Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates for helpful information.
1. Gold has traded between $1,340 and $1,345 so far today ahead of a Fed statement following the central bank’s 2-day meeting…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,344…Silver has added 13 cents to $17.22…on the base metal front, Copper is up 4 cents to $3.22…Nickel is 7 cents higher at $6.15…Zinc has added 2 cents to $1.63 while Cobalt is steady at $36.40… Crude Oil is off modestly at $64.14 while the U.S. Dollar Index has fallen one-quarter of a point to 88.92…
2. The new year got off to a strong start for job creation in the U.S. with businesses adding 234,000 in January, according to a report this morning from ADP and Moody’s Analytics…economists surveyed by Reuters had been looking for private payrolls to grow by 185,000…job creation was concentrated largely in service-related industries, which contributed 212,000 to the total…while the ADP report is encouraging and creates some upside momentum for the labor market ahead of Friday’s official non-farm payrolls data, the report is not always a reliable predictor of the government numbers…
3. Canada’s first actively managed pot-themed ETF is set to launch tomorrow when Redwood Asset Management, a unit of Purpose Investments, begins trading the Marijuana Opportunities Fund (MJJ)…it’ll be Canada’s second weed-focused ETF…the first, Horizons Marijuana Life Sciences Index ETF (HMMJ, TSX), was launched last spring but, unlike Redwood’s offering, it’s not actively managed…HMMJ tracks the North American Marijuana index and has been the most popular Canadian ETF this year, far surpassing even broad market-tracking ETFs…MJJ will trade on the NEO exchange and will also be available to investors in a mutual-fund offering…
4. In President Trump’s State-of-the-Union address last night, he noted how “we have ended the war on American Energy”…in British Columbia, however, the war on energy has only just started…the Green Party, which is keeping the NDP afloat, is vociferously against LNG while yesterday the NDP and Greens took illegal action in an attempt to block the already approved (but not yet built) Trans Mountain pipeline expansion…the Oil haters in B.C. want to restrict shipments of Oilsands Crude in pipelines and on railway cars through a series of proposed new rules that are sure to lead to a legal battle as railways and pipelines that cross provincial borders are federally regulated…Alberta’s NDP Premier calls the B.C. move “unconstitutional”…Alberta United Conservative leader Jason Kenney put it more bluntly: “The fight isn’t with words. It has to be with actions. If the mayor of Vancouver wants a carbon-free Vancouver by 2040, let’s try to give him one by 2020. We can stop permitting the shipment of Oil to Burnaby right now like Peter Lougheed did to eastern Canada in the early 1980’s. Albertans have been lied to, told if they pay the carbon tax they will get a pipeline. The whole thing has been hokum. Here we have an Alberta NDP government that’s imposed a job-killing carbon tax and can’t even stop their NDP twins in B.C. from violating the Constitution and attacking the energy industry…we’ve got an NDP government in B.C. breaking the law to block our Oil because the opponents of Alberta’s energy industry aren’t interested in compromise. They want to keep the Oil in the ground.”
5. Investors will be watching closely as major reforms of environmental and regulatory reviews of big energy projects – one of Prime Minister Justin Trudeau’s most anticipated policy changes – are due to be announced in days…the changes have the potential of encouraging a return of capital to the Canadian energy sector, or they’ll continue to push it away to more welcoming jurisdictions such as the United States…it’s critical that Canada gets this right as it simply can’t afford another layer of excessive regulation on top of already onerous carbon reduction policies…
6. The price of Bitcoin is down by about 30% in January, on pace for its worst monthly drop in 3 years, according to research site Coindesk…it fell below $10,000 this morning, a 2-month low, and it‘s down by about half from its all-time high near $20,000 reached in mid-December…notably, this isn’t Bitcoin’s first 30% plunge in a month…it also happened in January 2015 and on 2 other occasions over the last 5 years…while several factors are driving the current decline, the regulatory clampdown occurring around the world is an important reason why Bitcoin and the broader cryptocurrency market have fallen on tougher times in recent weeks…yesterday, the Securities and Exchange Commission halted a $600 million initial coin offering, one of the biggest U.S. interventions yet into the world of raising money by issuing digital tokens…
7. Equity markets are bouncing back in early trading after a rough couple of days…even with recent declines, the Dow and S&P 500 are on track for their largest 1-month percentage gains in more than a year-and-a-half…of the S&P 500 companies that had reported as of yesterday morning, 80% have posted better-than-expected earnings, while 81% have beaten top-line estimates…the Dow is up 196 points through the first 30 minutes of trading…in Toronto, the TSX is off 3 points while the Venture has recovered 9 points to 867…Almadex Minerals (AMZ, TSX-V) has hit a new 52-week high of $1.60…last news from the company was in mid-December when it reported encouraging drill results from the Villa Rica zone of its El Cobre Property in Mexico, approximately 2 km south of the Norte zone where most of the company’s drilling has been focused since late 2016…El Cobre hosts large-scale porphry potential…Castle Silver Resources (CSR, TSX-V) and ML Gold (MLG, TSX-V), both up significantly in January, are rebounding this morning following sharp technical pullbacks to strong support in recent sessions…both have near-term catalysts to continue their uptrends in February…
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Bought AIS on the dip this morning, average down my price per share nicely… Thank you paper sellers!
Comment by Patrick Lamane — January 31, 2018 @ 8:25 am
Any thoughts as so how long crypto/tech plays will consolidate?
Comment by flyinthruu — January 31, 2018 @ 9:09 am
Jon: when do you plan your visit to IMR property visit? February? Looks attractive at 12.5?
Comment by MERIDEX — January 31, 2018 @ 9:16 am
Wonder if most say averaging down is good? Always been a loser for me.
Comment by Carl — January 31, 2018 @ 10:21 am
Hey Carl it all depends on what the market is doing and what the play has in the offing… This is a spectacular play and just dived as a victim of paper and across the board stock pull back.
Comment by Patrick Lamane — January 31, 2018 @ 10:50 am
Ditto om what Patrick says
Comment by DBReese — January 31, 2018 @ 11:47 am
As far as spec plays go, how can you argue with potential drilling in such CLOSE proximity to a proven 4 mill oz. deposit and finding mineralization in the area. Maybe it does a GTT this year?
Comment by flyinthruu — January 31, 2018 @ 12:02 pm
I think the market will soon come to realize the situation with IMR and bid it up accordingly. It bounced of the EMA 50 day nicely and just formed another W in RSI. Float is still reasonable. I don’t think I have ever seen directors and officers giving back options before though. I have no idea what to make of that. Should be positive for the share price however.
Comment by DBReese — January 31, 2018 @ 2:01 pm
Anyone following Gratomic (grat)? They have contracts and
Are DELIVERING graphene. The commodity of the future imho
And they are producing It ! Care to share thoughts?
Comment by Tran — February 1, 2018 @ 4:58 am
Looking good for ML Gold…
ML GOLD INTERSECTS 230 METRES WITH VISUAL COPPER MINERALIZATION OVER 1KM AWAY FROM PREVIOUSLY REPORTED DRILLING ON STARS PROJECT – INCREASES LAND POSITIONS IN CENTRAL BC
ML Gold Corp. has intersected a 230-metre interval with visual copper and molybdenum at its Stars project in central British Columbia. This hole was drilled into target area B over one kilometre west of the previously reported drilling. While observed mineralization in hole 5 is not visually as intense as in hole 4, it is probable that the mineralization is part of the same system identified one kilometre to the east, indicating that the system is much larger than previously thought.
Hole 5 (DD18SS005) encountered visible copper and molybdenum mineralization occurring as veins individually ranging from 0.1 to two centimetres wide throughout an interval from 47.2 metres to approximately 277 m depth before being truncated by a fault zone. The hole continued in variably altered intrusive rock to a total depth of 364 metres. The veins are hosted within monzo-granodiorite similar to that observed in the first four holes. Moderate to strong potassium feldspar alteration is present as selvages along the margins of the veins and occasional bornite is observed. True widths of the intervals are not known at this time.
Adrian Smith, president of ML Gold, commented: “Copper mineralization has now been observed over one km away from hole 4 and confirms that we have a large system on our hands. Further, detailed logging of hole 4 indicates it could in a high level setting of a copper-rich porphyry system. We are seeing copper veining cutting multiple rock types, including earlier copper veins, implying a large-scale with multiple pulses of copper-rich fluids. We feel extremely lucky that mineralization begins at surface and feel confident that it could extend to significant depth.”
Core from hole 5 will be processed immediately following hole 4. Current logging and sampling of hole 4 is nearing completion and will be immediately shipped to the assay lab where the company anticipates rushing analysis on the samples.
All core samples from the Stars project are being shipped to MS Analytical labs in Langley, B.C., for analysis, results will be made available once they have been received and reviewed for quality assurance and quality control (QA/QC).
In addition, the company is completing a detailed airborne magnetic geophysics survey to further define the target areas within the property and assist in follow-up drilling.
The company has also increased the size of the Stars project by an additional 1,626 hectares, and separately secured over 1,875 hectares of 100-per-cent-owned mineral claims immediately to the north of, and adjoining the Huckleberry mining lease currently owned by Imperial Metals Corp.
Qualified person
Adrian Smith, PGeo, is the qualified person for the company as that term is defined in National Instrument 43-101, and has supervised the technical information presented within this news release.
Comment by Jon - BMR — February 1, 2018 @ 6:33 am