Check the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,249 and $1,258 so far today…as of 7:00 am Pacific, bullion is down $1 an ounce at $1,254…Silver is 13 cents higher at $13.69…base metals are very stronger, led by Copper, Nickel and Zinc…Copper has jumped 9 cents to $2.81…Crude Oil has surged $1 a barrel to $47.33 while the U.S. Dollar Index has dipped one-tenth of a point to 93.95…the fact that base metals are looking stronger on increasing volume suggests a change in sentiment, especially as this is happening during the normally slower summer months…
2. TD Securities on Silver: “If we assume that the upcoming FOMC meeting on Wednesday will not yield new hawkish commitments, the continued market angst surrounding political dysfunction in the U.S., which includes the health-care legislation and debt ceiling extension, lackluster economic data and equity market risks, money manager interest in precious metals should grow. This suggests that as Gold increases in price, Silver may well outperform by a wide margin as shorts cover. Specs are still very much positioned on the short end of Silver exposure, with shorts aggressively overbought and longs still on the slide. Silver still has lots of room to rise technically, not yet reaching the 100-and 200-day moving averages, which Gold has broken. As such, we would not be surprised to see Silver reach $17/oz or even 17.46/oz in the not-too-distant future. “
3. Northwest British Columbia has a new early-stage high-grade Gold discovery approximately 20 km northwest of Red Chris…GT Gold (GTT, TSX-V), which found unusual high-grade Gold-in-soils across a broad part of its never previously drilled Tatogga Property, has intercepted a Gold-bearing system in multiple reverse circulation holes (20) along a 200-m strike length to 213 m from surface…the system is open along strike and to depth…initial drill results released this morning from the discovery at the Saddle zone (Saddle South) included 13 g/t Au over 10.7 m; 8.7 g/t Au over 8.5 m; 17.4 g/t Au over 9.1 m; 15.3 g/t Au over 8.8 m and 10.7 g/t Au over 9.1 m…diamond drilling is in progress and a second rig may be added to the program…GTT is up 15 cents at 54 cents through the first 30 minutes of trading…the stock came into the drilling discovery with a market cap of approximately $30 million and the company is well financed for much more drilling…
4. Castle Silver Resources (CSR, TSX-V) has produced a 14.8% Cobalt concentrate from a homogeneous sample of material from the first level of the Castle mine that assayed 1.5% Cobalt, 46 g/t Ag and a surprising 5.7 g/t Au…the Cobalt concentrate now goes through the Re-2OX process to create high purity Cobalt powders, specifically Cobalt hydroxide according to the specs CSR has received from 4 large Japanese metal trading companies as revealed this morning in a news release…aggressive exploration continues at Castle including diamond drilling from surface and additional underground sampling…preparations are also being completed for underground drilling…CSR is the junior in the district with critical underground access…the stock is up a penny-and-a-half to 24 cents as of 7:00 am Pacific…
5. The broader markets are pushing higher this morning thanks to earnings reports from the likes of Caterpillar and McDonald’s that topped estimates…this is the busiest week of the earnings season, with approximately 180 S&P 500 components scheduled to report…traders and investors are also focused on tomorrow’s statement from the Fed when it wraps up its 2-day meeting…the Dow is up 84 points in early trading…the TSX has climbed 101 points while the Venture is 3 points higher at 763…the 3 most active stocks at or within 10% of new 52-week highs are GT Gold (GTT, TSX-V), Nouveau Monde Graphite (NOU, TSX-V) and RHC Capital (RHC, TSX-V)…
6. Oil prices are near 7-week highs after Saudi Arabia pledged to curb exports next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices…at a meeting in the Russian city of St. Petersburg yesterday, OPEC and non-OPEC producers discussed extending their deal to cut output by 1.8 million barrels per day (bpd) beyond March 2018 if necessary…the Saudis are doing what it takes to keep Crude price pressure to the upside…
7. Aurora Cannabis (ACB, TSX) rang the bell to open the TSX yesterday after delisting from the Venture (same symbol)…the stock jumped 14 cents on huge volume yesterday to close at $2.73. “Aurora’s graduation to TSX reflects the remarkable commercial and operational progress we have made since listing on TSX Venture Exchange late last year,” stated CEO Terry Booth. “We are achieving record yields at our Mountain View county production facility, progressing rapidly with the construction of our 100,000 plus kilograms per annum Aurora Sky facility at Edmonton International Airport, and are executing consistently on our national and international expansion strategy.”
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