BullMarketRun.com

1. Gold has traded between $1,315 and $1,324 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,320…Gold is trying to bounce off a nearly 5-week low and is set for a decline of more than 1% this week, weighed down by a strong greenback, higher U.S. Treasury yields and easing geopolitical concerns…Silver is off slightly at $16.43…base metals are under some pressure with Copper at $3.07, Nickel at $6.28 and Zinc at $1.41 as of 7:00 am Pacific…Cobalt is steady at $41.14…Crude Oil has climbed 36 cents to $67.83 while the U.S. Dollar Index has added another one-third of a point to 91.87 as it approaches resistance at 92…the leaders of North and South Korea have pledged to jointly eliminate the risk of war and work together to achieve complete denuclearization of the Korean Peninsula…today’s joint statement, from the border truce village of Panmunjom, concluded an historic 1-day bilateral summit aimed at achieving peace between the two adversarial nations for the first time in more than 60 years…the meeting of the Korean leaders was the first in more than a decade…

2. The U.S. economy has experienced its strongest 9-month stretch in a decade, thanks to major regulatory rollbacks and broad based corporate and individual tax cuts…the Commerce Department reported this morning that GDP rose at an annual rate of 2.3% during Q1, better than the consensus estimate of 1.8% to 2.0%…the January-March increase was enough to propel growth over the past year to very close to the 3% goal set by the Trump administration…economists expect Q2 growth to surpass 3%…meanwhile, a measure of overall inflation rose during Q1…the price index for personal consumption expenditures increased at a 2.7% pace, matching the 4th quarter gain…core prices, which exclude food and energy, rose at a 2.5% rate…

3. Another blow to Canada’s struggling Oil and gas sector:  Several Canadian environmental groups including Environmental Defence and the David Suzuki Foundation are cheering the federal government’s new regulations, announced this week, aimed at reducing methane emissions from the Oil and gas sector by close to half…however, Patrick McDonald, director of climate and innovation at the Canadian Association of Petroleum Producers, warned that the regulations are too prescriptive and will make industry less competitive.  “The regulations very much are not reflective of CAPP’s proposal that was issued in October,” he said.  “This new regulation is going to be a significant cost to the industry and as such will have additional impacts on our competitiveness when we’re looking at the global market.” 

4. Canada’s economy will “grind to a halt faster than you can say ‘free trade'” if B.C. gets the regulatory powers it’s seeking under a court reference filed yesterday, Alberta Premier Rachel Notley warns…a defiant British Columbia Premier John Horgan, propped up by Andrew “Wacky” Weaver and the Greens, and sounding like a South American dictator fighting the “evil” foreign profiteers, has followed through with a lawsuit to confirm his province has jurisdiction to restrict an increase in bitumen shipments…nothing is going to solve the Kinder Morgan pipeline problem other than the defeat of the worst provincial government British Columbians have ever been saddled with…Notley says the B.C. regime is trying to exploit a constitutional loophole around the environment to target and harass the $7.4 billion pipeline project…environment is a shared jurisdiction, Notley said, but B.C. has strayed “several miles” beyond the parameters that lay out who controls what.  “The way B.C. is framing this would effectively drive a truck – but not a train or a pipeline, apparently – through that loophole,” she said.  “The resulting consequences would be very, very damaging to our national economy.”  Well, if that’s the case, and we certainly agree that the Green Monster is a threat to not only the B.C. economy but the national economy, then the answer, quite simply, is to topple the NDP-Green coalition which holds a razor-thin majority in the B.C. legislature…the only conceivable way to immediately defeat this reckless, illegitimate government and force a new election is to shut off the Oil taps to the province, causing a major spike in gas and grocery prices that would undoubtedly cause the masses to revolt and slay the Green Monster…recent opinion polls show a majority of British Columbians favor the pipeline expansion…B.C.’ers, already facing the highest gas prices in North America, would not tolerate $2+ per liter gas and higher grocery prices from a socialist government whose Big Lie was that it was going to make life more affordable for British Columbians…

5. The Dow is off 17 points through the first 30 minutes of trading…the NASDAQ is sharply higher, however, up 48 points at 7,167 after Amazon delivered another earnings gem, blowing away Wall Street estimates…the tech-heavy index also got a boost from Microsoft which reported better-than-expected earnings…in Toronto, the TSX is up 18 points while the Venture has added 1 point to 784…Good Life Networks (GOOD, TSX-V) is the big Venture mover in early trading, jumping 8.5 cents to 30 cents after the media/marketing/advertising technology company reported record net income ($1.3 million) and record revenue ($9.7 million, up 278%) for 2017…

6. Nemaska Lithium (NMX, TSX) and Northvolt AB have signed an agreement in principle providing for the supply by the corporation to Northvolt of battery-grade Lithium hydroxide…under the agreement in principle, Northvolt will purchase from Nemaska Lithium, on a take-or-pay basis, up to 5,000 but not less than 3,500 metric tonnes per year of Lithium hydroxide produced at Nemaska’s commercial plant in Shawinigan, for a 5-year supply period commencing upon the start of commercial production at both Shawinigan and Northvolt’s projected Skelleftea factory in Sweden…in connection with this supply of Lithium hydroxide, Northvolt has agreed to deliver to Nemaska a EUR 10M promissory note which, at Nemaska’s option, can be converted into voting shares of Northvolt in connection with the Skelleftea factory funding, or redeemed at cost plus an agreed-upon interest rate.  “We are pleased with this first step in establishing a strategic partnership between Northvolt and Nemaska, as we both share the same vision and values of facilitating access to green energy for the benefit of humanity and pushing the boundaries to do so,” declared Guy Bourassa, President & CEO of Nemaska Lithium…rather than the flowery language about humanity, how about just saying the companies are keenly focused on driving shareholder value and creating new wealth in the rapidly expanding green energy sector?…

7. Copper Mountain Mining’s (CMMC, TSX) adjusted earnings for Q1 were $10.6 million or 8 cents per share, compared to $300,000 and nil per share for the same quarter of 2017…Copper, Gold and Silver production for the 1st quarter at the Copper Mountain mine in southern B.C. was 23.2 million pounds of Copper equivalent which includes 19.9 million pounds of Copper, 6,070 ounces of Gold and 77,900 ounces of Silver…revenue for the period was $78 million…Jim O’Rourke, President and CEO, remarked:  “During the 1st quarter of 2018, the mill throughput averaged 38,800 tpd.  Abnormally high snowfall during the quarter created operating challenges in the pit and resulted in some power supply disruptions.  We remain bullish on the outlook for the Copper market and with our production on target we are well positioned to benefit from a strong Copper price environment.  We continue to focus on cost control and operational improvements to further strengthen the company’s balance sheet.”  Meanwhile, Copper Mountain also announced this morning that O’Rourke is retiring as CEO June 1 and will be replaced by Gil Clausen, currently President and CEO of Brio Gold (BRIO, TSX) which is being acquired by Leagold Mining (LMC, TSX)…Clausen will launch a new growth phase for Copper Mountain which recently acquired 100% of Altona Mining Ltd. which includes $30 million in cash, a permitted development project in Queensland, Australia, and a large mineral land tenure position in a highly prospective area in mining-friendly Queensland…

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