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1. Gold has traded between $1,486 and $1,508 so far today…as of 7:00 am Pacific, bullion has retreated $15 an ounce to $1,489…the sharp move higher in Gold since June could be just the start as other investment sectors, largely absent during the summer, finally jump into the market, according to respected market strategist Joni Teves at UBS…“Participation so far has largely been limited to institutional investors and the official sector. As Gold gains further upward momentum, we think other areas in the market can become more active and support the next leg higher,” she said…not only will investment demand remain strong throughout the next 2 years, Teves said that she expects physical demand to eventually pick up as consumers adjust to higher prices…meanwhile, there have been heavy ETF flows into Gold in the past few days which shows that investors are buying on dips…Silver has fallen 33 cents to $17.33 but has exceptional support around the $17 level…Nickel, Copper and Zinc are all up slightly at $7.90, $2.60 and $1.06, while Cobalt is steady at $17.01…Cobalt prices have climbed more than 40% since their lows in July…Crude Oil, off 83 cents at $55.83, came under further pressure this morning after Iranian President Hassan Rouhani claimed the U.S. offered to remove all sanctions on Iran in exchange for negotiations…how investors could believe such nonsense from the rogue Iranian regime is very difficult to fathom…U.S. officials vehemently denied the claims…the Dollar Index, up slightly at 99.16, has strengthened to its highest level against the euro in more than 2 years…a first in the United States – a gas station in Takoma Park, Maryland, has been completely transitioned from a petroleum station to exclusively charging EVs…it opened yesterday..
2. U.S. consumer spending slowed more than expected in August, signaling a key pillar of the economy could be losing momentum as the global economy wobbles and trade tensions remain high…personal-consumption expenditures, or household spending, nudged up a seasonally adjusted 0.1% in August from July, the Commerce Department reported this morning…the modest growth marked a sharp pullback from July, when spending rose 0.5%, and was the weakest performance since February…consumer spending is the driving force behind the U.S. economy, accounting for more than two-thirds of total economic output…with other sectors of the economy, such as manufacturing and business investment, buffeted by external headwinds, the slowdown in spending could affect 3rd quarter GDP…this, of course, would give the Fed more incentive to lower interest rates…meanwhile, new orders for key U.S.-made capital goods unexpectedly fell in August and shipments rebounded moderately, pointing to continued sluggishness in business investment after it declined at its steepest pace in 3-and-a-half years in the 2nd quarter…key economic data next week (Tuesday) will include the Institute for Supply Management’s (ISM) purchasing managers index (PMI) for September…its August report showed the manufacturing sector, which accounts for about 12% of the U.S. economy, contracting for the first time in 3-1/2 years with the export component hitting more than a 10-year low…
3. Trade talks between the U.S. and China are set to resume Oct. 10–11 in Washington, D.C., according to media reports this morning…the U.S. Trade Representative’s office did not respond to queries about the dates, which are well after celebrations in Beijing for the 70th anniversary of the founding of the People’s Republic of China on October 1…Chinese Vice Premier Liu He will be representing the delegation from Beijing…Liu visited Washington this spring sporting the title “special envoy”, empowering him to negotiate on behalf of President Xi Jinping…however, Liu was stripped of that title on a subsequent trip after hardliners within the Communist Party balked at some of the concessions to which he had agreed…heading into next month’s negotiations, President Trump reaffirmed in Tuesday’s U.N. speech that he won’t accept a “bad deal” with China…
4. The Dow is up 28 points as of 7:00 am Pacific while the TSX has dipped 77 points on weakness in Oil and Gold…Beyond Meat (BYND, NASDAQ) is off slightly in early trading after jumping $16 a share or more than 10% yesterday on news that the alternative meat maker will see its plant-based burgers tested at McDonald’s in Southwestern Ontario…those shorting the stock suffered more than $80 million in mark-to-market losses yesterday, according to S3 Partners…overall, BYND shorts have now incurred more than $730 million in market-to-market losses, S3 found…Amex Exploration (AMX, TSX-V) has slipped 8 cents to $1.30 in early trading, though it has been one of the top performers on the Venture this week after releasing more encouraging drill results (high-grade Gold) late last week from its Perron Property near Rouyn-Noranda, Quebec…news that Canada Cobalt (CCW, TSX-V) has arranged an above-market hard dollar private placement at 35 cents suggests that something quite significant is in the works for this district leader in the Northern Ontario Silver-Cobalt Camp…activity at the mine site and property this week has been intense…
5. The Toronto Stock Exchange has unveiled the inaugural TSX30, a flagship program recognizing the 30 top-performing TSX stocks over a 3-year period based on dividend-adjusted share price appreciation…the list of 2019 winners features both newer and established listed companies across a wide range of sectors and the TSX says this new initiative “serves to highlight the power and diversity of investment opportunities in Canada’s world class marketplace”…Loui Anastasopoulos, TMX Group’s President of Capital Formation, stated, “We are extremely proud to present the TSX30, a new recognition program featuring some of the most compelling success stories among our listed issuers, including companies operating in traditional areas of strength like natural resources and also in newly defined sectors like clean tech and cannabis. TSX listed companies play a vital role in Canada’s capital markets and as we continue to evolve into a global leader, TSX remains committed to our work in support of this crucial ecosystem. Today, we congratulate the companies included in the inaugural TSX30 for all of their achievements and look forward to continuing to serve them along each stage of their growth path into the future”…the TSX30 features multiple resource companies including Kirkland Lake Gold (KL, TSX), Ivanhoe Mines (IVN, TSX), North American Palladium (PDL, TSX), Gran Colombia Gold (GCM, TSX), Wesdome Gold (WDO, TSX), Anglo Pacific (APY, TSX) and Trilogy Metals (TMQ, TSX)…
6. Green Leader Elizabeth May says if she were Prime Minister (won’t happen, of course, but her Party could hold some sway in a minority Parliament), she’d create a “war cabinet” to deal with what she says is the most important issue of the upcoming election: “climate change”…May says her party’s climate change plan would cancel proposed pipeline projects (doing irreparable damage to Alberta – and Canada in general – while Quebec still happily imports Middle East Oil) and transition Canada’s energy infrastructure to a carbon-free power-grid system, with a goal to phase out fossil fuels by 2030 to keep from crossing a climate “tipping point”…“We’re at war here,” May said at an event in Montreal yesterday, ahead of a major rally today in that city and many others across Canada and elsewhere as part of a global agenda driven by the radical left and climate change alarmists…”The future of our species is at stake, so we have to do things very differently if we are to survive”…
7. In a landmark first step toward normalization of the cannabis industry, the House of Representatives voted overwhelmingly Wednesday to pass the SAFE Banking Act, a bill that would provide state-legal marijuana businesses with full access to banks and other financial services, as well as allow consumers to use credit and debit cards when buying legal weed…the 321-103 vote followed spirited debate on the House floor…“The states aren’t waiting for us,” said Rep. Earl Blumenaur (D-OR)…“This is an $11 billion industry and growing. And it’s growing because the people and the states are demanding it. We need to step up”…should the act pass the Senate, cannabis companies will be able to open operational accounts at banks, transforming the current industry into one that’s still largely considered cash-dominant…
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I just hope they have footage of the streets when this climate march is over, lead by the 13 year old “god” they claim ,and show her how filthy they have left the city’s and the country. Maybe more footage of Malaysia’s landfills ( Canada’s new dumping ground of so called recyclables) should be shown to the people and the world…CLIMATE HOAX….
Comment by Laddy — September 27, 2019 @ 10:44 am
Ggi, more money and another drill, great news.
Comment by Laddy — September 27, 2019 @ 11:16 am
And $10 million in the bank…
Comment by jean — September 27, 2019 @ 11:59 am