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 $1,239 and $1,246 so far today…as of 7:00 am Pacific, bullion is relatively flat at $1,240… Silver is down another 3 pennies at $15.75…Copper, Nickel and Zinc are each off slightly at $2.79, $6.23 and $1.15, respectively, extending their losses from last week…Nickel, which has been one of the top-performing commodities this year, has corrected 12% over the past 2 weeks…Cobalt is steady at $31.98 while Crude Oil has pulled back $1.77 a barrel to $69.24…WTI came under pressure after Treasury Secretary Steve Mnuchin said some Crude importers may receive waivers to continue buying supplies from Iran, despite U.S. sanctions on the Middle Eastern country…“We want people to reduce Oil purchases to zero, but in certain cases if people can’t do that overnight, we’ll consider exceptions,” Mnuchin told reporters on Friday before while traveling to Mexico…Mnuchin also reiterated that the Trump administration wants to avoid roiling global Oil markets as it seeks to pressure Iran to make concessions on its nuclear program, ballistic missile tests and its role in regional conflicts…the U.S. Dollar Index is off one-third of a point at 94.45…President Trump met behind closed doors for more than 2 hours today with Russian President Vladimir Putin as the two leaders tackled several weighty issues…rebuffing calls for him to cancel the summit in the wake of new indictments against Russian intelligence officers, Trump predicted their two countries “will end up having an extraordinary relationship”…how this Russian “reset” will differ from the others remains to be seen…
2. U.S. retail sales rose solidly in June, boosted by increases in purchases of motor vehicles and a range of other goods, cementing expectations for robust economic growth in Q2 – quite possibly above 4%…the Commerce Department said today that retail sales increased 0.5% last month while data for May were revised higher…the U.S. economy is clearly accelerating thanks to broad-based tax cuts and regulatory rollbacks…
3. Investors retreating from Gold can be seen in the largest Gold-backed ETF, New York’s SPDR Gold Trust, which has seen its holdings fall more than 8% since late April to below 26 million ounces…physical market demand in top consuming countries China and India is also weak, analysts say…India’s Gold imports fell for a 6th month in June to 44 tonnes as a drop in the rupee lifted local prices to a near 21-month high, curtailing demand…Indian and China retail consumption has been hindered by depreciating local currencies…
4. China’s economy expanded by 6.7% in the 2nd quarter, its slowest pace since 2016, as the impact of an aggressive deleveraging campaign curtailed investment in infrastructure and manufacturing…the pace of annual expansion announced this morning is still above the government’s target of “about 6.5%” growth for the year…GDP grew at 6.8% in the previous 3 quarters, if one can trust the data…a campaign to tackle excessive debt and financial risk that began early last year, following almost a decade of heavy credit stimulus, has weighed on fixed-asset investment, a pillar of overall growth…such spending grew only 6% in the first half of the year, a record low. “A main reason for the slowdown is that infrastructure investment began to slow down in the 1st quarter as the government was trying to control local government debt,” said Haibin Zhu, chief China economist at JPMorgan Chase in Hong Kong. “The good news is that there is space to provide more fiscal support through tax cuts and higher infrastructure investment. We expect they will move along these lines”…
5. The Dow is up 6 points through the first 30 minutes of trading…shares of Amazon have hit a new all-time high while the broader market searches for gains as the corporate earnings season kicks into full swing…in Toronto, the TSX, which hit a new record high intra-day Friday, has retreated 52 points as of 7:00 am Pacific while the Venture is down 1 point at 724…another drill program has launched in the Eskay Camp as Colorado Resources (CXO, TSX-V) has started a 4,500-m campaign at its KSP Project…Metallis Resources (MTS, TSX-V) is expected to commence drilling at its Kirkham Property during this last half of July…
6. Kraken Robotics (PNG, TSX-V) announced this morning that it has established a team to focus on acoustic signal processing applications with a focus on anti-submarine warfare (ASW) applications…Kraken’s new acoustic signal processing group has over 80 years of combined experience in sonar systems development and integration…Karl Kenny, Kraken President and CEO, commented: “Anti-submarine warfare signal processing is a special skill set requiring knowledge and experience built up over decades. Today, there is a rapid and sustained proliferation of submarine technology around the world. Underwater surveillance experts require next-generation digital signal processing software to detect and track quiet nuclear-and diesel-powered submarines and other underwater threats. Kraken’s acoustic signal processing group was established to meet these requirements for both the Royal Canadian Navy as well as international allies. In Canada, we see major opportunities within the upcoming underwater warfare suite upgrade, the Canadian surface combatant and other underwater surveillance programs. There are also significant international opportunities”…
7. Pascal Biosciences Inc. (PAS, TSX-V), a drug discovery and development company, has appointed Julie M. Eastland to its Board of Directors…Eastland is a seasoned strategic and financial executive with more than 25 years of experience in public and private biotechnology companies…most recently she was Chief Business Officer and Chief Financial Officer of Cascadian Therapeutics where she negotiated and managed the $810 million (U.S.) acquisition by Seattle Genetics in March of this year…Dr. Patrick Gray, CEO of Pascal, stated: “We are extremely pleased to have Julie Eastland join our Board of Directors. Ms. Eastland possesses the financial and corporate development experience that Pascal will need going forward. She has previously raised over $725 million in both private and public offerings for Cascadian Therapeutics and other biotechnology companies. Ms. Eastland has strong relationships with investors, investment bankers and analysts covering the U.S. public biotech sector, and excellent experience in partnering, acquisitions, collaborations, and licensing. She will work closely with Pascal to align our scientific strategy with our financial goals”…
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From what I’ve seen the past few weeks, the timing for MOON might be ris’in ……. Yupp, I missed the mini mini run on IMR and totally missed the run on WHM , so I don’t plan on missing out on the ” other ” mini story, and that happens to be MOON
Comment by farmer — July 16, 2018 @ 9:32 am
Hi Jon is BMR following $JUGR. Looking good so far.
Comment by jabjab — July 16, 2018 @ 3:56 pm
Perhaps consider covering JUGR.V I know quite a number of subscribers who are keen to see this play covered by you guys!
Comment by large — July 16, 2018 @ 4:49 pm