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1. Spot Gold has traded between $1,741 and $1,717 as of 7:00 am Pacific the yellow metal is off $4 an ounce at $1,723… TD Securities on Gold: “We believe the market is coiling ahead of a breakout to higher prices – an historical pattern that we have observed several times over the course of the last few years. Ultimately, the key question for Gold bugs is whether we are on the cusp of a regime shift in inflation, as the combination of world war era fiscal and central bank stimulus, long with a chance in the central bank template (symmetric inflation target) and unwinding globalization could lead to a world where inflation is once again very relevant. In this context, a continued growth normalization should be welcomed by Gold bugs as a reversal in safe-haven flows should be offset by investment demand, with real rates significantly surpassed”…Silver has slipped 20 cents to $17.30…base metals are pushing higher with Copper, Nickel and Zinc at $2.62, $5.81 and 92 cents, respectively, while Cobalt is steady at $13.15…Crude Oil is 8 cents higher at $38.04 while the U.S. Dollar Index has added one-fifth of a point to 97.32…Prime Minister Trudeau’s 4-year campaign to win a seat on the useless U.N. Security Council thankfully came to a screeching halt yesterday when Canada was beat out on the first round by Ireland and Norway…for the past 4 years, the globalist Trudeau has been sacrificing Canadian values to court favor with dozens of countries in an attempt to gain his U.N. prize…in February, while the Canadian economy was being held hostage by anarchists protesting a major job-creating B.C. LNG project, Trudeau was globetrotting and warmly greeting the likes of Iranian foreign minister Zarif…Trudeau failed to list Iran’s Islamic Revolutionary Guard Corps as a terrorist entity and gave his support to the UN Relief and Works Agency which has known links to the Hamas terrorist group…appropriately, Erin O’Toole’s campaign slogan in the Conservative leadership race is “Take Back Canada”…Canada’s Parliamentary Budget Officer says in a new report that this year’s federal deficit could hit a staggering $256 billion…the result, posted this morning, is the combination of an estimated total of $169 billion in federal spending on emergency aid and an historic drop in economic output…Argentina’s debt restructuring talks appear to have hit a stalemate, amid escalating tensions between government officials and international creditors…it means around $65 billion in bonds could be left in default for an extended period…Latin America’s 3rd-largest economy tumbled into its 9th sovereign debt default on May 22 after it missed overdue interest payments..cities with large technology sectors appear to be leading the U.S. housing recovery, according to new data released by Realtor.com…the company’s Weekly Housing Recovery Report, which contains data for the week ending June 13, showed that local markets with strong pre-pandemic job creation – specifically in the technology sector – are bouncing back quicker than other markets…oops – McDonald’s (MCD, NYSE) is reportedly planning to keep salads, bagels and yogurt parfaits off its menus for the foreseeable future after the pandemic led the company to shrink its offerings…as Congress discusses a new economic-relief package, a bipartisan group of lawmakers is pushing for $120 billion in aid for restaurants that aims to prevent further closures and job losses due to the pandemic…
2. Americans filed a seasonally adjusted 1.51 million first-time jobless claims in the week to Saturday, the Labor Department announced this morning…consensus estimates of economists called for initial jobless claims to be around 1.3 million to 1.35 million…the previous week’s 1.54 million claims were revised to 1.57 million…new weekly claims have been 1.51 million or higher every week since March 21 after the previous all-time high had been 695,000 back in October 1982, according to Labor Department figures…while initial claims have now fallen for the 11th straight week after the late March spike, this past week saw the slowest pace of decline on a percentage basis since early April…traders have been closely monitoring jobless claims as a key gauge of the weakness in the economy due to lockdowns and physical distancing measures across the country to combat the spread of the Wuhan COVID-19 pandemic…a stable level of people on benefit rolls suggests that new layoffs are being offset by employers hiring or recalling workers as states have allowed more businesses to reopen in recent weeks…
3. Vice-President Pence, in an exclusive interview with Charles Payne’s Making Money, denied that a 2nd wave of Wuhan COVID-19 is on the horizon, and said that the White House is committed to ushering through another stimulus package, as well as a separate $400 billion infrastructure bill to pull America out of this pandemic-induced recession…the VP criticized the media for propping up the threat of a 2nd wave and accused them of trying to scare the American people…“Despite the fact that some networks like to put maps up with lots of red states, the reality is, as of this morning, there are only 11 counties in America that are seeing accelerating new cases, and only about 2% of the counties in this country are seeing any significant increases in cases at all,” Pence said…“The truth is, now that all 50 states and our territories are reopening, we’re proving we can do that in a safe and responsible way. Areas where we’re seeing increases in cases, places like Texas and Florida, the reality is that those states are also focusing on vulnerable populations, whether it be nursing homes, or prisons, or meat packing plants, and that combined with the massive increase in testing all across the country, I think is creating the impression for some Americans that we’re in a different place”…
4. Elsewhere on the COVID-19 front, Chile is strengthening lockdown measures in its capital of Santiago after confirming that cases have surpassed 200,000, according to a report from Reuters…in a government briefing, officials said residents of Santiago will now only be able to leave their homes twice a week instead of 5 times a week…parts of the city have been under lockdown for 3 months…Chile has reported 220,628 COVID-19 cases and 3,615 deaths, according to data from Johns Hopkins University…Sweden, which has taken a less restrictive approach than others in an effort to develop “herd immunity” to COVID-19 in its population, says about 6% of its people have developed antibodies to the virus…herd immunity, which is usually achieved via vaccination, is attained when around 60% of citizens are deemed immune…Sweden’s response (no full lockdown) has differed from others, without leading to a massive outbreak, but the country’s leading epidemiologists will likely not realize their goal of achieving herd immunity…England’s test and trace system identified about 45,000 people who came into contact with someone who tested positive for COVID-19 in its 2nd week of operation, according to data from Britain’s health ministry…since the project began on May 28, tracers have identified more than 95,000 contacts, according to the data, and successfully contacted more than 85,000 of them…Canadian firms such as Shopify (SHOP, TSX) and Blackberry (BB, TSX) have helped develop a made-in-Canada mobile contact testing app for COVID-19, it was announced this morning…the app, which will be voluntary, will soon be tested in the province of Ontario…
5. The Dow has slipped 152 points through the first 30 minutes of trading…in Toronto, the TSX is 18 points lower while the Venture is off just 1 point at 559…Auramex (AUX, TSX-V), gaining traction at 6.5 cents, has upsized its over-subscribed private placement by 50% to $6 million as part of a major reorganization of the company that could turn AUX into a hot high-grade Gold play over the summer focused on the prolific Stewart Camp, south of the Eskay Camp…Benchmark Metals (BNCH, TSX-V) is mobilizing drill rigs and technical crews to the company’s Lawyers Gold-Silver Project in north central British Columbia…Benchmark plans 50,000 m of drilling, mostly focused on resource expansion and definition drilling as the company sees the potential to convert the existing exploration targets into a multi-million ounce Gold-Silver mineral resource estimate…Clean Air Metals (AIR, TSX-V) has drilled 78.9 m grading 3.8 g/t Pt-Pd and 1.2% Cu+Ni, including 20 m @ 7.8 g/t Pt-Pd and 2.4% Cu+Ni, at its Escape Lake Project near Thunder Bay…Abraham Drost, CEO of Clean Air, stated: “Assays from Clean Air’s initial 2 holes in Phase 1 drilling suggests a new Platinum-Palladium-Copper-Nickel discovery at Escape Lake. The emerging picture is that of a body of mineralization that is open laterally and along strike, contained in a mafic-ultramafic intrusion and magma conduit system. Given the $6.7 million flow-through financing the company closed Tuesday, we are in a position to pursue our 2020 exploration objectives with vigour. The company is presently executing Phase 1 drilling on the Escape Lake magma conduit and planning targeted geophysics to search for high tenor massive sulphides, which have previously been identified on the Thunder Bay North Property”…Strategic Metals (SMD, TSX-V) has announced a $4 million hard dollar/flow-through financing…Ascot Resources (AOT, TSX-V) has closed a $25 million bought deal co-led by Desjardins Capital Markets and Stifle GMP…Derek White, President and CEO, commented, “The completion of the offering facilitates the funding for the order of long lead time items and continued development, optimization and de-risking of the Premier Gold Project. This supports the company’s efforts of re-starting the mining operations at the Premier Gold Project”…Gatekeeper Systems (GSI, TSX-V) has hit a new multi-year high of 36 cents in early trading…yesterday, the company announced a contract with the U.S. Air Force, building on a long-standing business relationship with the Department of Defense…Blockchain Holdings (BCX, TSX-V) has completed its name change to TraceSafe – trading under the new name will begin at the opening of trading tomorrow under the symbol “TSF“…
6. Discovery Metals (DSV, TSX-V) has drilled 0.7 m grading 2,489 g/t AgEq at its Cordero Project in Mexico, along with 51.9 m grading 197 g/t AgEq, 62.2 m @ 174 g/t AgEq and 85.5 m @ 112 g/t AgEq in a series of drill hole results released this morning (core intervals, true widths are unknown at this time)…these holes were focused on defining and extending the higher-grade mineralized footprint in the northern corridor along the northeast trend…Taj Singh, President and CEO, states: “We are very encouraged that we continue to intercept broad zones of mineralization with excellent grades along the northeast trend in areas where there are significant gaps in previous drilling. We are also excited to announce, based on the excellent exploration results we have achieved to date, we are expanding our Phase 1 drill program by approximately 20,000 m. With over $40 million cash on our balance sheet we are very well positioned to not only complete this expanded program, along with an updated resource and PEA, but also to advance and drill test our property-wide targets at Cordero”…Discovery with its low grade, high-tonnage deposit (one of the largest undeveloped Silver deposits in the world) commands a current market cap of just over $200 million…
7. Students returning to school this fall should not have to wear masks or maintain physical distancing while at play, Canada’s largest children’s hospital argues in a new report that stresses the importance of getting young people back to class…the advice from the Hospital for Sick Children seems to veer toward a more relaxed approach than taken by some jurisdictions, especially in East Asia, as they re-opened shuttered schools…requiring masks could lead to more infection, not less, while separating children as they socialize outside the classroom would have negative psychological effects, says a guidance document SickKids released yesterday…it does urge keeping desks as far apart as possible and cancelling assemblies…children have suffered anxiety, depression and loneliness and faced greater risk of family discord and abuse during the lockdown, hospital experts told a virtual news conference…they said the psychological benefits of resuming in-person classes this September outweigh COVID-19’s risks, which they said can be lessened with measures like frequent handwashing and keeping sick students at home…“It has never been 100% safe to send children to school,” said Dr. Ronald Cohn, the SickKids CEO…“There’s always been a risk of contracting some infectious disease, whether it’s the flu, the Norovirus or other viruses. Children are at risk of being injured…and suffering mental and physical harm from bullying. But of course we can manage these risks and put mitigating factors in place to deal with them. This is exactly the kind of approach we have to take now”…
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Is it just me or is this going a little bit too far, aunt jemima and uncle bens are now being pulled from the shelves, why wouldn’t they praise them for the success it has been… Trudeau is crying and Singh is calling certain people racist… we need to turn this country around now, we need another election whether Canadians like it or not!!
Comment by Laddy — June 18, 2020 @ 12:11 pm
AUX Chart up:)
Comment by Jeremy — June 18, 2020 @ 12:15 pm
Thank you everyone…AUX is back in Stockcharts database.
Comment by John - BMR — June 18, 2020 @ 12:38 pm
Mrs. Butterworth and Cream of Wheat are also under review for being removed, along with Auntie J. and Uncle Ben, Laddy.
What a shame.
Comment by Daniel — June 19, 2020 @ 5:14 am
It’s truly a shame, add land o lakes to that bunch now removing the native women, bizarre.. is Trudeau getting a little nervous? Someone spray painted the old mans statues face black, maybe it should be removed.
Comment by Laddy — June 19, 2020 @ 7:42 am