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1. Gold has traded between $1,507 and $1,523 so far today…as of 7:00 am Pacific, bullion is off $9 an ounce at $1,514…Silver is 4 cents lower at $17.19…nearest Fib. resistance for Silver is in the $17.20’s – that’s the key area to watch…Nickel, which has enjoyed another strong week, is relatively unchanged at $7.33…Copper is up a penny at $2.59 while Zinc is flat at $1.03…Crude Oil is 33 cents higher at $54.80 while the U.S. Dollar Index has gained one-tenth of a point to 98.30…a speech by Fed chair Jerome Powell next week in Wyoming, announced by the Fed yesterday afternoon, could carry particular weight coming after a volatile period for global markets…U.S. consumer sentiment remains strong but slipped to 92.1 in August, according to preliminary data just released…that was below Wall Street’s expectations and down from the July figure…Canadians will have to deliver justice at the polls in October as Prime Minister Trudeau continues to deny he did anything wrong in the SNC-Lavalin (SNC, TSX) scandal, despite a ruling by Canada’s Ethics Commissioner that he violated Section 9 of the federal Conflict of Interest Act…“You apologize when you did something wrong. What I did in this situation was do my very best to stand up for Canadian jobs, while at the same time doing everything I could to protect the integrity of our judicial system,” Trudeau told the Globe and Mail…
2. Shanghai Nickel prices surged, while a key indicator of supply shortage jumped to a decade high today, amid ongoing worries about supply disruption from top ore producer Indonesia…Shanghai Futures Exchange’s most active Nickel contract rose as much as 3.7% to 127,700 yuan ($18,132 U.S.) a tonne, hovering near a record high hit on Monday…it ended up 2.3% at the close, locking in about a 10% gain for the week…meanwhile, the premiums of LME Nickel cash over a 3-month contract jumped to $40 a tonne, a decade high, signalling tight nearby supplies and amid ongoing concerns over potential supply disruption from top ore producer Indonesia…London Metal Exchange benchmark Nickel fell is on track for its 3rd consecutive weekly gain and has surged 51% so far this year…markets have been worried over a possibility that Indonesia, the world’s biggest Nickel ore producer, could bring forward an export ban on mineral ore, due in 2022, to as early as this year, as it seeks to boost value of exported products…Indonesia President Joko Widodo said today the country should push further to develop a downstream industry domestically to process natural and mineral resources including Nickel and bauxite…he is due to make a decision whether to bring forward the ore export ban…
3. The inversion of portions of the Treasury bond yield curve this week “would have to be sustained over a period of time” to be taken as a “bearish” signal for a U.S. economy that continues to grow, St. Louis Federal Reserve President James Bullard stated yesterday, countering some of the ridiculous hysteria being pushed by the Trump-hating mainstream media who are actually hoping for a U.S. recession and a plunge in equity markets…with economies slowing overseas “you have this flight to safety going on” that is pushing down U.S. rates even though U.S. economic growth is “reasonable”, Bullard said in comments on Fox Business Network that seemed to discount the degree to which recent market volatility may figure into the Fed’s next decision on interest rates…“Any inversion that is going to send a bearish signal for the U.S. economy would have to be sustained over a period of time,” Bullard said…ironically, given the Fake News Media’s hype this week regarding a looming U.S. recession, economists just boosted their forecasts for U.S. 3rd quarter growth to a median of 2.1% after a batch of better-than-expected data including retail sales…of course much of the mainstream media will ignore that piece of good news which doesn’t fit with their narrative…
4. It is now a fight to the bottom in interest rates and the European Central Bank is packing a monetary policy bazooka that could push Gold prices above $1,600 an ounce…Gold stubbornly remains above $1,500 following speculation that the ECB is looking at releasing a significant easing package at next month’s monetary policy meeting…in an interview with the Wall Street Journal, Finnish central bank governor Olli Rehn raised the prospect of new easing measures…“It’s important that we come up with a significant and impactful policy package in September,” said Rehn from his office in Helsinki, Finland…“When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very strong package of policy measures than to tinker”…
5. The Canadian Marijuana Index is bouncing back a few points in early trading but remains below 400 and at levels not seen since late 2017 after Canopy Growth (WEED, TSX; CGC, NYSE) disappointed investors yesterday…the company missed the lowest revenue estimate for its fiscal 1st quarter ended June 30…revenue was $90.5 million, versus the consensus estimate of $111.1 million…the company also saw a significant decrease in quarter-over-quarter gross margins, or the spread between sales price and costs…Canopy acknowledges that it’s still 3 to 5 years away from profitability…meanwhile, cannabis retailers in parts of the country say they are struggling to sell Canopy’s Tweed-branded oils and gel capsules, resulting in a glut of unsold inventory and raising the tricky question of how to handle returns…
6. The Dow has rebounded 134 points through the first 30 minutes of trading…General Electric (GE, NYSE), which had its worst day in 11 years yesterday on Madoff whistleblower’s fraud claims, is rebounding after CEO Larry Culp called the accusation “market manipulation” and backed up his words by buying nearly $2 million worth of the company’s stock…in Toronto, the TSX is 82 points higher while the Venture is attempting to rally after being pressured in recent days by weakness in the cannabis sector…the Index is up 3 points at 571…with one of the best drill hole results in many years in Nickel sulphide exploration expected soon from Garibaldi Resources (GGI, TSX-V), GGI continues to be a leader on the resource side…GGI is up a nickel at $1.65 through the first 30 minutes of trading…EL-19–53 cut 18 m of massive sulphide plus sections of semi-massive sulphide within a continuous thick intersection of 86-m on the western side of the Lower Discovery Zone (LDZ) at Nickel Mountain…a 2nd olivine gabbro chamber below the LDZ is also expected to be confirmed…theScore (SCR, TSX-V) is an early volume and price gain leader on news that it has received initial approval from the New Jersey Division of Gaming Enforcement (DGE) authorizing Score Digital (SCR’s subsidiary) to engage in Internet and mobile sports wagering activities in the state…in accordance with the DGE’s procedures, theScore will undertake a soft-launch phase of its sportsbook app with a select group of sports bettors in the state in the coming days, ahead of its anticipated state-wide launch in advance of the NFL season…theScore became the first media company in North America to announce plans to operate a sports betting platform in December 2018 after finalizing an official licensing partnership for New Jersey market access with Darby Development LLC, the operator of Monmouth Park Racetrack, and the New Jersey Thoroughbred Horsemen’s Association…the joys of doing business in a risky jurisdiction – Avesoro Resources (ASO, TSX) announced this morning that its Youga Gold mine in Burkina Faso experienced a security breach by an armed group of artisanal miners seeking to steal ore from the mine’s stockpile and who temporarily overran the mine camp…with the local gendarme (police), the Youga site was secured and is now again in the company’s control…all staff were accounted for with no serious injuries reported…
7. OPEC delivered a downbeat Oil market outlook for the rest of 2019 today and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply…In a monthly report, OPEC cut its forecast for global Oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020…the bearish outlook due to slowing economies amid the U.S.-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to support prices…already, a Saudi official has hinted at further steps to support the market…“While the outlook for market fundamentals seems somewhat bearish for the rest of the year, given softening economic growth, ongoing global trade issues and slowing oil demand growth, it remains critical to closely monitor the supply/demand balance and assist market stability in the months ahead,” OPEC said in the report…
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Sprott exercised his 60 cent warrants….
Comment by Jean — August 16, 2019 @ 9:11 am
Yeah that’s hilarious coming from the drama queen, what about all the jobs in western Canada? Oh wait, that’s not in his riding. Comical….
Comment by Laddy — August 16, 2019 @ 9:33 am
CLM getting trounced today. PP paper not kind.
Comment by Dan1 — August 16, 2019 @ 9:53 am
Mmm, 60 cent warrants?? Thought it was higher than that, like 84 cents? Of course I could be wrong…
Comment by Laddy — August 16, 2019 @ 10:12 am
Laddy, 60 cent warrants from Aug 2017 PP; then there are the $1.05 warrants that expire in October…
Comment by Jon - BMR — August 16, 2019 @ 11:35 am
Hi Jon, I’m wondering if you think CCW will be showing us any action this summer.
Comment by Gojira — August 16, 2019 @ 11:57 am
Jon
was wondering if you knew if Mr Regoci has ever been on site at Nickel Mountain before?
thanks
Comment by Gregh — August 16, 2019 @ 12:31 pm
Yes now I see, gotcha.
Comment by Laddy — August 16, 2019 @ 12:34 pm
Mo money for the kitty is the bottom line. Good.
Comment by Laddy — August 16, 2019 @ 12:37 pm
No he has not, Gregh…until now (as in this weekend)…I would interpret that as being rather significant…
Comment by Jon - BMR — August 16, 2019 @ 3:25 pm
Jon
yes that does seem significant especially since Dr Lightfoot is supposedly on his way there too.. Hate to speculate too much but hard not to…hmmm who knows maybe they found the feeder….
Comment by GREGH — August 16, 2019 @ 3:57 pm
Post-market news…
BENCHMARK DRILLS 11.7 G/T GOLD AND 476 G/T SILVER OVER 4.4 METRES IN THE FIRST COMPLETED DRILL HOLE OF 2019
Benchmark Metals Inc. has released the first drill hole results from the Lawyers trend (Cliff Creek zone). Drilling has intersected 11.73 grams per tonne gold and 476 grams per tonne silver over 4.4 metres of core length within a wider zone grading 2.19 grams per tonne gold and 85.36 grams per tonne silver over 26.75 metres of core length in drill hole 19CCDD001. The Lawyers project is situated in the Stikine terrane of Northern British Columbia, Canada, and falls within the prolific, mineral-endowed Golden Horseshoe.
John Williamson, chief executive officer, commented: “Drilling at Cliff Creek continues to intersect high-grade mineralization over three to 10 metres of core length and bulk-tonnage mineralization of up to 80 metres core length over a strike length of at least 400 metres, with intercepts as deep as 200 metres. Our visual and XRF [X-ray fluorescence] examination of the drill intercepts correlates well with our analysis of the higher-grade portions of prior drill results.”
During phase 1 of its 2019 drill program, the company completed 1,600 metres of diamond drilling in seven holes at the Cliff Creek portion of the Lawyers trend. Intervals of intense alteration, multiphase veining and mineralization were intersected in all seven drill holes. These holes have been logged, sampled and sent to ALS Laboratories for analysis. Assay results for the remaining six holes will be forthcoming. Selected results received for the first drill hole at Cliff Creek are presented in the attached table.
Drill hole 19CCDD001 intersected a portion of the Cliff Creek West (CCW) zone, which was not historically sampled or modelled in the early 1980s to mid-1980s. Later drilling in 2015 intersected both the CCW and the Cliff Creek East (CCE) zone. Both of the CCW and CCE zones comprise a four-to-seven-metre, high-grade zone within a broader zone of approximately 23 metres to 30 metres of two grams per tonne to five grams per tonne gold bulk-tonnage mineralization. Drill hole 19CCDD001 and the deeper 50-metre stepout hole 19CCDD005 indicate that the CCW and CCE zones of mineralization persist to depth.
Both the CCW and CCE zones contain hydrothermal breccias and multiphase stockwork veins with fine-grained sulphides (pyrite, acanthite and sulphosalts) within andesitic volcanics that have been pervasively altered with silica and adularia, the main alteration assemblage.
About Benchmark Metals Inc.
Benchmark Metals is a Canadian mineral exploration company. Benchmark is managed by proven resource sector professionals, who have a record of advancing exploration projects from grassroots scenarios through to production.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.
Comment by Jon - BMR — August 16, 2019 @ 5:29 pm
I hope it’s good news.
Comment by Labrador — August 16, 2019 @ 5:31 pm