BullMarketRun.com

1. Gold has traded between $1,254 and $1,261 so far today…as of 7:00 am Pacific, bullion is off $5 an ounce at $1,254…Silver has slipped 16 cents to $16.11…Copper is flat at $3.04…Nickel has climbed 6 cents to $6.75…Zinc is up 2 pennies at $1.34 while Cobalt is steady at $35.83…Crude Oil is strong again today, up more than $1 a barrel to $71.71…a supply disruption at the Syncrude facility in Fort McMurray may take more than 300,000 barrels off the market over the next month, while falling U.S. Crude stocks, uncertainty over Libyan exports and issues with Iran and Venezuela have put the bulls back in control following an OPEC meeting Friday that fell short of expectations in terms of production increases…the State Department has ordered companies who import Iranian Oil to reduce those imports to zero by November…the U.S. Dollar Index is up slightly at 94.73…the benchmark 10-year Treasury note has peaked for 2018 as trade worries, weaker emerging markets and a strong dollar cap the prior move upward in rates, according to Morgan Stanley…“We started to take note of a changing dynamic for global government bond markets in late April and early May,” the firm’s global head of interest rate strategy, Matthew Hornbach, said in a note to clients…“Not only do we think these factors will continue for a while longer, but we also think other factors will drive government bond yields lower.  That’s right, 3.12% was it,” he added, referring to the 2018 peak in the 10-year Treasury yield hit in mid-May…the 10-year yield has fallen since then to 2.85% this morning…

2. Philippine miners are urging the government to lift a 6-year ban on new large-scale mining projects in the world’s #2 Nickel ore supplier after the state removed restrictions on fresh smaller ventures…in a memorandum, the Department of Environment and Natural Resources states that government approvals for mining developments would no longer apply to “smaller” projects…small-scale miners in the Philippines mostly dig for Gold, Silver and Chromite, but there is no official production data…mining is a deeply contentious issue in the resource-rich Southeast Asian nation…only 3% of 9 million hectares identified by the state as having high mineral potential are being mined…former Environment and Natural Resources Secretary Regina Lopez, the Poster Girl for anti-mining forces and climate change extremists, reiterated her radical stance in a text message to Reuters today…“The practical and wise choice would be to protect and nurture what we have instead of allowing extractive activities which benefit a few and jeopardizes the future of generations to come”…Lopez has been a sharp critic of Canada’s open-pit mining…

3. The Dow is 142 points higher as of 7:00 am Pacific…traders took comfort in the news that the White House won’t be looking to block companies with 25% or more of Chinese ownership from buying certain U.S. tech-related companies…instead, the government will rely on the newly strengthened Committee on Foreign Investment in the United States to deal with concerns about foreign purchase of sensitive domestic technologies, in Toronto, the TSX has added 55 points while the Venture has is off 2 points at 743…Cobalt 27 (KBLT, TSX-V) has closed its previously announced bought deal offering, raising aggregate gross proceeds of approximately $300 million from the sale of 30.8 million common shares at a price of $9.75 per share…net proceeds will be used, along with the company’s cash on hand, to finance the company’s acquisition of a $300 million (U.S.) Cobalt stream from Vale’s (VALE, NYSE) Voisey’s Bay mine…it’s safe to assume that Cobalt 27 is also closely watching recent developments in the Northern Ontario Cobalt Camp with heightened interest…Tinka Resources (TK, TSX-V) has pulled back in early trading after a 36% jump in the share price yesterday following news that hole A18-129 intersected exceptional grades of Zinc sulphide mineralization at West Ayawilca in a new setting for mineralization at Ayawilca…a mineralized interval of 10.4 m (close to true thickness) grading 44% Zinc occurs within a zone consisting of more than 90% Zinc sulphides (sphalerite)…this is the highest-grade Zinc intersection ever encountered at Ayawilca over a significant interval…TK is off 5 cents at 53 cents through the first 30 minutes of trading, slightly above new technical support between 50 cents and 47.5 cents…

4. Two drills are now turning at the high-grade Saddle Gold-Silver discovery at GT Gold’s (GTT, TSX-V) Tatogga Property in northwest British Columbia, about a 2-hour drive north of the Eskay Camp…the 2018 drill program will encompass a minimum of 18,000 m of diamond drilling in an estimated 56 holes, with potential for program expansion and drilling to mid-November…at Saddle South, geologists see excellent potential for expanding the high-grade near-surface Gold-Silver zone defined last summer through first-ever drilling…results included 51.3 g/t Au over 6.95 m, 14.75 g/t Au over 12.15 m, 20 g/t Au over 8.25 m, and 31.8 g/t Au and 1,141 g/t Ag over 3 m…holes will test possible extensions in all directions outward from the core area…at Saddle North, additional geophysics is being carried to prioritize drill targets at a Copper-Gold-Silver porphyry discovery made at the end of last year’s program with initial results that suggest strong similarities to the nearby Red Chris deposit…Tatogga covers 425 sq. km at the northern part of the infamous Golden Triangle and features its own triangle of potential deposit opportunities – Saddle South, Saddle North and Quash-Pass, all with excellent nearby infrastructure and on trend with the Red Chris mine to the southeast…

5. Endeavour Silver’s (EDR, TSX) infill drilling within the Terronera vein system on the Terronera Property in Jalisco state, Mexico, has consistently intersected high-grade Silver-Gold mineralization in 9 drill holes reported this morning…in the best intercept to date, TR11-4 returned 618 g/t Ag and 3.2 g/t Au over 21.2 m true width (25.1 oz per short ton Silver equivalent)…all 9 drill holes were targeted to fill gaps in the drill pattern, with the goal to upgrade up to 1 million tonnes of Inferred resources to Measured and Indicated resources so they can be included in the mine plan for Terronera, and to expand the Inferred resources at depth…hole TR11-4 is the deepest mineralized hole drilled to date…it intersected the mineralized zone at 430 m vertical depth and remains open at depth…Luis Castro, Vice President, Exploration for Endeavour Silver, commented, “These infill drill results should have a positive impact on our reserves and resources. The high Silver and Gold grades, excellent continuity of mineralization and significant exploration upside to expand the resources reinforce our view that Terronera has the potential to become the next key asset for the company”…the infill drill program is now 60% complete, with 6,000 m drilled out of 10,000 m planned…once the infill drill program is completed in September and full drill results are available, a revised resource estimate will be prepared, but the new results will not be in time to include in the updated Pre-Feasibility study anticipated to be released in August…EDR is up 3 pennies at $4.23 as of 7:00 am Pacific…it hit a new 52-week high of $4.35 last Friday…

6. Canopy Growth (WEED, TSX) is under mild pressure in early trading, down $2 at $39.07, after reporting a loss of $61.5 million or 31 cents per share for the quarter ended March 31 compared with a loss of $12 million or 8 cents per share a year ago…revenue for the quarter was a record $22.8 million, up from $14.7 million during the same period last year, as the company sold 2,528 kilograms and kilogram equivalents at an average sales price of $8.43 per gram… ..revenue for the fiscal year ended March 31 totalled $77.9 million,representing an increase of 95% over revenue of $39.9 million for fiscal 2017…analyzing marijuana company earnings is challenging because of accounting rules used in the agriculture industry that require companies to put a value on their pot plants before they are harvested, and approaches differ between producers on how to apply these guidelines…

7. With marijuana legalization in Canada less than 4 months away, the Bank of Montreal is elevating its exposure to the cannabis sector…in a first for the lender, BMO has agreed to a $200 million credit facility with Aurora Cannabis (ACB, TSX), providing the company with access to relatively cheap debt…the announcement has the potential to shift the balance of power in the marijuana business on Bay Street…until now, independent investment banks such as Canaccord Genuity, GMP Securities and Eight Capital have dominated underwriting and advisory work while Canada’s big banks largely sat on the sidelines…cannabis runs counter to federal laws south of the border, and the Big Six lenders were concerned about legal ramifications for their U.S. subsidiaries… they have also worried about the sector’s volatility…yet over the past few months, BMO started showing some interest, first planting its flag by co-leading a $200 million share sale for Canopy Growth in January…the bank has remained active since, and its new credit facility signals a significant step forward in its evolution – one large enough to put the independents on notice…

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