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1. Gold has traded between $1,534 and $1,548 so far today…as of 7:00 am Pacific, bullion is off $7 an ounce at $1,536…since 1976, which is soon after Gold began to freely trade in the U.S., the yellow metal has produced a 2.6% average return in September, historically its best month of the year…interestingly, though, Gold has lost ground in each of the past 2 Septembers, falling 1.3% in 2018 and 2.2% in 2017, despite a 65% overall winning record in September…the odds of 3 straight September declines has to be considered exceptionally low, especially given the current bullish environment…Silver has climbed another 6 cents to $18.22…a confirmed breakout has occurred above the $17.20’s which is now exceptional new support…based on chart patterns, it’s highly unlikely Silver will drop below the $17 level…there’s now a clear path to $20…Nickel, remaining hot, has jumped 15 cents to $7.32 while Copper and Zinc are both flat at $2.56 and $1.03, respectively…Crude Oil has soared $1.43 a barrel to $56.36…U.S. Crude inventories fell by 10 million barrels from the previous week, according to a just-released Energy Information Administration (EIA) report…this confirms data released yesterday by industry group American Petroleum Institute (API), giving WTI a shot of bullish adrenaline…the U.S. Dollar Index has gained more than one-tenth of a point to 98.17…
2. The U.S. is about to boost its status as a major Oil exporter by doing what Canada has pathetically failed to do under the Trudeau regime…new pipelines are coming online to transport Oil from a bottleneck in the Permian Basin to the Gulf Coast where it can be shipped to the rest of the world…the U.S. is turning the Gulf Coast into a major export hub – this is so significant that one day U.S. Crude will become an international benchmark, according to Citigroup…the firm says U.S. Oil exports of 3 million barrels a day could grow by a million barrels a day this year and another million next year…this month marks a big change for the industry with the start of the Plains All America Pipeline’s Cactus II, a 670,000 barrel a day pipeline, connecting the Permian Basin to Corpus Christi, Texas, and from there to the world…that pipeline, and another, named Epic, are just the start, with more to follow…“It will be 4 million barrels a day by 6 or 8 months,” stated Edward Morse, Citigroup global head of commodities research…“Four million barrels a day is a lot bigger than the North Sea as a whole. That Crude Oil is going to go everywhere. It goes to Asia, Europe, to India. If the U.S. gets to 6 million barrels a day in 3 years, it will be hands-down the world benchmark”…
3. Climate change extremism, on vivid display at Edmonton City Council last night, is why Canada has lost its way and hasn’t been able to get a new pipeline built, let alone a simple but critically important extension to an existing one (Trans Mountain)…the foolish globalists and “progressives” who have taken over Edmonton City Council declared a state of “climate emergency” last night (that’s the left’s new gimmick throughout the country) as part of its “urgent response” to reduce greenhouse gas emissions (for the loony left, it’s a lot easier to declare a “climate crisis” than effectively address issues such as job creation, investment, productivity and wealth creation)…“This is an emergency and it requires our attention and our urgent care at the local level as well as the national and planetary level to respond to this crisis because the clock is ticking and we don’t have long,” Edmonton Mayor Don Iveson told reporters after the 10–3 city council vote last night…as part of the state of emergency, the city will update the public on “climate action progress” through quarterly memos posted online (if this is such an “emergency”, shouldn’t there be at least weekly or monthly memos posted online???? – the left wing mainstream media of course doesn’t challenge that obvious contradiction)…Mayor Iveson, who has never held a real job in his life, carried on: “This is a scary issue at times. It’s a source of disquiet. We heard that loud and clear, particularly from young people worried about their future. And from their parents, who like me, are fielding tough questions from their kids about why we haven’t done more, why is this getting harder and not easier? But this is the grand challenge of our time and this is the opportunity for leadership and problem-solving and for bold action”…but here’s where we get to the real heart of what’s driving this issue…several members of a radical climate change group, Extinction Rebellion, were in attendance at Edmonton City Council last night and of course were more than pleased with the “climate emergency” declaration…one of those members, Chris Gusen, commented, “We’re facing huge risks to our way of life, we are facing mass human suffering. There’s nothing more alarming than that. It’s not about habits anymore. It’s about big shifts and it’s about big things that only the government can do”...the thrust of the entire “climate change” movement is to change the economic and social order as we know it, to redistribute wealth much more aggressively and make government a much more powerful force in our lives (never a good thing, just ask Venezuelans, but young people in particular today don’t “get it”)…AOC’s “Green New Deal”, a socialist manifesto that would destroy the United States if it were ever implemented, is the perfect example of how “progressives” are ratcheting up rhetoric and using the fear of “climate change” as a new way to package previously discredited policies…unfortunately, the left has been very effective, especially in Canada and various European countries, at weaponizing “climate change” to block resource projects, obtain power and pursue a particular political agenda…that’s partly why the left hates Trump so much – he’s not a typical politician and is bold enough to call them on it and push back…
4. The Dow has turned higher after the first 30 minutes of trading, adding 22 points…a key part of the U.S. yield curve inverted even further today as the closely watched spread between the 10-year Treasury yield and the 2-year rate fell to its lowest level since 2007…meanwhile, the 30-year Treasury yield hit a new record low of 1.906%…in Toronto, the TSX is flat at 16,184…Silver plays continue to charge higher…Alexco Resource (AXU, TSX) has hit a new 7-year high of $3.45 in early trading…on the Venture, which is flat at 583 as of 7:00 am Pacific, Discovery Metals (DSV, TSX-V) has pushed past resistance in the high 40’s to a nearly 2-year high…Silvercrest Metals (SIL, TSX-V), which has surged more than 40% since a mid-August low of $6, has released results from 33 drill holes (23 infill and 10 expansion) for the Babi Sur vein at its Las Chispas Project in Sonora, Mexico…they feature a weighted average true width of 2.3 m grading 282.5 g/t Ag and 3.4 g/t Au (534 g/t AgEq, uncut) over 4 discrete zones covering a distance of 1,200 m…this compares to a modelled average vein width (true) of 0.95 m and a cut diluted grade of 4.1 g/t Au and 268 g/t Ag (575 g/t AgEq) along the same estimated mineralized length (1,200 m) as reported in a recently released PEA…
5. GoGold Resources (GGD, TSX) continues to intersect wide intervals of Gold-Silver mineralization at Los Ricos…fresh results released this morning were highlighted by 133.5 g/t Ag and 1.21 g/t Au (3 g/t AuEq) over 27.5 m (34.5 m to 62 m), including an 11-m interval grading 294 g/t Ag and 6.85 g/t Au…meanwhile, first step-out drilling 1.5 km along strike to the southeast has confirmed that the near-surface mineralization at Cerro Colorado continues…mineralization at this target outcrops at surface and geological mapping shows the continuity of the Los Ricos vein system between Cerro Colorado and the historical mining area…the first holes at Cerro Colorado cut varying widths of shallow Gold-Silver mineralization over a strike length of 500 m, including 3.9 m grading 1.6 g/t Au and 177.3 g/t Ag from 23.3 m to 27.2 m in LRGC-19–001, and 11.5 m averaging 1.3 g/t Au and 107.2 g/t Ag from 6.5 m to 18 m in LRGC-19–004…“The next phase of our work will be to continue testing the target to locate a high-grade ore shoot in the zone similar to the ones mined at Los Ricos,” stated President and CEO Brad Langille…GGD is up a penny at 63 cents through the first 30 minutes of trading as it continues to advance in a powerful upsloping channel…
6. New Marathon Gold (MOZ, TSX) President and CEO Matthew Manson provided his first update this morning, outlining milestones concerning the exploration and development of the Valentine Gold Project in central Newfoundland…mineral resource updates for both the Leprechaun and Marathon deposits will be completed in the 4th quarter…infill drilling has been completed at the Leprechaun deposit, and both infill and exploration drilling are ongoing at the Marathon deposit…exploration drilling in the Sprite Zone gap area will commence next month…the Valentine Pre-Feasibility Study team will be fully established in September with completion forecast for early in the 2nd quarter of 2020…the PFS is expected to result in the declaration of the project’s maiden mineral Reserve…Manson stated, “The Valentine Gold Project is a large and growing Gold resource in one of the best mining jurisdictions of the world. It can be developed with conventional open-pit mining and milling methods, and offers a strong Gold production profile and rate of return. We are advancing the project towards production through parallel programs of resource growth, advanced mining study, and environmental assessment. The 2019 in-fill drill program has demonstrated new mineralization both within and adjacent to the existing resource shells, and we expect this will result in a positive impact on the project’s Mineral Resource estimate. The Valentine Gold Project has the potential to make a significant contribution to the people and economy of Newfoundland and Labrador”…
7. Smart move or another “dropped ball” by a government?…Ontario is ripping up an agreement with First Nations on building road access to the Ring of Fire region in favour of pursuing individual deals with the 9 communities, saying the move will speed up development of the long-delayed mining project…Greg Rickford, the minister in charge of the file, announced yesterday that the new approach will mean the government can address specific community needs and opportunities with First Nation communities…the previous Liberal government had signed a regional framework agreement in 2014 with 9 First Nations in the region…in 2017, then-premier Kathleen Wynne warned that she would move to bilateral talks if there was no progress on an overall deal and signed agreements with 3 of the 9 communities…the Progressive Conservatives say they were hitting the reset button on the negotiations entirely…“Despite over a decade of talk and more than $20 million invested, real progress on the Ring of Fire has been met with delay after delay,” Rickford said in a statement…“That’s why Ontario is taking a new, pragmatic approach to unlocking the Ring of Fire’s potential, one that includes working directly with willing First Nation partners”…the region, about 500 km northeast of Thunder Bay, holds one of the world’s richest deposits of chromite – used to make stainless steel – as well as Nickel, Copper and Platinum, valued at anywhere from $30 billion to $60 billion…
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I think it’s about high time for these climate change morons to wake up and get out of their parents basements and do something, like hum, how about this GO PLANT SOME TREES, I’m sure mommy and daddy would love to see you leave the house.. ohh but I think that just makes waaaay to much sense Eh!!!!!
Comment by Laddy — August 28, 2019 @ 10:09 am
Jon any idea how many .10 warrants for CCW are left to be exercised? Can you post who the main investor in the 5000,000 PP is?
Comment by Don — August 28, 2019 @ 2:31 pm
Like many I am just looking for some truth regarding climate change. I get tired of extreme positions on the left (the world is going to end tomorrow) and those on the far right (who cares about the environment, only money counts). The truth is usually somewhere in the middle like it usually is.
Comment by Danny — August 28, 2019 @ 3:21 pm
Sunday Sizzler 2.0 coming?
Comment by Carl — August 28, 2019 @ 4:01 pm
BMR doesn’t seem to believe in climate change, but we’re all waiting for Nickel Mountain to thaw.
Comment by Gojira — August 28, 2019 @ 4:52 pm
Tonight, Carl…
Comment by Jon - BMR — August 28, 2019 @ 4:55 pm
I don’t think there’s any argument there has been a global warming trend in the last few decades, Gojira, but the fact is that “climate change” has occurred since the beginning of time – it’s nothing new (warming trends and cooling trends have occurred throughout history – the climate has been in a constant state of change). The left has been smart, in some ways, to make these 2 words central to their political message – it’s obviously hard to oppose the concept of “climate change”, so all the left needs you do is accept their predictions and prescriptions. But that’s where there are big problems. Of course their solution to “climate change” (and of course they never talk about any of the benefits of “climate change”) is more government, more regulations, more taxes, and an even greater redistribution of wealth (from individuals to individuals and nations to nations). The “Green New Deal”, embraced to varying degrees by just about every Democrat presidential contender, would destroy the U.S. economy (and Canada’s, too). As far as Canada goes, we’ve seen what Trudeau’s “Green New Deal” has done to the resource sector as well as overall economic growth and investment in this country. Even if we shut down our entire economy, the impact on reducing global emissions would be negligible and other countries would quickly fill the “void”. These so-called “compassionate” liberals/progressives/socialists are killing jobs, investment and hurting families across the country with their crazy globalist schemes in the name of “saving the planet”, a rather ridiculous notion, as they also turn a blind eye to the ~1 million abortions in this country over the past decade. It’s a sad state of affairs in Canada right now, and a slippery slope we’ve been traveling down so far this century. Very little competent political leadership these last several years in particular.
Comment by Jon - BMR — August 28, 2019 @ 5:50 pm
Jon, any thoughts on LBC?
Comment by Dan1 — August 29, 2019 @ 2:34 am
They did a good job raising nearly $4 million, Dan1, and it’s also interesting that former BC mines minister Bill Bennett has joined their Board…worth keeping an eye on…14 cents with rising 200-day at 10 cents, so any current downside appears limited with low 20’s being key resistance…a Copper rebound would give LBC a big boost…
Comment by Jon - BMR — August 29, 2019 @ 3:06 am
Well said Jon. Environmentalism is the new socialism. The wack job left can no longer rally the troops on the traditional socialist dogma about the repressed working stiff being taken advantage of by the evil wealthy employer. Thanks to big gains in worker rights over the past decades, today’s worker has more legislative rights than the employers!
So how can the socialists become relevant again so that they can force their insidious policies on us? Save the world! In the name of saving the world we must implement massive government interference and government control of our lives.
Let’s turn out the lights, turn off the heat, freeze in the dark and go back to living in caves!
How many of these wack job left wing Edmonton politicians DROVE a greenhouse gas emitting vehicle to their “Climate Emergency” city council meeting? Does anyone think these hypocritical morons are going to light up the candles and turn off their home furnaces this winter? Do you have any idea how cold Edmonton gets in the winter? Are these morons going to refuse all food delivered to Edmonton by fossil fuel burning trucks and food produced with fossil fuel powered farming equipment? Hey! Let’s not just freeze in the dark…let’s starve in the dark too!
These people are so bereft of any basic critical thinking capacity they may as well be inhabitants of Alice in Wonderland. It leaves me shaking my head in dismay that there are people out there who actually vote for politicians like this. It doesn’t bode well for our future prosperity and democratic rights and freedoms that we may in the future be governed by more of the same.
Subscriber John
Comment by John — August 29, 2019 @ 3:35 am
Thanks Jon. Not just copper though. LBC – Their gold in soils were the highest since GTT.
Comment by Dan1 — August 29, 2019 @ 5:18 am
Good point, Dan1, they’ve got an interesting early stage property in NW BC about 80 km west of Tatogga…the high Gold in soils at Tatogga ultimately led to the heat engine of the Copper-Gold porphyry at Saddle North…LBC is another example of how much is going on in NW BC…
Comment by Jon - BMR — August 29, 2019 @ 5:36 am
Nickel having a great day…crossing $7.50 U.S…couldn’t come at a better time as Nickel Mountain gets ready to put on a show…
Comment by Jon - BMR — August 29, 2019 @ 7:06 am