Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,556 and $1,567 so far today…as of 7:00 am Pacific, Gold is up $1 an ounce at $1,564…holdings of Gold by exchange-traded funds have picked up this week and are now higher by 16 tons so far in 2020, according to Commerzbank…“In our opinion, the price should be well supported at roughly its current level, as ETF inflows also suggest”…Silver, also looking very strong, has jumped 14 cents to $17.91…red-hot Palladium has slipped $60 an ounce to $2,281…base metals, catching the China flu, are under mild pressure…Copper is off 6 cents at $2.71…Nickel has retreated 10 cents to $6.05 while Zinc is 2 pennies lower at $1.08…no changes from the ECB after its latest policy meeting…ECB President Christine Lagarde stated, “The risks surrounding the euro area growth outlook, related to geopolitical factors, rising protectionism and vulnerabilities in emerging markets, remain tilted to the downside, but have become less pronounced as some of the uncertainty surrounding international trade is receding”…Europe was one of the global economy’s weak spots during 2019, with the IMF estimating that growth slowed to a 6-year low as exports faltered and the manufacturing sector contracted…by contrast, recent data show the U.S. economy remains on a solid footing, boosted by growth-oriented policies that Europe would be wise to adopt…Treasury Secretary Steve Mnuchin had some good advice for teenage climate activist/alarmist Greta Thunberg yesterday…asked about Thunberg’s call to divest from fossil fuels, Mnuchin told a news briefing, “After she goes and studies economics in college, she can come back and explain that to us”…
2. Financings, drilling and positive project milestones were all positive in December, according to S&P Global Market Intelligence which tracks a variety of junior metrics to make a composite index…“All 4 exploration metrics – significant financings, drilling activity, initial resources and positive project milestones – increased in December 2019 as S&P Global Market Intelligence’s Pipeline Activity Index, or PAI, jumped to 96, from 79 in November 2019, the index’s best showing in over a year,” wrote analysts at S&P Global Market Intelligence…S&P noted that Gold PAI increased to 149 from 123, while the base metals PAI rose to 55 from 43 over the same period…the number of financings by junior and intermediate companies jumped to 274 in December 2019 from 159 in November…positive project milestones rose to 5 from 4…
3. The Dow has climbed 117 points through the first 30 minutes of trading…more than 16% of the S&P 500 has released quarterly results thus far…of those companies, about 70% have reported better-than-expected earnings, FactSet data shows…Nick Raich, CEO of The Earnings Scout, pointed out that S&P 500 earnings expectations are also improving, which is “a reason why stocks continue to rise. The rise in price has been more than the underlying improvement in overall EPS expectations. This is what has made stock prices expensive in our opinion”…all the more reason to be positioned in Gold and Silver stocks in the event of a pullback on Wall Street…in Toronto, the TSX has added 21 points…the TSX Gold Index, with a continuing bullish bias, has added 1 point to 261…the Venture is steady at 583…K92 Mining (KNT, TSX-V), an exciting high-grade Gold play with scale, has hit a fresh record high of $3.57 in early trading, currently up a penny at $3.49…Transition Metals (XTM, TSX-V), with strong PGE exposure and a significant presence in the Gowganda Camp near Canada Cobalt’s (CCW, TSX-V) high-grade Silver discovery, is up more than 50% this week and could be ready for a breakout through the mid-20’s…it’s off half a penny at 20 cents as of 7:00 am Pacific…
4. GT Gold (GTT, TSX-V) has enjoyed a strong week and appears poised to head higher…not only has GTT demonstrated an impressive Gold-rich porphyry system at Saddle North near the Red Chris mine, but late last week the company announced that it had drilled an impressive 10 g/t Au and 46.8 g/t Ag over 53.73 m (93.27 m to 129 m) at its Gold target at Saddle South…this drill hole, TTD135, also included 3 other intervals of Gold mineralization (14.8 m @ 4.3 g/t, 16.59 m @ 1.79 g/t and 2.59 m @ 9.5 g/t)…4 holes in total were drilled at Saddle South and each of them cut significant Gold intervals including some high-grade numbers while also confirming continuity and consistency of mineralization at Saddle South…results also support the interpretation that the Saddle South mineralized zone represents a westerly plunging vein field of sulphide-rich and local sulphosalt-bearing extensional veins and local vein-breccias…the mineralization delineated to date defines a near-surface zone of at least 500 m in strike length and over 100 m in width, and which can be traced to more than 500 m below surface…GTT is trading in the $1.30’s at its best levels in months…“The results from the 4 Saddle South drill holes, which were drilled primarily to aid our understanding of the geometry of this near-surface Gold-Silver system, serve to remind of the optionality this target offers to the development strategy of the overall project, as well as to the significant exploration potential across the Tatogga Property,” stated CEO Paul Harbidge…
5. Fiore Gold (F, TSX-V) has reported 2019 net income of $2.4 million (U.S.)…full-year Gold production was 41,491 ounces, a 21% increase over the preceding year and within full-year guidance of 40,000 to 43,000 ounces…Fiore’s Pan mine AISC per ounce sold was $961 (U.S.)…CEO Tim Warman, commented, “The Pan mine had another strong year with Gold production up 21% and further growth expected in FY 2020 from the newly installed crushing circuit. Cash flow from the Pan mine not only funded additional resource expansion drilling to extend the mine life at Pan and partially funded the new crusher, it also allowed us to advance the adjacent Gold Rock Project with a 10,000-m drill program and a PEA that will be released in calendar Q1 2020. Our goal remains to have Pan and Gold Rock operate in unison, creating a multi-asset U.S. Gold producer with a track record of solid operating performance”…Fiore has slipped 4 cents to 50 cents through the first 30 minutes of trading…
6. Score Media and Gaming (SCR, TSX-V) has secured market access to offer mobile sports betting in Colorado via an agreement executed last night with a subsidiary of U.S. gaming operator Jacobs Entertainment Inc. (JEI)…subject to receiving all relevant licenses and approvals from the Colorado Division of Gaming, the company anticipates launching its mobile sportsbook, theScore Bet, in Colorado later this year…“We can’t wait to introduce theScore Bet to fans in Colorado later this year,” said John Levy, Founder and CEO of theScore…“We’ve already seen exciting early momentum from our mobile sportsbook in our launch state of New Jersey. Now we are focused on its multi-state rollout while driving ongoing product innovations to further strengthen the connection between our media and gaming platforms, leveraging our incredibly powerful and highly-engaged sports app audience”…J.J. Garcia, Vice President of Colorado Operations of JEI, said: “theScore is a market leader in mobile innovation. Their sports app is already one of the most popular in North America and, with theScore Bet, they are now leading the way in the integration of digital media and sports betting to deliver a revolutionary and holistic experience for fans. Their visionary and unique approach truly sets them apart and we’re thrilled to partner with them”…under the agreement, JEI will receive a percentage of revenue derived from theScore Bet’s mobile sports betting operations in Colorado, subject to certain annual minimum guaranteed amounts, and an initial upfront fee…the agreement spans an initial term of 10 years, extendable for 2 successive 5-year renewal terms, at theScore’s option…SCR is up a penny at 77 cents in early trading…
7. A majority of people around the world believe capitalism in its current form is doing more harm than good, a recent survey has found (published just ahead of this week’s Davos meeting of business and political leaders)…not surprising, really, given what most students have been taught in schools, colleges and universities…this year was the first time the “Edelman Trust Barometer“, which for 2 decades has polled tens of thousands of people on their trust in core institutions, sought to understand how capitalism itself was viewed…the study’s authors said that earlier surveys showing a rising sense of inequality prompted them to ask whether citizens were now starting to have more fundamental doubts about the capitalist-based democracies of the West…“The answer is yes,” David Bersoff, lead researcher on the study produced by U.S. communications company Edelman...”People are questioning at that level whether what we have today, and the world we live in today, is optimized for their having a good future”…the poll contacted over 34,000 people in 28 countries, from Western liberal democracies like the United States and France to those based on a different model such as China and Russia, with 56% agreeing that “capitalism as it exists today does more harm than good in the world”…only in Canada, the United States, Australia, South Korea, Hong Kong and Japan did majorities disagree with the assertion that capitalism currently did more harm than good…
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Jon did you attend ggi’s Presentation on the Q and F anomalies? Not hearing much about it at all.
Comment by dwightdecker — January 24, 2020 @ 8:24 am
I was not able to make it, dwightdecker, too much going on that day…
Comment by BMR — January 24, 2020 @ 8:27 am
Didn’t really expect a massive surge on the sp after the nr, but, I really didn’t expect this either, ggi. Unfortunate at this point.maybe the bottom is in.
Comment by Laddy — January 24, 2020 @ 8:44 am
CCW halted. Exciting times probably more high grade silver judging by the way CCW is trading.
Comment by Patrick — January 24, 2020 @ 8:56 am
Any ideas why such a long halt for ccw? Can’t remember if he’s done this before. Usually resumes at eod more assays? Or something bigger you think?
Comment by Phil — January 24, 2020 @ 1:41 pm
My gut instincts are telling me, Phil, that this is something bigger and she breaks out hugely thru the low 70’s resistance Monday…
Comment by Jon - BMR — January 24, 2020 @ 2:21 pm
Hugely? Is that similar to “bigly”? Haha let’s hope so! I’d like to see this get to 1.05 resistance on great news!! Too much to ask for?
Comment by Phil — January 24, 2020 @ 2:40 pm
Might have to get your gut checked haha. This update, while good in telling us of potential expansion, was not worthy of a 3 day halt imo. Expectations were high, and I’d be lying if I said I didn’t expect more.
Comment by Phil — January 27, 2020 @ 7:14 am
Tell me, Phil, when’s the last time a company in the Gowganda Camp or the broader district so quickly defined a 300-m thick Silver-rich horizon with native Silver at both the upper contact and the lower contact?
If Paul Penna were alive today, he’d be doing cartwheels – you need to understand the district, Phil, these unique deposits, and the infrastructure CCW has just acquired to fully exploit this opportunity.
It’ll be very interesting to see who steps into this situation shortly and then maybe you’ll better appreciate the significance of this news, Phil…
Comment by Jon - BMR — January 27, 2020 @ 7:26 pm
Fair enough. Let’s hope so. This wasn’t the day any of us thought we’d get though, hey?
Comment by Phil — January 27, 2020 @ 7:49 pm
Look at the broader market, Phil – it was just a down day across the board. There were some eager buyers on CCW today, though, soaking up what weak hands were surrendering in healthy steady trading.
There is staggering cash flow and profit potential in what CCW has already defined given the exceptionally high grades in the “wedge” zone, the Penna Principle, and the large productive horizon which implies a significant new deposit adjacent to 3 previous past producers…all of this in the context of a newly-acquired facility down the highway that specializes in high-grade material…
Comment by Jon - BMR — January 27, 2020 @ 8:34 pm
I hear you – and I don’t disagree at all. Today was a crappy day all over. I’ve been invested for a long with Frank, so let’s just say I’m very cautious. I appreciate your perspective and comments though! Thanks
Comment by Phil — January 27, 2020 @ 8:43 pm