Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,195 and $1,204 so far today…as of 7:00 am Pacific, bullion is flat at $1,201 an ounce… Silver is up 3 cents at $14.14…Copper, Nickel and Zinc have all pushed higher despite a ratcheting up of trade tensions between the U.S. and China…Copper has jumped 8 cents to $2.75…Nickel has added 7 cents to $5.61 while Zinc has edged up 2 pennies to $1.06…Cobalt is steady at $28.46…Crude Oil has jumped $1.44 a barrel to $70.35…based on talk out of Saudi Arabia, there are fresh doubts that the kingdom will increase output enough to fully compensate for the loss of Iranian Crude once U.S. sanctions come into effect November 4…ministers from OPEC and non-OPEC producers meet on Sunday to discuss compliance with output policies…OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase…the U.S. Dollar Index is off slightly at 94.58…
2. President Trump says he’ll impose new tariffs on about $200 billion in Chinese goods and threatened to add hundreds of billions more as part of his campaign to pressure Beijing to change its commercial practices, escalating trade tensions between the world’s 2 largest economies…the 10% tax on Chinese imports will take effect on September 24 and will increase to 25% at the end of the year, according to administration officials…the tariffs will affect thousands of goods ranging from luggage to seafood, extending the impact of Trump’s aggressive tariff policy for the first time to a broad population of American consumers…Chinese trade practices “plainly constitute a grave threat to the long-term health and prosperity of the United States economy,” Trump said in a statement…China has retaliated today, saying it’ll institute new tariffs between 5% and 10% on 5,207 U.S. products worth $60 billion on September 24…the left in North America is making the false claim that Trump has started a trade war with China…in fact, he’s the first President standing up to the Chinese and is trying to end a trade war the communist country first started more than 20 years ago…
3. The Financial Post reported this morning that Canada’s economy is in the throes of a “zombie” outbreak that threatens to devour the country’s productivity…that’s the conclusion of a new report from Deloitte, which found that at least 16% of publicly traded firms in Canada could be classified as “zombies,” defined as mature firms more than 10 years old which lack sufficient revenue to cover interest payments on their debt…Deloitte looked at 2,274 companies listed on the Toronto Stock Exchange and TSX Venture Exchange from 2015 to 2017, and found that 350 firms fit the definition…this likely understates the full extent of the issue across the broader economy, Deloitte said, because only a few thousand Canadian companies are publicly traded…Duncan Sinclair, chairman of Deloitte Canada, said to be successful, companies need to do more than simply survive… “The question is, what can you do as a business leader in that reality to try and reinvigorate and renew and restart that organization?,” he said…48% of the companies surveyed are not investing anything in exploring new markets outside of Canada, and only 22% are vigorously pursuing international expansion…other definitions of a “zombie” company, in our view, would likely include at least half the listings on the Venture…
4. Royal Nickel (RNX, TSX) has doubled the strike length of a high-grade coarse Gold structure, to approximately 10 m, after restarting development in the new high-grade Gold discovery area known as the Father’s Day vein at its Beta Hunt mine in Australia…a 43-kilogram specimen stone containing an estimated 1,100 ounces of Gold and a 2nd 7-kg specimen containing 190 ounces were recovered from this most recent development…an updated estimate of ounces from the Father’s Day vein is expected to be provided later this week after final outturns from last week’s shipments to the Perth Mint have been received and initial estimates from the recovery and shipment of coarse Gold and specimen stones from the most recent development are completed… Mark Selby, President & CEO, stated: “The Father’s Day vein delivers additional Gold and cash flow from this further extension with additional potential updip still to be developed”…
5. The Dow is up 60 points through the first 30 minutes of trading…in Toronto, the TSX has gained 22 points…Aurora Cannabis (ACB, TSX) responded this morning to rumors yesterday about a potential deal between Aurora and Coca-Cola (KO, NYSE)…“The company does confirm that it engages in exploratory discussions with industry participants from time to time. At this time the company confirms there is no agreement, understanding or arrangement with respect to any partnership with a beverage company”, the ACB news released stated...Coca-Cola expressed an interest yesterday in the “wellness” use of a key cannabis compound, the latest indication of growing attention being paid to marijuana by major drinks makers…Eldorado Gold (ELD, TSX) says it has requested a government payment of some $750 million euros for damages that are the result of delays in permits for the Skouries Project in Greece… the payment does not initial legal proceedings…“The application represents a good-faith attempt to resolve the matter with the Greek state as it relates to costs incurred resulting from permit delays to our Skouries project,” said George Burns, President & CEO…“We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration”…the Venture is up 6 points at 725 as of 7:00 am Pacific…Eskay Mining (ESK, TSX-V) announced this morning that it has identified 3 distinct VTEM anomalies on its Corey Property along the boundary with properties to the west held by Garibaldi Resources (GGI, TSX-V) and Metallis Resources (MTS, TSX-V)…the “White Whale” anomaly occurs along strike of GGI’s E&L deposit and VTEM Anomaly A…the “Cascade” anomaly is adjacent to Metallis‘ Thunder North zone, which is coincident with a series of easterly trending gossans that continue onto Eskay’s claims…the “Sweet Virginia” anomaly occurs along ESK’s Red Lightning Ni-Cu trend, within the company’s 100%-owned ground…
6. Corvus Gold (KOR, TSX), one of the top-performing Gold stocks this year, is up in early trading after releasing maiden mineral resource estimates incorporating all drill results from the Phase 1 and 2 drill programs at its 100%-owned Mother Lode Project in Nevada…highlights include: 1) 733,000 ounces of Measured & Indicated resources at an average grade of 1.72 g/t Au in 13.2 million tonnes; 2) 112,000 ounces of Inferred resources at an average grade of 1.6 g/t au in 2.17 million tonnes…Jeff Pontius, Corvus President & CEO stated, “The Mother Lode deposit has delivered a robust maiden Mineral Resource that exceeded our initial expectations and enlarges the overall Corvus Gold Nevada asset base. The grade and low strip ratio of this deposit makes it an excellent addition to the North Bullfrog project (NBP) and will add to the combined NBP & MLP initial PEA study expected next month. The Mother Lode deposit remains open and continues to grow with our ongoing Phase III drill campaign building toward the next multi-million-ounce Nevada discovery. Additionally, the critical mass provided by the Mother Lode deposit for a sulfide circuit opens the door for the large, high-grade sulfide potential at the North Bullfrog Project which has yet to be explored”…
7. British Columbia’s public safety minister says the province will meet demand for recreational marijuana with only 1 government-run shop and an on-line store when the drug is legalized next month…Mike Farnworth also defended the province’s approach to legalization Monday after it announced that only 1 brick-and-mortar B.C. Cannabis Store in Kamloops will be open when recreational pot becomes legal on October 17…Farnworth said, “This is the largest public policy shift in this country in decades and it’s not something that just happens overnight. To say that because you only have one store, this is a failure, quite frankly I just don’t accept that one bit”…Farnworth added that the Kamloops store is just the start and he expects a number of public and private shops will open in the weeks and months after legalization…“The legalization of non-medical cannabis is a historic shift in public policy. It’s a considerable learning curve and, without a doubt, all levels of government will need to refine their policies and regulations in the years ahead”…
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
Good honest PR from ESK !!! They have been busy and I expect to hear more as we roll through September … Stock is under .30 and for easy figuring 1/10 of GGI’s price, so for those looking for a bit of leverage in a hotttttt Triangle, ESK ain’t a bad buy at these levels imho. Yessss, I have a position
Comment by jerseyman — September 18, 2018 @ 12:25 pm
Hi Jon, I know all the focus is on “D” for GGI that we are “aware” of in regards to drilling. Any insight you can pass along regarding the “A anomaly” in light of the ESK NR?
Comment by flyinthruu — September 18, 2018 @ 12:28 pm
Trump’s backers are being had, (except for the small percentage that are very wealthy and also greedy). Present policies will be ruinous if continued. (as a wag once said, there’s nothing sadder than a poor Republican)
The following is from Bill Bonner’s Diary. (he’s a smart, funny libertarian, and a daily must read for me)
Federal debt is increasing two to three times faster than revenues; by 2028, given reasonable assumptions, the national debt will reach $40 trillion.
Assuming a 4% rate, that would mean $1.6 trillion a year in interest – equivalent to about half of this year’s tax receipts.
Obviously, that can’t happen. The U.S. will go to Hell or bankruptcy – maybe both – long before that.
Comment by Carl N — September 18, 2018 @ 12:39 pm
O well, got one green day on ggi anyway, should be more to come shortly.
Comment by Laddy — September 18, 2018 @ 1:21 pm
Post by user @brian on ceo.ca earlier today:
“What happened with $CCW with that huge offer at .50 earlier, someone (I know who) put up closet shares to let people in, then went back on the buy again from there. My guess is we see a good move coming up.”
Comment by adrobyshev — September 18, 2018 @ 2:32 pm
Well, Carl, as I see it, Obama doubled the acumulated debt of the previous 43 presidents in eight years. He left office with about $20 trillion in debt. You must like Trump better (as I do), because according to these projections, it will take 12 years to double from $20 trillion to $40 trillion. The truth is, they are all irresponsible- especially the Democrats rats.
Comment by Twaver — September 18, 2018 @ 3:14 pm
2008 – mkt meltdown – 8yrs of Obama figuring out to undo the previous 8 + yrs of subprime etc scams using taxpayer money or else the banking system said it would implode.
Comment by David — September 18, 2018 @ 7:34 pm
Twaver: 20T over 12 years is “better” than 10T over 8 years?.. I appreciate the mental gymnastics but this is grade 6 math fail, bro. Try again.
Comment by adrobyshev — September 18, 2018 @ 10:09 pm
Another date come and gone, and still no word from CLM unless of course we hear something before the Markets open later this morning ( 19th ) …… there was quite a clear indication on Friday from my sources that we would be hearing something Monday and more than likely Tuesday. Well, not only did we not get anything from Management, we also the sp drop back right down to .51 ……… this is getting rather un-nerving to say the least. At least CCW seems to have turned the corner and getting North again !! ESKAY finally getting a little coverage, and heck why not ! Little bit of good News from GGI will rub off on ESK’s sp imho. Yess, I own shares in ESK.
Comment by farmer — September 18, 2018 @ 11:23 pm
David, Obama did, indeed, come in under unfortunate circumstances – as did Bush 43 (NASDAQ crash) and Reagan (interminable bear market and high inflation). However, Obama’s recovery was not at all what most economists would expect after such a sharp decline (normally a steep decline is followed by a steep – or ‘V’ – recovery). Obama managed to squander that opportunity by concentrating on things like his failed healthcare initiative, hyper-regulation, and fanning up racial animosities. Fortunately – like him or not – Trump has been doing the things necessary to get our economy back in gear. The numbers back me up on that. BTW I hope you are not trying to imply that Bush 43 was the cause of the housing crisis. He actually warned of the dangers. But congress (see Barney Frank vids – not his gay porn ones – regarding that).
Adrobyshev, we normally measure historic deficits for comparison purposes in terms of percentages. As you may know, the value of the dollar is very dynamic over time. My apologies for your not understanding that. As I said, I do not support either side’s profligate spending.
Comment by Tad — September 19, 2018 @ 11:34 am