Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,217 and $1,230 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,228…Silver has added 21 cents to $15.55…base metals are strengthening on positive news out of China…Copper has firmed up 8 cents to $2.83, Nickel is also 8 cents higher at $6.11 while Zinc has gained 3 pennies to $1.20…Cobalt is steady at $31.75…Crude Oil has added 42 cents to $68.31 while the U.S. Dollar Index is off one-fifth of a point at 94.49…while not mentioning the upcoming Q2 GDP report from the Bureau of Economic Analysis, President Trump reminded investors in a tweet this morning that the U.S. economy is powering along…“Our Country is doing GREAT. Best financial numbers on the Planet. Great to have USA WINNING AGAIN!”…CNBC’s Rapid Update tracker of economic forecasts projects GDP to rise 4.2% in the quarter, while the Atlanta Fed’s GDPMNow is putting the number at 4.5%…how’s Justin Trudeau’s “inclusive” economy doing?…
2. Holdings of Gold by global ETFs posted their biggest inflow in weeks yesterday, according to Commerzbank…holdings have been declining lately along with the price of Gold…however, “The Gold ETFs tracked by Bloomberg saw inflows of 5.4 tonnes yesterday – their highest daily inflow in many weeks,” Commerzbank stated…“Clearly bargain hunters were lured in by the low price. Whether this will prove sustainable will only become apparent in the next few days, however. After all, the lion’s share of inflows were attributable to the SPDR Gold Trust in the U.S., which was also chiefly responsible for the pronounced outflows in the weeks before”…holdings of SPDR Gold Trust hit their highest level yesterday in over 2 weeks…
3. Bitcoin broke the $8,000 level (U.S.) for the first time in 2 months this morning as a move based on both technical and fundamental factors accelerates…the world’s largest cryptocurrency urged as high as $8,342 and was up more than 7% in the last 24 hours, according to industry website CoinDesk, which tracks a number of exchanges…the last time Bitcoin traded above that key level was May 23…the digital currency is up more than 20% in the past week, mostly buoyed by reports of institutional investor interest…institutions are starting to get serious about Bitcoin, and speculation that the SEC may approve the first Bitcoin ETF (may not happen until next year, but speculation is building) has also contributed to Bitcoin’s renewed bullishness…CoinMarketCap’s Bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, has hit its highest level since late last year…
4. China has promised fiscal action to support the world’s 2nd-largest economy…China’s cabinet, the State Council, unveiled a string of measures to boost domestic consumption amid economic pressure from escalating trade friction with the United States…at a weekly meeting hosted by Chinese Premier Li Keqiang, the State Council called for “more proactive” fiscal policies, with corporate tax cuts tied to research spending, and increased support for small businesses, according to a statement late yesterday…it also urged local governments to invest more in infrastructure using special bonds…Chinese equities extended their gains, with the Shanghai Composite hitting its best level in more than a month while global equity markets followed suit…
5. The NASDAQ notched a new record high this morning after strong financial results from Google-parent Alphabet led a wave of upbeat corporate earnings and a fresh surge in technology stocks…Alphabet shares jumped nearly 5% after the company reported stronger-than-forecast quarterly results…Wall Street’s top analysts are growing more confident over the prospects for many of Alphabet’s emerging businesses including YouTube, autonomous cars and cloud computing…“Alphabet delivered strong top line results, again proving that its increased investments are paying off,” J.P. Morgan analyst Doug Anmuth said in a note. “Investments in machine learning & AI are driving innovation throughout Alphabet’s businesses, including mobile search, cloud, Google Home, Assistant, Waymo, etc.”…
6. The Dow is up 122 points through the first 30 minutes of trading…the earnings season has not disappointed so far…according to data compiled by FactSet, 21.4% of S&P 500 companies have reported and 80.6% have topped analysts’ expectations for Q2 earnings…meanwhile, 74.1% of those companies have surpassed revenue estimates…in Toronto, the TSX has climbed 66 points while the Venture is up 2 points at 712…HIVE Blockchain Technologies (HIVE, TSX-V), benefiting from the Bitcoin breakout, is up 13 cents at $1.03 as of 7:00 am Pacific as the stock threatens to overcome a downtrend line in place since late last year…Sokoman (SIC, TSX-V) was halted pre-market, pending news, likely regarding initial results from drilling at its Moosehead Property in central Newfoundland…high-grade Gold was reported from visuals, and technically the stock appears poised for a breakout, as per Daniel’s piece last week…White Metal Resources (WHM, TSX-V) outlined plans this morning for an aggressive channel sampling program, to commence by month-end, at 4 priority targets at its Gunners Cove Property in northern Newfoundland…the project represents an extensive and new unexplored Gold system which the company has traced intermittently for approximately 18 km along strike and is locally up to 1.3 km wide…
7. Metallis Resources (MTS, TSX-V) has commenced Phase 1 drilling at its Kirkham Property in the Eskay Camp…this initial phase will test several high priority targets within the Hawilson monzonite located in the southern portion of the property (Nickel targets in the north, where elevations are higher, will be pursued starting next month)…the findings of a recent geological mapping program, along with the results of a detailed airborne geophysical survey, have provided an enhanced understanding of the geometry, controls of mineralization, and apparent scale of the intrusive-related mineralizing system…this information, together with historical data, has facilitated the selection and prioritization of 3 specific drill target areas: Cliff, Nina and Cole, all associated with the 7-km-long Hawilson monzonite porphyry complex…this system was successfully tested by Metallis last year with 3 drill holes that cut broad intersections of Copper-Gold mineralization, the longest being 146 m grading 0.34% Au and 0.22% Cu, including a 68 m @ 0.52 g/t Au and 0.30% Cu…the intensity of potassic alteration, veins and Gold-Copper grades increases with depth, further suggesting similarities to Seabridge Gold’s (SEA, TSX) Kerr deposit approximately 15 km east of Kirkham…
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Comment by Daniel — July 24, 2018 @ 8:32 am
Good Morning BMR – I was wondering if you could give your thoughts on the Lithium market. It seems most junior lithium stocks are being sold down including AIS. Do you see this turning? Thank you
Comment by fooser — July 24, 2018 @ 9:01 am
“Learning from Trump?”
Heaven help us. Well you guys have been consistent Trumpists, I’ll give you that.
That massive tax cut, (and increase in deficits) was obviously going to stoke the stock market, just as me getting and using a bunch of new credit cards would jump my lifestyle–for a while, until the bills come due. The corporate tax cuts largely went to half $trillion in continuing stock buy backs which certainly helps the 1%, instead of incentivizing wage increases for workers which would have boosted the economy long term, which would have been wise. Of course the main individual tax cuts were skewed to the already rich too. The average Repub voter is being had, (and likely laughed at) by the Republican elite. What ever happened to the true Republican/conservative virtues of yesteryear?
Clean water and air are good things. You don’t throw out regulations willy-nilly just because they’re called regulations. Save some of that off shore oil for future generations. We don’t need to exploit everything that is possible to exploit just because we can, and some fatcat can make some extra loonies on it.
Anyone paying attention knows global warming is real and its Dire. (check out Europe and Japan in the last few months and watch the American and Canadian west burn up, (again) this summer. You guys sometimes promote company’s that are doing great in discoveries from glacial areas that had been frozen for millenia–til now. I wonder why thats happening so quickly?
Oh, I forgot, Trump says he solved the North Korean nuclear issue, loves the big, strong Putin, throws out crazy quilt tariff ideas, disses long time allies, and off-handedly threatens major war with Iran.
Am I forgetting many other things that they’re doing that would drive a thinking person crazy?
Yes…….on purpose.
Comment by Carl N — July 24, 2018 @ 9:06 am
Great job on SIC BMR Daniel!
Comment by toro — July 24, 2018 @ 9:39 am
Nice question fooser, I would also love to hear BMR’s opinion about the lithium market. Thanks!
Comment by jeanmichel — July 24, 2018 @ 10:38 am
Hi Carl N,
Why are higher temperatures indicative of global warming caused by human activity and not the natural forces which have always caused climatic warming and cooling?
The earth was hotter 1000 years ago than it is today and there sure wasn’t any fossil fuel powered industrial activity back then!
The fraudsters who run the human cause global warming scam certainly don’t want you to know that. And don’t forget the only evidence the warmists can offer for human caused global warming comes from computer models none of which work. It’s called junk science.
Fossil fuel exploitation has been a massive benefit for mankind and we need to nuture and expand our oil industry particularly here in resource dependent Canada.
So chill out and cool down by going for a swim!
Subscriber John
Comment by John — July 24, 2018 @ 10:47 am
Sic has the potential to hit dollars! Unreal!
Comment by Tran — July 24, 2018 @ 11:00 am
Jon, I heard a rumor today that GGI was adding a 3rd drill rig at Nickel Mtn this week. Apparently it is a deep drill rig good for over 1000meters. All 3 rigs are supposedly for anomaly D. Sounds to me like they might be zeroing in on the feeder zone. Just wondering if you could comment on this if true. Sure sounds very positive to me.
Comment by pole — July 24, 2018 @ 11:44 am
Hi John, Yes, I wish global warming wasn’t happening also. At one time eons ago, the earth was all ice and at one time all water. Climate obviously has changed over earth’s history, but those changes happen over a period of time. What’s happening now is FAST. The quick loss of much of the summer Arctic Ice, the rapid transformation of the Greenland ice sheet, big changes in Antarctica, the acidification of the oceans etc etc. In my own experience, comparing Glacier National Park in my teens to what its like now. This is not normal.
If you wish to disregard the research of thousands of scientists worldwide who’ve studied climate change, a huge majority of which say its human caused and potentially catastrophic, and instead listen to some fossil fuel industry backed researchers, then that’s your call. I’d say stop, look around, read the newspapers, do your own research, and come to your own conclusions.
Comment by Carl N — July 24, 2018 @ 12:42 pm
BMR….With respect to the dismal performance of the Venture,(7 straight months now),with no catalyst in sight, do you have any concerns that money will be moving out of the Venture and into the TSX or US stocks, or do you think there is just too much opportunity in the Venture to risk not taking advantage of it? We have 5 more trading days this month and I know you are anticipating something to get excited about in that time frame. I think I know what your answer will be but thought I would ask anyway.Thanks
Comment by Dgambler — July 24, 2018 @ 1:24 pm
Funny how little is mentioned in the mass media that the United Nations, of all organizations, said eating meat and dairy products is as damaging (if not more) to the environment as burning of fossil fuels. Simple changes make a big difference. Food for thought since we are bringing up Global Warming.
Comment by flyinthruu — July 24, 2018 @ 1:39 pm
Hi John.
“Why are higher temperatures indicative of global warming caused by human activity and not the natural forces which have always caused climatic warming and cooling?”
Because the rate of change is much different, with no other findable cause. My house’s temperature varies over daily, monthly and yearly cycles, but if it goes up by a whole lot very fast, I start looking for a fire.
“The earth was hotter 1000 years ago than it is today and there sure wasn’t any fossil fuel powered industrial activity back then!”
– What an interesting comment. How do you know the earth was hotter 1000 years ago? Not from scientists who were there, that wasn’t a thing. Not from accurate measurements at the time, they couldn’t be made, scientists and engineers hadn’t invented them. Contemporary accounts would be reasonable, but there really aren’t accurate or reliable account. So we use proxy measurements for temperature, things like tree rings, stable isotope composition, ice cores. These we try to correlate with contemporary records if we can. However, these methods are all scientific in nature, and we use multiple independent methods to see if they agree. Incidentally, all are developed by the same scientists you’re calling ‘fraudsters’, so you can hardly use the Medieval Warm period to denigrate climate science, since the very existence of the MWP is inferred by these same scientists.
“The fraudsters who run the human cause global warming scam certainly don’t want you to know that. And don’t forget the only evidence the warmists can offer for human caused global warming comes from computer models none of which work. It’s called junk science. “
Again, the MWP data you cite is the same science. Also, the data doesn’t come from computer models. Projections of future warming come from computer models, the data come from measurements. This is an important distinction. Best look it up.
“Fossil fuel exploitation has been a massive benefit for mankind “
Sure.
“and we need to nuture and expand our oil industry particularly here in resource dependent Canada.”
Or not. A lot of us are banking on nickel-reliant electric cars.
“So chill out and cool down by going for a swim!”
That’s good advice.
Comment by Gojira — July 24, 2018 @ 2:50 pm
Good point Flyinthruu.
BTW, Thanks again to the BMR crew. It must be a ton of work this field season to gather this information and assess it. Really appreciate how hard you guys go at it.
Comment by Gojira — July 24, 2018 @ 3:42 pm
Time is near for another NR from CCW I sure. It’s been a month since the last one.
Comment by Dan1 — July 24, 2018 @ 5:50 pm
Agree totally with Carl . For my part I like the work you do to find these nice hidden companies that you bring us . But please I did not pay to read about your political behaviors .
Bidou
Comment by Bidou — July 24, 2018 @ 7:21 pm
Hate to say it… But the Markets are beginning to turn the heat up on GGI, MTS and CCW. No news this week and even I might start heading for the exit. Almost eight weeks of drilling and not a peep. Sorry but I don’t buy the maybe their building a case to knock your socks off! This is very irresponsible Mgmt. for your stock holders and investors to wait on. Get your &^^%* together GGI! Your Boring me to DEATH!
Comment by PatrickLamane — July 24, 2018 @ 7:21 pm
Lol Gojira. Just can’t wait to discuss some of these plays when CCW is closer to $5 and GGI $20-$30. Fingers crossed.
Comment by flyinthruu — July 24, 2018 @ 7:24 pm
Well said Patrick L !!! You forgot to mention CLM …… CCW has done some upside movement for sure, but GGI is not following through on what they discussed a few months back. Then there’s Investor Relations, telling us over a month ago that CLM was about to release their ” BIG NEWS ” and GGI would follow with their News. That was apparently gonna happen over the Long July weekend, and unfortunately not a peep !! ABN being the Promo Stock that it is and has been for years, puts out blips all the time and even mention VG. Sure enough the stock doesn’t really move anywhere, but at least their saying something. CLM is now right back down to where it was a few months back and quite frankly I too am wondering if maybe their ” deal ” fell through. There’s only about 5 people who saw what the Drills turned up in N Ontario a few months back now, and there too, not a peep !!! Investor Relations don’t know a thing, and only speculate on what Management might come out with. I like speaking with CEO’s and Presidents and Chairmans of Companies to hear what they have got to say, and 99% of the time I feel much better after a 10 or 30 minute discussion. Yess, a day or 2 ago I commented elsewhere that no News is good News, but in the case of GGI and CLM ??? Lets hear something, cuz it’s almost August and the natives are getting restless ……. good night !!
Comment by farmer — July 24, 2018 @ 8:48 pm
Patience is key as Jon has said many many times!
Comment by Gregh — July 24, 2018 @ 9:02 pm
Totally agree …. patience is key …. now I can say 100% ” good night “
Comment by farmer — July 24, 2018 @ 9:43 pm
Thought I would ask again as the comment seemed to get buried. What is your take on the lithium sector, specifically the junior miners?
Thank you
Comment by fooser — July 25, 2018 @ 7:01 am
Gosh i sure hope you are right flyintruu
Comment by DavidW — July 25, 2018 @ 7:15 am
AIS news lithium sector
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2580-tsx-venture/ais/50033-ais-resources-announces-acquisition-of-salinitas-lithium-brine-project-at-salinas-grande-salar-argentina.html
Comment by robtr31 — July 25, 2018 @ 7:41 am
Ok ….. I think it’s time to find out why CLM is down to .44 ……. anyone with a bit of an answer or comment ? Jon, we have seen the price drop from .74 down to this morning’s .44 ….. any comment would be greatly appreciated, not by just me alone. Others will be interested to hear BMR’s thoughts. Sincerely, Tom, the farmer
Comment by farmer — July 25, 2018 @ 8:10 am
GGI at 30 bucks is a 3 billion market cap … think thats a pipe dream.. it is still an exploration company…
Comment by Jeremy — July 25, 2018 @ 8:27 am
Hi Carl N and Gojira,
The sun and the weakness and or strength of the sun’s magnetic field is the single driver of global warming/cooling on earth. No need to get bogged down on anything else.
The fraudsters who run the global warming scam actually want people to get bogged down in these type of discussions because it deflects attention away from the complete total and utter failure of the scammers to prevent a single ounce of carbon dioxide from entering the atmosphere. Think about it. Ever since the United Nations started the scam in 1993 (I guess their other 2 main income generating schemes foreign aid and income inequality weren’t earning enough) the amount of carbon dioxide entering the atmosphere has increased every single year for 25 years and counting!
If that is not the definition of complete abject failure I don’t know what is. The scammers have drained billions of dollars out of the global economy on their promise to stop carbon dioxide from entering the atmosphere and except for making themselves rich at our expense have accomplished zip diddily doo!
Like I said enjoy the warm weather and go for a swim because winter will be here soon enough.
Subscriber John
Comment by John — July 25, 2018 @ 9:02 am
Jeremy, I’m just hoping there’s still room to dream these days. Attended the Sprott conference and it was eye-opening to see, at least on the gold, the decrease in amount of new discoveries and how grade is typically going down to boot.
Comment by flyinthruu — July 25, 2018 @ 9:09 am
Subscriber John: I’ll stay polite, and just say « wtf? ». This is compete non-sense. Let’s focus on resource sector please. Regards,
Richard
Comment by rgiroux — July 25, 2018 @ 9:23 am
I don’t know where you guys live but where I’m at, the sun rays are definitely feeling more intense as the years go by. Several of my buddies have said the same thing. Oh well, I tan fast so I guess there’s one benefit. Glass half-full over here.
Comment by flyinthruu — July 25, 2018 @ 9:29 am
flyinthru… they have been talking peak gold for a while… I tend to take it with a grain of salt…
Comment by Jeremy — July 25, 2018 @ 9:40 am
…… looks like there aren’t too many Subscribers who invested in CLM …… no comments from anyone, and / or no concern ….. two of us I know of !
Comment by farmer — July 25, 2018 @ 9:42 am
very much invested in CLM too farmer.
Comment by Bryan — July 25, 2018 @ 3:11 pm
Haha,I’m in CLM and not happy right now. I know patience is the key, but mine is running out! I guess I shouldn’t have been greedy and took some off the table when we were up…..
Comment by Ed — July 25, 2018 @ 4:21 pm