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 $1,224 and $1,233 so far today…as of 7:00 am Pacific, bullion is down $7 an ounce at $1,224…Silver has retreated 17 cents to $15.34…Copper is flat at $2.77…Nickel and Zinc are up slightly at $6.10 and $1.18, respectively…Cobalt is steady at $31.75…Crude Oil has jumped 86 cents a barrel to $69.12 on supply worries after tensions worsened between Iran and the United States over the weekend, while the U.S. Dollar Index has rebounded one-quarter of a point to 94.55…euro zone consumer confidence was unchanged in July from June, indicating economic growth may be stabilizing going into the 3rd quarter, according to fresh data released this morning…
2. U.S. Secretary of State Mike Pompeo delivered a scathing speech on Iran’s leadership yesterday, accusing Tehran’s ruling ayatollahs of spreading violence across the Middle East and lining their own pockets with ill-gotten gains at the expense of ordinary Iranians…the Secretary of State and former CIA Director accused several members of Iran’s leadership, including Ayatollah Ali Khamenei, the Supreme Leader of Iran, of participating in widespread corruption…Khamenei, Pompeo alleged, maintains a personal off-the-books hedge fund worth $95 billion, that is untaxed and used as a “slush fund” by the Islamic Revolutionary Guard Crops (IRGC)…the IRGC is a branch of the country’s armed forces with influence over practically every aspect of Iranian life…Iran’s economy is under severe strain, and hundreds of demonstrations have erupted across the country over rising prices, corruption and environmental damage…the value of the country’s currency is down by nearly half since January and Iranians are also increasingly frustrated with the country’s lack of political and social freedoms…the economic crisis has only grown more severe since the Trump administration pulled out of the 2015 nuclear deal…in the month following the May announcement, Oil exports were down 16%…“The level of corruption and wealth among regime leaders shows that Iran is run by something that resembles the mafia more than a government,” Pompeo said…“These hypocritical holy men have devised all kinds of crooked schemes to become some of the wealthiest men on Earth while their people suffer”…
3. Copper’s slump amid global trade tensions offers a long-term buying opportunity, according to Citigroup which has shrugged off fears regarding world growth to boost its long-term forecasts…“Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a recent note…the bank sees average annual prices at $8,000 (U.S.) a metric ton in 2022, passing $9,000 a ton by 2028 under its baseline scenario…“We look beyond the potential trade war to longer-term Copper market fundamentals and we find that current prices of around $6,000 a ton are nowhere near high enough to enable the market to clear,” the analysts said…“Copper is set to outperform most other commodities under our coverage over the coming decade on a lack of mine supply growth”…the bullish outlook chimes with other analysts and miners who see a supply shortage looming as urbanization and the rise of renewable energy and electric vehicles fuels the world’s need for the metal…demand can keep growing at an average of 2.7% a year through 2030, with new energy sectors and EV’s contributing most of the increase, according to Bloomberg Intelligence…the market is entering a long period of deficits starting this year, Citigroup said…
4. The Dow has retreated 16 points through the first 30 minutes of trading…Google-parent Alphabet is set to report earnings after the bell today, while Facebook and Amazon are scheduled to release their results later this week…technology shares have been the best performers of 2018, rising 15.4% through Friday’s close…in Toronto, the TSX is flat at 16,436 as of 7:00 am Pacific…it was announced this morning that Kelvin Dushnisky will be leaving his position as President of Barrick Gold (ABX, TSX, NYSE) to become CEO of AngloGold Ashanti (AU, NYSE)…the Venture is up 2 points at 714…Zincx Resources (ZNX, TSX-V), drilling its Cardiac deposit in northeast B.C., has hit a new multi-year high of 68 cents in early trading…Blue Moon Zinc (MOON, TSX-V), the Venture’s most active stock Friday after news the company has received multi-year drill permits for its Zinc-rich VMS deposit in Northern California, is up half a penny at 9.5 cents through the first 30 minutes of trading…MOON is expected to proceed to drilling shortly…
5. Adventus Zinc (ADZN, TSX-V) and Salazar Resources (SRL, TSX-V) reported this morning that they have intersected 9.98 m grading 2.58% Copper, 11.5 g/t Au, 22.7% Zn, 266 g/t Ag and 2.7% Pb for 23.06% CuEq through infill drilling (CURI-272) at the El Domo VMS deposit in Ecuador…the program commenced in early March with the objective of upgrading the confidence level of the higher-grade portion of the open-pit constrained mineral resource by decreasing drill spacing…this will also generate material for a planned metallurgical program in the 2nd half of 2018…to date, drilling within the higher-grade portion of the open-pit constrained resource has successfully completed 34 out of 52 planned drill holes…
6. No surprise – the federal government has failed to find a private sector buyer for the Trans Mountain pipeline before the July 22 deadline and is set to become the official owner of the project…Kinder Morgan will now take Ottawa’s $4.5 billion offer to purchase the project to its shareholders…pending their approval, the sale, which includes the existing pipeline, the pumping stations and rights of way, and the Westridge marine terminal in Burnaby, will close sometime in August or September…at the time of its taxpayer-funded buyout at the end of May, the federal Liberal government stated: “The Government of Canada has reached an agreement with Kinder Morgan to immediately restart construction…(We) will guarantee financing for the 2018 summer construction season…this guarantee will ensure that construction work on the project is restarted without delay”…more Liberal deception and incompetence…on Wednesday, in a conference call with investors, Kinder Morgan Canada explained it had spent about $1.25 billion on its Trans Mountain Expansion Project before the federal government bought the pipeline in late May…and how much has been spent on the pipeline since the Liberal government took over?…just $41 million…something similar has been going on with construction permits…in June, the feds revealed about 1,100 permits would be needed during the construction phase…the number applied for before federal purchase: just over 700…the number applied for since the Trudeau Liberals bought Trans Mountain: 1…the urgent goal, the Liberals claimed, was to take full advantage of this year’s weather-window and build, build, build…Finance Minister Bill Morneau even promised construction was “going to start this week”, meaning the first week of June…the Liberals reek of incompetence on the energy file, scaring off the private sector which explains why they’ve had to nationalize a pipeline…and this is the same government Canadians trust to complete a trade deal with the United States?…
7. Bitcoin’s price clocked a 2-month high today of $7,820 today and looks set to extend gains further, a key cryptomarket gauge indicates…CoinMarketCap’s Bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, rose to 46% today – the highest level since December 20 – adding credence to BTC’s 20% rally seen in the last 7 days…in addition, a bullish head-and-shoulders bottom reversal pattern has formed on the daily bar chart, and now a price uptrend is firmly in place…
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Tmp, what a boondoggle. We absolutely need to get that drama queen out of there next election……
Comment by Laddy — July 23, 2018 @ 10:06 am
Right, because what we need is another liberal professional politician…
Comment by Jon (not BMR Jon) — July 23, 2018 @ 10:48 am
Gosh, Daddy you seem to be living in the wrong world or at least the wrong country.
Comment by Carl — July 23, 2018 @ 11:15 am
Any concerns about CCW’s drop to 71 cents this AM? If not are we anticipating any further weakness?
Comment by Ed — July 23, 2018 @ 11:27 am
First off, Ed, CCW has merely retreated into its “sweet zone” of support, and RSI(2) levels by the way are the most oversold at any point on the daily chart since the early May price low…any of these minor pullbacks in CCW have consistently been great accumulation opportunities…this should be viewed as the set-up to the next breakout through the 80’s to the $1 level…I expect a strong finish into month-end with more news likely as there hasn’t been any since June 28…phenomenal what is going on at the property right now, and in the lab…nothing like it for Cobalt stocks anywhere in Canada…I was a happy buyer at 0.80 on Friday and I’m grabbing more today…
Comment by Jon - BMR — July 23, 2018 @ 12:01 pm
Jon, weed sector taking it a bit on the chin. Good timing for CCW and GGI to pump out some solid news in case some of the money starts to flow over.
Comment by flyinthruu — July 23, 2018 @ 1:10 pm
Jon – looking forward to that $3 target for CCW ! thx. Can we also get one for GGI? will it be single or double digits?
Comment by David — July 23, 2018 @ 9:14 pm