Check the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,316 and $1,328 so far today…as of 7:00 am Pacific, the yellow metal is off $1 an ounce at $1,316…after last year’s unprecedented central bank demand for Gold, another nation is jumping into the marketplace to build its bullion reserves over the next 5 years…according to international media reports, Uzbekistan expects to increase its Gold holdings to 430 tonnes between 2020 and 2024 as the country looks to develop its domestic Gold deposits…the reports said purchases could start this year as the central bank plans to buy at least 80 tonnes…Silver has pulled back 8 cents to $15.62, very close to its rising 50-day moving average (SMA) where there is exceptional support…Nickel and Zinc lead base metals this morning, trading up at $5.90 and $1.27, respectively, while Copper is unchanged at $2.96…Crude Oil is 19 cents higher at $56.75 while the U.S. Dollar Index is off slightly at 96.35…White House Economic Adviser Larry Kudlow told CNBC this morning that “last week was fantastic” in terms of U.S.-China trade negotiations…“We’re making great headway on non-tariff barriers and tariffs regarding various commodities such as soybeans and energy and beef. We have mechanisms with regard to enforcement, which is – I think – unparalleled”…Kudlow added that China has expressed willingness to make key structural changes to prevent intellectual property theft, a highly contentious issue in these negotiations…
2. U.S. economic growth was better than expected as 2018 came to a close, with GDP rising 2.6% in Q4, according to a first estimate from the Commerce Department this morning…economists surveyed by Dow Jones expected a gain of 2.2% after a 3.4% rise in the 3rd quarter…the growth came amid a bevy of uncertainty and a time when the stock market briefly slid into bear market territory…growth was helped by a 2.8% jump in consumer spending along with increased non-residential fixed investment, exports, private inventory investment, and federal government spending…weakness in residential fixed investment, which fell 3.5%, and state and local government spending served as a drag…
3. The irony of Justin Trudeau being hoisted on his own petard is obvious to most Canadians, though unfortunately our country is now starting to resemble a corrupt and incompetently managed third world banana republic…the self-described feminist, the champion of identity politics, and the Prime Minister who recently lectured China about the “rule of law”, is now rightly facing calls for his resignation, thanks to the courage of an indigenous woman who has provided compelling testimony that she was pressured by Trudeau and other Liberals to give SNC-Lavalin (SNC, TSX) a “break” from criminal prosecution prior to when she was replaced as Attorney General (an RCMP investigation will surely be launched)…part of the “Big Picture” regarding the SNC-Lavalin-Liberal scandal is this: Trudeau will go out of his way, even ignoring the “rule of law”, to protect jobs in his cherished home province of Quebec (he is far behind Trump in knowing how to actually create wealth and jobs), but he doesn’t give a damn when it comes to Western Canadian jobs in the Oil and gas sector…in fact, last week, Trudeau completely ignored the convoy of Oil and gas workers who descended upon Ottawa, trying to get their voices heard…meanwhile, the Liberal Senate at Trudeau’s urging is looking to pass dreaded Bill C-69, focused on resource legislation, which most industry executives believe could spell the end of energy development in the country…Canada deserves a Prime Minister who is PROUD of our energy sector and stands up for the people who are working in it and investing in it…instead, we we have a PM who has broken a litany of promises, including his “sunny ways” pledge to do politics “differently”…we’re left with a country that’s divided, underachieving and sending the wrong message to international investors…
4. These comments from Kevin O’Leary at an event in Vancouver last week, attended by BMR, resonate more than ever this morning: “What this country needs is better management. We are the wealthiest country on earth in our assets and we are the most poorly managed. And we have to find a way to change this. I invest all around the world, and for the last 3 years the worst place to put your money on earth in the G-7 has been our country. We have failed to compete. This has to change. It must change, and it’s going to. We need better men and women running our provinces and our federal leadership to focus on competition, job creation and all the things we care about. And we deserve it, we deserve it. And we have it – we have it. I will be working very hard between now and October going to colleges where I can pack the house, talking about change. I want better managers, better management. Better management is what’s going to change this country”…
5. Cannabis companies certainly know how to market and brand: Martha Stewart has joined Canopy Growth (WEED, TSX; CGC, NYSE) in an advisory role to assist with developing and positioning a broad new line of product offerings across multiple categories…with decades of success in publishing, broadcasting, online and merchandising, Martha Stewart has firmly cemented herself as one of the most well-respected businesswomen in the United States…Canopy stated in a news release this morning, “Along with a deep understanding of what consumers in the United States and around the world want, Martha has been one of the most vocal advocates for animals, championing the health and wellness of pets and farm animals alike. With several clinical trials underway, Canopy Growth will be leaning on Martha’s vast knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids as they relate to improving the lives of both humans and animals”…Stewart commented, “I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living. I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets”…Canopy Growth Chairman and co-CEO Bruce Linton stated, “As soon as you hear the name Martha, you know exactly who we’re talking about. Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal”…
6. The Dow, aiming for a 10-week winning streak, is relatively unchanged after 30 minutes of trading…in Toronto, the TSX is off 51 points while the Venture has added 5 points to 625 as it attempts to conquer key resistance in the low 620’s…American Pacific Mining (USGD, CSE) has hit a fresh 8-month high of 20.5 cents in early trading…USGD, which is now closing a previously announced over-subscribed financing at 10 cents, was a new listing on the CSE in the spring of last year and is exploring an attractive high-grade Gold opportunity in Nevada plus other potential acquisitions in the region…the key breakout point, as our charts confirmed earlier, was 14 cents…the Gowganda Gold play could heat up during PDAC – keep a close eye on IMR Resources (IMR, TSX-V) and Canada Cobalt (CCW, TSX-V)…Tinka Resources (TK, TSX-V) announced this morning that it intends to launch a major drill program of up to 10,000 m in April at its Ayawilca Project in Peru…drilling will target structural repeats of the mineralized limestone beneath the current high-grade Zinc resources at West, South, and Central Ayawilca…drilling during 2018 confirmed that a deeper limestone unit exists and can host exceptional grade (including 10.4 m at 44% Zn in A18–129)…Miramont Resources (MONT, CSE) is pushing above 40 cents in early trading…the company added new ground this week adjoining its promising Cerro Hermoso Project in Peru with drilling in progress…drilling is testing 3 priority targets known as the Stockwork zone, the Central Breccia zone and the Carbonate Replacement zone…this is a large and energetic mineral system located along a regional trend of epithermal and CRD deposits…coincident magnetic and chargeability IP anomalies indicate a potential buried intrusion which may have driven a lot of the action in the broader area…
7. Drilling at Galway Metals’ (GWM, TSX-V) George Murphy zone (GMZ) at the Clarence Stream Gold Project in southwestern New Brunswick has intersected 13 g/t Au over 8.7 m, including 201 g/t over 0.5 m…this hole, CL18–36, contained significant visible Gold and was located 40 m above previous hole CL18–26 that returned 241.5 g/t over 4.2 m, including 807 g/t over 1.25 m…drilling has also extended the western limit and depth of the zone…hole CL18–33, which intersected 7.2 g/t over 2.75 m, including 35 g/t over 0.55 m, extended the zone to the west, while holes CL18–34 and CL18–35, which intersected 2.1 g/t over 15.7 m, and 1.6 g/t over 14 m, respectively, extended the zone to depth…“While we are eagerly awaiting additional drill results from our new Richard zone discovery located 1 km to the west, we are very pleased that the George Murphy zone, which Galway initially reported as our first new discovery in December, 2017, is growing and contains significantly high-grade shoots. The 201 g/t nicely corroborates the previous result of 807 g/t,” stated President and CEO Robert Hinchcliffe…
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Jon, do you have any info from the AGM for CCW? I see the Adoption of the Company’s 10% rolling share option plan was ratified and approved. Just wondering if you know the terms of this? will the shares bought be on a 4 month hold like a PP? Also I see Franks’ PDAC presentation date has been changed.
The revised date is Monday March 4 at 11:15 am (not Tuesday March 5 at 11:15 am). Any other info on CCW? Thanks
Comment by donmac2117 — February 28, 2019 @ 9:18 am
GWM is going the right way to become a district scale discovery with lots of high grade finds in all of the known zones and also the new ones. The 201g/t over a half metre is part of the same vein that yielded 897g/t over one and a quarter metres. These are exceptional grades and they have plenty of longer decent grades also. Loads more exploration to be done but they just keep hitting good grades every time. Nice one Daniel this should get to $1 easily in time.
Comment by Patrick — February 28, 2019 @ 9:48 am
There goes February, maybe March? ⬆️⬆️?
Comment by Laddy — February 28, 2019 @ 1:35 pm