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1. Gold has traded between $1,332 and $1,339 so far today…as of 7:00 am Pacific, bullion is down $2 an ounce at $1,336…the price of Gold has climbed about 8% since mid-December, helped by a weakening of the dollar to a 3-year low against a basket of major currencies…the yellow metal is eyeing key resistance at $1,350…Silver is off 5 cents at $17.13…it has Fib. resistance at $17.28 on the short-term chart (followed by resistance at the October $17.59 high) but the overall technical pattern is constructive with the 200-day moving average (SMA) acting as support around $17…Copper has slid 2 pennies to $3.17…Nickel has retreated another 7 cents to $5.61 while Cobalt has pushed to a new decade high of $35.61, up $1.36 a pound…Crude Oil is off 13 cents at $63.60 while the U.S. Dollar Index has rallied nearly one-third of a point to 90.69 but remains vulnerable to a further slide…
2. HSBC’s latest outlook on Silver: “After years of weakness, industrial demand is rebounding, led by photovoltaic and electronic offtake…HSBC’s economists forecast positive global industrial growth, which should further boost Silver offtake…tighter supply/demand balances are an important factor in our outlook…plenty of room for both to rebuild, notably net long positions…investor coin and bar demand remains very weak, but should recover from low levels…strong gains in equity markets, receding geopolitical risks, and reduced investor interest in hard assets undercut Silver demand (in 2017)…weak jewelry demand and plunging bar and coin offtake further weighed on Silver.”
3. Stock market optimism among professional investors just keeps on surging, and is now at the highest level in more than 3 decades since April 1986…bullishness is now at 66.7% in the latest Investors Intelligence survey, a widely followed gauge of sentiment among investment newsletter authors…meanwhile, the January Bank of America Merill Lynch Fund Managers Survey, another gauge of professional investors’ sentiment, shows cash levels at a 5-year low, allocations to stocks at a 2-year high and the overweight ratio of stocks to government bonds at its highest since August 2014…
4. Cryptocurrencies have taken another beating on continued talk of tougher regulation…below $10,000 (U.S.) for the first time since November, a drop of 15% in the past 24 hours (that’s $30 billion in market value) for a 50% correction since last month’s all-time record high of $19,343….meanwhile, Etherum and Ripple – the 2nd and 3rd-biggest digital assets, respectively – also continue to move lower, along with almost every other cryptocurrency. “We have very fast-moving weather systems in the crypto world,” Charles Hayter, chief executive of research firm CryptoCompare, told the Wall Street Journal. “One moment it’s absolute exuberance, and then it’s pure fear and panic, running for the exits. It’s quite interesting. This is what you’d expect in a nascent market with a lot of misinformation.”
5. After a volatile session yesterday, the Dow is up 102 points through the first 30 minutes of trading…Goldman Sachs posted its first quarterly loss in 6 years, thanks to a dismal showing by its trading unit…in Toronto, the TSX is 19 points higher despite a quarter point interest rate hike from the Bank of Canada…the central bank’s target for the overnight rate now sits at 1.25%…the change is expected to prompt Canada’s large banks to raise their prime lending rates, a move that will drive up the cost of variable-rate mortgages and other variable-interest rate loans…the Venture has edged up a point to 889, though there is some weakness across the tech sector while marijuana plays have quieted down temporarily…it’s a good time for the resource side, which constitutes just over 60% of the Index, to pick up some of the slack…
6. Arizona Mining (AZ, TSX) has pushed higher in early trading following the release of a significantly enhanced, updated Preliminary Economic Assessment (PEA) and mineral resource estimate for its 100%-owned Taylor Zinc-Lead-Silver sulphide deposit (Hermosa Project) in Arizona…based on the updated study, showing a 29-year mine life and a 1.7-year payback period, the company continues to target first mineralized material to plant from a proposed 10,000-ton-per-day (tpd) operation in 2020…the after-tax IRR has jumped from 42% to 48%…pre-production capex of $519 million is a 14% increase from the previous PEA but will allow for accessing higher-grade material up-front in the mine plan which provides a substantial benefit to overall project economics. Jim Gowans, President and CEO, stated: “As part of the PEA update, we completed an additional 71,000 m of drilling in 2017 from March to November, which led to a 39% increase in measured and indicated mineral resources, and essentially maintained the Zinc equivalent grade. That tells us we have yet to identify the outer limits of the deposit – this is what excites me most about the project.”
7. Kirkland Lake Gold (KL, TSX), coming off a stellar 2017 which included a 170% share price gain, provided bullish full-year guidance this morning for 2018…management sees increased production, improved unit costs, and higher levels of capital and exploration expenditures in support of the company’s objective of growing annual Gold production over the next 5 to 7 years to approximately 1 million ounces…for 2018, KL expects production growth to over 620,000 ounces at all-in-sustaining costs averaging $750 to $800 (U.S.) per ounce…in Canada, the company’s exploration drilling will be mainly focused on continuing to extend the South mine complex at Macassa and expanding Gold mineralization at Taylor…
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Excellent commentary by Edward Vranic:
Fintech Select Ltd. (OTC:OTC:SLXXF) (FTEC.V): Thanks to FTEC’s recent drop in price, it is a smaller position in my portfolio than PKK. But I have bought back all the shares that I sold into strength when it was heading towards $0.60 and then some. The Selectcoin website now shows 18 point-of-sale locations for bitcoin and the company is still on track to release thousands in the coming months assuming all goes well. I think this story will eventually become a media darling, along with a stock price to show for it.
I think FTEC is a winner, though not without its risks. Read my article “Selectcoin: Don’t Invest In Bitcoin; Invest In Bitcoin Infrastructure” to gain a good understanding of the risks and opportunities of this speculative investment.
Comment by Raffi14 — January 17, 2018 @ 12:23 pm
Dow Jones up over 300 Points I just heard !!! Venture must have been scalped today ……. thank goodness GGI eked out a slight gain ….. that will offset losses on most of ” our holdings ” today !! AIS continues to fight to stay above a dollar and the DM’s and CYX’s and FTEC’s continue to feel the pressure of the Crypto Battles …… fortunately ITT hung in there quite nicely, otherwise it would have been a totally miserable day !! Farmer Tom
Comment by jerseyman2 — January 17, 2018 @ 1:08 pm
Any thoughts on the big walls being put up on DM and the price being slowly walked down? I am just trying to learn and understand these type of tactics. Thanks in advance
Comment by Milo — January 17, 2018 @ 2:34 pm
Wish I could help Milo, but really it’s down to who’s got control of the paper !! Options, warrants, PP’s , President’s Shares ….. there’s so much ” paper ” out there and then of course there’s that ” other Market ” , that being the Short Market. Playing both sides of the Market is the way to go, as long as you’ve got nerves of steel and absolutely little or no conscience ( imho ) Personally I do not believe in Shorting Stocks, however it’s with us and seems to be getting more attention than ever before. Tides come in and Tides go out every day …… some people buy big and sell as their investment goes up in value …… others Trade for pennies and ” stay single ” . I kinda get married a bit to my Favs and kinda hope they just keep on ticking ….. hope this helps ….. Farmer T
Comment by farmer — January 17, 2018 @ 5:11 pm
iMetal Resources grants options for two million shares
2018-01-17 19:18 ET – News Release
Mr. Brian Fagan reports
iMetal Resources Inc. has granted a total of two million incentive stock options to directors, officers and consultants at an exercise price of 15 cents per share for a period of five years.
This transaction is subject to final acceptance by the TSX Venture Exchange.
© 2018 Canjex Publishing Ltd. All rights reserved.
Comment by Dan1 — January 17, 2018 @ 6:15 pm
Jon, Any info regarding ais recent drop? I know its probaly just correcting itself and some profit taking but looking for maybe a better answer. Thanks.
Comment by Shelly — January 17, 2018 @ 6:31 pm
Helps put new floor under share price; further solidifies chart support between $30 – $28…
CANOPY GROWTH CORPORATION ANNOUNCES $175 MILLION BOUGHT DEAL FINANCING
Canopy Growth Corp. has entered into an agreement with a syndicate of underwriters co-led by GMP Securities LP and BMO Capital Markets as joint bookrunners, pursuant to which the underwriters have agreed to purchase, on a bought-deal basis pursuant to the filing of a short-form prospectus, 5.06 million common shares of the corporation at a price of $34.60 per common share for aggregate gross proceeds to Canopy Growth of $175,076,000.
The corporation has agreed to grant the underwriters an overallotment option to purchase up to an additional 759,000 common shares at the offering price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the offering.
The common shares will be offered by way of a short-form prospectus to be filed in all provinces of Canada (except Quebec). The company intends to use the net proceeds from the offering for capital expenditures for capacity expansion, working capital and general corporate requirements. The offering is expected to close on Feb. 7, 2018, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.
About Canopy Growth Corp.
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and soft gel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
We seek Safe Harbor.
Comment by Jon - BMR — January 17, 2018 @ 7:15 pm
Thanks for the response farmer!!! Every bit of info helps!
Comment by Milo — January 17, 2018 @ 7:55 pm
Do you see a correlation when the big LPs such as WEED ACB and APH get big news the whole market moves?
Comment by Shelly — January 17, 2018 @ 8:04 pm
Fundamentals haven’t changed one bit on AIS, Shelly…just a normal technical correction consistent with the other 3 that have occurred since November…AIS has a very advanced situation on the Lithium side, still highly undervalued vs. its peers considering the mass chemistry and process engineering is already complete at Guayatayoc where they’re eying an 8,000-10,000 plant…drilling to come but full Lithium carbonate sample production already underway…came off the NEX board just 2 months ago…a lot of new eyes yet to look at this – when they do, the action will really start…big move already from 20 cents to nearly $1.50…much more to come IMHO…
Comment by Jon - BMR — January 17, 2018 @ 8:15 pm
They’re the leaders in the space, Shelly, of course…
Comment by Jon - BMR — January 17, 2018 @ 8:19 pm
Jon, MMs trying to accumulate and keep CSR below $0.50?
Comment by flyinthruu — January 18, 2018 @ 5:52 am
Two important clues from recent news, flyinthru…CSR is expanding its underground Cobalt program and of course there’s a name change coming which can only be beneficial…lots on the way over the coming days and weeks, so these levels won’t last much longer IMHO…
Comment by Jon - BMR — January 18, 2018 @ 6:24 am
Agree. Judging my the solid move from the low 30s with ZERO official news. Figured MMs would try to keep it around here while they accumulate and then let it fly shortly.
Comment by flyinthruu — January 18, 2018 @ 6:29 am
BTW, I loaded up in the low 30s so just hanging tight and watching….
Comment by flyinthruu — January 18, 2018 @ 6:30 am
Jon, in regards to BLO via their website: Cannabix Technologies is working with the Yost Research Group at the University of Florida to develop a cutting edge breath detection device based upon high-field ion mobility and mass spectrometry. In particular, Cannabix has an exclusive worldwide license of University of Florida US Patent 8,237,118 in the area of breath analysis of controlled substances.
Do you know how long this exclusive worldwide license lasts for? Do you see a good entry-point coming? I missed the first jump weeks ago as I was in other areas but I see the value here…
Comment by flyinthruu — January 18, 2018 @ 6:39 am