BullMarketRun.com

1. Gold has traded between $1,230 and $1,245 so far today as downside pressure continues…as of 7:00 am Pacific, bullion has slipped $8 an ounce to $1,233…Silver is down another 13 cents to $15.63…Copper is 2 cents lower at $2.78, Nickel has fallen another 8 cents to $6.09 while Zinc is up slightly at $1.15…Cobalt is steady at $31.98 while Crude Oil has retreated 60 cents to $67.46…the U.S. Dollar Index is up less than one-tenth of a point at 94.57…Federal Reserve Chairman Jerome Powell is on Capitol Hill today for his second pair of hearings since becoming the central bank’s new leader in February…he starts at 7:00 am Pacific before the Senate Banking Committee and then returns tomorrow to answer questions from the House Financial Services Committee…his remarks are unlikely to surprise…not much has changed since he said at his news conference June 13 that “the U.S. economy is in great shape”…Fed officials voted that day to raise interest rates and pencil in 2 more increases this year…Beijing’s state planning agency said today it was still confident of hitting its economic growth target of around 6.5% this year, despite views that it faces a bumpy second half as the trade row with Washington intensifies…

2. No surprise – holdings of Gold by global exchange-traded funds have fallen to the lowest level since March at 2158.1 tonnes, according to data compiled by Bloomberg…investors have exited Gold ETFs for 8 consecutive weeks, the longest slump since January 2014, which should be music to the ears of contrarians…interestingly, the TSX Gold Index has been outperforming the metal since mid-April, and is up slightly in early trading today despite a new 52-week low in Gold…

3. Lundin Mining (LUN, TSX), which was earlier rebuffed, has sweetened its offer to acquire Nevsun Resources (NSU, TSX)…Lundin is now offering an all-cash deal at $4.75 per share, putting a valuation on Nevsun of $1.4 billion…the offer price represents a significant premium of 82% to the closing price of $2.61 on February 6, 2018, the date of the first offer to Nevsun related to Lundin’s interest in acquiring Timok…this is also a 33% premium to the closing price of $3.58 as of April 30, 2018, the date of Lundin Mining’s previously announced prior proposal to Nevsun…Paul Conibear, President and CEO of Lundin Mining, commented:  “Following our attempts to constructively engage Nevsun since early February, 2018, after having made a series of proposals and observing significant recent changes in the political landscape related to Eritrea, we have determined that the best course now is to make an all-cash offer directly to Nevsun shareholders.  Our offer will represent the clearest path for Lundin Mining to acquire the Timok Project and for Nevsun shareholders to realize on the value of their investment without dilution and financing risk. We believe that the proposed Nevsun acquisition consideration is full and fair value and represents a significant premium to Nevsun’s unaffected share price prior to the announcement of our first proposal”…the Timok Project in Serbia features robust economics, and Nevsun shareholders may continue to hold out for a better deal…total Proven and Probable Reserves in the Upper Zone, based on the latest report in March, are 27.1 million tonnes grading 3.3% Copper and 2.1 g/t Au…

4. Q3 earnings season in the U.S. is off to a great start…more than 80% of the S&P 500 companies that have reported so far have beaten earnings estimates, according to The Earnings Scout…tech remains the best-performing sector in the market this year, rising nearly 15% through yesterday’s close…however, just a handful of tech shares are responsible for more than 80% of the S&P 500’s gains this year…technology is the biggest sector in the S&P 500 by weight, according to S&P Dow Jones Indices…as of the end of June, the sector represents 26% of the overall S&P 500…health care is the second-largest sector with a weight of 14.1%…

5. The Dow is up 6 points through the first 30 minutes of trading…in Toronto, the TSX has lost 31 points as of 7:00 am Pacific while the Venture is down another 4 points at 711, just 3 points above its late 2016 low and the top of a major support band…RSI(14) levels on the Venture’s daily chart are now at their lowest (most oversold) since the bottom of the bear market in January 2016…another drill program launches in the Eskay Camp – drilling has started at Tudor Gold’s (TUD, TSX-V) Treaty Creek Project that lies north along the geological trend of Seabridge Gold’s (SEA, TSX) KSM Project and Pretium Resources‘ (PVG, TSX) Brucejack mine in the Valley of the Kings…Metallis Resources (MTS, TSX-V) is expected to commence drilling at its Kirkham Property in the coming days, bringing to at least 8 the total number of drill programs in this very busy Camp where a minimum of $75 million will be invested this summer and fall…

6. Gold Standard Ventures (GSV, TSX) has intersected 213 m grading 2.39 g/t Au, including 41.2 m @ 5.8 g/t Au, in RC drilling at the Dark Star deposit, part of its 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin trend…results from that hole and others released this morning support the idea that Dark Star may be emerging as a major Carlin Gold occurrence where a larger-than-expected Ridgeline Fault System has played a significant role in concentrating higher grade Gold…to date, 17,624 m of infill, step-out and geotechnical drilling have been completed in 105 RC and core holes at Dark Star…with this morning’s news, results have now been reported for 47 of the 105 holes that have been completed…Jonathan Awde, CEO of Gold Standard, commented: “Essentially, our infill drilling campaign has morphed into fresh exploration.  As is the norm for infill work, we are drilling to find the limits of the deposit and we are frequently not finding the limits, laterally and especially at depth.  For the most part, past work at Dark Star focused on the shallow part of the system. We now believe significant expansion is likely at depth.  It appears that the known surface deposits could potentially progress into deeper high-grade underground deposits coinciding with robust fault structures such as the Ridgeline system.  Follow-up drilling is planned to pursue these exciting concepts in the current program”…

7. Constantine Metal Resources (CEM, TSX-V) has released the first round of assay results for a 10,000-m drill program currently underway at its Palmer JV Project in Alaska…wide intervals of Silver-Gold-Zinc-Lead-Barite mineralization have been intersected in the first 2 drill holes located 150 m along strike to the southeast from the AG Zone discovery, increasing the total strike length to 350 m…highlights include 43.3 m grading 143 g/t Ag, 0.5 g/t Au, 6.5% Zn and 2.5% Pb (CMR18–110), and 12.5 m grading 217 g/t Ag, 1.8 g/t Au, 5.2% Zn and 0.7% Pb in CMR18–109…President Garfield MacVeigh stated:  “This is an exceptional start to our 2018 drill program at Palmer.  The intersections are major step-outs to our 2017 AG Zone discovery and confirm significant size potential.  We are particularly pleased with the very strong Silver and Gold contribution to the base metal values and the substantial widths”…

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