Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,258 and $1,266 so far today…as of 7:00 am Pacific, bullion is up $8 an ounce at $1,262… Silver has climbed 15 cents to $16.16…Copper and Nickel are both rebounding after last week’s slide in base metals…Copper is up 5 cents at $2.90 while Nickel has added a dime to $6.38…Zinc is off another penny at $1.25…Cobalt is steady at $32.89 while Crude Oil has eased off 13 cents to $73.67…Suncor (SU, TSX) announced this morning that its Syncrude Oil sands facility won’t ramp up to full production until early to mid-September after an outage late last month shut total output…pipeline shipments of treated product are expected to be approximately 60% to 70% of capacity for August…the cause of the disruption was a transformer trip, Suncor says, resulting in a rapid site-wide loss of power and steam generation…the U.S. Dollar Index is off slightly at 93.95…the Chinese yuan rebounded today and the euro rose to its highest since mid-June as investors bought riskier assets following favorable U.S. jobs data last week and evidence that global trade tensions have not yet slowed economic momentum…
2. Saudi Arabia and Russia have been pumping more Oil in recent weeks after OPEC and other major producers succeeded in draining global stocks and pushing prices to their highest levels since late 2014…however, doubts remain over whether the boost in production will be enough to offset losses to supply from Venezuela, Iran and Libya…Bank of America Merrill Lynch analysts say that while Saudi Arabia has the spare capacity available to ramp up output, it seems unlikely that the country will pump enough Oil to make up the difference from harsh sanctions on Iranian Oil…“It appears the Oil market has little confidence that Iran volumes can be easily replaced,” the bank said…
3. The amount of Gold held by global ETFs and similar products fell by 49.3 tonnes to 2,434.3 tonnes in June, according to the World Gold Council…in U.S. dollar terms, assets under management fell 2.1% from May to $97.9 billion…“Investors seemed to shrug off poor equity-market performance and escalating global trade tensions, pushing the Gold price down by 4.2% in June,” the WGC said…the bulk of the outflows came from North America, as these holdings declined by 44.4 tonnes…Asian-listed ETFs posted outflows of 3.5 tonnes, while holdings by European ETFs climbed by half a tonne tonne…holdings in other regions fell 2 tonnes…
4. Pretium Resources (PVG, TSX) released strong 2nd quarter production numbers this morning for the Brucejack mine in the Eskay Camp…111,340 ounces of Gold were produced, bringing the 2018 first half total to 187,000 ounces (in the top range of guidance)…the mill feed grade for Q2 improved to an impressive 14.9 g/t Au while the Gold recovery rate was 97.7%…President and CEO Joseph Ovsenek stated, “The successful integration of our grade control program into our mining process has resulted in increased grade to the mill with production exceeding grade control estimates for the quarter. Brucejack has now achieved steady-state production, and we expect to deliver 200,000 to 220,000 ounces of Gold for the second half of 2018“…to improve access and build stope inventory, the rate of underground development has been increased to 700 m per month, up from the 420 m contemplated in the 2014 Brucejack Feasibility Study…the increased stope inventory will improve the management of production grades…All-In-Sustaining-Costs (AISC) for the 2nd half of 2018 are expected to range from $710 (U.S.) per ounce Gold sold to $770 (U.S.) per ounce Gold sold…as production has now reached steady state at Brucejack, Pretium says an increased focus will be placed on operational efficiency to reduce costs…PVG has jumped $1.63 a share to $12.63 through the first 30 minutes of trading…
5. The Dow is up 188 points through the first 30 minutes of trading…in Toronto, the TSX has climbed 34 points…Barrick Gold (ABX, TSX) and China’s Shandong Gold said this morning that they would deepen cooperation beyond their Argentinian joint venture, potentially working together on acquisitions…Barrick, the world’s largest Gold producer, last year signed a nearly $1 billion deal to sell Shandong a 50% stake in its Veladero mine in Argentina…the development is one of Barrick’s top 5 Gold mines…the Venture is up 2 points at 742 as of 7:00 am Pacific as it continues to rebound from last month’s lows…
6. Probe Metals (PRB, TSX-V) has firmed up in early trading after releasing results from 42 additional drill holes, totaling 15,248 m, that show continued expansion of the Gold resource within the Pascalis Gold Trend at its Val ‘Or East Project…assays were highlighted by 35 m grading 2.2 g/t Au (drill hole PC-18–328, eastern extension of North zone)…in addition, two new discoveries have been made at the north and south ends of the current limits of the explored Gold corridor…David Palmer, President and assays were CEO, stated, “In addition to its remarkable continuity and consistency, the Pascalis Gold Trend continues to impress us with its expansion potential as we extend out the boundaries of the mineralized system. The most recent drilling has resulted in two new Gold discoveries, up to 350 metres away from the current resource areas, confirming that we are over a significant Gold system. Results to date are extremely encouraging and we will now be increasing the drilling program to follow up on these recent successes”…
7. Wolfden Resources (WLF, TSX-V) is up a few pennies after announcing that it has intersected 4.7 m grading 24% Zinc, 10% Lead, 0.9% Copper, 267 g/t Ag and 1.6 g/t Au in drill hole PM-18–022 at a vertical depth of 530 m in the West lens of the Picket Mountain deposit in Maine… in addition, assay results are pending for a second deep drill hole, PM-18–023 that was recently completed, and intersected multiple intervals of massive sulphide mineralization approximately 100 m further to the east of hole 22 and at a similar depth…these recent holes are the deepest drilling completed by the company to date at Picket Mountain and clearly demonstrate the potential to expand resources below a depth of 400 m where there was little historical drilling…the current program consists of infill and expansion drilling but will also test several new high priority exploration targets identified proximal to the main deposit that have recently been outlined by ground and airborne geophysical surveys…
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Nice to see Positives coming out of PVG , however the silence on CLM is deafening and the action on GGI is really tiresome, especially with the ” word ” out that there is huge News coming …… really have to exercise patience with this Stock ….. we saw it last year as well !! The only positive today besides PVG is ESK and that’s about it for the Triangle Crowd …… patience necessary here !
Comment by farmer — July 9, 2018 @ 10:10 am
…… and I’d rather see the sp on GGI down at 2.85 cuz thennnnnn I would get more. Too bad the News isn’t out on CLM and then some of us would be buying up those 3.15 Shares !!!!
Comment by farmer — July 9, 2018 @ 12:45 pm
Jon – CLM news anytime soon? Do you know any more as to why this is taking so long, or what may be the cause of this prolonged update/results delay?
Comment by TD75 — July 9, 2018 @ 1:17 pm
Looks like AIS has started its ascent
Comment by Bryan — July 9, 2018 @ 1:36 pm
farmer – sounds like your in need of a FLIP somewhere. Happy hunting.
Comment by david — July 9, 2018 @ 1:57 pm
Tiresome? Now that’s an understatement. Ya esk, no news and double the volume than ggi..huh… o well that’s Monday for you.
Comment by Laddy — July 9, 2018 @ 2:20 pm
Pretty encouraged how Ccw holding the 70s with consistent volume on the daily. Starting to appreciate these type of down days.
Comment by flyinthruu — July 9, 2018 @ 3:42 pm
How about AIS??? me think we expect too much too fast..
Comment by Jeremy — July 9, 2018 @ 4:07 pm
Great action in CCW today, flyinthru, and I was happy to add another 45,000 between .72 and .74…this is the set-up to the next big breakout that will take this past the $1 mark…$45 million market cap – absolute steal for the first company in Canada’s top Cobalt district that will produce a Cobalt sulphate product…
Comment by Jon - BMR — July 9, 2018 @ 7:16 pm
Dang Jon. You’re well passed buying 100k recently. Good thing you got to story first!
Comment by flyinthruu — July 9, 2018 @ 7:19 pm
My appetite won’t stop on this one, flyinthru…
Comment by Jon - BMR — July 9, 2018 @ 8:01 pm