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1. Gold has traded between $1,463 and $1,471 so far today…as of 7:00 am Pacific, the yellow metal is up $2 an ounce at $1,465…Silver is off 7 cents at $16.88 after briefly pushing past $17 earlier in the session…Nickel is down another 10 cents at $6.87…Copper is flat at $2.64, trading at the bottom of a 2-month up channel, while Zinc and Cobalt are both unchanged at $1.11 and $16.10, respectively…China is still calling for the U.S. to roll back tariffs as part of any “Phase 1” agreement, as trade negotiations between the world’s 2 largest economies drag on…“The trade war was begun with adding tariffs (actually, it was started by China more than 2 decades ago and Trump is the first President to stand up to them) and should be ended by canceling these additional tariffs. This is an important condition for both sides to reach an agreement,” China’s Ministry of Commerce spokesperson Gao Feng said at a weekly press conference today, according to a CNBC translation…U.S. producer prices were up last month but inflation still presents no threat unless Oil prices climb much, much higher…the Producer Price Index (PPI) rose 0.4% in October following a drop of 0.3% in September, the Labor Department reported this morning…economists were expecting an increase of 0.3%…core inflation, which strips out volatile food and energy prices, was up 0.3% in October…annual core inflation came in at only 1.6% versus the expected 1.5% following September’s 2.0% increase…Australian Prime Minister Scott Morrison has threatened to outlaw climate protests, accusing them of increasingly disrupting the country’s lucrative mining industry…“We are working to identify serious mechanisms that can successfully outlaw these indulgent and selfish practices that threaten the livelihoods of fellow Australians,” Morrison said…his proposal came a day after protesters attempted to blockade a mining conference in Melbourne, which at one point triggered clashes with police…“The right to protest does not mean there is an unlimited license to disrupt people’s lives and disrespect your fellow Australians”…
2. Yields on U.S. government bonds have rebounded from near-historic lows hit just 2 months ago, sending one of the clearest signals yet that investors’ recent recession fears have waned…a series of developments have combined to boost the economic outlook, spurring selling in bonds and powering a steep climb in the 10-year Treasury yield – a key benchmark that helps set borrowing costs on everything from corporate debt to mortgages…those include the Federal Reserve’s cuts to short-term interest rates, steps toward an initial trade agreement between the U.S. and China, a strong corporate earnings season and a series of economic reports that turned out better than some investors had feared…
3. China’s industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on activity in the world’s 2nd-largest economy…industrial production rose 4.7% year-on-year in October, data from the National Bureau of Statistics released today showed, below the median forecast of 5.4% growth in a Reuters poll…indicators showed other sectors also slowing significantly and missing forecasts with retail sales growth back near a 16-year trough and fixed asset investment growth the weakest on record…the disappointing economic data adds to the case for Beijing to roll out fresh support for the economy after China’s economic growth slowed to its weakest pace in almost 3 decades in the 3rd quarter as the bruising U.S. trade battle hit factory production…broad activity in China’s manufacturing sector remains weak with data on the weekend showing factory gate prices falling at their fastest pace in more than 3 years in October…President Trump is in a good bargaining position and he knows it…
4. Quebec, the spoiled child of Confederation, has loved taking welfare from the rest of Canada in the form of equalization payments (mostly wealth generated from the West to help support Quebec’s inefficient and corruption-infested provincial economy) but now it’s time for the West to stand up and say “Enough is Enough” and stop the money flow (and maybe the Oil flow, too)…Bloc Quebecois Leader Yves-Francois Blanchet, a separatist, socialist and naive Oil Demand Denier, continues to sow the seeds of Western alienation with this comment yesterday after a meeting with Trudeau: “If they were attempting to create a green state in Western Canada, I might be tempted to help them. If they are trying to create an Oil state in western Canada, they cannot expect any help from us” (meanwhile, of course, Quebec still imports Oil from Saudi Arabia)…Alberta Premier Jason Kenney rightfully shot back, “You cannot have your cake and eat it too. Pick a lane. Either you can say as Quebec that you no longer are going to take the energy and equalization resources that come from Western Canada’s Oil and gas industry, or you can do what we do as Canadians, coming together to support each other”...the bottom line is that liberals, socialists and separatists (all of whom are climate change alarmists because pushing that scam has helped them gain power and grow government) are going to spark both a national unity crisis and an economic crisis in this country – only then will Canada come to its senses and get back on the right track…
5. Drilling activity in Western Canada is poised to remain flat over the next year as drillers believe Oil and gas sentiment is nearing an “all-time low” in the face of fresh forecasts that predict weak Canadian industry growth over the longer term…the Canadian Association of Oilwell Drilling Contractors’ annual activity forecast released yesterday predicted there will be 13,731 direct and indirect jobs losses in the Oilfield during 2020…the association has said its member companies have already moved 29 drilling rigs to the United States “in order to find work and generate cash flow” (that’s the Trudeau and Quebec way of building the Canadian economy – send jobs south) and those rigs include the larger, higher-technology rigs used to drill deep, horizontal wells in new formations in Western Canada…what a disgrace, all in the name of creating a “green state” and “saving the planet”…
6. The Dow is flat through the first 30 minutes of trading…in Toronto, the TSX has inched 11 points higher while the Venture has given up 2 points to 529…Wallbridge Mining (WM, TSX) has jumped 6 cents to 63 cents after reporting “abundant visible Gold“ with assay results pending from additional drill holes that undercut the spectacular intercept released last month at its Fenelon Property in Quebec (27 g/t Au over 36 m)…“The last 2 weeks have provided us with an additional 3 wide intersections of strong Gold mineralization at depth in the Tabasco zone, all being between 35 to 100 m step-outs and undercuts to existing holes…we are also just as encouraged by other intersections of mineralization in both the Tabasco and the Area 51 corridors which may not be as well-endowed as those in holes such as FA-19–086, 094 and 096 but show the continuity of the zones with potentially economic grades over significant widths,” stated President and CEO Marz Kord…below 400 m vertical depth, the Lower Tabasco zone changes its dip, becomes more continuous and wider, thereby getting significantly more Gold endowed…neighbor Balmoral Resources (BAR, TSX), which also has results pending, is steady at 23 cents as of 7:00 am Pacific…
7. Galway Metals (GWM, TSX-V) has been a Venture out-performer this year, up more than 50% for 2019 and not once dipping below 26 cents on a closing basis…yesterday, GWM closed at 29 cents with the company providing an after-market update on its Clarence Stream drill program with impressive results that included 20.7 g/t Au over 9.5 m plus 14.2 g/t over 7.5 m (core lengths), starting at vertical depths of 185 m and 151 m, respectively, in 19BL-72 from the Richard Zone…new intersections represent step-outs of 54 m to 91 m to the west at Richard (the Richard Zone discovery hole earlier this year returned 7.3 g/t Au over 36.7 m, starting at a vertical depth of 36 m)…the Richard Zone was first reported in January 2019 and lies midway between the Jubilee Zone and the company’s first discovery, the George Murphy Zone (initially reported in December 2017)…it is thought that all 3 zones, which cover 2.5 km of strike length, are part of the same system…none of these zones is in the resource…technically, GWM remains in an overall uptrend supported by a rising 300-day SMA at 28 cents…GWM is up a penny at 30.5 cents through the first 30 minutes of trading…
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Jon,
Now that the PP is finally closed should we all be excited that the news flow for CCW will start to roll or will the news start on 2020? Things dont typically move quick with CCW.
Thank you
Comment by Shaket — November 14, 2019 @ 11:03 am
Jon…still waiting for a response from inquiry’s. Do I have to be member to leave a comment?
Comment by Wade — November 14, 2019 @ 3:49 pm
I believe we’ve answered those questions in various posts, Wade. How many holes left to report? – simple to do the math if you check the last NR – assays have been released through hole 61, they were working on hole 80 around that time (and more followed obviously) as it stated in the news…hopefully we get another update from GGI fairly soon, during this 2nd half of the month…
Comment by Jon - BMR — November 14, 2019 @ 4:08 pm
Look what they’re doing, Shaket, and how things are ramping up…lots of news flow through year-end is what I’m predicting…
Comment by Jon - BMR — November 14, 2019 @ 4:11 pm