BullMarketRun.com

1. Gold, often under pressure going into a Fed meeting, has traded between $1,303 and $1,313 so far today…as of 7:00 am Pacific, bullion is down $9 an ounce at $1,306…April sales of U.S. Mint Eagle Gold coins were the weakest since 2007…Silver has slipped 10 cents to $16.20…Copper, Nickel and Zinc are off slightly at $3.04, $6.20 and $1.40, respectively…Cobalt is unchanged at $40.26…Crude Oil is 84 cents lower at $67.73…U.S. Crude production jumped 260,000 barrels per day (bpd) to a record high of 10.26 million bpd in February, according to fresh data yesterday from the Energy Information Administration…meanwhile, OPEC output has fallen to a 1-year low due to declining production in Venezuela and lower shipments from African producers…the U.S. Dollar Index has jumped nearly two-thirds of a point to 92.41…short-term, the greenback is becoming technically overbought at the same time as Gold is approaching very strong support around $1,300, setting the stage for a reversal in these markets this week as the Fed begins its 2-day meeting today…the Dollar Index has moved above its 200-day moving average (SMA), currently 91.85, for the first time in more than a year, hitting a 3-and-a-half month high versus the euro and moving into positive territory for the year against a basket of major currencies…however, the Dollar Index faces strong resistance near 93 and that’s where it can be expected to react…

2. The Dow has dipped 142 points through the first 30 minutes of trading…Apple is scheduled to report fiscal Q2 earnings and revenue after the close…of the S&P 500 companies that have reported thus far, 79.4% have posted better-than-expected earnings, according to FactSet…in Toronto, the TSX is off 22 points while the Venture has slipped 5 points to 778 as oversold RSI(2) conditions emerge…Pascal Biosciences (PAS, TSX-V) has raised an additional $400,000 through the exercise of 40-cent warrants last week, as disclosed in the company’s latest financial statements…this follows the completion of a $5.1 million financing by Pascal in March, shortly after the company announced it’s the first to identify a mechanism in which cannabinoids may provide a direct benefit in immunotherapy…

3. Marathon Gold (MOZ, TSX) is up in early trading after releasing an updated resource estimate for its Marathon deposit in the Valentine Lake Gold Camp…it’s now officially a multi-million ounce deposit with 2,137,000 ounces in the Measured and Indicated categories (33.4 million tonnes grading 1.93 g/t Au) and 1.1 million ounces in the Inferred category (17.3 million tonnes grading 1.99 g/t Au).  “The Marathon deposit still continues to deliver promising results as it is now double the size of the Leprechaun deposit and remains open to further expansion. The increase in grade and size of the underground material at Marathon is very important for future resource development as is the Sprite drilling in the bog area.  There is an opportunity for resource expansion in both open pit and underground available for Marathon to test before the next economic study,” commented Phillip Walford, President and CEO…

4. Ongoing drilling at Orca Gold’s (ORG, TSX-V) Galat Sufar South (GSS) target at Block 14 in Sudan has further expanded the newly identified Hanging Wall zone in the East pit with 39 m grading 2.52 g/t Au and 20 m grading 2.72 g/t Au in drill holes GSRC740 and GSRC741, respectively…two multi-purpose rigs are currently on site and a third will be added this month…the current program is focused on further developing the East zone pit where a new geological interpretation is being applied…CEO Richard Clark stated, “The ongoing expansion of mineral resources at GSS continues to justify an aggressive drill program.  The discovery of the Hanging Wall  zone supports our new understanding of geological controls at GSS and strongly suggests that other, previously unidentified, targets will be discovered.  We are very excited about this development and look forward to further reporting on the success of our resource expansion program.” 

5. Cypress Development (CYP, TSX-V) resumes trading at 8:30 am Pacific after releasing a maiden resource estimate for its 100%-owned Clayton Valley Lithium Project in Nevada…the total Indicated mineral resource comprises 597 million tonnes at an average grade of 899 ppm (0.09%) Li, which equates to a contained 2.86 million tonnes of Lithium carbonate equivalent (LCE)…the total Inferred resource is 779 million tonnes at an average grade of 888 ppm (0.089%) Li, which = 3.68 million tonnes of LCE…the deposit, which remains open at depth, is outlined by 23 core holes drilled by Cypress during 2017 and 2018…21 of the 23 holes ended in Lithium mineralization…this is being interpreted as a fossil Lithium brine deposit which was uplifted by the faulting above the eastern margin of the current salt playa…the Lithium occurs within a large volume of mudstones, composed of volcanic ash with finer grained clay, carbonate and salt minerals…geologists love resource estimates but investors tend to prefer mystery, which is why there could be a “sell on news” with CYP…

6. As Vancouverities, just 750 miles from the Oil sands, pay more for gas than in any other major Oil-producing nation except Norway, some excellent points by Kate Sims, B.C. director of the Canadian Taxpayers’ Association, in a piece today in the Financial Post:  “When the forced federal carbon tax is set at $50 per tonne in 2022, that means that gasoline will have a carbon tax of 11.63 cents per litre. Will that be enough?  Not according to the Environment Canada bureaucrats who told Environment Minister Catherine McKenna that the country needs a carbon tax of $100 per tonne by 2020 and a tax of $300 per tonne by 2050 to meet the government’s promises under the Paris climate agreement. That would be 23 cents per litre on gas in 2020 and then 70 cents per litre by 2050 – about $50 extra in today’s money to fill up the family sedan.  People need to use Oil and gas. The carbon tax doesn’t make people ‘reduce their use’ of this modern lifeblood, it just costs them a lot of money while not stopping the emissions.  Our economy and our modern way of life depend on Oil and gas.  We use them to run our power stations, till our soil, plant our food, mine our minerals, mill our wood, heat our greenhouses, manufacture all of our goods and haul those goods and food to market.”

7. Ethereum prices took a hit today after a report that regulators are exploring whether it and other cryptocurrencies should be treated like securities…both U.S. commodities and securities watchdogs are questioning whether the same rules for stocks should apply to these digital currencies, according to a Wall Street Journal report this morning…until now, cryptocurrencies have not been drawn into wider crackdowns by the Securities and Exchange Commission this year…the cryptocurrency’s creation in 2014 was “probably an illegal securities sale” in the eyes of some regulators, according to the WSJ piece…Ether, which has a current market cap of about $65 billion market cap, is down 5% at $650 as of 7:00 am Pacific according to data from CoinMarketCap.com…

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