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1. Spot Gold has traded between $1,881 and $1,907 so far today as the yellow metal continues to close in on a new all-time high in U.S. dollar terms…as of 7:00 am Pacific Gold is up $15 an ounce at $1,901…Silver, which has enjoyed a spectacular week on a major breakout through the $20 level, has climbed another 29 cents to $22.82…trading in recent sessions reflects a resurgence of generalist investor interest in the sector…Silver ETF inflows are on track for a record month…“I know the tightness of the market,” stated Keith Neumeyer, founder and CEO of First Majestic (FR, TSX; AG, NYSE), in an interview with Kitco News…“It’s only gonna get worse as we go green. When I put this company together, we didn’t have solar panels and we didn’t have any electric cars to any great degree. Now solar panels are the largest consumer of Silver in the space. They’re consuming over 10% of the world’s supply of metal – one industry which didn’t exist 20 years ago”…base metals are off slightly with Copper, Nickel and Zinc trading at $2.93, $6.11 and 99 cents, respectively…Crude Oil is steady at $41.04 a barrel while the battered U.S. Dollar Index is down more than one-tenth of a point to 94.54…China’s Foreign Ministry announced this morning that it’s revoking the license for the U.S. consulate general in the southwestern Chinese city of Chengdu…the Chengdu consular district covers the controversial autonomous region of Tibet, the municipality of Chongqing, and the provinces of Sichuan, Yunnan and Guizhou, according to the consulate’s website…the announcement comes after the U.S. ordered China to close its consulate in Houston, citing efforts to protect American intellectual property and the private information of U.S. citizens…“The current situation between China and the U.S. is something the Chinese side does not want to see,” the foreign ministry said in an online Chinese-language statement, according to a CNBC translation…“The responsibility lies entirely with the U.S. side,” the statement added…“We again urge the U.S. side to immediately revoke its relevant wrong decisions, to create necessary conditions for the 2 countries’ relationship to return to normal”…for China, of course, “normal” means a change in the White House, back to the good old days in the eyes of the Communist Party when China was able to continually rip off the United States and the West in general…the world’s 2 largest economies appear set to dial up their exchange of sharp language ahead of the November elections, another reason for Gold to push higher…what a disgrace – the sick Cancel Culture movement is claiming another victory after Chicago city workers, at the direction of the Democrat Mayor, arrived under the cover of darkness early today to remove a Christopher Columbus statute from Chicago’s Grant Park, a week after rioters clashed with police as they attempted to tear the statue down…the Canadian Federation of Independent Business’s (CFIB) recovery dashboard shows that as of July 14 about 60% of small businesses are now fully open in Canada…only 24%, however, are making normal sales and only a third say they are fully staffed…Trudeau’s CERB is not a government program well suited for the recovery phase – in fact, it’s discouraging recovery…you can be a healthy adult with no children or elderly parents to take care of and yet refuse to go back to work without worrying about losing your CERB benefits…when governments are looking to restart the economy, unconditional assistance of this sort does not help…

2. U.S. employers hit hard by the pandemic and businesses with new demand are driving hiring in the U.S. jobs recovery…businesses such as health care providers and restaurants, which closed during pandemic lockdowns, have recalled millions of laid-off workers…job growth has also been boosted by increased demand in a handful of industries such as logistics, financial services and retail…hiring jumped in May and June when employers added 7.5 million jobs to payrolls – the best 2-month stretch on record back to 1939, according to the Labor Department…this week the total number of online job postings surpassed 7 million for the first time since April, according to ZipRecruiter…still, gains in job openings flattened in July and are down from 11.4 million in February, and job gains are well short of replacing the 21 million jobs lost in March and April when the pandemic first hit…recent labor-market readings, including the first increase in weekly jobless claims in 4 months, also suggest the recovery’s momentum is threatened by the virus’s recent surge…but employment gains in some pockets of the economy mean job seekers are finding new opportunities, which in turn could result in more people searching for work…health care and logistics are industries with high demand for new workers, according to ZipRecruiter…since May 1, 18% of all new job postings have been in the health field and 15% have been in transportation and storage, a sector that is expanding as more consumers purchase goods online…health-care employment, particularly jobs at doctor and dentist offices, has experienced strong hiring after a sharp decrease…employment at dentist offices has more than doubled since a low point in April, the fastest growth of any sector tracked by the Labor Department…

3. Yamana Gold (YRI, TSX, NYSE) is up in early trading after reporting adjusted net earnings of $63.3 million (U.S.) or 7 cents per share, an increase compared to adjusted net earnings of $19.8 million (U.S.) or 2 cents per share reported in the 2nd quarter of 2019…the company also said that it saw strong quarterly net free cash flow of $60.3 million and free cash flow before dividends and debt repayments of $38.3 million, adjusted for the costs incurred in association with COVID-19…at the end of the 2nd quarter, Yamana had cash and cash equivalents of $324.8 million…it also reduced its net debt by $101.1 million to $768 million…all-in sustaining costs for the quarter were $1,125 per Gold equivalent ounce (GEO) sold, up compared to $986 GEO sold in the same period in 2019…the company produced 164,141 ounces of Gold, which was above expectations…at the same time it also produced 2,007,809 ounces of Silver…the company is increasing its annual dividend by a further 12% to 7 cents per share, marking the company’s 4th dividend hike in the past year for a cumulative increase of 250%…all figures are in U.S. dollars…

4. The Dow is off 108 points as of 7:00 am Pacific while the NASDAQ has fallen 204 points...according to economists in a Reuters poll, who warned of a high risk the current job recovery reverses by year-end, the U.S. economic outlook has darkened somewhat in the past month amid renewed lockdowns in some states from surging coronavirus cases…in Toronto, the TSX is 79 points lower while the Venture has rebounded 4 points to 684 after yesterday’s pullback…red-hot Sona Nanotech (SONA, CSE) has backed off $1.09 to $13.10 after 7 straight winning sessions…the company has arranged a live webinar with new CEO David Regan for 9:00 am Pacific…PyroGenesis Canada (PYR, TSX-V) has pushed to a new high of $5.50 after reporting yesterday that it has received payments totalling $7.5 million under its $25+ million exclusive contract with Drosrite International…“It should also be noted that an additional payment of over $2.5 million is expected in the next few weeks. All these payments are being made based on previously agreed to milestones, and all are being paid on time. In fact, none of our contracts have been materially affected by COVID-19 and are all progressing as expected,” stated Peter Pascali, PyroGenesis President and CEO…Benchmark Metals (BNCH, TSX-V) has hit a new high of 89 cents in early trading…on Wednesday the company announced it’s adding a 5th drill rig to its 50,000-m drill program at its Lawyers Gold-Silver Project in north-central British Columbia…over 10,500 m have been completed from over 60 drill holes targeting resource definition and expansion areas…initial assay results are expected by early August…CEO John Williamson commented, “The drilling program is going exceptionally well with the 2 diamond rigs performing about 30% ahead of anticipated drill metreage. Drilling at the Cliff Creek zone has intersected zones of alteration, veining and mineralization in all holes to date. The geological field teams are performing detailed geological mapping, soil and rock sampling, and the geophysical crews are near completion of ground magnetic and IP surveys at a number of zones”…Brixton Metals (BBB, TSX-V) has arranged a non-brokered private placement of a combination of units and flow-through shares of the company for gross proceeds of up to $4 million (hard dollar units at 25 cents and FT units at 28 cents)…

5. Discovery Metals (DSV, TSX-V), in yet another example of an increasingly hot Silver market, has announced a non-broken institutional private placement to raise $35 million through the issuance of 26 million units at a price of $1.35 per unit…each unit comprises 1 common share of Discovery and half a warrant, with each full warrant exercisable at $1.75 for a period of 2 years…Eric Sprott, already a major investor in Discovery, is taking $15 million of the PP, boosting his position to 27.1% of Discovery’s issued and outstanding shares on a post-closing, undiluted basis…Sprott commented, “Discovery provides unmatched leverage to a rising Silver price and I am very encouraged to see the Discovery team continue to execute on their plans at the Cordero project. I have continually grown my position in the company and it is now one of my largest investments in the Silver space”…

6. GR Silver Mining (GRSL, TSX-V) provided a series of high-grade drill results this morning from the San Jun-La Colorada area at its 100%-owned Plomosas Project in Sinaloa, Mexico, including 1,181 g/t AgEq over 3.1 m (846 g/t Ag, 0.8 g/t Au, 2.7% Pb and 6% Zn) in drill hole LRD-59 (2.5 m estimated true width)…this intercept, starting 71.2 m downhole, included 1.1 m grading 2,300 g/t Ag, 2.1 g/t Au, 7.6% Pb and 16.3% Zn…other drill hole results were highlighted by 755 g/t AgEq over 3.5 m, and 720 g/t AgEq over 4.8 m (true width estimated at 80%)…these drill results highlight continuity of high-grade Silver mineralized zones in a 100-m step out from a previously released section of drill hole results at the San Juan area, and also define a mineralized strike length for the low sulphidation epithermal system of up to 1,000 m…the cross-section containing these results establishes a high-grade continuous zone of Ag-rich polymetallic breccia, along a shallow-dipping fault for approximately 400 m down dip…in addition, the drill results continue to confirm Silver-Gold mineralized zones hosted by multiple high angle faults…the results of the 17 drill holes indicate the possible extension of the San Juan-La Colorada area toward the San Francisco area to the south, supporting the presence of a much larger low sulphidation epithermal Ag-Au-rich system…

7. Bring me more Nickel, says electric vehicle visionary Elon Musk (someone should invite him to Nickel Mountain)…on his 2nd quarter earnings call earlier this week, Musk said he’s asking mining companies to produce more Nickel…he said miners will be offered a giant contract from Tesla if they mine Nickel efficiently and in an “environmental way”…the Tesla CEO certainly needs more raw materials…Musk also announced during the call that his company’s next Gigafactory, manufacturing batteries and cars, will be built in Austin, Texas….earlier this year Tesla signed a contract with Glencore for Cobalt…Tesla has been trying to limit dependence on Cobalt in order to reduce costs and avoid reliance on a material that is mostly sourced from the Congo…“The Nickel-based cells have higher energy density, so longer range; those are needed for something like a Semi, where every unit of mass that you add in you have to subtract in cargo,” Musk stated during the earnings call…

How This Pandemic Will Ultimately Help Copper

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

1. Spot Gold has traded between $1,846 and $1,864 so far today, reaching a fresh 9-year high…as of 7:00 am Pacific the yellow metal is up $15 an ounce at $1,856…in a report published yesterday, James O ’Rourke, commodities economist at Capital Economics, said that his firm now sees Gold prices ending the year around $1,900 an ounce, up from its previous target of $1,600 an ounce (they’ll have to revise that target, too)…Silver, hitting its best levels since October 2013, continues its run after aggressively busting through $20 an ounce…Silver has jumped another 84 cents to $22.16…base metals are off modestly with Copper, Nickel and Zinc trading at $2.92, $5.92 and 98 cents, respectively…Crude Oil is down 46 cents a barrel at $41.46 while the struggling U.S. Dollar Index has retreated another one-fifth of a point to 94.92…the greenback chart looks very weak and this is helping to drive interest in Gold, Silver and other commodities…China-U.S. relations continue to erode after the U.S. abruptly closed the Chinese consulate in Houston…China called the U.S. move an “unprecedented escalation” in U.S-China tensions…the Department of Justice is accusing 2 Chinese nationals, allegedly working on behalf of the Chinese government, of stealing trade secrets and hacking into computer systems of firms working on COVID-19 vaccines…according to the 11-count indictment, Li Xiaoyu, 34, and Dong Jiazhi, 33, conducted a global hacking campaign for more than a decade…more recently, the defendants probed for vulnerabilities in computer networks of companies developing COVID-19 vaccines, testing technology, and treatments, a DOJ statement said…sales of existing U.S. homes jumped nearly 21% in June compared with May, according to the National Association of Realtors…this is the largest monthly gain since the group began tracking the data point in 1968…it came after sharp declines over the past 3 months due to the pandemic…annually, sales were still 11.3% lower…

2. Silver prices have broken through critical $20 resistance, on their way to much higher levels in 2020…Silver has already doubled in price off its Corona Crash low but charts suggest this is only the beginning of a massive bull market move, likely leading to all-time new highs, over the next 12–18 months…a vital tool in Silver’s price arsenal going forward is its exposure to the green stimulus, according to BMO Capital Markets…“When Silver moves, it moves,” wrote BMO’s analysts Colin Hamilton and Alexander Pearce…“Silver’s potential exposure to green stimulus is now an important tool in its armory, and should we see the same velocity of ETF flows evidenced in recent months continue through Q3 as macro asset allocators look to express ways to play a green recovery, both futures prices and Silver-linked equities should benefit,” Hamilton and Pearce wrote last week…technologies such as 5G and solar panels benefit from fiscal spending, which in turn is boosting Silver prices, the analysts explained…“More than $50 billion of green stimulus has been approved by governments thus far this year, over which roughly three-quarters have been in Europe. But perhaps more impactful has been the recent Biden campaign Clean Energy plan, most notably a zero-carbon power grid by 2035 which would see new wind and solar capacity built to displace thermal generation”…demand for solar technology is important to keep an eye on with Silver playing a vital role as the conductive layer…“This sector consumed roughly 100 Moz of Silver in 2019, and even with ongoing thrifting this is set to be a growth area. Even without stimulus, solar has already been gaining market share from fossil fuels, but this process is now likely to be accelerated,” the analysts stated…Silver’s bullish price trend is finally following in Gold’s footsteps, including the action on the ETF front, which could point to further gains…physically-backed ETF holdings of Silver are up 35% since the start of the year, equivalent to 210 million ounces of Silver, far and away a record…

3. European Union leaders have clinched an “historic” deal on a massive stimulus plan for their coronavirus-throttled economies after a fractious summit lasting almost 5 days…the agreement paves the way for the European Commission, the EU’s executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost 7 decades of European integration…many had warned that a failed summit amid the pandemic would have put the bloc’s viability in serious doubt after years of economic crisis and Britain’s recent departure…French President Emmanuel Macron, who spearheaded a push for the deal with German Chancellor Angela Merkel, hailed it as “truly historic”…leaders hope the 750 billion euro ($857 billion U.S.) recovery fund and its related beefed up budget (Gold will love the spending!) will help repair the continent’s deepest recession since World War II after the coronavirus outbreak shut down economies…while strong in symbolism, the deal came at the cost of cuts to proposed investment in climate-friendly funds and did not set conditions for disbursements to countries, such as Hungary and Poland, seen as breaching democratic values…

4. The Dow is up 49 points as of 7:00 am Pacific...a few disappointing company earnings after the bell yesterday included Snap (SNAP, NYSE), under pressure in early trading after the social media company reported fewer-than-expected daily active users…in Toronto, the TSX is up 28 points – buoyed in part by the Gold Index which has hit a new high of 382, up 5 points…Rogers Communications’ (RCI.B, TSX) Q2 results released this morning showed the telecom company posted a double-digit decline in nearly every metric…total revenue dropped 17% for the 3 months ended June 30, and net income was down by 53% from the same quarter in 2019…in the face of a global pandemic and accompanying economic crisis battering the company’s cash flow, Rogers emphasized that it’s on a strong fiscal footing…Sona Nanotech (SONA, CSE) is up another 17 cents at $9.57 as it rapidly approaches the $10 level for the first time…President Trump in a news conference yesterday referenced the importance of COVID-19 tests that can provide results in less than 15 minutes…“Those are the ones I prefer,” he said…the Venture has gained another 6 points to 701…many Silver stocks continue to gain momentum…Sprott-related plays such as Dolly Varden (DV, TSX-V), Discovery Metals (DSV, TSX-V) and Kootenay Silver (KTN, TSX-V) are hitting new highs…Silver’s intense move will particularly benefit companies in production and those with NI 43–101 resources…on that note, no company in Canada has a Silver resource grade that matches Canada Silver Cobalt’s (CCW, TSX-V) maiden Inferred resource at Castle East…such a high concentration of metal in a relatively confined area, with plenty of room for new discoveries, makes it a particularly intriguing opportunity in a very bullish Silver environment…Antler Gold (ANTL, TSX-V) has closed a $3 million financing to drill its promising Erongo Gold Project in Namibia, adjacent to Osino Resources‘ (OSI, TSX-V) discovery…

5. GoldON Resources (GLD, TSX-V) got some joy in 1 hole in particular from a 7-hole program of drilling at its West Madsen claims adjoining Pure Gold’s (PGM, TSX-V) Red Lake mine property, the highest-grade underground development project in Canada with first Gold production slated for Q4…GoldON has the right to earn a 100% interest in West Madsen through an option agreement with Great Bear Resources (GBR, TSX-V)…the drill program tested a major structural break associated with known Gold deposits on the adjacent Pure Gold property and the producing mines in the Red Lake Camp, and drill hole WM-20–05 intersected 14.4 g/t Au over 0.5-m hosted by strongly altered mafic volcanic rocks of Balmer Stratigraphy, with observed visible Gold…this is the first time that the Balmer Assemblage (important to the district) has been identified in drill core on the property and clearly defines a new prospective exploration corridor extending west from Pure Gold’s Wedge zone…Chris Taylor, President and CEO of Great Bear said, “GoldON has just crossed a discovery threshold that many junior companies struggle to reach. These results validate our exploration models, which predicted the Balmer Assemblage would be present on the West Madsen property, projecting west from the Madsen mine. The discovery of Gold mineralization in multiple drill holes, including high-grade Gold, clearly shows the potential of the project. As GoldON shareholders and future royalty holders of the West Madsen project, we are very pleased to see these positive developments and are looking forward to seeing further drill results from West Madsen, and to testing Great Bear’s other regional exploration targets at the Sobel, Dedee and Pakwash properties”…GoldON is off 2 pennies at 63 cents on the news…the company has only 17 million shares outstanding…

6. GoGold Resources (GGD, TSX) has cut 16.7 m of 368 g/t Silver equivalent, consisting of 1.3 g/t Au and 268 g/t Ag, at its Los Ricos South Project…hole LRGG-20–192 was drilled on section 875N in the Rascadero area of the project and intersected the Los Ricos quartz vein from at a shallow depth between 43.7 m to 63.7 m…the intercept included 5.4 m of 923 g/t Silver equivalent…“The Rascadero area continues to return significant drill intercepts and the first holes into Las Lamas warrant additional drilling,” stated President and CEO Brad Langille…“We have passed the data cut-off for the resource, as such these results will not be included in the initial resource, but we will continue to drill at Los Ricos South which could add additional ounces prior to completion of a preliminary economic assessment”…the initial 2 holes drilled at the Las Lamas area found mineralization, with hole LRGG-20–194 intercepting multiple sections of mineralized quartz vein near surface…these holes, although moderate grade, indicate the surface structure has divided into 3 structures at depth, and warrant additional drilling to potentially find enriched areas of the structures…

7. Pfizer (PFE, TSX-V) and BioNTech (BNTX, NYSE) have signed a $1.95 billion agreement with the U.S. Department of Health and Human Services and the Defense Department to secure hundreds of millions of doses of a coronavirus vaccine, which Americans would receive free…under the agreement, the U.S. government would receive 100 million doses of BNT162, the COVID-19 vaccine candidate jointly developed by Pfizer and BioNTech, and can acquire up to 500 million additional doses…Pfizer would make the vaccine…the BNT162 program is based on BioNTech’s proprietary mRNA technology and supported by Pfizer’s global vaccine development and manufacturing capabilities…the BNT162 vaccine candidates are undergoing clinical studies and aren’t currently approved for distribution anywhere in the world..the Pfizer-BioNTech vaccine development program is evaluating at least 4 experimental vaccines…if the studies are successful, Pfizer and BioNTech expect to seek emergency use authorization or some form of regulatory approval as early as October…polls have shown that about 20% to 25% of Americans and Canadians would not take a vaccine…

How This Pandemic Will Ultimately Help Copper

Wuhan COVID-19 Virus Update

The Cost Of Doing Business With China (The CCP)

“Silver Lining”: Innovative Vancouver Company Provides Help During Crisis

COVID-19 Update

Smithers Shakes Off Turmoil For A Major 3-Day Event Connecting Hockey And The Resource Sector

Turbocharged Nickel

Commodity Check!

The Nickel Mountain Magma Highway

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp