Visit the BMR comments section throughout the day for updates and helpful information…
1. Gold has traded between $1,183 and $1,199 so far today…as of 7:00 am Pacific, Gold is off $10 an ounce at $1,184 after the Federal Reserve hiked U.S. interest rates yesterday and hinted that more monetary tightening is on the way…Silver has retreated 13 cents to $14.16…Copper is down 3 pennies at $2.80, Nickel has slid 12 cents to $5.67 while Zinc is off a penny at $1.14…Cobalt is steady at $28.12…Crude Oil has added another 32 cents to $71.89 while the U.S. Dollar Index is flat at 94.29…as expected, the Fed raised interest rates for the 3rd time this year yesterday, and left intact its plans to steadily tighten monetary policy, as it forecast that the U.S. economy would enjoy at least 3 more years of growth…another rate hike is expected in December…the Fed’s action marks the first time it has lifted its benchmark rate above 2% since 2008…it’s also the first time in a decade the fed funds rate will rise above inflation, measured by the Fed’s preferred gauges which excludes volatile energy and food categories…so-called core prices rose 2% in July…
2. China’s net Gold imports via main conduit Hong Kong fell to their lowest this year in August as Beijing curbed import quotas for banks amid a trade tussle with the United States…imports via Hong Kong to China, the world’s top consumer of the metal, decreased by 29% to 31.857 tonnes in August from 44.802 tonnes in July, according to data from the Hong Kong Census and Statistics Department…that is the lowest since December 2017, when imports were at 31.221 tonnes…total Gold imports via Hong Kong fell 30% to 34.22 tonnes in August from 48.635 tonnes in July…the Hong Kong data, however, might not provide a full picture of Chinese purchases as Gold is also imported via Shanghai and Beijing…
3. Saudi Arabia, under pressure pressure from the Trump administration, is ready to put as much as 550,000 additional barrels onto the market, according to a report this morning from CNBC…the gains will come from about 200,000 barrels per day from its Kurais Oil field, as well as resumed capacity from some pipeline issues with the Manifa field…Riyadh decided against pressing for an official increase now as it realized it would not secure agreement from all producers present at the talks, some of which lack spare production capacity and would be unable to boost output quickly…estimates of how much Iranian Crude could disappear from the market once U.S. sanctions come into force on November 4 vary widely among the analyst community, from anywhere from 500,000 barrels per day (bpd) all the way to 2 million bpd…at its 2018 peak in May, Iran exported 2.71 million bpd of Crude Oil, equivalent to nearly 3% of daily global consumption…
4. This is what the Trudeau National Energy Program 2.0 has done: Canadian Oil producers are missing out big-time on the latest bullish move in global Oil prices as the discount for domestic Crude flirts with all-time highs…“It has been ridiculous – it’s been outrageous, actually,” said Martin King, director of institutional research at GMP FirstEnergy, about the near-record discounts facing Canadian Crude oil production…while the West Texas Intermediate benchmark has steadily climbed over $71 a barrel, the main Canadian Oil benchmark has at times traded for less than half that price…Western Canada Select, a blend of heavy Oil barrels, was trading at a discount of $34.50 (U.S.) per barrel at mid-day yesterday, or roughly half of WTI prices…
5. The Dow has added 33 points through the first 30 minutes of trading…the U.S. Drug Enforcement Administration has classified a cannabidiol (CBD)-based drug made by UK-based GW Pharmaceuticals in its least restrictive category, setting the stage for commercial launch…known as Epidiolex, the new GW Pharmaceuticals drug uses CBD to help with the treatment of seizures stemming from 2 rare and severe forms of epilepsy…global mining giants Freeport McMoRan and Rio Tinto have struck a binding accord to sell a majority stake in the world’s 2nd-biggest Copper mine, Grasberg, to Indonesia’s state mining company for $3.85 billion…in Toronto, the TSX is 44 points higher as of 7:00 am Pacific…Cameco (CCO, TSX) has jumped more more than $2 a share on news the company has beat the tax man – The Tax Court of Canada has ruled unequivocally in favour of Cameco in its dispute of the reassessments issued by the Canada Revenue Agency for the 2003, 2005 and 2006 tax years…the Venture is off 2 points at 705…the Flowr Corp. (FLWR, TSX-V) is strong again this morning in its 2nd day of trading on the Venture…FSD Pharma (FSD, CSE) is the early morning volume leader on the CSE after news that Horizons ETFs Management (Canada) has added the stock to the Horizons Marijuana Life Sciences Index ETF…White Metal Resources‘ (WHM, TSX-V) channel sampling program campaign has been completed on priority targets on its Gunners Cove Gold property in Newfoundland…over 700 samples were collected and are in the process of being assayed…Romios Gold (RG, TSX-V) has hit a new 52-week high of 8.5 cents after announcing a $1 million private placement (above the market) which, among other things, will allow for first-ever drilling next month of the promising Burgundy Ridge target in the Eskay Rift (optioned this week to Crystal Lake Mining, CLM, TSX-V) as well as follow-up drilling at a recent massive sulphide Copper-Gold-Silver discovery on strike with Goldcorp’s (G, TSX) Musselwhite mine in Ontario…
6. Barkerville Gold Mines (BGM, TSX-V) is up in early trading on high volume after the company released results from the continuing 2018 Cow Mountain category conversion program at its flagship Cariboo Gold Project…results demonstrate continuity of high-grade Gold mineralization within vein corridors and included visible Gold in 5 holes – 28.9 g/t over 1.9 m (CM-18–005), 30.6 g/t over 1.8 m (CM-18–007), 24.7 g/t over 3.1 m (CM-18–012), 109 g/t over 1.2 m (CM-18–018), and 160.5 g/t over 0.85 m (CM-18–029)…the ongoing drill program at Cow Mountain is designed to infill and expand high-grade Gold-mineralized vein corridors modelled in the May 2018 Cow Mountain resource estimate…vein corridors are defined as a high-density network of mineralized quartz veins within the sandstones…mineralized quartz veins on the Cariboo Gold Project are overall sub-vertical dip and northeast strike…these corridors have been defined from surface to a vertical depth of up to 300 m and remain open for expansion at depth and down plunge…Gold grades are intimately associated with vein-hosted pyrite as well as pyritic, intensely silicified wall rock haloes in close proximity to the veins…
7. Great Bear Resources (GBR, TSX-V) has cut 1.75 m grading 101 g/t Au, including 347 g/t over 0.5 m within a vein zone of 10.35 m of 18.2 g/t, at a vertical depth of only 75 m in the highest-grade results drilled to date at the Dixie Project…Gold in the “SLZ discovery” is hosted by “crack-seal” style veining typical of the Red Lake district that has placed higher grade Gold on both margins of the vein…the SLZ is a large target with potential for several km of strike length, according to Great Bear…3 drill holes completed along 220 m of strike length of the new SLZ target all intersected Gold within a well-developed quartz vein system…meanwhile, at the DLZ target, which extends to the north of the SLZ and the Hinge Zone, continues to yield Gold results in all (100%) of the 32 drill holes completed by Great Bear along the 2.3 km of strike length that has been drilled to date (the target is geophysically defined as having over 10 km of potential strike length)…new results from the DLZ include deeper tests of the zone, returning 3.8 m of 6.3 g/t Au, including 0.60 m of 17.3 g/t, within a wider interval of 19 m of 3.1 g/t at 196 m vertical depth in hole DL-024…elsewhere on the property, DHZ-005 was completed 100 m to the southeast of the Hinge zone to test the orientation of the regional D2 fold axis…it remained in the footwall basalt unit over its entire core length of 252 m and intersected 1.4 m of 1.2 g/t Au at 197 m depth…the company’s new 30,000-m, 150-hole drill program is now underway, and is expected to continue drilling through 2018 and 2019…targets to be drilled include the Hinge Zone, SLZ and DLZ, as well as a number of newly defined, highly prospective geological and structural targets across the project. Results will continue to be released in batches as received…
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Alan Laboucan has now come out in support of GGI. Some positive comments of his from ceo.ca.
“This stock tends to baffle me, on pure hype it goes up to 5 bucks. I was bearish on the way up and all the time since then because everything I saw in the drilling was too patchy and spread out between the drill holes. But I am always open to changing my mind if the truth machine says I should. These recent results have me bullish for the first time and the stock gets hammered. In those patchy results, they had hit high-grade, but it looked like they would have a hard time connecting the dots of high-grade into a mine. With the recent results, they have now shown that they have size potential too with the drilling. They can use what they are finding up at the top to follow it deeper. If they can find a magma chamber with that high-grade and this will be a rocket ship again.” #index
Subscriber John
Comment by John — September 27, 2018 @ 9:34 am
any chance the TSXV is going to break out or its done for the winter? a few NRs’ that didn’t pan out and a perception that commodities are not the place to be are not helping out the explo plays
Comment by David — September 27, 2018 @ 9:59 am
I certainly am not running with all you Lemmings selling like FOOLS! If anything I will pick up all the crumbs you leave behind… I Know this is going to lift off and the Tonnage with Grade will shock the Mining Industry. Nay sayers run like victims, I will be the Predator. GGI has a BIG SURPRISE COMING TO YA ALL!!!
Comment by Patrick L — September 27, 2018 @ 12:02 pm
O well, call me crazy but once I saw 1.60 I had to add a little more.
Comment by Laddy — September 27, 2018 @ 12:30 pm
Patrick
You are either very positive or you have some info that the rest of us don’t have, would love to know what the BIG SURPRISE? Please share.
Thanks
Comment by Gregh — September 27, 2018 @ 1:11 pm
Jon, or anyone, any thoughts or info on MOON? It traded over 2 million shares on all exchanges today. First little sign of life in a while. We’ll see if there is any follow through tomorrow.
Comment by Danny — September 27, 2018 @ 2:08 pm
Glad to hear your Positiveness there Patrick !!! I have also heard of some BIGNESS NEWS that will make today’s Buys absolute STEALS. Month end pressure should lift by Noon tomorrow and by then the Shorts should be covered and then back to a bit of respectability. I won’t hazard to guess the sp at the end of the day tomorrow. Nice to get back a bit more under 1.60 today and well, could have left it until the last few minutes to pick up a little more, however, money doesn’t grow on trees !!! Be on FB later tonight ! Farmer T
Comment by jerseyman — September 27, 2018 @ 2:17 pm
well todays close suggests we can see 1.40 , 1.20 and then support at $1.00 – not pretty. if that negative vibe gets a hold of the stock tomorrow, its going to take Patrick’s BIG SURPRISE to turn it around
Comment by David — September 27, 2018 @ 2:19 pm
Jon, emotions are running high for a lot of us ggi folks. Are you still seeing your previous support levels hold up after today’s trading? Any other comments you can share would be more than appreciated to help calm some nerves. The volatility seems a little more extreme this year compared to last year. Thanks!!
Comment by Donnelly7 — September 27, 2018 @ 2:31 pm
I bought there as well today, Laddy.
Comment by Charles — September 27, 2018 @ 2:51 pm
Donnelly7 The difference this year from last year is we don’t have an Eric Sprott to support the stock price, so GGI management needs to step up and let the market know what is going on, there really is no reason to be down this much, the NR was not that bad for this type of sell off, but fear has now taken hold and emotions are causing people to sell because we really have no idea what they are doing up on that mountain. It shouldn’t be up to BMR to let us know, It shouldn’t be up to BMR to have to release little sound bites to try to give us some type of insight. (Which we appreciate very much by the way) But the company should be doing this, what is their IR firm for. When you call them most of the time they know nothing. Time to stop all the secrency. Someone send a copy of the BIG SCORE to Regoci, obviously he hasn’t read it. Hopeful for better days ahead.
Comment by GREGH — September 27, 2018 @ 3:52 pm
I’d love to see a BMR GGI update, addressing what’s going down now and what BMR thinks we can expect.
Comment by Gojira — September 27, 2018 @ 4:54 pm
GGI…The 5 min daily chart suggests we could see a double bottom completed at the open on Friday around 1.52/1.55. Then move higher later in the day. We will see.
Comment by John - BMR — September 27, 2018 @ 5:10 pm
Hello BMR team,
Is it still in your plan to send someone to the Eskay Camp or did you put that on hold ?
Comment by Sylvain — September 27, 2018 @ 5:30 pm
John, thanks! But do technicals really apply at this point on GGI ? It seems people are trading based on nothing else than panic, not on technicals… Seems like we have to wait for the storm to be over before being able to read the technicals again. What do you think?
Comment by jeanmichel — September 27, 2018 @ 6:09 pm
I’m the one, Sylvain, and it’s happening real quick…
Comment by Jon - BMR — September 27, 2018 @ 7:41 pm
GGI has bounced off rsi 30 the last few times and had a good run , technically that is still possible time will tell
Comment by robtr31 — September 27, 2018 @ 7:49 pm
I think Ggi made a mistake by restricting photos of the camp, the extent of the drilling etc which could supplement the early drill results.
Comment by Donald — September 28, 2018 @ 4:25 am
I’ll buy more Ggi when it dips below a buck….
Comment by Gregory — September 28, 2018 @ 6:18 am
The worst thing you can do is to sell at these levels…..when it moves up it will be fast. IMHO
Comment by John - BMR — September 28, 2018 @ 6:25 am
John, GGI – now that it’s below $1.50 are we in for a red day or do you still see buying coming in after lunch?
Comment by Dan1 — September 28, 2018 @ 6:45 am
John – what will be the catalyst IYO which will allow GGI to move?? agreed emotion and the ‘they dont have anything’ mentality has taken hold..
but the consensus seems to be that the intersects are not good enuff…
Comment by Jeremy — September 28, 2018 @ 6:48 am
right now with GGI and MTS it is only hopium that is keeping us connected… the market is saying it doesnt hold out much hope…
Comment by Jeremy — September 28, 2018 @ 6:51 am
Any updates on CCW? Been silent last few and when it seems like they are about to make some noise
Comment by TradingAgent — September 28, 2018 @ 6:53 am
I would take a deep breath and relax, Jeremy. I have a hunch we’re seeing the lows this morning and next week will be a whole lot different for GGI.
Comment by Jon - BMR — September 28, 2018 @ 7:03 am
Jon, a whole lot different next week? The only thing that is going to move this stock now is something extraordinary. Do you think it’s coming?
Comment by Dan1 — September 28, 2018 @ 7:04 am
Well Jon .. as much as this is a sell on news event since the results were not ‘robust’ enuff in the eyes of many, I am still hopeful that the remaining results build the case for GGI and not leave it open to rampant interpretation as such.
having lost a really good chunk (weekly loss is 50%ish …. ) it is tough to remain optimistic.. as most here I suspect…
also hoping they dont have to do a funding run at these $$’s
Comment by Jeremy — September 28, 2018 @ 7:10 am
No 7 @ 7:00 this morning – travel day, first to Smithers and then Eskay Camp. Weather advisory for Smithers but clear skies over Eskay Camp into the middle of next week.
With regard to Jeremy’s question re: potential PP, GGI has $20 million in working capital and does not have to even think about a PP until at least 2020 – but they’ll be taken out well b4 then.
Comment by Jon - BMR — September 28, 2018 @ 7:23 am
Hello guys,
Still planning to send someone to the Eskay Camp shortly ?
Thanks
Comment by Sylvain — September 28, 2018 @ 7:24 am
Jon, wish you safe travels. Look forward to your “boots on the ground” reports.
Comment by Foz1971 — September 28, 2018 @ 7:25 am
Thx Jon … Thank you.. those kind of details escape most of us.
with regard to the results.. if I remember correctly the first result from last year was the ‘best’.. the rest of the results were mediocre yes??
is it safe to say that the same will happen here?? trying to understand how this kind of trading is warranted as such…
Comment by Jeremy — September 28, 2018 @ 7:37 am
and safe journey – it is this kind of reporting that we pay for:)
Comment by Jeremy — September 28, 2018 @ 7:38 am
JOhn … at what level does GGI need to close at to mark a low you think????
Comment by Jeremy — September 28, 2018 @ 7:47 am
GGI is experiencing a TAKEDOWN….an organized move by someone or some group to get cheap shares. It is not IMHO a sell off due to a bad NR….the news was good.
The trading sentiment will be more bullish in October….Just sit tight and hold on to your shares.
Comment by John - BMR — September 28, 2018 @ 7:48 am
@John-BMR – Great point, watching the manipulation and fear mongering is sickening. The project builds value, but the share price is cut in half!?! Its us against them, the bulls vs the bears.
Comment by Buckshot — September 28, 2018 @ 7:53 am
https://soundcloud.com/sprottmoney/sprott-money-news-weekly-wrap-up-92818
around the 8 minute mark .. sprott talks about the underwhelming results and then interjects with a big BUT…
they havent found the motherlode yet, but they will, and there is no question they have a deposit!!
Comment by Jeremy — September 28, 2018 @ 8:14 am
Hi John,
I think your comment that GGI is experiencing a “TAKEDOWN” by an individual or group has some considerable merit.
There is a poster on ceo.ca who passes himself off as a geologist named “tomszabo” who only posts after news releases that might afford a shorting opportunity. This person posts extensively and his comments seem highly credible. However all his comments have a negative bias. Whenever he appears a GGI takedown occurs. When the attack is complete he disappears completely. He hasn’t posted anything for 22 hours. He has now left the building. I am confident that he and his group have finished the takedown and it may now be safe to start buying in at these low prices.
Subscriber John
Comment by John — September 28, 2018 @ 8:22 am
GGI forming a reversal candle… thank you to Jon and John for their guidance
Comment by Jeremy — September 28, 2018 @ 8:42 am
GGI is flying now, up 9% on the day, nearly 40c higher than the lows. Everything else out there looks red though, lol!
Comment by broen — September 28, 2018 @ 8:59 am
Anyone else picking up CCW under .50 ???? News after the Bell would be nice for a good start to October ….. no //
Comment by jerseyman — September 28, 2018 @ 11:31 am
Have a safe trip Jon…can’t wait to ear good stuff about the Eskay Camp !
Comment by Sylvain — September 28, 2018 @ 11:45 am
I have picked up some CCW today – bargain hunting time, like with GGI this morning.
Comment by flyinthruu — September 28, 2018 @ 11:59 am
Thanks BMR for your attentiveness to all our questions.
Comment by flyinthruu — September 28, 2018 @ 12:15 pm
GGI had its 50% correction, now its rallying, up 20% today.
CCW had a 50% correction (albeit over a bit longer time period), time for a rally shortly?
Comment by broen — September 28, 2018 @ 12:15 pm