BullMarketRun.com

1. Gold has traded between $1,524 and $1,551 so far today…as of 7:00 am Pacific, bullion has retreated $24 an ounce to $1,534 following the announcement of a planned resumption of U.S.-China trade talks and better-than-expected U.S. jobs data from private payrolls company ADP (195,000 jobs were created in August vs. the consensus estimate of 148,000 – not exactly the sign of an economy going into a recession)…August saw the 3rd straight month of strong gains in Gold-backed ETFs and similar products after hitting a 6-year high in July, according to data released this morning by the World Gold Council (WGC)…Global Gold-backed ETFs reported a net inflow of $6 billion last month as total holdings rose by 122 tonnes to 2,733 tonnes, just 59 tonnes shy of the 2012 all-time high when Gold prices were trading at $1,665 an ounce…Silver has slipped 39 cents to $19.18…Nickel has pulled back 21 cents to $7.96 in healthy profit taking…Indonesia’s ban on Nickel ore exports could boost the country’s earnings from the metal 5-fold in the next 5 years through growth in industries such as stainless steel and battery materials, a minister said yesterday…Luhut Pandjaitan, a coordinating minister overseeing mining, said Nickel-related export earnings will surge from last year’s $5.8 billion, with investment in processing pouring into the Nickel-rich region of Morowali in Central Sulawesi province…Indonesian authorities have expressed hopes that Nickel-related industries such as the production of stainless steel and battery materials will grow to become one of the country’s main industries, overshadowing current top commodity palm oil in 10 to 15 years…Pandjaitan said the current investment pipeline showed that as much as $30 billion could be spent on Nickel processing in the Morowali region to 2024…that includes a $4 billion Lithium battery project by several companies, including Contemporary Amperex Technology which supplies batteries for carmakers like Volkswagen, Mercedes and Tesla, the minister said, noting this will either by early next year at the latest…Copper has edged up 3 cents to $2.61 while Zinc is up another penny at $1.06…Cobalt is steady at $16.10…Crude Oil has added 43 cents a barrel to $56.69 while the U.S. Dollar Index has fallen one-third of a point to 98.13…the NFL’s 100th season kicks off tonight in a matchup between the league’s oldest rivals as the Chicago Bears host the Green Bay Packers…

2. Chinese and American officials plan to hold trade talks in Washington in early October, a new attempt to tame a trade battle that is rippling through the global economy…Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke by phone late yesterday and agreed to meet next month for high-level trade talks, state-run China Central Television said…the U.S. side confirmed the phone call and said a high-level meeting would take place in Washington in the coming weeks…both sides said deputy-level officials would work together in mid-September to lay the groundwork…plans to meet in person come as each side ramps up punitive tariffs on the other…expectations for a breakthrough in trade talks are low…neither Beijing nor Washington specified a start date for the talks, which would be the 13th round in a series of on-and-off again negotiations that began in January, after the U.S. initially agreed to hold off on further tariffs to try to reach a trade deal…

3. It will not be long before the spread of negative interest rates reaches the U.S., former Federal Reserve Chairman Alan Greenspan told CNBC in an interview yesterday…“You’re seeing it pretty much throughout the world.  It’s only a matter of time before it’s more in the United States,” adding investors should watch the 30-year Treasury yield…the 30-year U.S. rate traded at 1.95% midday yesterday but has pushed back above 2% today…it reached an all-time low last week…there are currently more than $16 trillion in negative-yielding debt instruments around the world as central banks try to ease monetary conditions to sustain the global economic expansion…the 10-year sovereign bonds in Belgium, Germany, France and Japan – among others – are trading with a negative rate…U.S. Treasury yields are still well within positive territory, but the Fed has already cut rates once this year and is expected to ease again later this month…market expectations for a rate cut September 18 are at 92.7%, according to the CME Group’s FedWatch tool…

4. After hitting record highs in multiple currencies including the euro, British pound and the Canadian dollar, Gold could be ready for new record highs in U.S. dollar terms, according to Bloomberg Intelligence (BI)…Gold prices enjoyed a stellar August, with the metal hitting new all-time highs in various currencies as well as reaching fresh 6-year highs in U.S. dollars…“Dollar-denominated Gold is likely to follow all-time highs in euro terms reached August 26.  Despite the trade-weighted broad dollar rallying about 10% since the start of 2018, dollar-valued Gold has increased 15%…trade tension and diminishing macroeconomic conditions have been drivers, but increasing stock-market volatility is a primary Gold price support,” BI senior commodity strategist Mike McGlone wrote…he added that precious metals are on a very solid footing and are likely just beginning their upward ascension…“We expect precious metals to remain the stalwart sector, as moribund Silver and Platinum gain buoyancy with the rising Gold and bond price tide.  A catalyst to reverse the entrenched trends, namely a definitive U.S.-China trade accord, is unlikely”…

5. The Dow has soared 415 points as of 7:00 am Pacific on encouraging economic data and U.S.-China trade news…in Toronto, the TSX is 101 points higher, held black by a lower Gold Index, while the Venture has slipped 3 points to 590…Compass Gold (CVB, TSX-V) is an early price and volume leader on the Venture, up 13 cents at 38 cents after announcing 6.1 m grading 65.6 g/t Au from 19.5 m in diamond drilling at its Farabakoura artisanal workings on the Ouassada permit (Sikasso Property) in southern Mali…Canada Cobalt (CCW, TSX-V) and Benchmark Metals (BNCH, TSX-V) continue to power forward with momentum…CCW, up half a penny at 33 cents as volume accelerates, is preparing for the start of Phase 2 underground drilling at the high-grade Castle Silver-Cobalt mine in the coming days as site activity is ramping up in advance of the planned start of a Silver tailings program…Benchmark Metals (BNCH, TSX-V) is carrying out an aggressive drill program at its high-grade Lawyers Gold-Silver Project in north-central B.C. and has pushed past key Fib. resistance at 40 cents…Nighthawk Gold (NHK, TSX) released results this morning for 9 more drill holes at its Indin Lake Gold Property in the Northwest Territories…Colomac Zone 1.5 hole C19–17 tested an area 70 m south of C19–08 (Colomac’s best intercept to-date), returning 58.50 m of 1.93 g/t Au (32 m true width), including 13.55 m of 4.6 g/t…

6. Five of the craziest lines from last night’s CNN Democratic debates on the “Climate Change Crisis”: 1) Kamala Harris said that, as President, she would direct the Department of Justice to go after Oil and gas companies “who have already directly impacted global warming.  They are causing harm and death in communities.  And there has been no accountability”; 2) Juan Castro supports “new civil rights legislation” to address “environmental racism” – minority communities, he says, facing the brunt of the climate crisis…the suggestion, of course, is that if you oppose the Democrats’ idea of “climate change” you are a racist; 3) Andrew Yang said that if he’s elected President, he’ll eliminate GDP as a measure of national success and replace it with a system that includes environmental factors…“Let’s upgrade it with a new score card that includes our environmental sustainability and our goals,” he said; 4) Elizabeth Warren said that conversations around regulating light bulbs, banning plastic straws and cutting down on red meat are exactly what the fossil fuel industry wants people focused on as a way to distract from their impact on “climate change”; 5) Pete Buttigieg said that successfully combating “climate change” might be “more challenging than winning World War II”…

7. More Trans Mountain pipeline expansion delays are not of the question…Justice David Stratas of the Federal Court of Appeal has decided to allow 6 of the 12 motions for judicial review of the federal government’s 2nd approval of the pipeline expansion…Stratas allowed the motions on the narrow grounds that it is arguable that mandated requirements for Indigenous and First Nations consultation still have not been met…he grants that there was additional consultation (August 2018 to June 2019), notes that Indigenous groups deemed it insufficient, and, critically, notes further that the federal government took no position at all…while First Nations groups filed objections to the new consultation process “consisting of many thousands of detailed pages,” the federal government, “including the Attorney General of Canada representing the Government of Canada, took no position for or against” the motions…”they offered no submissions or evidence to assist the Court”, Justice Stratas added…how bizarre is that, but coming from the Trudeau team nothing should be considered bizarre...of course when 1 side doesn’t show up, the other gets to have their say…so there will be reviews…Justice Stratas has ordered that they be narrowly focused on the specific issue of whether the new consultations were sufficient, and wants the review completed “very quickly”, citing “substantial public interest” in a rapid conclusion…

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