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1. Gold has traded between $1,235 and $1,240 so far today…as of 4:50 am Pacific, in this early edition of 7 @ 7:00, bullion is up $4 an ounce at $1,238 while Silver has gained 5 cents to $16.13…Nickel again leads the base metals today, up slightly at $4.37…Crude Oil has jumped 47 cents to $46.49 while the U.S. Dollar Index has tumbled half a point to 94.66 (nearest support at 94)…

2. Bullish contrarian alert – for the 5th week in a row, hedge funds reduced their bullish exposure to Gold and turned outright bearish on Silver, according to the latest trade data from the Commodity Futures Trading Commission…Gold’s net length dropped 31% from the previous week…according to the data, Gold’s bullish positioning is at its lowest level since January 2016…Gold positioning has declined by as much as 69% or a total of 15.55 million oz over the past 5 weeks and now looks very light at only 19% of the all-time high…meanwhile, Silver gross shorts have increased by a total of 219 million oz over the past 5 weeks to reach a fresh all-time high of 470 million oz on July 1…

3.  Copper is trading at 4-month highs after getting another boost yesterday when the Chinese government released GDP and industrial production data…both metrics outperformed consensus expectations, with industrial production at 7.6% growth beating the FXStreet.com forecast of 6.5% growth…keep in mind that China accounts for 45% of global Copper demand…meanwhile, it was reported this morning that average new home prices in China’s 70 major cities rose a healthy 10.2% from a year earlier, though that was off slightly from May’s 10.4% gain, according to Reuters‘ calculations based on an official survey…home price growth in China’s largest cities is expected to stay on a mild slowing trend for the next 12 months…

4.  Final VTEM survey data from Geotech has confirmed a stunning “bulls-eye” massive sulphide target about to be drilled at Garibaldi Resources‘ (GGI, TSX-V) E&L Property at Nickel Mountain, 11 miles southwest of Eskay Creek…a strong, broad conductive response begins at a depth of 140 m and is now interpreted as evidence for large massive sulphide zones below and east of the 12 shallow drill holes (maximum depth was 122 m) completed from surface by Silver Standard Resources in the mid-1960’s…all 12 holes were consistently mineralized and led to an historic non-compliant resource…significantly, DDH-4–1966 returned 1.3% Nickel and 0.79% Copper (from 38.7 m to the end of hole at 76.5 m) including 5.9% Ni and 1.7% Cu over 2.74 meters near the bottom of the hole…Nickel sulphide deposits and the tectonics of the Eskay Camp were poorly understood at the time…final VTEM data correlate with other current and historic geophysical and geological data compiled by Garibaldi’s team of Nickel sulphide experts, suggesting that “the Golden Triangle’s only Nickel-Copper magmatic massive sulphide system is much larger than originally thought,” GGI stated in a news release last night…high Nickel-Copper “tenor”, a sulphur source and the fact that intrusions the size of the E&L tend to be very efficient “magma highways” support the contention for a major new discovery in the middle of the Eskay Camp…

5. Venture technical strength continues to improve with sell pressure (CMF) having declined rapidly while the Index has been able to hold support at its EMA(500) as it did both times it touched that level during the 2nd half of last year…the Venture added another 5 points yesterday to close at 762 for its first back-to-back daily gains since the middle of June…the TSX lost 9 points yesterday to finish at 15,165…Canadian home sales in June posted their largest monthly drop in 7 years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said yesterday…transactions last month were down 6.7% compared with May on a national basis, the 3rd consecutive monthly decline, with the Greater Toronto Area registering a whopping 15.1% drop…irresponsible governments need to be very careful what they wish for…Dow futures are flat 2 hours ahead of trading this morning with earnings season in the spotlight…

6. First Cobalt (FCC, TSX-V), which remains halted pending pending further review by the exchange of filings related to the company’s recent major transaction with Cobalt One, has announced the acquisition this morning of more strategic ground in the northern Ontario Silver-Cobalt Camp…FCC has added a property that joins its Keeley-Frontier project to the east and west, hoping to capture extensions to a Silver-Cobalt vein system.  “This eastern area has largely been forgotten due to the low Silver versus high Cobalt characteristics,” explained Frank Santaguida, VP Exploration for First Cobalt.  “This transaction demonstrates our commitment to consolidate the meaningful property positions within the Camp.  Our strategy is to be the first to approach this Camp from a bulk mining perspective.”

7. Canada was the clear leader when it came to mining exploration last year, reporting the biggest budget than any other country, PricewaterhouseCoopers (PwC) confirms in its Mine 2017 report…“Exploration dollars poured into Canada at a faster rate than anywhere else in the world last year,” the report said…overall, the country attracted 14% of the total global exploration budget, ahead of Australia with 13% and the U.S. with 7%…on the other hand, Africa suffered one of the biggest declines. “The entire continent absorbed only 13% of global spending in 2016,” according to PwC…the report is based on the financial performance analysis of the Top 40 mining companies ranked by market capitalization…

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