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1. Gold pushed to a new 6.5-year high overnight, touching $1,545 an ounce, while Silver hit a fresh 2-year high…as of 7:00 am Pacific, bullion is up $7 an ounce at $1,534…holdings of SPDR Gold Trust, the world’s largest Gold-backed ETF, rose another 0.6% to 859.83 tonnes on Friday…Silver has added 27 cents to $17.66, eclipsing key resistance in the $17.20’s…the Gold-Silver ratio appears to have peaked recently, a bullish technical development for Silver…Nickel is up a penny at $7.14…Copper is 2 cents higher at $2.56 while Zinc is steady at $1.01…Crude Oil has added 64 cents a barrel to $54.81 while the U.S. Dollar Index has rebounded one-third of a point to 97.95…orders for long-lasting U.S. factory goods were up 2.1% in July, beating expectations…market consensus was calling for a 1.1% increase…China’s yuan fell to an 11-year low in the onshore market and a record low offshore today after the latest escalation in the U.S.-China trade battle Friday rattled investor confidence…some analysts are speculating that China could weaponize the currency against Trump, and let the yuan depreciate further to ease tariff pains…however, significant currency depreciation runs the risk of spurring more capital outflows in China…
2. President Trump says the prospects for a deal with China are better now than at any time since negotiations began last year…speaking at the Group of 7 meetings in Biarritz, France, Trump said last night that China called “our trade people and said let’s get back to the table”…he also lauded President Xi Jinping as a “great leader” and said “anything’s possible” when asked if he would delay tariff increases on China…“You can say we’re having very meaningful talks, much more meaningful than I would say at any time frankly,” Trump said while meeting with German Chancellor Angela Merkel today…“Maybe I’m wrong but we’re in a stronger position now to do a deal, a fair deal for everyone,” he added…the trade battle is taking place against a backdrop of softening global economic growth…Germany’s manufacturing sector is contracting while China’s economy grew at its slowest pace in nearly 3 decades in the 2nd quarter…Fed Chairman Jerome Powell said Friday the central bank will “act as appropriate” to sustain the current U.S. economic expansion, which is the longest in history…however, Powell failed to clearly signal that another rate cut was imminent in September…however, traders are convinced the Fed will make another quarter point cut…
3. Zhaojin Mining, one of China’s biggest Gold miners, aims to double production of the precious metal as early as 2024 on the back of overseas acquisitions and may look for deals below $500 million, the head of its international arm says…Shandong-based Zhaojin currently produces around 650,000 ounces a year of Gold…“Our target in the next 5 to 8 years is 1.3 million ounces per annum from China and global projects,” stated Leo Zhao, managing director of Zhaojin, noting that half of that output would be from overseas, versus almost zero at present…China’s miners, the traditional drivers of M&A in the Gold sector, have made no overseas Gold mine acquisitions so far in 2019, according to Refinitiv Eikon data…however, Zhaojin earlier this month agreed to set up a joint venture with Australia-based PCF Capital Group that will identify potential M&A opportunities there…“Our priority is Australia,” Zhao told Reuters in an interview, adding that his firm was setting up an office in Perth…“We are looking for M&A opportunities in Australia, as well as in Canada but the problem in Canada is the political tension” with China, he explained…
4. Eric Sprott jumps into Dolly Varden Silver (DV, TSX-V): Dolly Varden pushed higher at the open on news of a $3.5 million hard dollar and flow-through financing (30 cents and 35 cents, respectively) that includes Eric Sprott…“We are very pleased to welcome Mr. Eric Sprott as a strategic investor in Dolly Varden,” stated President and CEO Gary Cope…“The significant investment from Mr. Sprott is a strong endorsement of our high grade Silver assets in the Golden Triangle. This financing puts us in a very strong financial position and allows the company to continue expanding its Silver mineral resource with new high-grade Silver discoveries on the property”...Dolly Varden has recently been reporting solid results from drilling at its Chance target, 4 km north of the Torbrit deposit…Eric Sprott is a billionaire for a reason…despite a sluggish overall junior resource market, he has been very aggressive in recent months at accumulating significant equity positions focused on Silver and Gold…
5. The Dow has rebounded 206 points through the first 30 minutes of trading after Friday’s drubbing…owning shares of Facebook, Amazon, Apple, Netflix and Google parent Alphabet (the FAANG stocks) has given investors little upside over the past 12 months, depriving the long-running bull market of one of its biggest drivers…all the stocks, with the exception of Alphabet, peaked last year and remain well below their records after a brutal selloff last fall wiped out billions of dollars in market value…the shares have struggled to reclaim their highs, despite a sharp rebound in the 1st half of the year, a trend that is mirrored in the S&P 500 and other major indexes…in Toronto, the TSX has jumped 111 points with the Gold Index touching a new 3-year high of 263…the TSX faces the possibility of only its 2nd monthly loss this year amid a continued slump in the Canadian Oil sector and other factors…more than 60% of companies listed on the benchmark have posted declines this month…the Venture has gained 4 points to 586 as a traditional late August rally intensifies…key resistance is 600…DynaCert (DYA, TSX-V) is a volume and price gain leader in early trading after announcing that it has obtained European approval of its Hydrogen Technology…the New Jersey Division of Gaming Enforcement has granted theScore (SCR, TSX-V) approval to proceed with the full implementation of its mobile sports wagering applications in the state, following the successful completion of its regulatory “soft-launch” period…SCR has added 3 cents to 65 cents through the first 30 minutes of trading…SunMetals (SUNM, TSX-V) is under pressure after releasing a mixed bag of drill results from its Stardust Property in north-central British Columbia…the highlight was 86.4 m grading 3% CuEq (1.65% Cu, 1.56 g/t Au, 28.8 g/t Ag and 0.28% Zn) in DDH19-SD-437, the first hole to be drilled north of last year’s discovery hole SD-421…drilling continues with 2 rigs (nearly 6,000 m have been completed) with the 14th and 15th holes of this year’s program in progress…Blue Moon (MOON, TSX-V) was halted pre-market, pending news…the company has been searching for a partner to help develop its promising Zinc-Gold-Silver-Copper-rich VMS deposit in Mariposa County, California…2018 drilling produced the best result ever at the property, 30 feet (9.35 m) of massive sulphide mineralization in the last hole (BMZ-78) grading 30.3% Zn, 1.7% Cu, 1.7 g/t Au and 71 g/t Ag…MOON last traded at just 2.5 cents and clearly appears to have found a bottom…
6. Beyond Meat (BYND, NASDAQ) has another high-profile fast-food partner – KFC – to help the faux meat maker tackle a plant-based substitute for a different major protein source: chicken…KFC will test plant-based nuggets and boneless wings at one of its Atlanta restaurants this week…the location will offer complimentary samples to customers who purchase other items…“Customer feedback from the Atlanta test will be considered as KFC evaluates a broader test or potential national rollout,” KFC said in a statement…Beyond Meat is rapidly appearing on restaurant menus across the U.S. and Canada as plant-based meat substitutes rise in popularity and chains like Dunkin’, Tim Hortons and Carl’s Jr. seek to lure in new diners…until now, Beyond Meat’s major restaurant partnerships have been limited to burger, sausage and ground-beef substitutes, although the company is also working on bacon…BYND has bounced off an August low of $136 and is now trading around the $150 level, well below its $239 high last month in the run-up after a hugely successful IPO…
7. The values that Americans say define the national character are changing, as younger generations rate patriotism, religion and having children as considerably less important to them than did young people 2 decades ago, a new Wall Street Journal/NBC News survey finds…the poll is the latest sign of difficulties the 2020 Presidential candidates will likely face in crafting a unifying message for a country divided over personal principles and views of an increasingly diverse society…when the WSJ/NBC News survey asked Americans 21 years ago to say which values were most important to them, strong majorities picked the principles of hard work, patriotism, commitment to religion and the goal of having children…some 61% in the new survey cited patriotism as very important to them, down 9 percentage points from 1998, while 50% cited religion, down 12 points…some 43% placed a high value on having children, down 16 points from 1998…the differing opinions between 2019 and 1998 are more stark when broken down into demographic groups…among people 55 and older, for example, nearly 80% said patriotism was very important, compared with 42% of those ages 18–38 – the millennial generation and older members of Gen-Z…two-thirds of the 55+ group cited religion as very important, compared with fewer than one-third of the younger group (climate change, of course, is the new religion for them and keeps them focused on the created, not the Creator)…“There’s an emerging America where issues like children, religion and patriotism are far less important. And in America, it’s the emerging generation that calls the shots about where the country is headed,” said Republican pollster Bill McInturff, who conducted the survey with Democratic pollster Jeff Horwitt…
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