Check back later today for Daniel’s Den and visit the BMR comment section throughout the day for updates and helpful information.
1. Gold has traded between $1,281 and $1,288 so far today…as of 7:00 am Pacific, the yellow metal is up $7 an ounce at $1,285 as it closes in on a 2nd straight weekly gain…Silver is steady at $17.04…Copper is flat at $3.04 while Nickel is up 9 cents at $5.19…Crude Oil has jumped 77 cents to $55.91 while the U.S. Dollar Index is off one-tenth of a point at 93.77…traders still see a nearly 100% chance the Federal Reserve will raise rates at its December 13 meeting, according to CME Group’s FedWatch…it would be the Fed’s 3rd rate increase this year…
2. The U.S. Senate Finance Committee voted late yesterday in favor of the House GOP tax bill, paving the way for the first major legislative victory for the Trump administration…the panel’s 14–12 vote means the bill will likely reach the Senate floor sometime after Thanksgiving…earlier yesterday, the House passed its bill in a 227–205 vote…the Republican tax bill will place a higher burden on those who earn more than $1 million a year but provide a break to everyone else, Treasury Secretary Steven Mnuchin said today…a key feature of the most extensive U.S. tax reform since the Reagan era will be a big drop in the corporate tax rate from 35% to 20%…deep across-the-board tax cuts could at least temporarily drive up the U.S. deficit and debt, lending support to Gold prices…
3. The global Silver market will be in a small supply surplus in 2017 after previously posting a deficit for 4 years in a row, according to the GFMS/Silver Institute interim market review…total Silver supply is forecast to be roughly flat in 2017 at 1 billion ounces, as slightly higher scrap supply and a drop in net de-hedging are expected to offset lower mine production, the report said…global mine output is on pace to reach 869.7 million ounces this year, which would be a year-on-year drop of 2%…this reflects lower production in the first half of the year, with steep declines in Chile and Australia, GFMS said…still, 2017 global production is forecast to be just 3% below the 2015 record…
4. Oil prices are pushing higher today but face the possibility of their first week of losses out of 6, weighed down by apparent Russian hesitation for extending a global pact to cut output and curb oversupply…OPEC, Russia and several other producers have restricted their Oil output since January to prop up prices…the deal expires in March, though many expect it to be extended at the November 30th OPEC meeting. “Russian support for a formalized extension of production cuts at the OPEC meeting appears questionable, even if only to defer the decision to Q1 2018,“ U.S. investment bank Jefferies said…Saudi Arabia has signaled a strong willingness to extend the curbs, which are due to expire in March 2018, with energy minister Khalid al-Falih saying yesterday than an extension is required to continue to reduce the global surplus as “we’re not going to be at the level we want to be which is the 5-year average”…
5. Canada, the climate change crusader, and the U.K. will lead a coalition of 20 countries planning to phase out the use of Coal-fired power by 2030, though a handful of the countries in the group don’t even burn any Coal. “I’m thrilled to see so much global momentum for the transition to clean energy and the move away from Coal power – and this is only the beginning,” boasted Environment and Climate Change Minister Catherine McKenna…she neglected to mention that Coal consumption from the group of 20 comprises just over 2% of total Coal consumed around the world, according to data gleaned from BP Plc. and World Bank…none of the world’s largest Coal-burning countries are members of the coalition…Canada is the world’s 12th-largest Coal producer at 31 million tonnes Oil equivalent but that’s 50 times less than China, the leader, which is followed by the United States, Australia, India and Indonesia…
6. The Dow has dipped 70 points after 30 minutes of trading…Tesla (TSLA, NASDAQ) is pushing higher after J.B. Hunt Transport Services announced this morning that it has reserved “multiple” of the new electric semis just unveiled by Elon Musk the night before. “We believe electric trucks will be most beneficial on local and dray routes, and we look forward to utilizing this new, sustainable technology,” stated John Roberts, President and CEO at J.B. Hunt…in Toronto, the TSX is up 39 points as of 7:00 am Pacific…weaker energy prices pulled Canada’s annual inflation rate lower in October, further distancing it from the Bank of Canada’s target and giving the central bank room to wait until next year to raise interest rates again…Canada’s annual inflation rate fell to 1.4% last month from 1.6% in September…Garibaldi Resources (GGI, TSX-V) was halted pre-market, pending news, likely an exploration update with assays from Nickel Mountain…Datametrex AI (DM, TSX-V) is once again one of the Venture volume leaders in early trading after touching a new intra-day high yesterday of 26 cents…shareholders have approved the merger between Alamos Gold (AGI, TSX) and Richmont Mines (RIC, TSX) with the transaction expected to close on November 23, subject to regulatory approvals…Cannabix Technologies (BLO, CSE), which surged as high as $2.47 earlier this week, has entered into a $3.45 million bought deal with Cormark Securities at $1.15 per unit…
7. Wolfden Resources’ (WLF, TSX-V) Pickett Mountain Property deal has received the blessing of the Venture in a bulletin released this morning…Wolfden has acquired a 100% interest in the property in northern Maine for a cash purchase price of $8.5 million (U.S.)…Pickett Mountain comprises 6,871 acres of timberland and all minerals, mining, subsurface and surface rights owned by the seller, and includes the Pickett Mountain base metal deposit which is known to be one of the highest-grade undeveloped VMS deposits in North America (historical drilling includes 18.7% Zn, 10.3% Pb, 1.6% Cu & 6.7 oz/t Ag over true width of 7.7 m)…the deposit was discovered by Getty Mines in 1979 using a combination of soil surveys, ground surveys and diamond drilling but has not been explored since 1989 due to stringent mining regulations in Maine that have just recently been relaxed by the state legislature…Wolfden plans to begin drilling in the near future with a mineral resource estimate planned for 2018…
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