Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,193 and $1,202 so far today…as of 7:00 am Pacific, bullion has climbed $8 an ounce to $1,201…Silver is up 14 cents at $14.17…Copper, Nickel and Zinc are all off modestly at $2.66, $5.59 and $1.04, respectively, while Cobalt is steady at $28.46…the Prime Minister of the DRC will sign a decree in the coming days to designate Cobalt and other minerals as “strategic” and therefore subject to higher royalties, according to Congo Mines Minister Martin Kabwelulu…the change is part of a new mining code which companies including Glencore and Randgold vigorously oppose as it eliminates tax exemptions and hikes royalties and profit taxes – when governments start doing that, investment quickly heads to friendlier jurisdictions…Crude Oil is up 52 cents at $69.51 while the U.S. Dollar Index is off slightly at 94.94…
2. Turkey dumps Gold: Turkish banks and other types of lenders sold up to $4.5 billion worth of Gold reserves during the past 3 months, confirming speculation, in order to prevent a liquidity crisis amid the plummeting lira, according to Bloomberg…“The commercial banks were probably switching to more liquid assets, given what has happened to the lira,” Capital Economics senior emerging markets economist Jason Tuvey told Bloomberg…“There’s been concern at the commercial banks over their external debt burden, which has been reflected in the rising bank bond yields”…a sharp drop in the lira this summer was partly triggered by markets’ concerns over Turkish President Tayyip Erdogan’s influence over monetary policy…Bloomberg pointed out that the central bank of Turkey’s weekly Gold holdings fell nearly 20% since mid-June to 15.5 million ounces, noting that the move was accompanied by the central bank’s decision to lower reserve requirements for banks…Turkey plays an important role in the precious metals market and is one of the top 20 sovereign Gold holders as well as the world’s 5th largest Gold consumer, according to the World Gold Council (WGC)…
3. Gold demand in India, the world’s 2nd-biggest Gold-consuming nation, picked up in August but may be faltering again this month, according to Commerzbank…analysts note that India’s Finance Ministry reported that the country imported significantly more Gold in August…“Advantage was clearly taken of the fall in local prices to an 8-month low in August to replenish stocks,” Commerzbank says…“Demand in India already appears to be faltering again due to the higher prices, however. Local Gold traders are reporting negative premiums for the first time in over a month”…meanwhile, the ratio of Comex paper claims to physical Gold continues to rise, currently at 325 to 1 versus the average of 152 to 1 year-to-date…the percentage of Gold available for delivery as a percentage of total COMEX Gold inventory is down to 1.73, versus 12% at the beginning of the year and the 5-year average of 9.82%…with such a limited supply of physical Gold to potentially settle trades, a powerful short squeeze will likely occur before year-end…
4. The Eskay Camp is heating up again…Garibaldi Resources (GGI, TSX-V) is up strongly in early trading following news post-market Friday…3 drill rigs are currently “building out the discovery” at Nickel Mountain with the first major exploration update of the 2018 program expected sometime this week…President and CEO Steve Regoci also announced the company has accelerated the buyout of its 2016 option to purchase 100% of the E&L claims totalling 766 hectares…GGI now owns 100% of 6,300 hectares (63 sq. km) that comprise the Nickel Mountain Project, with no NSR royalty on nearly 90% of the project…the 2% NSR applicable on a vast majority of a 766-hectare block can be bought back for just $1 million…on 1 claim within that block covering the historic deposit, SSR Mining (SSRM, TSX) holds a 1% NSR, while half of the other 1% NSR royalty attached to that claim can be purchased from the vendor for $500,000…meanwhile, GGI neighbor Metallis Resources (MTS, TSX-V) has also leaped out of the gate this morning…MTS has been drilling aggressively at its Kirkham Project (multiple targets) and is expected to commence drilling at Thunder North soon…Skeena Resources (SKE, TSX-V), currently drilling at Eskay Creek just a few km from the Garibaldi camp, was halted pre-market this morning, pending news…
5. The world’s largest beverage company may be the next industry giant to jump into the cannabis drinks market…Coca-Cola (KO, NYSE) says it’s monitoring the nascent industry and is interested in CBD – the non-psychoactive ingredient in marijuana – for beverages as soda consumption slows…the Atlanta-based soft drinks maker is in talks with Canadian marijuana producer Aurora Cannabis (ACB, TSX) to develop the drinks, according to a report from BNN Bloomberg Television, which helps explain the heavy trading action in ACB this morning…“We are closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world,” Coca-Cola spokesman Kent Landers said in an emailed statement to Bloomberg News…“The space is evolving quickly. No decisions have been made at this time”…
6. The Dow is down 34 points through the first 30 minutes of trading…in Toronto, the TSX has gained 66 points…Imperial Metals (III, TSX) announced this morning that it has commenced a financial and business restructuring process…steps have also been taken to both rationalize and improve operations at both of the company’s operating mines, measures that are expected to have a positive operational impact in the 4th quarter of 2018…a special committee has also been authorized to identify, consider, negotiate and potentially implement all strategic alternatives including sales of some of the company’s assets, joint ventures, a recapitalization, and a sale or merger of the company…III is up slightly at $1.20 through the first 30 minutes of trading…Canopy Growth (WEED, TSX; CGC, NYSE) announced this morning that that its Tweed Farms site has received licence amendments approving all remaining greenhouse space, bringing the company’s total licensed footprint to approximately 3.2 million square feet…WEED’s Canadian platform is now 57% licensed with the balance under aggressive development toward the previously announced 5.6 million sq. ft. target production footprint…the Venture Exchange, which has climbed in 16 out of the last 21 sessions, is up 6 points at 721 as of 7:00 am Pacific…Aldershot Resources (ALZ, TSX-V), once a fledgling resource deal going nowhere with poor management, has hit new highs in early trading…it’s now doing business as Solo Growth Corp. which intends to leverage its extensive real estate expertise and operational acumen to become a premier retailer and a trusted destination for adult-use cannabis…the company is fully financed for the planned opening of over 60 retail cannabis locations across Alberta by the end of 2020, complemented by a calculated expansion into Ontario in 2019…
7. White Gold (WGO, TSX-V) has intersected 56.2 g/t Au over 3 m, within a broader near-surface intercept of 17.3 g/t over 10.7 m, at its JP Ross Property (Vertigo target) in the Yukon…75 m to the west, another hole cut 45 g/t Au over 3 m within a wider intercept of 9.6 g/t Au over 15.2 m…those results are among the highest grades ever encountered in the Yukon’s White Gold district…the rotary arblast (RAB) drilling followed top on high-grade GT probe results on the property…at least 10 individual mineral zones have been recognized over a 350 m by 1,000-m area, with individual zones having been traced up to 400 m along strike…all zones are open along strike and at depth…more assay results from RAB drilling are pending while an RC drill has moved to the Vertigo target to further test the new discovery…WGO is up a nickel at 70 cents through the first 30 minutes of trading…
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%!
The Template For The Next 10% Stake In Garibaldi Resources
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!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
Jon,
Any theories as to why GGI chose to accelerate payments mentioned in Friday’s PR? Perhaps so they have clear title should they chose to sell?
Perhaps a 10 % partner to supply additional drilling funds? Whatever the reason it must be a positive.
Comment by Marshall — September 17, 2018 @ 11:04 am
Not sure if BMR has made any comments about today’s find for RNX? Seems like it could be spectacular. Any thoughts?
Comment by Raffi14 — September 17, 2018 @ 12:48 pm
Any time u double the strike length, Raffi14, that’s a great thing…nice news again from RNX which was part of our Saturday chart of discovery plays that have done well in recent weeks…Sprott excited, too, which is good…
Comment by Jon - BMR — September 17, 2018 @ 4:51 pm
Well, Marshall, whenever a company does that, certainly it’s a positive…also, we all know how Regoci is allergic to dilution…for him to cough up more than half a million shares a couple of years before he has to is quite remarkable…he may have something up his sleeve…
Comment by Jon - BMR — September 17, 2018 @ 4:55 pm
Excellent point Jon, however, the thing that is scaring me about RNX is the massive float it carries. Pretty hard to shoot for the stars when you have such dilution.
Comment by Raffi14 — September 17, 2018 @ 5:35 pm
GGM got kicked in the nuts again… all time intraday low I think at 14.5 cents post split. This is insane.
Comment by Marc — September 17, 2018 @ 9:12 pm
Jon, John, or Daniel do any of you hold ggm at this time and would you be a buyer of ggm at all time lows. Is there any hope for long term shareholders 10 plus years of ever seeing ggm succceed?
Comment by Sooch — September 17, 2018 @ 10:08 pm
I don’t hold GGM at the moment, Sooch, and neither does John or Daniel, but I do see the possibility of important catalysts coming together to turn the stock into a multi-bagger in 2019. Timing is everything,
Comment by Jon - BMR — September 18, 2018 @ 5:38 am
Significant news from ESK.
ORIGINAL: Eskay Mining Corp. Identifies VTEM Conductors and Coincident Cu-Ni Geochemical Anomalies Near Claim Boundaries with Garibaldi and Metallis
2018-09-18 08:58 ET – News Release
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aESK-2660215&symbol=ESK®ion=C
Comment by Foz1971 — September 18, 2018 @ 6:15 am
ESk – nice – finally joined the party. now to see some $$ on the ground. they have stellar prop, just need to work it instead of looking at it
Comment by David — September 18, 2018 @ 6:42 am