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1. Gold has hit a new 4.5-month high, trading between $1,356 and $1,367 so far today…as of 7:00 am Pacific, bullion is flat at $1,358…Silver is off slightly at $17.50…on the base metal front, the big story is Nickel which is now above $6 a pound for the first time in 3 years…significantly, Nickel is breaking out above a long-term downtrend line going back to 2011 which implies the possibility of a very strong run this year after a turnaround in 2017…Nickel pushed as high as $6.21 this morning and is currently up 6 cents at $6.11…Copper and Zinc are steady at $3.22 and $1.58, respectively…Crude Oil is 13 cents higher at $64.60…Brent Crude hit $71 a barrel today for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. Crude inventories and a weaker greenback…in a further sign the glut is clearing, U.S. Crude inventories have fallen for a record 10th straight week to the lowest since February 2015…the specter of growing output of U.S. shale Oil is being offset by multiple bullish factors including global demand that’s stronger than most analysts expected…the U.S. Dollar Index is trying to stabilize, off just slightly at 89.03 after hitting its lowest level since December 2014…

2. The European Central Bank did the expected today and left interest rates unchanged, suggesting they will remain at current levels for an “extended period of time”…however, the euro is pushing higher…traders have noted that despite comments from ECB President Mario Draghi today, easy monetary policy in the region is likely coming to an end…the euro zone is seeing its best economic growth in a decade, leading economists and policymakers to upwardly revise their economic forecasts for several major European countries…late last year, the ECB increased its growth forecast for 2018 to 2.3%, up from 1.8% previously…this is all very positive for the metals space…

3. U.S. equity markets are at their most technically “overbought” levels since Bill Clinton was President, but that may actually be a good thing…the S&P 500’s 14-month relative strength index (RSI) has surpassed 87 for the first time in nearly 22 years, a fact pointed out by Ari Wald, head of technical analysis at Oppenheimer…that’s a level it has reached only 1% of the time since 1930 – the other periods in which the measure moved that high were in 1996, 1986 and 1955, three of the strongest bull markets in history…in 1996, the RSI hit 87 in June – from there to the market peak, the S&P 500 rose 128%…a decade earlier, the RSI reached similar levels and the S&P 500 proceeded to gain roughly 50% through to the bull market’s high…going further back, in 1955, the RSI peaked at 88 in July and gained around 15% through to the top of its bullish stretch…

4. U.S. markets are on track for new record highs again today…the Dow is up 26 points through the first 30 minutes of trading…positive earnings reports continue to underpin equities…in Toronto, the TSX has slipped 52 points while the Venture is off 6 at 888…iMetal Resources (IMR, TSX-V) reported this morning that it continues to find high-grade mineralization (Gold and Copper) in surface sampling over wide sections at its Gowganda West Project, contiguous to Tahoe Resources‘ (THO, TSX) 4 million ounce Juby deposit in northern Ontario…IMR is proceeding quickly toward first-ever drilling…on the CSE, Global Blockchain (BLOC, CSE) has been halted, pending news, while a stock starting to come to life this week has been Torino Power Solutions (TPS, CSE) which is making headway with its power line monitoring technology for utilities and other infrastructure entities…

5. Garibaldi Resources (GGI, TSX-V) has reported more high-grade Nickel-Copper results this morning from its massive sulphide discovery at Nickel Mountain in the heart of the Eskay Camp…of particular importance, however, is a new geophysical discovery of apparent greater magnitude than the one that helped lead geologists to Discovery Hole EL-17-14 (8.3% Nickel and 4.2% Copper over 16.75 m within a broader 40.4-m interval highlighted by 3.9% Nickel and 2.3% Copper plus Palladium, Platinum, Cobalt, Gold and Silver)…two “unusually strong conductive zones” – essentially “super” conductors greater than 10,000 Siemens – have been identified, interpreted to represent massive sulphides over broad areas at depth immediately below EL-17–14 and south of the historic deposit adjacent to the east…an aggressive, fully-funded 2018 exploration and drilling program resumes this quarter…”HC2” south of the historic deposit and trending SW-NE may have implications for neighbor Metallis Resources (MTS, TSX-V)…according to Dr. Peter Lightfoot, one of the world’s premier Nickel sulphide experts, Nickel Mountain is producing some of the highest Nickel grades recorded in magmatic sulphide ore deposits on a global basis.  “The depth and lateral extent of Nickel-Copper-rich sulphide mineralization in the discovery and northwest zones is entirely open, creating a compelling combination of high grades and potential scale with this unique Eskay Camp system. A major expansion of drilling will be guided by an enhanced geological understanding and proof of concept with geophysics,” Lightfoot stated…

6. ML Gold (MLG, TSX-V) has mobilized a geophysics crew to its Stars Project near the Huckleberry mine in central British Columbia…the primary focus of the geophysics program will be to collect detailed airborne magnetic data around recently drilled hole 4 which intersected significant visible chalcopyrite mineralization over 300 m (assays pending)…recent drilling has discovered the presence of a large Copper zone within a porphyry system occurring in host rocks similar to those associated with the Huckleberry mine to the south…drill targeting to date has been primarily focused on IP chargeability and resistivity anomalies…these IP anomalies appear to be associated with a large propylitic halo typified by pyrite mineralization…recent developments, based on ML Gold’s preliminary drilling observations, have shown that there is a Copper-rich zone within one of the highest chargeable areas, surrounded by a large pyrite halo…currently there are no distinctions in the chargeability signature between chalcopyrite, pyrite and the different rock types, as the high chargeability anomaly extends across all…the detailed airborne magnetic survey will greatly assist in follow-up drilling around hole 4 which is anticipated to begin early next month…

7. Canada and Australia may be more connected than scientists ever imagined…new research from Australia’s Curtin University reveals that, about 1.7 billion years ago, part of northern Australia may have once been part of Canada…the study, published in the journal Geology,  found that rocks in Georgetown, Australia bear a striking resemblance to rocks found in modern-day Canada, and the rocks are not found anywhere else in Australia…Adam Nordsvan, the PhD student behind the research, said the report reveals a previously unknown story behind Nuna, an ancient supercontinent that once included Greenland, India, North China and part of West Africa…researchers say a chunk of northern Australia was once physically connected to part of northwestern Canada…the proof, researchers say, is that the distinct sedimentary rocks that both regions share…the two pieces of land eventually separated, and after about 100 million years, the small piece of Aussie land collided with part of northern Australia, becoming a permanent part of the continent…this theory has been floated before but the new research provides strong new evidence of the ancient link…

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