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1. Gold is trying to rebound on this final trading day of the month, aided by a retreat in the greenback…Gold is up $3 an ounce at $1,251 as of 7:00 am Pacific…oversold conditions have emerged in the Gold market with a test of key support in the upper $1,230’s possible before a reversal kicks in…Silver has recovered 8 cents to $16.05…base metals are steady with Nickel leading the way, up 5 cents at $6.73…Copper is flat at $3.00 while Zinc is also unchanged at $1.33…Cobalt is off slightly at $35.61…Crude Oil continues to climb, up 60 cents at $74.05, while the U.S. Dollar Index has retreated half a point to 94.78…

2. WTI prices are up by nearly 20% from their June lows…the world Oil market is already tight and many analysts believe that strict enforcement of U.S. sanctions against Iran will push prices sharply higher…Iran is the 5th-largest Oil producer in the world, pumping about 4.7 million barrels per day (bpd), or almost 5% of the world’s Oil, much of it to China and other energy-hungry nations such as India…the Trump administration wants to stop Tehran exporting Oil to cut off a vital supply of finance and hopes other big OPEC producers and Russia will make up for the deficit, along with increased American production…but the world Oil market is already tight with supply disruptions from Canada to Venezuela to Libya…“The stronger the implementation and enforcement (of Iran sections), the higher the Oil price will go,” commented Vienna-based consultancy JBC Energy…“In such a case, triple-digit Oil prices are not off the table”…

3. U.S. consumer prices accelerated in the year to May, with a measure of underlying inflation hitting the Federal Reserve’s 2% target for the first time in 6 years…consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2% after a similar gain in April, the Commerce Department reported this morning…in the 12 months through May, the PCE price index surged 2.3% – the biggest gain since March 2012…the PCE price index excluding the volatile food and energy components increased 0.2% for a 6th straight month…that pushed the year-on-year increase in the so-called core PCE price index to 2.0%, the biggest gain since April 2012…the core PCE index is the Fed’s preferred inflation measure…the U.S. central bank raised interest rates early this month for a second time this year and plans 2 more rate hikes by the end of 2018…

4. China stocks bounced from multi-year lows today, sparked in part by news that the National Development and Reform Commission will ease some restrictions on foreign investment in domestic industries such as aviation, crop development and banking…meanwhile, the People’s Bank of China (PBOC) said it intends to maintain “reasonably ample” liquidity in the financial system of the world’s 2nd-largest economy…there are concerns that the yuan, which is on pace for its steepest monthly decline against the U.S. dollar in 2-and-a-half years, will make China’s ambition of 6.8% GDP growth this year will difficult to achieve…

5. The NASDAQ overcame an early slump in the 2nd quarter and is on track to book its 8th straight quarter of gains, as fears of a trade war stifling global growth pushed investors to dump industrial stalwarts and increase their bets on shares of large technology companies…the tech-heavy index thrived in a tumultuous 3 months for U.S. stocks, which struggled to gain ground as investors were buffeted by worries about trade tensions, political uncertainty in the euro zone and signs of slowing momentum in the global economy despite strong growth in the United States…the S&P 500 and the Dow rose 2.9% and 0.5%, respectively, for the quarter through yesterday, trailing the Nasdaq’s 6.2% advance…the first two remain well below their January records, while the NASDAQ notched a series of all-time highs in June…in Canada, the TSX is up a solid 5.3% for Q2 but the Venture has slipped 60 points or 7.5% since the beginning of April…

6. The Dow has jumped 219 points as of 7:00 am Pacific…in Toronto, the TSX is up 101 points while the Venture is off 1 point at 736 after bouncing off support yesterday in what could turn out to mark the beginning of a reversal…Canadian markets are closed Monday for the Canada Day long weekend while U.S. markets will be closed Wednesday for Independence Day…Canada Cobalt (CCW, TSX-V) continues to hit new highs, following through on yesterday’s 11-cent gain and 67-cent close with a 3-cent jump to 70 cents through the first 30 minutes of trading this morning…CCW, the first company to drill underground for high-grade Cobalt in Canada during this “battery arms” race, is also about to become the first company in the prolific Northern Ontario Cobalt Camp to produce a cobalt sulphate product…a pilot plant is being set up at the Castle mine site where bulk gravity concentrates will be produced and then sent to SGS Lakefield in Peterborough, Ontario, for conversion into Cobalt sulphate while Silver, Gold and Nickel can also be recovered through CCW’s proprietary Re-2OX process which has shown exceptional test results…in addition, each of the company’s first 3 underground drill holes has intersected visual Cobalt and Nickel mineralization plus native Silver which could run very high in grade given historical numbers from the mine…

7. Bitcoin prices hit a multi-month low today of $5,800 (U.S.)…bears are in solid near-term technical control amid a price downtrend in place on the chart, suggest more near-term sideways-to-lower price action…meanwhile, hundreds of thousands of investors in Ontario are putting money into cryptocurrencies despite a lack of understanding in a new asset class that includes Bitcoin, Ethereum, digital tokens and initial coin offerings (ICOs)…the Globe and Mail reported this morning that the Ontario Securities Commission found that 5% or 500,000 Ontarians surveyed own crypto-assets…in addition, results also showed an increasing number of Ontarians being approached about participating in initial coin or token offerings, exposing them to potential risks given the lack of familiarity with these types of investments…while Bitcoin and other digital coins are often associated with the Dark Web and ransomware, the number of legitimate uses for digital coins is growing…Canadians can now use them to pay on-line for flights and hotel bookings, as well as for furniture, movies, music, games and apps…although digital currencies are not backed by any country’s central bank, they enable individuals to transfer value to each other and pay for goods and services without the need for a middleman…crypto assets’ underlying markets, however, can include drug dealers and on-line hackers…

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