Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded in a relatively tight range between $1,301 and $1,308 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,303…the yellow metal enjoyed its best session yesterday since April 2 as it reclaimed the $1,300 level after the U.S.-North Korea summit was cancelled…important nearest resistance is $1,305-$1,306…in Canadian dollar terms, Gold is trading around $1,680, having bounced off exceptional support just below $1,660 at an uptrend line that has held for several years…Silver is down 11 cents at $16.53…Copper, Nickel and Zinc have all pulled back slightly to $3.09, $6.64 and $1.37, respectively, while Cobalt is steady at $41.50…Crude Oil is getting hit again today, down $2 a barrel to $68.71, while the U.S. Dollar Index has jumped half a point to 94.23…new orders for key U.S.-made capital goods increased more than expected in April and shipments rebounded, suggesting business spending on equipment was picking up after slowing down at the end of the 1st quarter…
2. The rate on the benchmark 10-year Treasury note has fallen roughly 15 basis points since Monday, another reason why Gold has firmed up…the 10-year yield is hovering around 2.93% this morning…the Federal Reserve’s May meeting minutes released this week showed the central bank is willing to let inflation run a little hotter than its 2% goal, at least for a limited time…
3. The Crude Oil market is under pressure again today after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014…Russian Energy Minister Alexander Novak and Saudi counterpart Khalid al-Falih met in St. Petersburg to review the terms of the global Oil supply pact that has been in place for 17 months…the ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), according to Reuters…that’s not likely to alter the primary trend in Oil prices, however, as the technical and fundamental underpinnings continue to heavily favor the bulls, and the Saudis have a vested interest in keeping prices firm given the upcoming biggest IPO in history when they sell a portion of their state-owned Oil firm…
4. The Dow has slipped 66 points as of 7:00 am Pacific…in Toronto, the TSX is 28 points lower while the Venture has retreated 2 points to 778…Canada Cobalt (CCW, TSX-V) is up another penny at 35 cents in early trading…activity at the company’s 100%-owned Castle mine in the Northern Ontario Cobalt Camp is intense as crews carry out several initiatives including final preparations for an imminent underground drill program targeting high-grade Cobalt – a “first” in Canada during the new “Cobalt era”…this is a game-changer for CCW and perhaps the district…high-grade Silver has been pulled out of the Castle mine since the early 1900’s but Cobalt was never a focus of historical exploration or production…more from the Cobalt Camp over the weekend at BMR…Datametrex AI (DM, TSX-V) is this morning’s volume leader on the Venture despite being halted 8 minutes into trading (see below)…
5. Datametrex AI (DM, TSX-V) announced this morning that it has received its first order from a division of Hyundai Corp. and the company has initiated the delivery of its solutions. “This is the result of months of meetings and negotiations,” stated DM CEO and Chairman Andrew Ryu. “I am thrilled that our team secured this initial contract with Hyundai. We remain in discussions with other divisions and look forward to providing our solutions across more of their business units.” Datametrex has exposure to 4 verticals: big data (collecting data from retail point-of-sale environments); artificial intelligence and machine learning through its wholly-owned subsidiary, Nexalogy; implementing blockchain technology for secure data transfers through its joint venture company, Graph Blockchain, and industrial-scale cryptocurrency mining through its wholly owned subsidiary, Ronin Blockchain…DM jumped as high as 13.5 cents within the first minutes of trading on heavy volume, after yesterday’s 9.5-cent close, and at 6:38 am Pacific the stock was halted…regulators may ask for more specifics regarding the deal with Hyundai…
6. Kinder Morgan has now won 16 consecutive court challenges to its Trans Mountain Pipeline project, yet the obstructionist B.C. government remains relentless in its attempt to block the already approved extension…the Supreme Court of British Columbia threw out 2 challenges yesterday against the previous B.C. government’s environmental approvals for the $7.4-billion project, dismissing applications by the City of Vancouver and the Squamish Nation to overturn environmental certificates…in a decisive victory for the company, Justice Christopher Grauer ruled that Vancouver would need to pay Kinder Morgan unspecified legal costs…Alberta Premier Rachel Notley stated, “While other decisions remain before the courts, the record in the courts of (Trans Mountain) proponents is promising. This pipeline is unlike any other in that it has been rigorously reviewed, meaningful consultation has taken place and it is paired with an effective climate protection plan.”
7. Pipeline proponents should take note – left-wing billionaire George Soros infused “the bulk of his wealth” – $18 billion – into his activist charity arm earlier this week, making the philanthropic organization second only to Bill and Melinda Gates’ Foundation in U.S. assets and further extending and strengthening Soros’ tentacles worldwide, according to a Fox News report…the Hungarian-born heavyweight has spent years investing money to support fiercely liberal, partisan causes in the U.S. and throughout the world, including attacks against the Canadian Oil industry…climate change extremists in Canada have been using mega amounts of American money, from Soros and others, to fund their misinformation campaigns against the Oil sector and pipeline projects in this country, killing Canadian jobs and damaging investor sentiment to advance their globalist ideology…
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Moon very slow in getting it’s permits. Getting worried about them especially operating in Commiefornia. Lets hope the county officials get of their well paid asses and grant the permits soon. IMR also a bit of a worry. Need solid news on drill program. AIS should be higher but can’t fault the company on execution. Probably just take time. CCW does look interesting. Might add some more. Very happy with GGI and have a feeling we are in for another big summer on the mountain. I have started looking at SRS. Very early stage but definitely in the right place. Beefed up their management recently. Also like the chances of TUF with their five metal veins.
Comment by Patrick — May 25, 2018 @ 8:54 am
Patrick, they decided to apply for a 3-year permit which extended the process but it was the best way to go. MOON is entirely on track to receive that permit, and quite soon – there will be no obstruction there. They have the full backing of Mariposa County and won’t have to go thru any further drill permitting until 2021.
Comment by John - BMR — May 25, 2018 @ 8:57 am
Thanks John. Patience can be tough. Have a look at SRS when you get to the Eskay camp.
Comment by Patrick — May 25, 2018 @ 9:03 am
Great news on MOON Jon, thank you!
Comment by Ejdsr1957 — May 25, 2018 @ 2:21 pm
Jon: how far is IMR property from where you are? Will you go there too? thanks!
Comment by MERIDEX — May 25, 2018 @ 5:31 pm