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1. Spot Gold has traded between $1,740 and $1,764 so far today…as of 7:00 am Pacific the yellow metal is up $17 an ounce at $1,761…SPDR Gold Trust, the world’s largest Gold-backed ETF, said its holdings rose 2.03% to 1,159.31 tonnes on Friday from 1,136.22 tonnes on Thursday…this formed the lion’s share of the biggest daily ETF inflow into Gold since January, according to Commerzbank…Silver has shot up 38 cents to $18.00…Copper continues its winning ways, up another 4 cents at $2.66…Nickel is off slightly at $5.72 while Zinc is steady at 94 cents…Crude Oil is flat at $39.71 while the U.S. Dollar Index has slipped more than one-third of a point to 97.21…prices for important raw materials including Copper are surging as the world economy reopens for business, a signal to many investors that global growth is returning more quickly than anticipated…China is the world’s dominant commodity consumer, and the uptick in economic activity there and elsewhere signals that the global economy is in the initial stage of healing from the pandemic…we’re seeing that reflected in Copper prices in particular…historically, the recovery phase following economic downturns corresponds with big increases in materials prices…U.S. economic news this week is highlighted by tomorrow’s preliminary Market PMI’s for June, expected to jump higher to reflect the reopening in most states…personal income and spending data for May will hit the markets to end the week on Friday and will likely continue the trend of significant improvement…keep in mind that the Citigroup Economic Surprise Index for the U.S., a gauge of whether growth figures are generally meeting expectations, has risen to its highest level on record in data going back to 2003…

2. A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the Wuhan COVID-19 virus first struck the U.S. in January, according to FDIC data…the wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year…it’s the banking world’s version of the rich getting richer…banks are so flooded with cash, they’re like Scrooge McDuck swimming in money…deposit gains were concentrated at the very top of the industry: JPMorgan Chase, Bank of America and Citigroup grew much faster than smaller firms in the 1st quarter, according to company data…the gains were all driven, in one way or another, by the response to the pandemic…the government unleashed hundreds of billions of dollars to bolster small businesses and individuals via stimulus checks and unemployment benefits…the Federal Reserve began a barrage of efforts to support financial markets, including an unlimited bond buying program…and an uncertain future prompted decision makers, from two-person households to global corporations, to horde cash…one consequence of this boom: Banks will likely lower their already paltry interest rates…this also has consequences for Gold…

3. The Dow, which has posted 4 weekly gains out of 5, is relatively unchanged through the first 30 minutes of trading…UBS upgraded Walmart (WMT, NYSE) this morning, saying the company won new customers during the pandemic and established itself as the 2nd major e-commerce player behind Amazon…“It’s improved execution and successfully changed the narrative of its story from that of a mature brick and mortar retailer to being a viable #2 in eComm,” UBS noted…in Toronto, the TSX is 20 points higher, buoyed by a significant jump in the TSX Gold Index which is up 14 points at 330…the red-hot Venture has added 8 points to 575 as it quickly approaches key resistance in the upper 580’s…Roscan Gold (ROS, TSX-V) is on the move in early trading after announcing that it has drilled 5.2 g/t Au over 65 m, including 4 m @ 17.3 g/t, near-surface at its Mankouke South target…the regional upside potential of the Kandiole Project, outside Mankouke South, is considerable with 7 key targets…initial drilling at the Kandiole prospect returned a core interval of 4 m grading 11.3 g/t…GT Gold (GTT, TSX-V) has broken out aggressively above a downtrend line intersecting through about $1.60 going back to 2017…it’s up another 8 cents at $1.76…Skeena Resources (SKE, TSX-V) has hit a new high of $1.74 in early trading as it prepares for a major new phase of drilling at Eskay Creek…Northwest B.C. will be hot again this summer, led by multiple plays including upstart Auramex (AUX, TSX-V) which is expected to soon close a $6 million private placement as part of a major reorganization…Freegold Ventures (FVL, TSX), which shot up nearly 30% last week as drilling recommenced at its high-grade Golden Summit Project near Fairbanks, is off 2 pennies at 78 cents…Else Nutrition (BABY, TSX-V) has added 14 cents to $2.28 after announcing the U.S. launch of trial-sized pouches of Else Plant-based Nutrition for Toddlers…following successful production, trial samples will be widely available for order via the Else Nutrition e-store…“We are thrilled to hit this key milestone and to be be sharing our product with the world,” stated Hammutal Yitzhak, CEO and Co-founder…“We are excited to get the samples in the hands of eager parents looking for clean label, plant-based nutrition alternatives for their children”…the sampling campaign will be promoted via Else social media channels and will precede the launch of the full-size version of the proprietary product, which will be available for pre-orders on the Else e-store next month…

4. In the Eskay Camp, Tudor Gold (TUD, TSX-V) has announced this morning that it has added a 3rd diamond drill rig to its 2020 program as the company intensifies its exploration efforts at Treaty Creek…diamond drilling started on the Goldstorm Zone with 2 drill rigs last month…Ken Konkin, Tudor’s VP/Project Development, stated: “Both drill rigs are working extremely well as we outline the peripheral edges of the Goldstorm mineralization. We recognize that in order to achieve the goals of having our preliminary drill measured and drill indicated resource estimate completed for year-end, we need to accelerate our drilling production. The Goldstorm system is proving to be very large, as we have currently delineated 850 m along the northeastern axis and 600 m along the southeastern axis and just over 1080 m at its deepest point. Depending on the depths and widths of mineralization encountered, we may require more than 3 drills to complete this task. Furthermore, we will be drill testing the Perfect Structural Storm (PS2), a new geophysical and geological target located mid-way between our Goldstorm system and Seabridge’s Iron Cap deposit. The first holes at PS2 will be located within a cluster of surface samples that have returned anomalous Gold values”…the 2020 budget allows for 22,500 m of drilling on the Goldstorm Zone…the Gold-Copper-Silver mineralization remains open to the northeast and to the southeast, as well as to depth…TUD is steady at $1.55 in early trading…

5. A surge in coronavirus cases in the U.S. and Brazil, and further outbreaks in Germany – where the reproduction rate of the disease has risen substantially – are concerning global health experts, but financial markets don’t seem too worried…the largest single-day increase in global Wuhan COVID-19 cases was recorded yesterday, according to the World Health Organization (WHO), after more than 183,000 cases were reported worldwide…Brazil, with nearly 55,000 new infections, saw the largest number of cases reported, followed by the U.S., with more than 36,000 new cases reported yesterday…India, meanwhile, saw more than 15,000 new infections, the WHO said…the jump in the number of cases could be due, in part, to increased and more widespread testing, and also anomalies in data collection…nonetheless, the surge in cases does not appear to be a one-off…equity markets, aided by central banks and government stimulus measures, have learned to live with the virus…populations across the globe will have to do the same…

6. TraceSafe (TSF, CSE, formerly Blockchain Holdings) announced this morning that Boustead Projects, one of the largest construction firms in Singapore, has entered into an arrangement with a local TraceSafe nominee to provide contact tracing solutions to help meet the COVID-Safe Restart Criteria published by the Singapore Building and Construction Authority…this represents the first Enterprise Contact Tracing deployment of the product suite called “AllSafe”…TraceSafe’s wearable devices and cloud management software will be deployed at a Boustead construction site to facilitate contact-tracing in the event of positive confirmed cases of COVID-19…workers who may be exposed can be readily identified by contact tracing records based on proximity of the devices worn by all workers…physical distancing encroachments are detected and recorded, as well as alarm warnings generated in real-time for site supervisors to take immediate action…worker assignments and team separations are also facilitated…the first deployment is expected at a select project site, and once the relevant government authority approvals and support are obtained, both parties will work toward expanding the deployment across all project sites…the arrangement is an example of major enterprise employing TraceSafe contact tracing solutions to help reopen safely using technology to provide a safer work environment…TraceSafe continues to work to win the trust of large, respected companies and governments as part of a broader, long term safety initiative – a physical distancing solution for a post-COVID reopening world…TSF, in the midst of raising $10 million, has jumped 35 cents to $1.50 as of 7:00 am Pacific…

 7. The many emergency laws and regulations introduced to target the COVID-19 pandemic have amounted to the “death of civil liberties by a thousand cuts,” a new report says…The non-profit Canadian Civil Liberties Association (CCLA) on Friday released a lengthy document that reviews emergency measures introduced by federal, provincial and municipal levels of government in recent months, which authorized everything from unlimited spending powers to hefty fines for people who fail to practise social distancing…the organization asserts that those measures amount to a broad overreach of government powers that, left unchecked, threatens to become permanent…“The pandemic has led to a thousand impositions on civil liberties that might feel minor alone, but which taken together represent an extraordinary change to civil liberties in Canada,” the report said…limits to civil liberties include government-led initiatives to curb so-called “misinformation”, mandatory masks or temperature checks in private settings, restricted access to public settings, or even attempts to hinder “drive-in religious services”, the report said…“Each of these constrain freedoms in what some might consider small ways. But taken together, they indicate a major shift in Canada towards a more designated, circumscribed, and government-ordered way of doing things”…the study underscores the deep divisions that have surfaced in recent months as the public grapples with the extent to which government should control public life in the name of safety…

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