc is 2 pennies lower at $1.08…Crude Oil is relatively flat at $53.07 while the U.S. Dollar Index has climbed more than one-tenth of a point to 98.10…a Commerce Department report this morning showed U.S. durable-goods orders rose by a healthy 2.4% to $245.5 billion in December…

2. Chinese President Xi Jinping told the visiting chief of the World Health Organization today that he’s confident of winning the battle against a “devil” coronavirus that has killed more than 100 people and spread across the world, though not in large numbers outside of China…a growing number of countries are planning to evacuate their citizens from Wuhan, a central city of 11 million people and epicenter of the outbreak…a chartered plane taking out U.S. consulate staff is set to leave Wuhan tomorrow, according to the U.S. embassy in Beijing…WHO chief Tedros Adhanom Ghebreyesus and Xi discussed ways to protect Chinese and foreigners in areas affected by the coronavirus and “possible alternatives” to evacuations, a WHO spokesman said…“The virus is a devil and we cannot let the devil hide,” state television quoted Xi as saying…the disease is not spreading through human-to-human contact in the U.S. and the risk to the public right now is still considered low, according to the National Center for Immunization and Respiratory Diseases…

3. In a surprise move, The U.K. government has given the green light for Huawei Technologies to build part of its next-generation 5G cellular network, dismissing calls from the Trump administration to boycott the Chinese telecom-equipment vendor over security fears…the government said Huawei would be given permission to build noncritical parts of the country’s 5G network…Britain’s National Security Council concluded that the security risks the Chinese company presented could be managed…Huawei officials have repeatedly denied claims that its equipment could be used by the Chinese state to spy on countries or incapacitate key infrastructure…the decision is a setback for American-led efforts to clamp down on the use of Huawei products, and could embolden other countries to follow the U.K.’s lead…Germany is expected to make a decision on whether to allow Huawei to build sections of its own 5G network later this year…

4. K92 Mining (KNT, TSX-V), which hit a new all-time high yesterday, says it expects another significant year-over-year increase in Gold equivalent production of 34% to 46% while also delivering low-cost production…the strongest production and lowest costs are expected in the 2nd half of 2020 as the Stage 2 expansion ramp-up to run-rate throughput is forecast to be achieved by the end of 2020…exploration activities are also forecast to increase, with 2 new surface drill rigs and 1 new underground drill rig targeting delivery in Q2…the drill rigs are planned for both near-mine and regional exploration, including expanding exploration activities to drill new targets…between $8 to 10 million has been budgeted for exploration, which is included as part of the operating costs, sustaining capital and growth expenditures…growth capital is forecast to be between $20 to 25 million, which includes completing the Stage 2 Expansion and twin incline development…the twin incline is designed for a throughput capacity of up to 2 million tonnes per annum…K92 has recently commenced early earthworks on the twin incline…John Lewins, K92 CEO, stated, “2019 was a transformational year for Kainantu, exceeding our upgraded guidance while making significant progress towards our Stage 2 expansion.  In 2020, we expect to consolidate these gains, with production taking a significant step forward to over 110,000 ounces Gold equivalent and achieving run-rate stage 2 expansion throughput by year-end.  We are also very excited about our exploration programs in 2020.  Three new drill rigs are set to arrive in Q2 2020, providing an increase to our rate of exploration and importantly an increase to our capacity to test new, high potential, targets”…KNT is up a nickel at $3.56 as of 7:00 am Pacific…

5. Gran Colombia Gold (GCN, TSX), another strong-performing Gold stock this year, has arranged a non-brokered private placement for gross proceeds of up to $40 million (7,142,858 units at a price of $5.60 per unit which includes a 3-year full warrant exercisable at $6.50)…net proceeds will be used for general working capital and corporate purposes, including repurchases of the company’s listed warrants under its normal course issuer bid…Serafino Iacono, Executive Chairman of Gran Colombia, stated, “We see the increased interest from strategic and institutional investors in Gran Colombia as a continuing endorsement of our successful turnaround of the company and the potential for further appreciation in our share price, which doubled in 2019 and is up by almost 300% over the past 3 years, as we execute our strategy to unlock value in our portfolio of quality assets.  We have ramped up our near-mine and regional exploration programs at our high-grade Segovia operations for the coming year and we are unlocking value in our Marmato project through the spin out to Caldas Gold which we anticipate will be completed within the next couple of weeks”…

6. Wall Street is in a better mood this morning after yesterday’s broad sell-off, sparked by the China flu…the Dow is up 93 points through the first 30 minutes of trading after suffering its worst session yesterday since October…the S&P 500 logged in its first pullback of at least 1% in 74 sessions…the NASDAQ also had its biggest 1-day decline since August amid fears the spreading China coronavirus could hurt the global economy…in Toronto, the TSX is up 20 points…the TSX Gold Index, which ran up as high as 271 in early trading yesterday before reversing, is off another 3 points at 261…accumulation of producers on pullbacks has been the winning strategy for more than a year-and-a-half…Detour Gold (DGC, TSX) shareholders are expected to vote in favor today of the company’s acquisition by Kirkland Lake Gold (KL, TSX, NYSE)…the Venture has recovered 2 points to 576…a very strong support band stretches from 570 to 560…Skeena Resources (SKE, TSX-V) is the Venture’s early volume leader, up 7 cents at $1.01 following a 6.5-million share cross by TD…this BABY is rocking…Else Nutrition (BABY, TSX-V) has more than doubled since November and is up another 7 cents at 70 cents in early trading today…the company says it’s focused on revolutionizing infant and toddler nutrition through its 100% plant-based and non-soy alternative to dairy-based baby formula…winner of the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan, Else’s innovative toddler formula will be launching in the United States this year…this morning the company released favorable results from a U.S. market research study of 1,858 statistically significant potential customers…

7. Hemp prices are plunging amid a “grossly oversupplied” market, says the head of the industry’s first price provider…hemp biomass prices reached a high of over $40 (U.S.) a pound in July, just before the 2019 harvest came in…today it’s trading under $10 a pound following a quadrupling of supply from 2018 to 2019…“Every way you slice it, the physical demand for the CBD market is much, much smaller” than the supply, Panxchange CEO Julie Lerner told Bloomberg…”I’m a little surprised that retail prices have not started to come down yet.  There’s so much competition”…Panxchange, which Lerner founded in 2011, launched the hemp industry’s first suite of benchmark prices in January 2019, 1 month after the U.S. farm bill legalized the plant and added a trading platform in August…today the hemp market is “rife with desperate sellers and opportunist buyers,” said Lerner in a December analysis…meanwhile, U.S. prices for cannabis also fell in most states and categories in 2019 – the opposite of the trend seen north of the border…

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

1. Gold has traded between $1,576 and $1,587 so far today…as of 7:00 am Pacific, the yellow metal is off its highs but still up $8 an ounce at $1,580…safe-haven demand for Gold and Silver has kicked in as China’s coronavirus outbreak has spread significantly…Silver has gained 9 cents to $18.20…Copper, trading at $2.71, is on track for its 9th consecutive losing session, its longest skid in 6 years as the spreading Chinese coronavirus hits demand in the world’s biggest metals consumer…Nickel has retreated 10 cents to $6.05 while Zinc is 2 pennies lower at $1.08…Crude Oil has fallen 94 cents to $53.25 while the U.S. Dollar Index is up slightly at 97.92…preliminary data released over the weekend show the scale at which the coronavirus outbreak is affecting the Chinese economy…overall travel on Saturday, the first day of the Lunar New Year, dropped 28.8% from a year ago, which included a 41.6% drop in civil air travel, a 41.5% decline in rail travel, and a 25% drop for road transport…the coronavirus has now taken the lives of at least 81 people in China and sickened more than 2,800 worldwide, but many more cases are likely to be reported in the coming days…the majority of the reported cases are in mainland China where local authorities have quarantined several major cities, affecting more than 50 million people, and canceled Lunar New Year’s events in Beijing and elsewhere…Mongolia has closed its vast border with China, and Hong Kong and Malaysia announced they would bar entry to visitors from the Chinese province at the centre of the outbreak following a warning by medical officials that the virus’s ability to spread was growing…travel agencies were ordered to cancel group tours nationwide, adding to the rising economic losses…stock and futures trading in China, closed for the Lunar New Year holiday, is tentatively scheduled to resume next week…Scotiabank thinks Canada’s economy in the 4th quarter fared worse than the Bank of Canada’s projection of 0.3% and may even have slipped into negative territory if the spate of recent economic data coming out of the manufacturing sector was any indicator…“Q4 GDP growth overall is likely tracking considerably below the BoC’s 0.3% growth rate and perhaps in very mild contraction territory,” stated Derek Holt, Vice-President & Head of Capital Markets Economics…

2. The continued spread of the coronavirus appears to be hitting global markets like a similar outbreak in 2003, but the history of recent health scares and market internals may mean the pullback won’t last long and investors are currently overreacting…markets also slumped in early 2003 amid an outbreak of severe acute respiratory syndrome, or SARS, but that was just a temporary setback and many major indexes (and the Venture) enjoyed a strong year…the Wuhan coronavirus is still much smaller than the SARS outbreak of 2003, according to official numbers from governments around the world, but that could change as the outbreak continues…the coronavirus is expected to have more cases in China than SARS eventually, but the overall mortality rate appears to be lower for the new virus, according to various experts…

3. The price of Rhodium, a precious metal that strips pollutants out of exhaust fumes, has been surging to begin 2020 as car manufacturers in Asia and Europe scramble to abide by stricter emission regimes…supplies of Rhodium are limited because the metal is mined as a byproduct of mostly Platinum and Palladium, while demand is rising as regulators restrict emissions and subject autos to more rigorous tests…Rhodium prices, which are vulnerable to wild swings because the metal has no futures market, surged as much as 65% this month to $9,985 a troy ounce, though the metal’s price has backed off modestly in recent days to $8,800…this builds on last year’s rally, extending Rhodium’s advance over the past 12 months to as much as 300%….for auto manufacturers contending with a downturn in sales and the cost of designing electric vehicles, rising Rhodium and Palladium prices represent an added burden…the metal’s rally has cost the auto industry around $8 billion over the past month, according to analysts at Citigroup, who estimate that PGM’s now represent 15% of global auto makers’ cash flows…

4. Ongoing drilling at Canada Cobalt’s (CCW, TSX-V) Castle East discovery in the Gowganda Camp has quickly defined a minimum potential 200-m vertical extent vein zone in the most significant grassroots discovery in the Northern Ontario Silver-Cobalt Camp in several decades…significantly, the Robinson zone is now interpreted to fall within a “much broader and productive horizon” associated with a 300-m thick Silver-rich sill with native Silver occurring near both the upper and lower contacts of the Nipissing diabase with the Archean volcanics…this greatly elevates the potential scale of this system which is situated in a basin area that dips east of 3 robust past producers (~70 million ounces) within 2 km…a 2nd vein shoot has been intersected 100 m below the original discovery to the northeast while native Silver hits have occurred as much as 100 m above and northwest of the 1st vein shoot…grades have been spectacular, including 70 kilograms (2,053 oz/ton) over 0.30 m within a 4-m core interval assaying 212 oz/ton in the 2nd wedge hole…textbook deposit signatures include extensive veining and alteration, rich vein shoots, native Silver-filled fractures, and multiple structures (i.e., low angle faults) believed to be spatially related to high-grade mineralization…more assays are pending…Matt Halliday, VP-Exploration for Canada Cobalt, commented: “The Robinson zone is on strike from the old Capitol mine workings 650 m to the west, so there is plenty of room to grow this discovery both laterally and vertically which we are in the process of doing,” Halliday continued…“It’s important to note that mostly only the shallow western margin of the diabase was mined historically in the rich Gowganda Camp from networks of veins that extended for hundreds of meters.  At modestly deeper levels Canada Cobalt’s Castle Property features kilometers of unexplored or under-explored diabase from the upper contact to the lower contact as we are discovering at Castle East”…CCW, now vertically integrated, is an ideal position to quickly reap the benefits of this discovery given its recent acquisition of the only facility in the district (just a 1-hour drive down the highway from the Castle mine) that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing…a ramp to the discovery to access such high-grade material and potential new discoveries from underground in an environment of rising Silver prices could easily make Canada Cobalt the Silver play of the year…CCW is steady at 70 cents as of 7:00 am Pacific…

5. The Dow has tumbled 405 points through the first 30 minutes of trading…the S&P 500 slid the most in almost 4 months, with technology shares leading the drop…Wall Street analysts are also issuing warnings about retailers, restaurants and hotels that have high revenue exposure to China…in Toronto, the TSX has slid 159 points…the TSX Gold Index ran up as high as 271 in early trading before backing off…it’s now flat at 264…the Venture has lost 5 points to 577…K92 Mining (KNT, TSX-V), an exciting high-grade Gold play with scale, has hit another new all-time high this morning…it’s up 13 cents at $3.65 as of 7:00 am Pacific…Transition Metals (XTM, TSX-V), with interests across a range of metals and properties, has been one of the Venture’s top performers this month with a gain of more than 75% through Friday’s trading…the long-term chart shows a very significant breakout in the works for this $9 million market cap deal…it’s off a penny-and-a-half at 21.5 cents through the first 30 minutes of trading…

6. Financings, drilling and positive project milestones were all positive in December, according to S&P Global Market Intelligence which tracks a variety of junior metrics to make a composite index…“All 4 exploration metrics – significant financings, drilling activity, initial resources and positive project milestones – increased in December 2019 as S&P Global Market Intelligence’s Pipeline Activity Index, or PAI, jumped to 96, from 79 in November 2019, the index’s best showing in over a year,” wrote analysts at S&P Global Market Intelligence…S&P noted that Gold PAI increased to 149 from 123, while the base metals PAI rose to 55 from 43 over the same period…the number of financings by junior and intermediate companies jumped to 274 in December 2019 from 159 in November…positive project milestones rose to 5 from 4…

7. A majority of people around the world believe capitalism in its current form is doing more harm than good, a recent survey has found (published just ahead of this week’s Davos meeting of business and political leaders)…not surprising, really, given what most students have been taught in schools, colleges and universities…this year was the first time the “Edelman Trust Barometer“, which for 2 decades has polled tens of thousands of people on their trust in core institutions, sought to understand how capitalism itself was viewed…the study’s authors said that earlier surveys showing a rising sense of inequality prompted them to ask whether citizens were now starting to have more fundamental doubts about the capitalist-based democracies of the West…“The answer is yes,” David Bersoff, lead researcher on the study produced by U.S. communications company Edelman...”People are questioning at that level whether what we have today, and the world we live in today, is optimized for their having a good future”…the poll contacted over 34,000 people in 28 countries, from Western liberal democracies like the United States and France to those based on a different model such as China and Russia, with 56% agreeing that “capitalism as it exists today does more harm than good in the world”…only in Canada, the United States, Australia, South Korea, Hong Kong and Japan did majorities disagree with the assertion that capitalism currently did more harm than good…

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