BullMarketRun.com

1. Gold has traded between $1,224 and $1,229 so far today…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,226…Gold snapped back yesterday after hovering near a 2-week low following comments from Fed Chair Jerome Powell who hinted at a milder rate hike policy during a major speech…Silver is up slightly at $14.31…Copper and Nickel are both edging higher at $2.84 and $4.96, respectively…Zinc is unchanged at $1.15 while Cobalt is also flat at $25.06…Crude Oil has recovered $1 a barrel to $51.29 while the U.S. Dollar Index is up slightly at 96.91 after plunging two-thirds of a point yesterday…tensions are flaring between Russia and the Ukraine – we’ll see how that may impact Gold in the days ahead…Russia’s actions against the Ukraine have forced the hand of President Trump who has just cancelled a planned meeting with Vladimir Putin at the G-20 summit in Argentina…German police raided Deutsche Bank’s offices in Frankfurt today in a probe of money laundering against the country’s flagship lender…2 Deutsche Bank staff members are suspected of helping clients set up off-shore businesses to launder money gained from criminal deeds…some 170 police officers, prosecutors and tax inspectors searched 6 of Deutsche Bank’s offices this morning, according to a statement from the Frankfurt public prosecutor’s office…

2. ETP holdings of Gold have risen so far this month and for the year to date, while central banks remain net buyers of the precious metal, according to data from Standard Chartered…“ETP holdings are now up 19 tonnes for November, taking inflows up 13 tonnes year-to-date.  ETP holdings have proven resilient in recent weeks”…analysts say that physical market weakness “has been largely offset the resilience of ETP investors and continued central-bank buying – the latest data shows that new entrants continue to emerge”…

3. U.S. consumer spending increased by the most in 7 months in October, but underlying price pressures slowed, with an inflation measure tracked by the Federal Reserve recording its smallest annual increase since February…the Commerce Department said today that consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 0.6% last month as households spent more on prescription medication and utilities…data for September was revised down to show spending rising 0.2% instead of the previously reported 0.4% gain…

4. As if Canada’s pipeline and energy crisis isn’t enough, investors need to be keeping a close eye on how the Trudeau Liberals proceed with controversial Bill C-69 as this proposed legislation now before the Senate (it sailed through the Liberal majority in the House before summer recess) would, among other things, significantly widen and complicate the environmental review process for major resource projects in this country…“The federal government has the ability to fix Bill C-69,” NDP Premier Rachel Notley said this week…“They need to get on with it.  The toll on jobs is mounting, anxiety around kitchen tables is rising, and the economic damage to the country is deepening”…for an NDP politician to speak like that (a socialist and a climate change advocate), you know that Bill-69 is an absolute pending disaster for Canada if it’s pushed through in its current form and becomes The Law of The Land…Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers, stated: “This bill is as damaging to the Canadian economy as any piece of legislation that we’ve seen in a decade”…as investors, we need to speak up and be counted – at the very least, get in touch with your local Member of Parliament and make your voice heard…enough is enough – it’s time to take back our resource sector and our country from a bunch of fanatics…

5. SilverCrest Metals (SIL, TSX-V) announced this morning that SSR Mining (SSRM, TSX) is investing nearly $30.1 million into SilverCrest through a non-brokered private placement financing at $3.73 per share, giving SSR 9.9% ownership of SilverCrest on a non-diluted basis…the PP is expected to close on or about December 7…SilverCrest CEO Eric Fier remarked, “We are pleased to welcome SSR as a new investor in SilverCrest.  With this investment, SilverCrest will have more than $40 million available to explore and advance the Las Chispas Project.  The investment by SSR is an important endorsement of the Las Chispas Project from a mining company that has an established reputation and track record of financial discipline and operating performance which can help to further de-risk and optimize the Las Chispas Project.  We look forward to having a positive working relationship with SSR as we move Las Chispas forward”…SilverCrest’s goals for 2019 are to a) Complete a resource update and a PEA in Q1; b) Complete construction of an exploration decline into the high-grade area of the Babicanora Vein; c) Carry out an aggressive infill and expansion drilling program to upgrade and potentially increase the high-grade precious metal resource; d) Complete a Pre-Feasibility Study by the end of 2019, assuming a positive PEA…

6. The Dow has retreated 62 points as of 7:00 am Pacific following 3 straight gains totalling 1,080 points…in Toronto, the TSX is up 30 points through the first 30 minutes of trading…CIBC reported an 8% increase in 4th quarter earnings, helped by growth at its retail banking and wealth management divisions…Canada’s 5th biggest lender reported net income of $1.36 billion for the quarter ended October 31 ,just slightly below expectations…the price-to-earnings ratio, a measure of valuation, for the TSX is 14.2, according to Refinitiv Eikon data, much less than the 18.6 price multiple for the S&P 500…Toronto’s index has declined 9.5% since it notched a record high of 16,586 in July…it has fared better than the Venture, though, which is down nearly 40% from its best level of the year back in January…the Venture snapped a 4-session losing skid yesterday and is off 1 point at 591 through the first 30 minutes of trading…there are some similarities between this quarter and Q4 2015, which bodes well for a potential major near-term reversal…

7. Of the dozens of asset classes across various kinds of securities and commodities in developed and emerging markets, 90% of them are down on the year in U.S. dollar terms, according to Deutsche Bank…in more than a century of market data, never has a calendar year seen so many assets post negative returns… Canada has not escaped…the S&P/TSX Composite Index has dropped by 6.4% on the year, the rise in interest rates and bond yields has produced moderate price declines in government and corporate bonds, the Canadian dollar has lost almost 5 U.S. cents, and the price of Alberta Crude Oil has plunged by 50%…

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