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1. Gold has traded between $1,319 and $1,327 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,319…China’s net Gold imports via main conduit Hong Kong rose 78.7% in March from the previous month, data showed today…Silver has fallen 4 cents to $16.47…Copper, Nickel and Zinc are also off slightly at $3.14, $6.36 and $1.41, respectively, while Cobalt has slipped to $40.14 per pound…Crude Oil has jumped 25 cents to $68.30…Chevron has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with the state-owned Oil company…output in Venezuela, a member of OPEC, has plunged from almost 2.5 million barrels per day (bpd) to just around 1.5 million bpd due to political and economic turmoil…the U.S. Dollar Index is off slightly at 91.14…it has broken out above 90 this week but faces stiff resistance around 92…research by Chinese geologists suggests that the mountain above North Korea’s main nuclear test site has likely collapsed, rendering it unsafe for further testing and requiring that it be monitored for any leaking radiation…

2. Goldcorp (G, TSX) has reported sharply lower 1st quarter net earnings on higher costs and lower Gold production – news that helps explain why Gold producers in general continue to underperform vs. the metal…Goldcorp says it earned $67 million (U.S.) or 8 cents per share, compared with net earnings of $170 million or 20 cents per share in the same period last year…analysts had expected earnings of 11 cents per share…revenue fell to $846 million from $882 million on Gold production of 590,000 ounces…All-In-Sustaining Costs (AISC) were $810 per ounce compared to $800 per ounce for the 1st quarter of 2017…the company has reconfirmed full year 2018 guidance for Gold production of 2.5 million ounces (+/-5%) at AISC of $800 per ounce (+/-5%)…it says its goal to reach $250 million of sustainable annual efficiencies by the middle of 2018 is on track with $210 million achieved as of the end of Q1…CEO David Garofalo says Goldcorp’s operations met their quarterly targets and its pipeline of growth projects is lining up with its plan to grow production and reserves by 20% while reducing costs by 20% by 2021…Goldcorp is down 52 cents at $17.59 as of 7:00 am Pacific…while Goldcorp disappointed, Newmont Mining (NEM, NYSE) slightly beat Q1 earnings estimates with its numbers this morning…

3. The obstructionist B.C. government will release its much-anticipated pipeline reference case question this morning…Premier John Horgan, Attorney General David Eby and Environment Minister George Heyman are scheduled to speak to the media at 9:15 am Pacific…the Globe and Mail reports that B.C.’s reference case on the transport of heavy Oil across its borders will point to supposed “gaps in science” to justify asserting its authority over the environment when Oil is moved by truck, rail or pipeline…Heyman is quoted as saying, “We’re not sure – and neither is the Royal Society of Canada – that we know everything we need to know to make pipelines safer, particularly when they cross water bodies.”  Of course the existing Trans Mountain pipeline has been operating safely since 1953, and Green Party leader Andrew “Wacky Weaver” just happens to be a “fellow” of the Royal Society of Canada…good grief, when will all this nonsense end???…

4. Appalling – the federal government, in effect, is taking tax dollars from people who are out of work in the energy sector and giving it to people who are trying to block a critical energy project in the national interest…a B.C.-based non-profit group has received federal funding for a job to advocate against the Trans Mountain pipeline expansion…the Dogwood Initiative has a job posting for an organizing assistant who will “work directly with a Dogwood Provincial Organizer and the field organizing team to help our organizing network stop the Kinder Morgan pipeline and tanker project”…the position is funded by the Liberals’ controversial Canada Summer Jobs program…this is either another example of federal government incompetence in handling the energy file, or it’s Trudeau way of straddling both sides of the fence…Kinder Morgan should be asking the Feds, why are you funding opposition to us?…

5. In case you missed this news the other day, as it didn’t fit the general narrative of the Canadian mainstream media, the federal government’s carbon pricing plan is going to put a dent in Canada’s GDP, costing Canadians $10 billion they would have otherwise gained by 2022 (the benefit, of course, is that we will have saved the planet!)…that forecast of a $10 billion loss to the economy comes straight from the Parliamentary Budget Officer’s (PBO) latest report, very credible and damning evidence of how the Feds have messed up on the energy file…the PBO’s report warns that the levy will “generate a headwind” for the economy as the price on carbon is boosted from $10 per tonne this year to $50 per tonne in 2022…while a headwind might be nice on a hot day, in economic terms “headwinds” aren’t a good thing…in this case, it refers to the fact that with a carbon pricing plan in place, the GDP will be 0.5% lower than it would be if the Feds didn’t put in place this new tax…add to that the tens of millions of dollars lost each day due to a lack of pipeline capacity in Canada, and one can see how the economy in this country will significantly underperform vs. the United States (in another development, the federal government has just announced new regulations for methane emissions in the Oil and gas sector that impose much more costly requirements on industry than Alberta’s proposed rules unveiled Tuesday)…

6. The Dow has climbed 119 points through the first 30 minutes of trading…Facebook is up strongly after the company posted better-than-expected earnings and revenue for Q1…the company’s number of daily active users pointed to steady engagement in the platform despite backlash from the Cambridge Analytica debacle…in Toronto, the TSX is up 71 points while the Venture has added 1 point to 785…Zinc One Resources (Z, TSX-V) has strengthened in early trading after announcing high-grade drill results from its Bangara mine project in north-central Peru including 19.8 m grading a whopping 46.8% Zinc…Osisko Gold (OSK, TSX) reported fresh results this morning from infill drilling at the Lynx deposit at Windfall Lake…highlights included 115 g/t Au over 8.4 m in drill hole OSK-W-17–1363…the company will be releasing an updated resource estimate for Windfall Lake next month…these folks should have been paying attention to our Oil charts – a big, bad bet on Oil prices hurt Cenovus Energy (CVE, TSX) as the Oilsands producer posted a massive Q1 net loss thanks in part to a hedging program that the company vows never to repeat…Cenovus hedged 80% of its Oil production in the 1st half of this year to Oil prices that range between $45.30 at the low end and $62.77 per barrel (U.S. dollars) at the high end…by contrast, WTI prices only dipped below $60 U.S. per barrel for 1 week in the middle of February and crossed $68 per barrel this week…Cenovus also blamed its weak financial showing on full pipelines and a lack of spare rail capacity, which pressured prices and forced it to throttle back output…

7. The June 7 Ontario provincial election can’t come soon enough for the exploration/mining sector, the entire Ontario economy, Ontario voters and the rest of Canada for that matter…fresh numbers from Stats Canada demonstrate how the Wynne’s government’s socialist policies have hurt the people it actually claims to be helping…the proportion of Ontarians living in “low-income status” rose a scandalous 26% from 2003 to 2016, according to Stats Canada…no other province comes close to performing that badly…in 2016, the percentage of Ontarians living in low-income exceeded the national average for the 5th straight year…this was despite the fact that in 2003, only 10.9% of Ontarians lived in low-income, well below the national average of 13.2% at the time…Kathleen Wynne – you’re fired…you are economically illiterate and your policies have burdened the province and future generations with crippling debt…it’s time to make Ontario (and Canada) competitive again…

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