BullMarketRun.com

1. Gold has traded between $1,250 and $1,258 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,256…Silver has retreated 5 cents to $16.01…base metals have stabilized with Copper, Nickel and Zinc at $2.89, $6.44 and $1.26, respectively…Crude Oil is 33 cents higher at $73.81…WTI remains well supported as an Oil outage at Syncrude Canada’s facility in Fort McMurray, looming U.S. sanctions on Iranian Crude exports, force majeure in Libya and unplanned pipeline outages in Nigeria are offsetting rising output by OPEC…the U.S. Dollar Index has retreated one-fifth of a point to 94.31…the just-released ADP national employment report for June showed a rise of 177,000 versus the forecast for a gain of 185,000 jobs…the more important U.S. employment report from the Labor Department is out tomorrow morning, with the non-farm jobs number expected to come in at about 195,000…

2. India’s Gold demand has been soft compared to the same period in 2017, according to Commerzbank…analysts cite preliminary data showing that India, the world’s 2nd-largest Gold consumer after China, imported 54 tonnes of the precious metal in June, roughly a quarter lower than the same month a year ago…data from India’s Ministry of Finance show that Gold imports slumped by 40% to 343 tonnes in the 1st half of the year…“That said, last year’s level was unusually high,” Commerzbank says…”One factor contributing to the sharp fall was the depreciation of the Indian rupee, which has made Gold much more expensive in local currency.  Nonetheless, the Gold price in Indian rupees decreased recently despite the weak currency”…normally Gold demand in India eases off between June and August since farmers, who account for much of the country’s Gold buying, are busy planting (and hoping for a good monsoon season)…“Since Chinese traders are also buying only small amounts of Gold at present, the Gold price is finding no support from this side, either,” Commerzbank adds…

3. Concerns about trade tensions, tariffs and the impact on commodities are overdone, according to Goldman Sachs in a research note…the White House is set to levy a 25% tariff on $34 billion in Chinese goods tomorrow, while the Chinese government has said it would retaliate on the same value of U.S. goods…Goldman says commodities are not set to be largely hit by a ratcheting up of trade tensions as some have suggested…“Only markets that cannot be rerouted globally to other consumers will be impacted by the proposed July 6th tariffs…we believe that the trade war impact on commodity markets will be very small, with exception of soybeans where complete rerouting of supplies is not possible,” the Goldman note said…“We believe all of these concerns have been oversold. Even soybeans, the most exposed of all assets to trade wars, is now a buy”…they say their broadly bullish view on commodities has been bolstered by strong global growth and depleting inventories in energy and metal markets that would likely result in higher prices…as such, the bank is maintaining its “overweight” assessment of the commodities space, and says it has a 12-month expected return of 10% for the S&P Goldman Sachs Commodity Index…commodities are still the top-performing asset class of 2018, despite the pullback in June…

4. Ordering OPEC to increase supply is not exactly like ordering a coffee at Starbucks, but President Trump’s tweet shows he’s paying close attention to the WTI chart and rising gas prices throughout the United States:  “The OPEC Monopoly must remember that gas prices are up & they are doing little to help,” the President wrote on his personal Twitter account.  “If anything, they are driving prices higher as the United States defends many of their members for very little $’s.  This must be a two way street, REDUCE PRICING NOW!”…

5. U.S. equity markets are back in action after yesterday’s 4th of July holiday…through the first 30 minutes of trading, the Dow is up 115 points…in Toronto, the TSX has climbed 56 points while the Venture – showing further signs of a reversal – is 2 points higher at 741…key Golden Triangle plays Garibaldi Resources (GGI, TSX-V), GT Gold (GTT, TSX-V), Metallis Resources (MTS, TSX-V) and Aben Resources (ABN, TSX-V) are starting to firm up as drilling continues in 3 of those 4 situations…Metallis is expected to commence drilling at Kirkham by about mid-month…Canopy Growth (WEED, TSX) has introduced its Latin American affiliate “Canopy LATAM”,  a wholly-0owned and controlled subsidiary of Canopy Growth…through Canopy LATAM, WEED has acquired Spectrum Cannabis Colombia S.A.S., expanding its focus on the emerging medical cannabis market of Latin America…Canopy LATAM will advance medical cannabis throughout Latin America, home to more than 600 million people, as individual nations modernize their medical cannabis legislation…

6. Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, told CNBC this morning that he sees the world’s largest cryptocurrency by the end of the year at more than $20,000 per unit, 20% less than his previous estimate…”Bitcoin has historically traded at 2.5 times its mining costs.  It’s not out of the question that it could be over $20,000 by the end of the year at fair value,” the Fundstrat Global Advisors‘co-founder said on ‘Squawk Box’…“The reason bitcoin looks really good here is the cost of mining around $7,000 fully loaded.  And the difficulty is rising.  So by the end of the year, it’s going to be $9,000“…

7. The National Energy Board says Crude-by-rail exports from Canada grew to a record 193,500 barrels per day in April, up 13% per cent from the previous month, as full pipelines forced more producers to use trains to get their products to market (that’s more risky from an environmental perspective, of course, but try to explain that to the average pipeline protestor)…the Oil shipping tally beat the previous record of nearly 179,000 bpd in September 2014, and was well ahead of the 150,000 bpd moved in April of last year…rail shipments will continue to grow this year…demand for Canadian heavy Oil is expected to increase as it will be needed in the U.S. Gulf Coast refining complex to replace shrinking volumes from Venezuela…

Most Popular Recent BMR Posts

Video: How This Innovative Junior Is Winning The “Battery Arms Race” In Northern Ontario

“The Enemies Of Progress, The Radical Environmentalists, Are Ramping Up For A War In The Woods”

Why Are These People Smiling? – Their Stock Has Tanked 80%!

Turbocharged Nickel

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

The Nickel Mountain Magma Highway

Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

How To Bring A Junior Resource Market To Life!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began