BullMarketRun.com

1. Gold has traded between $1,241 and $1,248 so far today…as of 7:00 am Pacific, bullion has rebounded $4 an ounce to $1,245 after yesterday’s weakness across the commodity sector…Silver has gained 11 cents to $15.89…oversold base metals are also recouping some of yesterday’s losses…Copper is up 3 cents to $2.81, Nickel has jumped 14 cents to $6.39 while Zinc has added a penny to $1.18…Cobalt is hovering around $32 a pound while Crude Oil is relatively unchanged at $70.32…the U.S. Dollar Index has added one-tenth of a point to 94.81…U.S. consumer prices barely rose in June, but the underlying trend continues to point to a gradual buildup of inflation pressures which is positive for commodities…the Labor Department said this morning that its Consumer Price Index edged up 0.1% last month as gasoline prices moderated and apparel prices fell…the CPI rose 0.2% in May…however, in the 12 months through June, the CPI increased 2.9%, the biggest gain since February 2012, after advancing 2.8% in May…

2. The International Energy Agency (IEA) says the world’s Oil supply cushion “might be stretched to the limit” due to output disruptions across the globe…“Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare capacity cushion, which might be stretched to the limit,” the Paris-based agency said in its monthly report released today…“This vulnerability currently underpins Oil prices and seems likely to continue doing so,” the IEA added…prices are also finding support from U.S. Crude inventories that continue to fall – they dropped by 13 million barrels last week, the most in nearly 2 years, reducing overall Crude stocks to their lowest point since February 2015…

3. Philippines’ Nickel ore exports could drop by up to 17% this year, according to the president of the Philippine Nickel Industry Association…“As a whole, we expect exports this year to be less than what we saw last year because the price of low-grade Nickel now is weak,” stated Dante Bravo…the Philippines is the world’s #2 Nickel ore supplier after Indonesia, shipping the bulk of its output to top buyer China…there are 50 operating mines in the Philippines, 30 of which extract Nickel ore…but the industry, handcuffed by environmentalists and anti-mining government officials, contributes less than 1% to the country’s GDP…“The challenge is to be able to address the communication gap,” said Bravo.  “We are perceived to be damaging (the environment), rather than contributing to the economy. We need to be more understood”…

4. Despite Nickel’s recent pullback, thanks to overblown tariff fears, the metal is still up more than 60% from its June 2017 lows, due in part to falling inventories in China…on the Shanghai Futures Exchange, Nickel stocks have dropped for 24 straight weeks while LME warehouses are the emptiest since mid-2014…recent weakness has not altered a bullish longer-term outlook for Nickel with industry research house Wood Mackenzie adding its voice to the plus-column in a note that was issued Monday…while stainless steel production, currently 80% of total demand for Nickel, is expected to remain solid over the coming years, booming demand from the electric vehicle battery market is set to fundamentally alter the structure of the industry…Michael Sinden, WoodMac Research Director, and Senior Research Analyst, Rory Townsend say in their long-term outlook for Nickel that demand for the metal in EV batteries will be transformative for Nickel prices…“China’s Nickel pig iron production fed from Indonesdian and Philippine mines dominate the industry currently, but producing battery grade material from Class 2 Nickel is prohibitively expensive”…all the more reason why emerging new deposits such as Nickel Mountain, featuring some of the highest grades ever recorded in magmatic Nickel sulphide systems, with a pure style of mineralization, will play such a key role in expanding the electric vehicle revolution…

5. The Bank of Canada doesn’t seem to be as concerned as the mainstream media about current global trade tensions…the BOC hiked its benchmark interest rate yesterday, for the 4th time in a year, to 1.5%…“There was speculation that the bank would not move interest rates today because of the possibility of further trade measures,” Governor Stephen Poloz said in his opening statement, which the central bank uses to provide context and correct popular misconceptions…“The bank cannot make policy on the basis of hypothetical scenarios.  We felt it appropriate to set aside this risk and make policy on the basis of what has been announced”…Poloz, who also revised to the upside the BOC’s forecast for economic growth in the U.S. this year, added that the composition of growth in Canada is shifting…“Exports are being buoyed by strong global demand and higher commodity prices.  Business investment is growing in response to solid demand growth and capacity pressures, although trade tensions are weighing on investment in some sectors”…

6. The Dow is up 164 points through the first 30 minutes of trading…in Toronto, the TSX is 57 points higher as of 7:00 am Pacific while the Venture has added 1 point to 729…Kraken Robotics (PNG, TSX-V), which recently finalized its MOU on a strategic alliance with Ocean Infinity, has hit a new multi-year high of 33 cents in early trading…Kraken is a marine technology company focused on the production and sale of software-centric sensors and underwater robotic systems…it plans to organize a variety of deep-sea survey campaigns in various market sectors on the east coast this fall, including Oil and gas, hydrography, ocean research, fisheries, and defence…ML Gold (MLG, TSX-V) has mobilized drill crews on site to begin a 4,000-m, 10-hole summer drill campaign as part of a follow-up Phase 2 drilling program at the Stars Copper Porphyry Project in central British Columbia….

7. Corvus Gold (KOR, TSX), one of the top performing Gold stocks this year, has received additional encouraging results from resource expansion drilling on the western extension of its 100%-owned Mother Lode deposit…the most recent result, hole ML18–068, the westernmost hole drilled to date, returned 109.7 m grading 1.4 g/t Au from the feeder structure for the main Mother Lode deposit…this is the broadest intercept in the west zone feeder structure returned so far, further highlighting the importance of this new area which was also intersected in earlier reported holes ML18–067 (18.3 m at 4 g/t) and ML18–060 (24.4 m at 3.1 g/t)…assays from recently completed holes in the west zone (ML18–072 to 18–075) are pending and will be a priority follow-up target area in the upcoming Phase 3 program…additionally, Corvus has expanded its Mother Lode claim group by 120% covering the southeastern extension of its North Bullfrog Project to connect with the Mother Lode and AngloGold Ashanti’s Silicon Project…the large epithermal systems at North Bullfrog are of similar age and style to the Silicon system to the southwest and Barrick Gold’s historic Bullfrog mine to the south…

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