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1. Gold has traded in a narrow range between $1,226 and $1,232 so far today…as of 7:00 am Pacific, bullion is down $7 an ounce at $1,226…Silver has lost 12 cents to $15.47…Copper, Nickel and Zinc are all relatively unchanged at $2.83, $6.13 and $1.19, respectively…Cobalt is holding steady at $31.75…Crude Oil is off slightly at $69.18 while the U.S. Dollar Index has jumped nearly half a point to 94.58…the European Central Bank’s Governing Council left interest rates unchanged today and did not alter plans to start scaling back its quantitative-easing program in autumn…“The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term,” said a policy statement from the ECB…

2. World stocks hit new 4-month highs today after the United States and the European Union agreed to negotiate on trade, easing overblown fears of a transatlantic trade war…President Trump said Washington and the European Union had launched a “new phase” in their relationship, saying the two major economies would start negotiations immediately on a number of areas that include working toward “zero tariffs” on industrial goods, and further cooperation on energy issues…“We agreed today, first of all, to work together towards zero tariffs, zero non-tariff barriers and zero subsidies for the non-auto industrial goods,” Trump said at a joint press conference in the White House Rose Garden with European Commission President Jean-Claude Juncker…

3. Wall Street got an unexpected nasty surprise late yesterday over Facebook’s (FB, NASDAQ) lower profit margin guidance, driving some firms to lower their ratings on the social media giant’s shares and slash their price targets…the company yesterday reported slightly lower-than-expected Q2 sales and daily active user numbers…the bigger disappointment, though, was its guidance for slower sales growth for the 3rd and 4th quarters and a dramatically reduced forecast for long-term profit margins…about 20 minutes into a conference call, after rather upbeat comments from CEO Mark Zuckerberg and COO Sheryl Sandberg, Chief Financial Officer Dave Wehner addressed analysts and dropped one bombshell after another, rattling investors and raising red flags about whether Facebook’s powerful moneymaking machine is starting to sputter…the stock has plunged nearly 20% in early trading…

4. The Dow has jumped 138 points through the first 30 minutes of trading as easing trade fears have encouraged investors…contrarians may like this – more than $20 billion was pulled from long-term mutual funds and ETFs focused on U.S. stocks in June, capping the 3rd-worst first half for equity flows over the past 10 years, according to data provider Morningstar LLC…the trend doesn’t appear to be slowing as investors redeemed more than $11.6 billion from domestic stock funds in the 3 weeks ended July 18, according to the Investment Company Institute…Amazon is expected to show much bigger profits ($2.50 per share vs. 40 cents per share reported a year earlier), backed by the continued growth of its higher-margin businesses like cloud, advertising and third-party marketplace, when it reports Q2 earnings this evening…in Toronto, the TSX is off 7 points while the Venture has slipped 2 points to 705…Sokoman Iron (SIC, TSX-V), this week’s volume leader and price gainer, is up another half penny at 16 cents through the first 30 minutes of trading…

5. Canada Cobalt (CCW, TSX-V), on the cusp of officially becoming the first company in Canada’s premier Cobalt Camp during this “battery arms race” to produce a Cobalt sulphate product, is completing its pilot plant assembly at the Castle mine ahead of schedule as announced last night…mineralized material from the first level of the mine is now being crushed, while gravity and screen equipment is expected to be operational in the coming days…meanwhile, 25 underground drill holes have been completed to date (initial results pending) with underground drilling now planned to extend through the balance of 2018…the company also closed a private placement for just under $1.5 million at 65 cents per share…

6. A big development for Northwest British Columbia’s mining and exploration sector – Newmont Mining (NEM, NYSE) announced agreements this morning to acquire a 50% interest in the Galore Creek Partnership (GCP) from NOVAGOLD Resources (NG, TSX, NYSE) and to form a partnership with Teck Resources which owns the remaining stake…Galore Creek, immediately north of the Eskay Camp, is one of the largest undeveloped Copper-Gold projects with resources previously reported by Teck of 8 million ounces of Gold and 9 billion pounds of Copper…the NOVAGOLD agreement encompasses a staged and contingent investment of $275 million, with an initial payment of $100 million; a payment of $75 million on the earlier of prefeasibility study completion or 3 years from closing; and a payment of $25 million on the earlier of completing a feasibility Study or five years from closing…a final $75 million payment would be contingent on a final decision to develop the project.  “Galore Creek holds the potential to support decades of profitable Copper and Gold production in a favorable mining jurisdiction, in line with our strategy to create long-term value for our stakeholders,” stated Gary Goldberg, Newmont President and CEO.  “Partnering with Teck allows us to bring both organizations’ considerable technical, financial and sustainability strengths to bear in evaluating and refining development plans for Galore Creek, and to build on the strong relationships Teck has established with the Tahltan First Nation and British Columbia”…Newmont and Teck will define the scope, budget, and timeline for prefeasibility studies over the next several months and expect the prefeasibility studies to be completed over 3 to 4 years with an annual budget of $10 million to $15 million (50% basis)…over the last 5 years, Newmont has built 9 new mines and expansions on 4 continents – on or ahead of schedule and at or below budget…

7. Marathon Gold (MOZ, TSX) has cut impressive high-grade Gold mineralization at depth within the main corridor of the Marathon deposit in central Newfoundland…MA-18–295 was successful at intersecting a wide interval of high-grade Gold in en echelon stacked QTP veining that returned 7.97 g/t Au over 69 m, including 3 separate high-grade sections – 48.1 g/t Au over 2 m (437 m to 439 m), 27.8 g/t over 1.0 m (477 m to 478 m), and 57.7 g/t over 5 m (489 m to 494 m)…this drill hole was part of the current continuing infill drilling program at the Marathon deposit designed to upgrade Inferred material into the Measured and Indicated category…2 rigs are turning around the clock…MOZ is up 3 pennies at 88 cents as of 7:00 am Pacific..

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