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1. Gold and Silver both hit fresh 12-month lows this morning but have rebounded modestly…as of 7:00 am Pacific, bullion is off $7 an ounce at $1,240 while Silver is 19 cents lower at $15.73…Gold dipped as low as $1,235 while Silver touched $15.63…Copper, Nickel and Zinc are each off slightly at $2.81, $6.27 and $1.18, respectively, while Cobalt is steady at $31.98…Crude Oil has added 27 cents to $70.60 while the U.S. Dollar Index is up one-tenth of a point at 94.79…U.S. economic growth has been solid during the 1st half of the year and the Federal Reserve continues to expect to raise interest rates gradually, the central bank said this morning in an upbeat semi-annual report to Congress…the Fed has raised interest rates 7 times since it began a tightening cycle back in December 2015 and last lifted its benchmark lending rate by a quarter percentage point in mid-June…the Fed sees another 2 rate hikes by year-end…U.S. consumer sentiment remains strong but dropped below expectations at the beginning of July to a 6-month low 0f 97.1 vs. the consensus estimate of 98.2, according to the University of Michigan’s monthly survey released this morning…President Trump and U.K. Prime Minister Theresa May said in a joint news conference this morning that they’re committed to striking a trade deal, seeking to project unity after the President in an interview criticized the beleaguered Prime Minister’s approach to Brexit…

2. The Dow has retreated 19 points through the first 30 minutes of trading…some of the largest U.S. banks reported mixed quarterly results…just over 5% of S&P 500 companies have reported 2nd quarter results thus far…these companies have posted earnings growth of 16.37%…however, analysts polled by FactSet expect Q2 earnings to have grown by 20%…in Toronto, the TSX is 8 points lower while the Venture has fallen 3 points to 726 as of 7:00 am Pacific…3 hot stocks are closing the week on a positive note…Canada Cobalt (CCW, TSX-V) is threatening to hit new highs, up a penny at 75 cents through the first 30 minutes of trading…CCW is the only company drilling underground in Canada for high-grade Cobalt, and it’s on track to imminently become the first junior in Canada to produce a Cobalt sulphate product during this “battery arms race”…CCW is assembling a pilot plant at its Castle mine in the Northern Ontario Cobalt Camp, where it’s the only company with underground access, to ramp up its Re-2OX Cobalt sulphate program with SGS Lakefield…White Metal Resources (WHM, TSX-V), which has been making a series of surface Gold discoveries over a broad area at its previously unexplored Gunners Cove Property in northern Newfoundland, is off half a penny at 22 cents but showing bid strength, while Kracken Robotics (PNG, TSX-V) is also nearing a multi-year high, up 2.5 cents at 35.5 cents…

3. Wesdome Gold Mines (WDO, TSX) has reported 2018 1st half Gold production of 34,576 ounces, putting the company well within guidance range of 68,000 ounces for the year…Duncan Middlemiss, President and CEO, stated, “Eagle River head grades of 11 g/t were lower than head grades in Q1 of 12 g/t due to stope sequencing, but were in line with internal expectations.  During the quarter, underground development was completed in the high-grade 303 area in preparation for stope production in Q3.  We expect production to increase in the 2nd half of the year with the commencement of stoping from the 303 area of the underground mine.  At the Mishi pit, Gold production was higher compared to Q1, with 1,860 ounces produced (1,550 ounces in Q1).  The operational initiatives implemented throughout the year have resulted in head grades of 2.7 g/t in Q2, compared to 1.8 g/t in Q1″…WDO, one of the top-performing Gold stocks this year, is off 6 cents at $3.33 as of 7:00 am Pacific…

4. Copper Mountain Mining (CMMC, TSX) remains on track for 2018 guidance…the company’s Princeton, B.C., operation produced 23.1 million pounds of Copper equivalent during Q2, which includes 20 million pounds of Copper, 6,500 ounces of Gold and 68,400 ounces of Silver (1st half 2018 production came in at 46 million pounds of CuEq)…open-pit mining averaged 214,500 tonnes per day in Q2, 13% above guidance, while total tonnes milled during the period was 3.4 million tonnes at an average head grade of 0.335% Cu and recovery of 80.5%…Gil Clausen, President and CEO of Copper Mountain, commented, “The operation performed well during the quarter, with production higher year over year.  Copper Mountain is demonstrating consistent and solid production, and we are on track to achieve annual guidance”…at $1.18 in early trading, Copper Mountain is down nearly 20% from its June high following the correction in Copper prices…

5. Orla Mining (OLA, TSX-V) jumped 8 cents to $1.38 on its best volume of the year yesterday after the company filed a technical report for its 100%-owned Camino Rojo Project in Zacatecas state, Mexico…Orla previously released the results of the PEA at the end of May…the mineral resource at Camino Rojo and the PEA support a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs, rapid payback, and strong financial performance featuring a 38.1% pre-tax IRR (24.5% post-tax)…the project has an NPV(5%) of $231 million (U.S.), initial capex of $125 million (U.S.), a 3.3-year payback, with average annual Gold production estimated at 97,500 ounces…the PEA is based on near-surface oxide and partly oxidized (transitional) material within the overall resource…

6. The Globe and Mail reported today that the prospects for a massive gas export plant on the B.C. coast are looking bright…LNG Canada, the Royal Dutch Shell-led group that is considering construction of a $40 billion liquefied natural gas facility at Kitimat, is giving every indication that it is planning to approve the project…keep in mind, though, that B.C. Green Party leader Andrew “Wacky” Weaver has already stated his opposition to this LNG facility which would be the biggest industrial project in B.C. history…in March, Weaver sent a stern letter to LNG Canada President Andy Calitz, the second paragraph of which started as follows:  “As you know, British Columbia currently has a minority government, where the votes of our three caucus members provide confidence in Premier Horgan’s NDP government”…Weaver also cited the Paris Climate Accord in his opposition to the project, typical of the globalist left in this country which has a very difficult time putting Canada first…a flurry of activity this year in Kitimat has raised optimism that the project will be built, giving Canada a long-sought way to export its energy products to Asia…those hopes got a further boost in May, when Malaysia’s Petroliam Nasional Bhd took a 25% stake in the project…“All the actions that they’re doing, including Petronas buying into the plant, and the cap contracts and everything else that they’re doing, really indicate they’re very close,” said Dale Dusterhoft, CEO of Trican Well Service…“They’re just going through the list and ticking all the boxes”…Trican would see increased demand for its pressure-pumping rigs if Weaver and the B.C. Greens don’t get their way and kill more jobs in their insane pursuit of “saving the planet”…

7. 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…

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