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1. Gold hit a 12-month low this morning, dipping to $1,248…technical conditions are ripe for a near-term reversal…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,251…not helping, Gold, of course, is the strength in the greenback…the Indian rupee has plunged to a new all-time low against the dollar…the strong dollar against the rupee is likely limiting Indian demand for Gold (priced in U.S. dollars on the world market)…Silver has slipped below $16 an ounce, off 4 pennies at $15.97…Copper is also down 4 cents at $2.99…Nickel is 5 cents lower at $6.68…Zinc and Cobalt are both steady at $1.32 and $35.83, respectively…Crude Oil is unchanged at $72.76 but technically remains very bullish while the U.S. Dollar Index is up slightly at 95.33….
2. The Gold ETF space just got more competitive, with investors now able to buy the lowest fee Gold ETF in the U.S. market – SPDR Gold MiniShares Trust (GLDM, AMEX) which began trading yesterday…“GLDM offers the lowest available total expense ratio among all Gold exchange-traded products, with a net and gross expense ratio of 0.18%. GLDM will be initially listed at a per-share trading price of 1/100th of an ounce of Gold, as represented by the LBMA Gold Price PM (U.S.),” according to the news release…
3. Oil prices have steadied in early trading today after U.S. Crude hit a new 3-and-a-half year high yesterday…supply remains tight with investors eyeing the potential for a big fall in exports from Iran due to U.S. sanctions…the United States has demanded that all countries halt imports of Iranian Oil from November, a hardline position the Trump administration hopes will cut off funding to the rogue regime which continues to act as a destabilizing force in the Middle East…
4. The U.S. economy slowed more than previously estimated in Q1 amid the weakest performance in consumer spending in nearly 5 years, but growth has since regained momentum on the back of a robust labor market and tax cuts…GDP increased at a 2% annual rate in the January-March period, the Commerce Department reported this morning in its 3rd estimate of Q1 GDP, instead of the 2.2% pace it reported last month…the economy grew at a 2.9% clip in the 4th quarter…Q1 numbers in recent years have tended to be weak…a $1.5 trillion income tax cut package, which came into effect in January, is seen spurring much faster economic growth in Q2, likely in excess of 4%, putting annual GDP growth on track to achieve the Trump administration’s 3% target…
5. The Dow is off 51 points as of 7:00 am Pacific…in Toronto, the TSX has slipped 83 points…BlackRock no longer sees the Bank of Canada raising interest rates at the conclusion of its July 11 meeting, after Governor Stephen Poloz struck a dovish tone during a highly anticipated speech yesterday…the shift echoes a similar change in sentiment among short-end traders, who are now pricing in roughly 50-50 odds of a rate hike, down from almost 80% just 2 weeks ago…the Venture, which has declined in 11 out of the last 14 sessions, is off another 5 points at 732 as it nears the top of a strong support band beginning at 730…a sign of the times – Canadians are headed off to college for a diploma in the production of cannabis…MYM Nutraceuticals (MYM, CSE) announced this morning that it has signed a partnership agreement to develop a training program for MYM’s employees assigned to the production of cannabis…the educational curriculum will be expanded and offered as a diploma (AEC) program as part of Sherbrooke College’s course offerings…
6. American Pacific (USGD, CSE), a new listing this past spring, has intersected 3 m grading 9.4 g/t Au 60 m north of previously drilled areas at its Tuscarora Property in Nevada, optioned from Novo Resources (NVO, TSX-V)…Tuscarora is an historic mining district 25 miles northeast of the Carlin trend, 14 miles southwest of the Jerritt Canyon deposit, and 30 miles east-northeast of the Midas deposit…more results are pending from recently completed Phase 1 drilling…Phase 2 will be start later this summer and the company still has $2 million cash in the bank with only 32 million shares outstanding…North American Nickel (NAN, TSX-V) has commenced its 2018 exploration program at its 100%-owned Maniitsoq Nickel-Copper-Cobalt-PGE Project in southwest Greenland…up to 12,500 m of drilling is planned as well as borehole electromagnetic (BHEM) surveys…that’s the good news…the bad news is, NAN has allowed its share structure to get wildly out of hand with nearly 800 million shares now outstanding…probably time for a rollback this year, whether they hit at Maniitsoq or not…Marathon Gold (MOZ, TSX) has arranged an $8 million bought deal financing through a combination of hard dollar (85 cents) and flow-through shares ($1.05)…Mountain Province Diamonds (MPVD, TSX) has generated total proceeds of $40 million CDN, a new high for the company, from its recently completed 5th diamond tender sale of 2018…
7. The drill is now turning at Aben Resources‘ (ABN, TSX-V) Boundary North zone discovery at its 100%-owned 230 sq. km Forrest Kerr Gold Project in the northern part of the Eskay Camp…Aben’s 2018 program will encompass at least 5,000 m of diamond drilling in approximately 18 holes…the initial focus will be to expand the high-grade precious metal mineralization discovered last summer at Boundary North, located near the center of the Forrest Kerr Project…3 separate drill holes, collared from the same drill pad, pierced a near-surface high-grade zone of Gold-Silver-Copper mineralization, in addition to broad intercepts containing Gold bearing quartz veins…based on last year’s drilling, field work and historic drilling, the company believes this mineralized zone is trending and open to the northeast, the southwest and at depth…
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