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1. Gold has traded in a narrow range between $1,327 and $1,324 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,330 as of 7:00 am Pacific…as expected, the Fed raised interest rates by 25 basis points yesterday and upgraded its economic outlook, saying that the economy and job gains had been strong in recent months…however, new Fed Chairman Jerome Powell struck a moderate tone in his news conference and the central bank maintained its rate outlook for 2018 with 2 more hikes planned for later this year…the benchmark 10-year Treasury note dropped the most in 6 months this morning…Silver is down 14 cents at $16.41…Copper has slipped 4 pennies to $3.04…Nickel is off 5 cents at $6.02…Zinc is down a penny at $1.47 while Cobalt has jumped nearly $1 a pound to a new decade high of $41.05…Crude Oil, hot in recent days, has retreated 55 cents to $64.62 while the U.S. Dollar Index is flat at 89.64…Republicans control the White House, the Senate and the House, but Washington’s deficits and debt continue to accelerate…Congressional leaders released a massive $1.3 trillion government spending bill (2,200 pages) last night after striking agreement on some major points of contention…lawmakers will now rush to pass the legislation to keep the government running through September by the midnight Friday deadline to avoid the 3rd government shutdown this year…
2. Canada’s federal government remains oblivious to the urgent calls from the Oil and gas industry to address the problem of getting the country’s Oil to market, highlighted of course by the uncertainty around the Kinder Morgan pipeline expansion aggressively opposed by the Green Monster in British Columbia…Cenovus Energy (CVE, TSX) announced this morning that it has been operating its Oil sands facilities at reduced production rates and is storing excess barrels in its reservoirs in response to wider-than-normal light-heavy price differentials and recent pipeline capacity constraints as well as the slow pace of the ramp-up in Crude-by-rail export capacity in Alberta. “We’re taking steps to respond to a critical shortage of export pipeline capacity in Western Canada that is beyond our control and is having a negative impact on our industry and the broader Canadian economy,” stated President and CEO Alex Pourbaix. “These transportation challenges faced by our industry clearly demonstrate the urgent need for approved pipeline projects in Canada to proceed as soon as possible.” Let’s not hold our collective breaths…
3. First Quantum Minerals (FM, TSX) has declined as much as 23% this week as a wave of African tax hikes continues to engulf some of Canada’s mining companies…Zambian authorities have told First Quantum to pay an extra $8 billion (U.S.) in taxes and penalties for allegedly failing to pay proper duties on imported supplies over the past 5 years, news that sent the stock tumbling to an intra-day low of $16.32 yesterday…First Quantum boss Philip Pascall admitted yesterday that he had been blindsided by the shock announcement…the amount of First Quantum’s tax bill is huge – larger than Zambia’s entire annual government budget…on a hastily arranged morning conference call, Pascall rejected the $7.9-billion figure – more than two-thirds of the company’s market capitalization…however, he declined to describe the worst-case scenario for the Copper producer which derived 83.5% of its revenue in 2017 from 4 mines in Zambia and is hoping to develop a 3rd mine in the country…the Zambian government has likely thrown an outrageous number at First Quantum as a negotiating ploy, but the fact remains that this is yet another example of jurisdictional risk for resource companies which is a growing problem not just in Africa but throughout the world…
4. The Dow has tumbled 271 points after the first 30 minutes of trading…markets are throwing a tariff tantrum again as President Trump gets tough on China…the President is scheduled to make an announcement later this morning on tariffs and investment restrictions aimed at China and designed to get Beijing to halt practices that violate U.S. intellectual property rights (tariffs are expected to be placed on about $60 billion worth of Chinese goods coming to the U.S., just over 10% of all Chinese goods exported to America)…the U.S. is also expected to announce it would sue China at the World Trade Organization for trade law violations…in Toronto, the TSX has fallen 148 points…Eldorado Gold (ELD, TSX) continues to plummet after reporting a 4th quarter net loss of $20.7 million…Royal Nickel (RNX, TSX) is putting its Beta Hunt Gold and Nickel mine in Western Australia on the auction block in favor of focusing on development of its Dumont Nickel-Cobalt Project in Quebec, a low-grade deposit with significant potential recovery issues the company is touting as “one of the few large-scale, shovel-ready projects positioned to deliver large quantities of Nickel and Cobalt to market in the next few years”…some geologists claim it’s the largest asbestos deposit in the world…the Venture is off 7 points at 824 through the first 30 minutes of trading, weighed down by a drop in Cronos Group (CRON, TSX-V, CRON, NASDAQ) which has announced a $100 million bought deal financing at $9.60 per share…Pascal Biosciences (PAS, TSX-V) continues to trade briskly, up half a penny at 49 cents after 3.4 million shares changed hands yesterday…the stock has broken out above a symmetrical triangle that formed during the recent financing period ($5.2 million was raised at 40 cents)…an $8.9 million program has been approved by Dolly Varden Silver’s (DV, TSX-V) board of directors for the 2018 exploration season…the largest expenditure will be for diamond drilling of approximately 25,000 m in 60 to 75 drill holes…President and CEO Gary Cope stated, “The 2018 exploration program will be larger than last year’s program and is divided 80% for mineral resource purposes and 20% for exploration in this highly prospective mineral camp”…
5. Three days, three straight news releases from Snipp Interactive (SPN, TSX-V) which is rubbing shoulders with as many cannabis companies as possible…it seems to be working as SPN jumped as high as 19 cents yesterday on total volume (all exchanges) of 15.5 million shares…this morning, Snipp remains active after announcing that Avana Canada, one of only 4 companies awarded a license to operate recreational cannabis retail outlets in Manitoba, has joined Snipp’s “Cannabis Marketing Research Centre”…a global loyalty and promotions company that develops “disruptive” engagement platforms, Snipp is in the process of wrapping up a $2.5 million financing at 10 cents…two tranches of that PP have already closed…the stock is up a penny at 16 cents as of 7:00 am Pacific…
6. A deep targeted infill drill hole at the Marathon Gold deposit in central Newfoundland has returned one of the thickest and highest-grade Gold intervals to date within that deposit…MA-18–282 cut 18.7 g/t Au over 13 m (from 473 m to 486 m) including 70.7 g/t over 2 m, demonstrating good high-grade potential at depth where not a lot of holes have been drilled yet…Marathon Gold (MOZ, TSX) says this new mineralization, as well as Gold found in other new drill holes, is expected to add significant ounces to the next resource update…the company says a PEA remains on schedule for release by mid-May…
7. Corvus Gold (KOR, TSX), one of the best performing Gold stocks this year, reported more high-grade results this morning from its Mother Lode Project in Nevada…drill hole Hole ML18–049, which cut 7.6 m grading 21.8 g/t Au, represents the highest-grade intercept drilled to date in the Mother Lode system as a new high-grade area continues to be defined in the eastern part of the deposit…results to date from the East zone have now outlined a system at least 400 m long running northwest from the eastern edge of the historic pit and hosted in the favorable Tertiary sedimentary rock package…the area remains open to the north and east and will be followed up with additional step-out holes…KOR is up slightly at $1.98 as of 7:00 am Pacific…
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Why does it seem like people are throwing in the towel on CCW? 35 cents seems like a huge buying opportunity to me. Thanks to whoever is selling. Jon and John and Daniel are you guys buying more in this area or holding what you have?
Comment by tycoon777 — March 22, 2018 @ 9:01 am
FM – as much as they should be taking a position in BC triangle for their future, I doubt they have the ability to get the cash together after this new mess
Comment by David — March 22, 2018 @ 9:47 am
DOS.v might have a discovery “DIOS HITS MINERALIZED ZONES BY DRILLING FOLDED MAGNETIC TONALITE HORIZONS FITTING WITH CHARGEABILITY ANOMALIES ON AU33 GOLD PROJECT” any comments
Comment by Large — March 22, 2018 @ 10:45 am
FYI ….. I’ve bailed out already …. took advantage of the News Day and departed with a tiny gain !!! Like my chances much better with PAS ( .42 ) and GGI ( 2.62 ) Water is a huge problem , quote me if I’m wrong please ! Farmer T Who is married to his wife but does not get married to Stocks !!
Comment by farmer — March 22, 2018 @ 11:11 am
BMR, are you a bit surprised to see AIS come down to about the 40 cent level? I know we certainly had a solid push up last week from 30 cents. I know day-to-day stuff can get tedious but nice to “try” to understand what’s going on. Seems like a tough market for a lot of things in general these days.
Comment by flyinthruu — March 22, 2018 @ 11:33 am
Tycoon777, I would say you’re focused too much on the hour to hour, day-to-day trading and not looking at the bigger picture with CCW…first off, the stock is up 6-fold since the beginning of 2017, and that alone puts it in a rather elite category on the Venture…second, trading now remains solidly within the parameters of the overall uptrend since the start of last year…initial major resistance at 30 cents in 2017 was an obstacle and the stock experienced a normal correction down to support at 15 cents to unwind temporarily overbought conditions…that’s when it started its next upleg which carried it through the 30-cent barrier and right to next major resistance in the mid-50’s…then another pullback…there’s superb support at last year’s resistance which is also the rising 200-day EMA…the third leg, which has several potential triggers, should drive this through the mid-50’s resistance to the next major area John has identified which is in the mid-80’s…so the pattern is very clear…primary trend has been bullish since the start of 2017 and within this primary trend you’re going to have periods of strength and periods of weakness…importantly, the fundamentals are stronger than they’ve ever been with this play, and the share structure remains very positive unlike what’s occurred with other stocks in the district…a key driver is certainly going to be the underground drilling…I’ve been adding some more on weakness recently and I’m confident that third leg up isn’t far off…
Comment by Jon - BMR — March 22, 2018 @ 11:33 am
please sell more to credential on ais……..thanks for the cheap ones!!!
Comment by Gregory — March 22, 2018 @ 12:36 pm
mkt down 750. not a lotta fans of trade wars. the lower highs on the DOW suggests its going lower overall and kills spec money for a bit.
Comment by David — March 22, 2018 @ 12:47 pm
Sale has begun on CLM ……… nice to have cash on hand to pick up some more cheap GGI !!!! Once again have to sell-off some others that have gone AWOL ….. Narrowing it down now to GGI and PAS and still hanging on with GGM .. Farmer Tom
Comment by farmer — March 22, 2018 @ 2:44 pm
The market hates uncertainty more than anything and despite some of the positives Trump brings to the market (ie. lower taxes), he also brings a lot of uncertainty, you never know what he is going to do next. It does make for interesting trading opportunities.
Comment by Danny — March 22, 2018 @ 3:35 pm
Will be looking for more ais in the mid 30s. Crazy selling on ais, relentlessl!!! What is BMRs take on it??
Comment by Gregory — March 22, 2018 @ 5:15 pm
I’ll bet that if gender neutral pronouns could be shipped by pipeline our politically correct social justice moron of a Prime Minister would be permitting pipelines left and right.
Subscriber John
Comment by John — March 22, 2018 @ 6:27 pm
Yes you got that right John. It is ridiculous what Trudeau is doing to our country. But amazingly a lot of people still don’t see it.
Comment by Dwight — March 22, 2018 @ 7:59 pm
Cobalt surges, now above $43. $50 here we come.
Comment by Jon -BMR — March 22, 2018 @ 8:06 pm
When do people think we will hear from Frank about drilling? CCW could benefit hugely from a high cobalt price and additional drill results. More interest heading CCW ‘s way me thinks…..
Tycoon777
Comment by Tycoon777 — March 22, 2018 @ 9:31 pm
Clm has been a little bit disappointing. The company doesn’t let news surprise new buyers they tell anyone an everyone then release news everyone knows. I sold today should have sold above a dollar but thought it would move on the hype and bmr suggestion. I’ll see to get back in in the 60’s
Comment by Rosscoe — March 22, 2018 @ 10:21 pm
IMHO Rosscoe, market is tougher this year. Maybe not as much money interested in playing the game.
Comment by flyinthruu — March 23, 2018 @ 5:01 am
The market is hungry for new discoveries, flyinthru, which is a huge advantage for the small pool of companies with a real shot, and Nickel, Cobalt, Copper, Zinc are certainly on the favored list…we’ll likely see fresh interest in Gold stocks at some point this year, especially if bullion gets to $1,400…looking good today…
Comment by Jon - BMR — March 23, 2018 @ 6:19 am
Problem with so many Stocks this year and especially the early part of 2018 are the number of Companies having to deal with CHEAP PAPER !!!! AIS was the latest victim on the List of BMR Stocks discussed, and now CLM is facing the same problem. For those in PP’s going past 6 months, it’s been great …. lots of Profits !! For those buying in just recently, it’s been loss after loss. This List is longggggg. Just look at WLF DM FTEC CYX CCW AIS ………….. now CLM has an issue …. an issue of cheap paper coming due !! Farmer T
Comment by farmer — March 23, 2018 @ 6:25 am
Hi Dwight,
Let’s hope Ontario voters “see it” this June when they have a chance to kick out the provincial Liberals who are kissing cousins of the federal liberals. A win in Ontario will be the first shot across the bow in the battle to take our country back.
Subscriber John
Comment by John — March 23, 2018 @ 6:26 am
Hey Jon, didn’t it seem like money flowed a bit more free last year? Perhaps I am incorrect. Seems like the market has snoozed to gold that’s for sure!
Comment by flyinthruu — March 23, 2018 @ 6:28 am
I agree, John, and what’s going to unfold in Ontario (Wynne is done) is going to be a huge boost for the mining and exploration sector in that province…keep that in mind, and that will help take our country back…
Comment by Jon - BMR — March 23, 2018 @ 6:35 am
Hey farmer, let’s not forget IMR…..tanking big time?
Comment by Gregory — March 23, 2018 @ 6:41 am
Great News for GGI SH’s. Got the wind to our backs again thanks to u know who According to insider reporting.. and the buying is above 2.50, maybe the new ffloor. Actaually I think 3.15 is the real floor, where last pp was done.
Comment by Donald — March 23, 2018 @ 6:41 am
wynne(liberals) were done, long enough in power to make people want a change, any change. a paper bag could have won. what threw a wrinkle into who to vote for is Doug. best to keep his leash short. if he talks too much, could end up shuffling votes to other places. we will see
Comment by david — March 23, 2018 @ 6:45 am
Yayyyy …. Weed stocks on the march again ….. not enough Conservatives in the Senate to make a difference. Weed issue going ahead in Canada, after yesterday’s Vote !!!! HIP and the rest strong today !! Farmer T
Comment by farmer — March 23, 2018 @ 7:42 am
Jon GGI has been back in Mexico for the winter…2.5months supposedly drilling and other good stuff
But not any news or even rumours. Can you bring us up to date
Thanks
Carver
Comment by carver — March 23, 2018 @ 7:52 am
better get your ridiculously cheap AIS shares $100k bid on .40s…..The ask is about to get slapped!!
Comment by Gregory — March 23, 2018 @ 8:13 am
BMR – is that what is going on with IMR? Cheap paper coming out? Can you please provide an update on this one, I thought there was a site visit report coming out.
Comment by Simon — March 23, 2018 @ 8:33 am
There was an IMR PP in December last year, Simon, but it was kept small at about $400,000 at 6 cents and much of it was kept within a tight group…yes, we are doing a site visit soon, but multiple factors play into that and we’re just waiting to confirm the most convenient time to be up there…patience, as always!…yes, the stock is off a little bit but on low volume and has great support around current levels…Gold prices are also moving higher and the likelihood of a new govt. in June should be a big boost for the Ontario mining/exploration sector…
Comment by Jon - BMR — March 23, 2018 @ 8:41 am