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Check back later this morning for today’ BMR Morning Market Musings!

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1. Gold is off its highs of the morning but up $3 an ounce at $1,228 as of 7:00 am Pacific…Gold holdings in global exchange-traded funds have risen by 51 tonnes in the last 2 weeks…any retreats in prices are being viewed as buying opportunities, according to Commerzbank…Silver is up slightly to $17.84 while Nickel is 6 cents higher at $4.89 after the Philippines’ radical environment minister stepped up a crackdown on mining today, cancelling almost a third of the country’s contracts for undeveloped mines and rejecting any challenges to earlier orders to shut over half of all operating pits…

2. U.S. producer prices for finished goods rose by a seasonally adjusted 0.6% in January, double what was anticipated which is keeping a firm bid under Gold…market participants monitor the data as a gauge for inflation at the wholesale level…traders get the index for inflation at the consumer level tomorrow, along with January retail sales…meanwhile, Fed Chair Ma Yellen has just started 2 days of testimony on Capitol Hill…she is now before the Senate Banking Committee, delivering her monetary policy report and prepared remarks…she will present the same report and remarks to the House Financial Services Committee tomorrow morning…on both days, she will take lawmakers’ questions, which are likely to focus on the economy, the path of interest rates, the labor market, financial regulation and the potential impact of the Trump administration’s economic policies…

3. The Venture has jumped 4 points to 841 after just 30 minutes of trading as it rapidly closes in on last year’s 848 high set August 11…the volume leader this morning is Cruz Capital (CUZ, TSX-V) which has broken out technically, the latest Cobalt stock in the emerging red-hot northern Ontario Cobalt Camp to catch fire…CUZ is up 4 cents to 25 cents with more than 5 million shares changing hands as of 7:00 am Pacific…other situations to watch closely include Castle Silver Mines (CSR, TSX), Cobalt Power Group (CPO, TSX-V), CobalTech (CSK, TSX-V), LiCo Energy Metals (LIC, TSX-V) and First Cobalt (FCC, TSX-V)…

4. Macarthur Minerals (MMS, TSX-V) is one of the most active Venture stocks in early trading, up 2 cents to 10 cents on more than 2.8 million shares (all exchanges), after announcing it has entered into a non-exclusive mandate with the Tulshyan Group to raise up to $200–million (Australian) with an initial tranche of $50–million (Australian) to develop the company’s Ularring Hematite Iron Ore Project located in Western Australia…

5. Arizona Mining (AZ, TSX) has intersected 402 feet assaying 12.8% Zinc, 7.2% lead and 2.3 ounces per ton Silver (true width not known) in fresh results reported this morning from ongoing drilling at its Taylor Zinc-Lead-Silver sulphide deposit in Santa Cruz county…that intersection from angled hole HDS-413 included an 87-foot zone which assayed 31.7% Zn, 15.4% Pb and 5 opt Ag…HDS-413 was drilled to infill an area southwest of the previously reported resource…it cut 7 distinct mineralized sulfide horizons which when added together have a total cumulative mineralized thickness of 716 feet…AZ is up 14 cents at $3.07 as of 7:00 am Pacific…

6. Lion One Metals (LIO, TSX-V) has intersected 13.5 g/t Au over 9 m near-surface (32.8 m to 41.9 m), including 5.5 m @ 21 g/t Au, in the first diamond drill hole of 2017 at its 100%-owned Tuvato Gold Project in Fiji, fully permitted for production…that hole also hit high-grade Gold in targeting a series of relatively flat lying “SKL” lodes at slightly deeper levels with 1.4 m grading 19.6 g/t Au (71.4 m to 72.8 m) and 2.1 m @ 14.2 g/t Au (83.7 m to 85.8 m)…

7. Canopy Growth (WEED, TSX) continues to show bottom line momentum…the company this morning released financial results for the 3rd quarter of fiscal year 2017 (ended December 31) and reported net income of $3 million vs. a net loss of $3.3 million in the prior year period…Q3 revenue was $9.8 million, a 15% increase over Q2 2017 and a 180% increase over the prior year period…year-to-date, WEED has recorded net income of $4.5 million compared to net income of $1.6 million for the first 9 months of fiscal 2016…the company had over 29,000 registered patients at December 31, 2016, compared to over 8,000 at December 31, 2015, representing a greater than 260% increase…at December 31, 2016, Canopy Growth’s cash and cash equivalent totaled $92.5 million…WEED opened higher this morning before succumbing to profit-taking and “sell on news” pressures… 

The 3 most popular BMR articles the past several days…

Capitalizing on Cobalt (Part 3) – Overlooked Opportunities!

Eskay Heart of Gold Camp Update and the “Q” vs. the “Ovoid”

Venture ALERT:  Ready To Conquer Last Year’s High