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1. Gold has traded between $1,294 and $1,308 so far today…as of 7:00 am Pacific, bullion is off $10 an ounce at $1,298…European Union leaders have agreed to postpone Brexit until October 31 to allow British Prime Minister Theresa May more time to try to get the U.K.’s Parliament to approve the country’s divorce deal with the bloc…the decision further extends a torturous process that began with the U.K.’s June 2016 referendum decision to leave the EU and that has divided the country’s people and Parliament…a deal that May finalized with the EU in November has been rejected 3 times by lawmakers, and no majority has been found for any alternatives…Silver has slipped 13 cents to $15.07…Copper and Nickel have retreated slightly to $2.92 and $5.86, respectively, while Zinc has added a penny to $1.34…Cobalt prices have hit a new 1-month high of $15.20…Crude Oil has eased off 49 cents to $64.12 while the Dollar Index has added more than one-fifth of a point to 97.06…U.S. Crude inventories surged by 7 million barrels to a 17-month high of 456.6 million barrels last week, the Energy Information Administration said yesterday…production remained at a record 12.2 million barrels per day, according to preliminary weekly data, making the U.S. the world’s biggest Oil producer ahead of Russia and Saudi Arabia…
2. The number of Americans filing applications for unemployment benefits dropped to a 49-1/2-year low last week…the data pointed to sustained labor market strength that could temper expectations of a sharp slowdown in economic growth…in other economic news this morning, producer prices increased by the most in 5 months in March amid a surge in the cost of gasoline…but underlying producer prices remained soft, the latest indication of tame inflation pressures that strengthen the Federal Reserve’s decision to suspend further interest rate increases this year despite a tight labor market…yesterday’s minutes of the March Federal Reserve monetary policy meeting showed that most committee members saw interest rates on hold through 2019 and remained relatively positive on the health of the domestic economy…“A majority of participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving the target range unchanged for the remainder of the year,” the minutes said…“Several of these participants noted that the current target range for the federal funds rate was close to their estimates of its longer-run neutral level and foresaw economic growth continuing near its longer-run trend rate over the forecast period”…
3. The Silver market looks “promising” in 2019 as the supply and demand picture is expected to remain relatively stable compared to 2018, according to the latest research from the Silver Institute…the institute’s annual World Silver Survey, published this morning, said that global Silver demand hit a 3-year high in 2018, surpassing more than 1 billion ounces, an increase of 4% from 2017…at the same time, global Silver mine production fell for the 3rd straight year, dropping 2% in 2018 to 855.7 million ounces…however, despite strong demand and falling mine supply, Silver prices struggled, averaging the year at $15.71 an ounce, a drop of nearly 8% from 2017…overhanging stockpiles are a problem…the report noted that in 2018, above ground Silver supply totaled more than 2.5 billion ounces, meaning Silver inventory represents a 2-and-a-half year supply at the current pace of demand…2018 marked the first decline in above-ground Silver stocks after 9 consecutive years of growth…
4. The United States and China have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices”, Treasury Secretary Steven Mnuchin said yesterday in an interview on CNBC…Mnuchin said that progress continues to be made in the talks, including a “productive” call with China’s Vice Premier Liu He on Tuesday night…the discussions would be resumed today…“We’ve pretty much agreed on an enforcement mechanism, we’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters,” Mnuchin said, adding that there were still important issues for the countries to address…Mnuchin declined to comment on when or if U.S. tariffs on $250 billion worth of Chinese goods would be removed…although President Trump said recently that a deal could be ready around the end of April, Mnuchin declined to put a timeframe on the negotiations, saying Trump was focused on getting the “right deal”….he added, “As soon as we’re ready and we have this done, he’s ready and willing to meet with President Xi (Jinping) and it’s important for the two leaders to meet and we’re hopeful we can do this quickly, but we’re not going to set an arbitrary deadline”…
5. The Dow is 44 points higher after the first 30 minutes of trading as investors cheered progress on U.S.-China trade talks…The Wall Street Journal reported that China has agreed to open its cloud-computing sector to foreign companies in an attempt to sweeten a deal with the Trump administration…in Toronto, the TSX has gained 46 points while the Venture is off 1 point at 628…Gran Colombia Gold (GCM, TSX) says Q1 Gold output hit a quarterly record 60,601 ounces, up 15% over the 1st quarter of 2018…this brings the trailing 12 months of total Gold production as of the end of March to 225,930 ounces, at the top end of Gran Colombia’s 2019 guidance range of 210,000 to 225,000 ounces…2 resource juniors announced significant financings yesterday, albeit weakly structured…Triumph Gold (TIG, TSX-V) announced a $6 million PP while Eastmain Resources (ER, TSX) is raising $3 million…
6. Infill drilling by Marathon Gold (MOZ, TSX) has demonstrated further lateral and vertical continuity of the high-grade Gold between adjacent drill holes while also confirming significant Gold intervals in both he hanging wall and the the footwall zones of the Marathon deposit, thereby reducing the strip ratio for the open-pit…MA-19–372 cut 45 m grading 3.52 g/t Au starting just 17 m downhole…MA-19–370 returned a 75-m intersection grading 2.61 g/t Au between 146 m and 221 m, while MA-19–361 intersected 50 m @ 1.82 g/t starting just below surface…“The 2019 drilling program is producing impressive results at the Marathon and Leprechaun deposits,” stated Phillip Walford, President and CEO. “At Marathon, the Main Zone is being drilled at a spacing of 10 to 20 meters between holes to give Measured and Indicated resources showing very good correlation with most of the high-grade intercepts in adjacent holes. All of the holes we are reporting are in the Marathon PEA pit shell and the longer intercepts will have a positive impact on the resource grade”…MOZ is off 2 pennies at 89 cents as of 7:00 am Pacific, just 2 cents above its 200-day moving average (SMA)…
7. 48North Cannabis (NRTH, TSX-V) is pushing higher in early trading on news that it has entered into a formal partnership with humble+fume…under the extraction partnership, humble+fume will build a state-of-the-art cannabis extraction facility and packaging line within 48North’s fully-licensed cultivation and processing facility in Brantford, Ontario…upon completion of the facility, 48North will be able to process over 30,000 kg of cannabis mass annually…the extraction equipment and packaging line will be a shared resource between humble+fume and 48North…the build-out of the extraction facility and packaging line is expected to be completed this summer and is being paid for by humble+fume…as a result, 48North’s Good House will be fully-equipped to both manufacture and conduct C02 extraction, producing full-spectrum oil, distillates and isolates, all critical ingredients in the development of next-generation, value-added cannabis products, which will be available for retail sale by 48North in October 2019…48North will be using this equipment to execute on its previously announced licensing agreements with Mother + Clone and Avitas in the manufacturing of their 100% natural additive free, single strain, ultra-refined and purified products…pending Health Canada approval, 48North will be one of the first Licensed Producers in Canada to have an outdoor cannabis farm expected to produce over 40,000 KG of dried cannabis, from over 3.7 million sq. ft. of cultivation space, at a low-cost…
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Hi Jon, USGD continues to trade with strength. Have you heard anything from your wealth of contacts in the industry regarding American Pacific?
Comment by buckshot — April 11, 2019 @ 7:55 am
Hi Jon, just curious if you’ve been adding more CCW these days…
Comment by flyinthruu — April 11, 2019 @ 8:17 am
NRTH still trading down, any idea when approval might come?
Comment by Goose90 — April 11, 2019 @ 10:08 am
GWM slow bleed. Impatient investors or some in the know?
Comment by Dan1 — April 11, 2019 @ 11:38 am
Hi Jon, are you tracking Sama Resources and their nickel stuff closely?
Comment by flyinthruu — April 11, 2019 @ 12:29 pm
https://www.garibaldiresources.com/s/NewsReleases.asp?ReportID=848572&_Type=News-Releases&_Title=Garibaldi-Drills-6.19-Nickel-and-2.06-Copper-from-Surface-Over-4.4-Meters-i
Comment by BCCoastal — April 11, 2019 @ 1:33 pm
I’m not an expert but if this is all they have after all these months of drilling then it looks very disappointing.
Comment by Sulinder — April 11, 2019 @ 2:24 pm
Doesn’t look bad to me, they have a much better understanding of where they will go this drill season, and really now, some are expecting the mother load and a mine with just 46 holes, really? 100 holes minimum and we’ll see where we’re at.
Comment by Laddy — April 11, 2019 @ 2:59 pm
Jon, I know your busy pouring over the results, but would I be wrong in saying that they show some pretty good gold values in there as well? Jus curious.
Comment by Laddy — April 11, 2019 @ 4:43 pm
All looks good, Laddy…will have something later tonite or pre-market tomorrow at latest…
Comment by Jon - BMR — April 11, 2019 @ 4:55 pm
Look forward to it, thx Jon.
Comment by Laddy — April 11, 2019 @ 5:06 pm
Yes, I have been adding some around these levels, flyinthru, because it’s just too attractive not to…look at the change we’ve seen the last week…I believe it’s going to blow people’s minds where CCW is going to be trading 3-4 months from now…2018 all over again and then some…
Comment by Jon - BMR — April 11, 2019 @ 7:52 pm
Jon, do you imply CCW could replicate earlier performance of GGI?
thanks.
Comment by DINGO — April 11, 2019 @ 8:49 pm
Jon
GGI results look like they are continuing to fiqure this thing out, but the market probably won’t understand what the release hope we don’t see s sell off tomorrow.
Comment by Gregh — April 11, 2019 @ 11:29 pm
I’m actually hoping we do see some knee-jerk selling and some nervous nellies giving up GGI paper today, Gregh, pushing the price down on ignorance of what’s developing at Nickel Mountain – weak hands into strong hands. And I’m sure those same investors will be chasing this at much higher levels over the summer. Only a month before Camp re-opens and the drills get ready to turn again.
Comment by Jon - BMR — April 12, 2019 @ 1:29 am
While as confident in ever with ccw, the waiting has been a drag. I understand alot of the reasons why but would like some actual materialization. Ever time I hear a timeframe for CCW, I feel “hey, add 2-4 months.”
Comment by flyinthruu — April 12, 2019 @ 12:44 pm
I think everything starts to crystallize with CCW very soon, flyinthru…far faster than 2 months…
Comment by Jon - BMR — April 12, 2019 @ 2:14 pm
An anonymous director reports
GLOBAL ENERGY METALS CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
Global Energy Metals Corp. has closed its non-brokered private placement financing for gross proceeds in the amount of $813,500 through the issuance of 16.27 million units at a price of five cents per unit. This represents an oversubscription of 1.27 million units as previously announced.
Each unit comprised one common share of the company and one transferable common share purchase warrant, with each warrant entitling the holder thereof to acquire a common share at the exercise price of 10 cents per share for a period of 36 months from the closing date), subject to acceleration.
Insiders of the company subscribed for an aggregate of 1.84 million units for gross proceeds of $92,000 under the private placement.
As certain insiders of Global Energy Metals participated in this private placement, it is deemed to be a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.
The company intends to use the net proceeds from the offering to finance exploration and development activities at the Lovelock mine and Treasure Box projects in Nevada, United States, as well as for general working capital requirements.
All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation.
Warrants are subject to an acceleration clause whereby if on any 10 consecutive trading days occurring after four months and one day have elapsed from the closing date, the daily volume-weighted average trading price of the common shares of the company is at least 20 cents per share, the company may accelerate the expiry date of the warrants to the 30th day after the date on which the company gives notice to the subscriber in accordance with the warrant of such acceleration.
In aggregate, the company will pay cash finders’ fees of $8,700 and issue 357,200 shares to third party finders in connection with the private placement.
Closing of the private placement is subject to the approval to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
Comment by John - BMR — April 12, 2019 @ 6:00 pm
Good evening, is IMR still and attractive buy, especially since its retreat into the 8 cent levels?
Comment by MoneyMoni — April 12, 2019 @ 8:32 pm