BullMarketRun.com

1. Gold has traded between $1,293 and $1,301 so far today…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,298…Silver is 7 cents higher at $16.74…Copper is up a penny at $3.29…Nickel, which has enjoyed another strong week, has eased off 3 cents to $6.97 while Zinc is flat at $1.45…Crude Oil (WTI) has retreated 14 cents to 65.81…traders today are weighing an apparent slight weakening of demand in China and surging U.S. output against supply woes in Venezuela and Iran…China’s May Crude Oil imports eased off from a record high hit the month before, customs data showed this morning, with state-run refineries entering planned maintenance…May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd)…that compared with 9.6 million bpd in April…meanwhile, American output has hit another record of 10.8 million bpd…that’s a 28% gain in 2 years and puts the U.S. close to becoming the world’s biggest Crude producer, edging closer to the 11 million bpd churned out by Russia…in Venezuela, state-owned Oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of Crude waiting to be shipped to customers…the U.S. Dollar Index has retreated one-quarter of a point to 93.31…

2. The booming U.S. private sector is creating jobs faster than rabbits can make bunnies, but the over-regulated, over-taxed Canadian economy shed 7,500 jobs in May as a drop in full-time employment (a loss of 31,000 full-time jobs) was only partially offset by an increase in part-time jobs…Statistics Canada reported the dip as the unemployment rate held steady at 5.8% for the 4th consecutive month…the manufacturing sector lost 18,000 jobs while employment in construction fell 13,000 last month…not surprisingly, British Columbia lost the most number of jobs…meanwhile, average hourly wages, a key indicator watched by the Bank of Canada, increased 3.9% compared to a year ago, the monthly reading’s largest annual increase since April 2009…

3. Strange how Quebec, a very fortunate big net beneficiary of “equalization payments” in Canada, has no problem importing Oil from Middle East regimes while opposing the Trans Mountain pipeline expansion and banning fracking throughout the province…Pierre Moreau, the Minister of Energy and Natural Resources, announced a series of new measures yesterday to regulate Oil and gas exploration in Quebec…the ban on fracking for shale gas, he said, would protect the low-lying Lower St. Lawrence region in particular…“The story of the energy transition is being written, and these rules on hydrocarbons are part of that,” Moreau declared…the new regulations in Quebec have taken a heavy toll on Venture-listed Altai Resources (ATI, TSX-V) with the stock losing three-quarters of its value this week, now trading below 10 cents…another example of how climate change extremism is destroying wealth in this country…

4. The Dow is down 25 points through the first 30 minutes of trading…tensions have ratcheted up between the U.S. and key trade partners as the G-7 summit kicks off in Quebec…President Trump, the billionaire businessman, continues to frustrate and outmaneuver Prime Minister Trudeau, the high school drama teacher…the bigger political news out of Canada today is that the Progressive Conservatives are now back in charge after 15 years of Liberal rule in Ontario, and that’s allowing the resource sector and the broader business community to breathe a collective sigh of relief after a surge in support for the NDP during the last half of the campaign…the TSX is off slightly in early trading while the Venture has slipped 2 points to 773…Ero Copper (ERO, TSX) is off slightly at $10.28 but the stock is up nearly $1 for the week after Wednesday’s news that hole FVS-212 at the company’s Vermelhos mine in Brazil intersected 39.8 m grading 5.6% Copper including 21.9 m grading 9.4%…this hole was the first to test the south extension of the main Vermelhos deposit and was drilled approximately 25 m south of the main Vermelhos orebodies…iMetals Resources (IMR, TSX-V) has signed Memorandums of Understanding (MOUs) with multiple First Nation communities to advance its Gowganda West Gold-Copper-Cobalt Project in Northern Ontario, contiguous to Tahoe Resources‘ (TH, TSX) multi-million ounce Juby Gold deposit…as prospecting crews expand the footprint of high-grade Gold mineralization at surface in preparation for first-ever summer drilling, iMetals has consulted with all First Nation communities with interests in the property area and has signed MOUs with Matachewan First Nation/Mattagami First Nation (MFN) as well as Temagami First Nation/Teme-Augama Anishnabai (TFN/TAA)…Doubleview Capital (DBV, TSX-V) has resumed exploration at its Red Spring Copper-Silver-Zinc Property north of Smithers…a field crew will extend coverage of a newly recognized Silver and Zinc zone located close to the historic Red Spring Copper-Silver deposit…

5.  Canada Cobalt Works (CCW, TSX-V) has launched its 2018 underground drill program at the Castle mine in the Northern Ontario Camp…CCW is the first company in Canada during this “new era” in Cobalt to drill underground for the metal…lots of it appears to be left over from earlier mining as previous operators including Agnico Eagle (AEM, TSX) in the 1980’s focused exclusively on exceptionally high-grade Silver veins…meanwhile, CCW announced more sampling results from the first level of Castle morning…an impressive set of numbers included 1.05% to 5.2% Cobalt from waste rock removed during rehab…there were also high Silver values, Nickel assays up to 1% and 1 sample that returned 10.1 g/t Gold…mineralized material from Castle is being put through the company’s proprietary Re-2OX process, showing exceptional recovery rates and removal of arsenic, in order to create high-purity Cobalt test products for battery sector clients in China…CCW is up half a penny at 46.5 cents as of 7:00 am Pacific…

6. Metallis Resources (MTS, TSX-V) has launched a Phase 1 2018 exploration program at its 100%-owned Kirkham Property, prospective for multiple deposit types in the heart of Northwest B.C.’s prolific Eskay Camp…Phase 1 will focus intensely on the central and southern Kirkham area blocks which are situated at lower elevations with more moderate weather, enabling early-season work…Jeff Kyba, former Regional Geologist for the B.C. Ministry of Energy & Mines, is part of Metallis’ highly experienced exploration team for this first phase of an extensive 2018 program, the most comprehensive in company’s history…Kyba has been tasked with pinning down the “Red-Line” and evaluating the numerous base and precious metal targets that occur in close proximity…the program was put together with support from technical advisor Dr. Peter Lightfoot…interestingly, Metallis has noted that a detailed review of historical data for central and southern portions of Kirkham has revealed silt and heavy mineral samples with high Nickel values in addition to occurrences of gabbro…in addition, numerous mafic and ultramafic intrusive bodies have also been identified within these areas and will be investigated for their Nickel-Copper potential…previously, Nickel sulphide potential was believed to exist only at Thunder North and Thunder South…

7. Canada’s Senate has approved the Trudeau government’s landmark legislation to lift Canada’s 95-year-old prohibition on recreational cannabis…however, there are nearly 4 dozen amendments that the government may not entirely accept…Bill C-45 passed in the Senate by a vote of 56–30 last night with one abstention, over the objections of Conservative senators who remain resolutely opposed…the bill must now go back to the House of Commons where the government will decide whether to approve, reject or modify the changes before returning it to the Senate for another vote…once passed, Health Minister Ginette Petitpas Taylor has said that provinces and territories will need 2 to 3 months to prepare before retail sales of legal cannabis are actually available…most of the Senate’s amendments are minor, but about a dozen are significant, including one to allow provinces to prohibit home cultivation of cannabis if they choose, rather than accept the 4 marijuana plants per dwelling allowed under the bill…Quebec and Manitoba have already chosen to prohibit home-grown weed…

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