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1. Gold has traded between $1,565 and $1,575 so far today…as of 7:00 am Pacific the yellow metal is relatively unchanged at $1,571…Silver is off slightly at $17.69…Palladium dipped as low as $2,215 overnight but has bounced back and is now even on the day at $2,260…base metals are firming up…Copper has climbed 3 pennies to $2.69, Nickel has jumped 12 cents to $5.95 while Zinc is up a penny at 98 cents…Crude Oil has rebounded 81 cents to $50.38 while the U.S. Dollar Index is flat at 98.77…China’s National Health Commission last night said the coronavirus death toll had risen to 1,016 people with 42,638 confirmed cases…however, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak…the epidemic could peak this month and then plateau before easing, according to the Chinese government’s top medical adviser on the outbreak…China, however, has not been totally transparent with regard to the coronavirus…in the United States, fears over the economic fallout from the outbreak have been offset by positive economic indicators thanks to a strong Trump economy…jobs data released last week easily beat analysts’ expectations while U.S. manufacturing and services activity show signs of improvement…

2. Federal Reserve Chair Jerome Powell was fairly upbeat about the outlook for the U.S. economy in the first of his twice-a-year updates to Congress this morning, but cited a potential threat from the coronavirus in China and concerns about the economy’s long-term health…the U.S. economic expansion, now in its 11th year, is the longest on record…over the 2nd half of 2019 “the economy appeared resilient to the global headwinds that had intensified last summer,” Powell said in remarks to the House Financial Services Committee, as economic activity increased further and the labor market strengthened…his remarks echo the formal report the Fed submitted to the U.S. Congress on Friday, which repeated the central bank’s view that its current target range for short-term borrowing costs, between 1.5% and 1.75%, is “appropriate” to keep the expansion on track…with risks like trade policy uncertainty receding and global growth stabilizing, Powell signaled he sees no reason to adjust interest rates unless new developments cause a “material reassessment” to the current outlook…

3. Freda Huson, the spokesperson for the Wet’suwet’en “hereditary chiefs”, is an alt-left aboriginal extremist often championed by socialist and Marxist groups across North America and the globe…far from being a “land defender”, as a CTV News reporter generously described her (similar to calling a terrorist a “freedom fighter”), she is a law-breaking anti-resource, anti-capitalist foreign-funded anarchist who’s actually damaging the cause of First Nations across Canada – Indigenous peoples, unlike her, who actually work or want to work for a living, often in Canada’s resource sector where wages are high…she has aligned the Wet’suwet’en with the Red Braid Alliance for Decolonial Socialism, a radical foreign-funded anti-capitalist group that was responsible for shutting down Canada’s busiest port in Detla, B.C., on Sunday…“We’re part of a nationwide movement to shut down Canada in solidarity with Wet’suwet’en,” Red Braid organizer Isabel Krupp stated…“More than $1 billion of commerce moves through Deltaport every year.  We’re shutting it all down.  There’s no commercial traffic going in or out of Deltaport today”…Krupp’s thugs didn’t want to respect a court order and had to be arrested…Red Braid’s mission statement: “Red Braid is a revolutionary working class and Indigenous organization.  We fight to abolish colonialism, imperialism and capitalism, which are destroying our communities and the nonhuman world.  We fight for multiple worlds where the free, full, creative development of each person is the responsibility of all”…is there not a single politician in Canada who is willing to stand up to this nonsense?…First Nations negatively impacted by the actions of Huson, Wet’suwet’en “hereditary chiefs” and their supporters also need to break their silence…all elected native bands along the Coastal GasLink route are supporting the project and will reap substantial economic and social benefits from it…

4. Here’s a refreshing switch (and it’s the kind of activism that we need to see more of from entrepreneurial First Nations)…the Financial Post’s Geoffrey Morgan wrote this morning that an Indigenous group that stands to benefit from Teck Resources‘ (TECK.B, TSX; TECK, NYSE) Frontier Oil sands project in Alberta says it would launch a legal challenge against the Trudeau government if it rejects the development (as increasingly expected) later this month…“We do recognize that there are ways that we can go – and that’s one,” stated Ron Quintal, President of the Fort McKay Metis Nation, about launching a legal challenge if the Frontier Project is rejected…“We are prepared”…Quintal says the Trudeau government has yet to consult with his group (if a legal challenge is launched, it would mark a new type of challenge launched by an Indigenous community arguing their rights have been infringed by a project being rejected)…the Fort McKay Metis are one of the 14 Indigenous groups that have signed benefits agreements with Teck…

5. Skeena Resources (SKE, TSX-V) has drilled 14.8 g/t AuEq (11.5 g/t Au and 247 g/t Ag) over 31 m as Eskay Creek…other highlights of late 2019 drilling results released this morning included 15 g/t Au and 70 g/t Ag over 18.26 m; 1.5 g/t Au and 355 g/t Ag over 21 m; and 2.8 g/t Au and 44 g/t Ag over 25 m (core lengths represent 80–100% of true widths)…4 surface drill rigs were utilized for the 2019 program in the 21A, 21E and HW Zones to infill and upgrade areas of Inferred resources to the Indicated classification…infill drilling within the 21A Zone continues to confirm historical widths and improve upon historically defined grades…the company expects to commence 2020 drilling with multiple rigs in the coming days…SKE is up 2 pennies at $1.15 in early trading…

6. The Dow is up 85 points through the first 30 minutes of trading as Wall Street continues to post record highs…in Toronto, the TSX has gained 57 points…the Venture, holding above a strong support band between 570 and 560, is up a point at 572…HIVE Blockchain (HIVE, TSX-V) has hit a new multi-month high of 46.5 cents in early trading, on continued impressive volume, though extreme RSI(14) conditions have formed on the daily chart…Canadian Palladium (BULL, CSE) has commenced drilling at its East Bull Palladium Property near Sudbury…a 2nd rig will be added once logistics are settled and snow has been removed from various drill sites…the first drill is starting in the western end of the Valhalla zone and will progress eastward, infilling gaps and drilling down dip in an effort to expand the NI-43–101 resource…Canada Cobalt (CCW, TSX-V) has added 3 pennies to 63 cents in early trading…new core photos from Castle East show that CCW has drilled into what clearly appears to be more exceptionally high-grade Silver as part of another vein shoot near the lower contact of the Nipissing diabase with Archean volcanics, approximately 350 feet from the original discovery zone that returned values as high as 212 oz/ton (~70,000 g/t) over a 4-m core length…

7. Canada’s government should fund initiatives like a proposed $1.6 billion project that would provide power and fiber optics to the country’s remote north and spur new business, says a prominent Gold mining executive…Canada’s Infrastructure Bank recently signed an MOU to assess the project, which needs federal investment to get built and would run to Nunavut from Manitoba…“This has to be looked at as nation building,” said Agnico Eagle (AEM, TSX, NYSE) CEO Sean Boyd in an interview…Agnico, Canada’s largest Gold producer, runs 3 Gold mines in the Kivalliq region and is Nunavut’s largest private employer…“A big part of that funding has to come from the federal government to not only build the power line to benefit the current communities, but to look at it as a way to finally open up an area which has tremendous potential,” he said…Nunavut is a vast Arctic region – the size of Mexico – with a population of 36,000 mostly Inuit that separated officially from the Northwest Territories 20 years ago…though rich with mineral deposits, it suffers from a dire lack of infrastructure and all electricity is produced by diesel generators…electricity production for the territory consumes 55 million litres (15 million gallons) of diesel each year, and Agnico Eagle’s Nunavut sites require 80 million litres (21 million gallons)…“As we’re considering major projects and as we make new discoveries in the north, which we believe will be there, we need a cost structure that allows you to build those into meaningful businesses,” Boyd said…

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