Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,201 and $1,213 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,210…Silver is 4 cents higher at $14.28…Copper has edged up 3 cents to $2.73…Nickel has added 6 cents to $5.75 while Zinc is unchanged at $1.08…Cobalt is steady at $28.01…Crude Oil has eased off more than $1 a barrel to $69.33 while the U.S. Dollar Index has gained one-tenth of a point to 94.93…the Index, however, has been unable this week to crack key resistance at 95.50 which has allowed some modest strength to come into Gold…President Trump, the consummate negotiator, shot back on Twitter this morning after media reports yesterday that the U.S. is reaching out to China for a new round of trade talks…“The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us. Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”…Turkey’s central bank sharply raised interest rates today, defying President Erdogan’s demand to keep them lower in an effort to regain investor confidence that it can tackle the country’s growing economic problems…the central bank increased its main interest rate to 24% from 17.75%, citing concerns over price stability and saying it would maintain a tight stance on monetary policy until the inflation outlook improves significantly…
2. Wall Street likes the fact this morning that inflation remains in check…annual U.S. inflation softened last month as consumer prices rose 2.7% in August from a year earlier, down from July’s figure of 2.9%…higher housing and gasoline costs are the key contributors to current modest inflation numbers…average hourly wages, meanwhile, climbed 2.9% during the 12 months ended in August, outpacing inflation slightly (the Trump administration has argued that income growth is much higher if bonuses, benefits and federal tax cuts are included in the calculation)…the Federal Reserve is closely monitoring inflation levels in order to determine if short-term interest rates should be increased to keep prices stable…Fed officials are expected to boost rates for a 3rd time this year during a meeting later this month…
3. Numbers don’t lie: The U.S. Census Bureau’s annual report on U.S. income released yesterday underscores how the Obama policies of redistribution retarded growth for so many years…real median household incomes ticked up 1.8% to $61,372 between 2016 and 2017 while the poverty rate dropped 0.4 percentage points to 12.3%, according to the Census Bureau…income gains were strongest among Hispanic households (3.7%)…poverty rates for blacks and Hispanics fell to 21.2% and 18.3%, respectively, the lowest since at least 1972…incomes increased across all demographic groups with the share of people earning less than $15,000 declining 0.3 percentage points to 10.7%, the lowest level since 2007…the proportion of households earning more than $150,000 increased by 0.7 percentage points to 14.7%…as the Wall Street Journal commented, “The Obama years demonstrated how sensitive U.S. businesses and workers are to anti-growth policies while the Trump economy is demonstrating their pro-growth liberation”…
4. The “new” spinach (marijuana-powered, of course): Cronos Group (CRON, TSX, CRON, NASDAQ) has launched its second cannabis brand for the domestic recreational market – Spinach…Cronos announced this morning, “On October 17, 2018, Canada is expected to become the first G7 country to federally legalize recreational cannabis. This watershed moment means that consumers in Canada will be able to purchase high-quality Spinach without fear of persecution for their love of beautiful green plants. Cronos Group’s first priority is responsible distribution so we made sure to select a brand name that we felt would not appeal to kids (hmm, don’t kids equate spinach with Popeye, a still-popular cartoon character from years past?), said Mike Gorenstein, CEO of Cronos Group. “Spinach has been carefully curated to deliver on our promise to provide high-quality products to fun-loving mature adults who are sick of hearing about kale. Spinach is focused on offering farm-to-bowl products that bring friends together and make experiences more enjoyable. Spinach has selected some of the most popular strains from Cronos Group’s genetic library because when you are having fun, you should never have to worry about the quality of your Spinach. Harmful additives don’t have a place in good Spinach, which is why quality control is the only think the company takes seriously”…
5. The Dow has jumped 167 points through the first 30 minutes of trading…Apple (AAPL, NASDAQ) introduced the world to its largest-ever smartphone yesterday, the iPhone Xs Max…with a 6.5-inch screen, it dwarfs the 3.5-inch display on the original iPhone that Steve Jobs unveiled to the world in 2007…it’s also one of the biggest and most costly phones to hit the market, with prices starting at $1,099 (U.S.) and $1,519 (CDN)…in Toronto, the TSX has retreated 13 point while the Venture is steady at 727 after briefly topping 730 at the open…key resistance is 730 while a strong support band stretches from 710 to 720…Martello Technologies Group (MTLO, TSX-V) is trading robustly after its launch on the Venture yesterday…speculators like the fact that Bruce Linton, co-founder of Canopy Growth (WEED, TSX), shares the chairmanship of Martello with Terry Matthews, who has founded or funded dozens of tech companies including Mitel Networks…Linton has known Matthews for about 30 years…MTLO is up 9 cents at 53 cents as of 7:00 am Pacific…
6. Barkerville Gold Mines (BGM, TSX-V) released final drilling results this morning from the 50,000-m Island Mountain exploration and delineation program at its flagship Cariboo Gold Project…the infill drilling results continue to expand known vein corridors at depth and demonstrate continuity at both the Shaft Zone and Mosquito Creek Zone on Island Mountain…recent highlights include high-grade intersections at Mosquito Creek Zone hole IM-18–146 that assayed 42.6 g/t Au over 7.05 m at a vertical depth of 130 m…this intercept is 50 m down dip from hole IM-18–147 that assayed 11.95 g/t Au over 1.3 m…at the Shaft Zone, hole IM-18–152 cut 23.7 g/t Au over 3.85 m at a vertical depth of 550 m and includes a sample of 120.5 g/t Au over 0.65 m…IM-18–152 is one of the deepest mineralized intercepts to date…Barkerville is currently exploring and delineating vein corridors with 6 drill rigs on Cow Mountain…results from these holes will become available in the coming weeks…
7. Governments jostle over marijuana revenue (that’ll be an ongoing theme for years): The B.C. government is considering a request from municipalities for 40% of the province’s share of federal excise tax revenue from cannabis…today, Union of B.C. Municipalities (UBCM) delegates will consider a special resolution that outlines the revenue-sharing proposal…non-medical cannabis will be legalized on October 17…the excise tax is $1 per gram or 10% of the final retail price, whichever is higher, and it will apply to medical and non-medical cannabis….provincial sales taxes will be charged on top of that…the federal government will take 25% of tax revenue, and pass the rest on to provinces and territories…in the short term, the UBCM executive has asked for a 2-year agreement that would see municipalities receive 40% B.C.’s share of federal excise tax revenue, which is expected to be $125 million over the first 2 years of legalization…
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Does the AIS news release not make it an easy double from it’s current price? The market has not reacted at all to what was supposedly the critical factor. Any thoughts on this?
Comment by Mike — September 13, 2018 @ 8:46 am
Hi guys. Just wondering, it’s been a little while since we had a full update on CCW. News and alerts were flowing up to two weeks ago, and now silence. What are the next steps and what’s to expect next? Thanks!
Comment by jeanmichel — September 13, 2018 @ 9:05 am
Jon, think CCW will reverse in high 40s/low 50s starting next week since warrent expiry deadline is sept 15 and assays will be out soon?
Comment by TradingAgent — September 13, 2018 @ 9:27 am
Absolutely, great support around where it’s trading at right now, TradingAgent…a continuation of stock going from weak hands into strong hands…think back to GTT last month when weak hands sold into strong hands ahead of great news…same thing…this is when experience and market savvy come into play…rather than be fearful or bearish, the opposite reaction is warranted…savvy players quickly doubled their money on GTT and I believe we’ll see big gains from here unfold shortly on CCW…
Comment by Jon - BMR — September 13, 2018 @ 9:53 am
Holy crap what’s going on with CW? Should be we be worried? Hopefully they’ll be an out news announcement soon …
Comment by Jacquez — September 13, 2018 @ 10:33 am
What are CCW’s next steps for that to happen, Jon ?
Comment by jeanmichel — September 13, 2018 @ 10:33 am
Back when ccw was 80 cents i noticed chart momentum was starting to falter but knew assays were coming but didnt think they would take this long when ccw started drilling early june. In reality a great trade would of heen to sell at 80 and buy back at high 40s support close to where we are now. Either way with assays coming a reversal has to be in the works and hopefully we see $1 this time around
Comment by TradingAgent — September 13, 2018 @ 10:35 am
…… and yessss, I too have added CCW ( just recently again at .53 ) 079 …… let’s hope to see a little green on GGI near the Close this aft, otherwise it will be another ” no day ” to the imminent PR !!!!
Comment by farmer — September 13, 2018 @ 10:59 am
CCW…I added 25k today averaging 54.36c…now I am topped up.
Comment by John - BMR — September 13, 2018 @ 1:13 pm
Jon,I think CCW just shows that no matter how compelling the story,price action always rules. Who would have thought that it would get back to this price when it was in the 80’s? Note to self,always go by the charts. If the market doesn’t agree that the story is ready then no amount of self belief will change that. Whilst I agree that CCW will do very well in the long run,if you maintain a core position and trade around it I think you end up better off in the long run. The doji on 31 July should have alerted me to the fact that perhaps the buyers were exhausted. Oh well,live and learn.
Comment by keen1991 — September 13, 2018 @ 1:19 pm
Nice BMR John. How does ggi chart look now that it seems we have bottomed at $2.20s? With a good NR, where do u think we could spike to?
Comment by flyinthruu — September 13, 2018 @ 1:29 pm
I am topped up on CCW, GGI, CLM, AIS, MTS, MOON, IMR, and more. It’s time for some news and some green again!
Comment by Bryan — September 13, 2018 @ 1:34 pm
John, looks like a good buy price on CCW. Is it just me or does anyone else feel that many small caps are getting squashed down so much that there feels like a coiled spring waiting to rebound violently one of these days/weeks/months?
Comment by broen — September 13, 2018 @ 2:28 pm
broen…Don’t forget the last pp was at 65c!!!!!
Comment by John - BMR — September 13, 2018 @ 3:45 pm
Looks like another blood bath week. Not what peeps were saying last week. Wonder what rational will be told this time. Never happens the second week of September whe there is a hurricane approaching would make sense.
Comment by Smitty — September 13, 2018 @ 3:47 pm
Broen, to my point earlier, and Daniel’s point in his last 2 pieces, it’s rather funny and predictable that just when comments spike and the nervous nellies all come out, that’s typically precisely the time to be the most bullish…don’t people learn from history and previous patterns?…the fundamentals haven’t changed a bit on CCW, just as positive as they were when the stock was quite a bit higher…big run over a short period from .20 to .90 and then a healthy unwinding of certain temporarily overbought technical conditions to major support…technically driven pullback, not one based on fundamentals, and it sets the stage for the next wave up…
Comment by Jon - BMR — September 13, 2018 @ 3:47 pm
Smitty, hardly a bloodbath week when the Venture is actually up slightly for the week right now…710 is nearest support, 730 is nearest resistance…marijuana stocks led the move down today after Venture was up 4 days in a row and 15 out of the last 19 sessions…volumes have increased as well…nothing bad about that…
Comment by Jon - BMR — September 13, 2018 @ 3:59 pm
Jon, yes, human nature makes it hard to get the market right – when news is great and stocks are doing well its too easy to get too bullish. Conversely as prices decline, its far too easy to get all pessimistic that things will never turnaround. As you say, doing the opposite of what feels good is often the right thing.
Comment by broen — September 13, 2018 @ 6:26 pm
If Jon and John are still buying, to me it’s good enough to hold. But I hear the general vibe here, we’re hungry to cash some profits somewhere. We’ve heard about so many great recommendations this year, and the “next month” is always supposed to be the good one, we’ve been told to “hold on to every share”, then we watch the SP going deep down on those, etc… I’m personally down big time in my portfolio, I don’t even want to open my trading account anymore because it hurts too much. I just keep faith. At this point, we are closer to something good than we’ve ever been this year. Just keep on the good work BMR and continue cheering us up, please! 🙂
Comment by jeanmichel — September 13, 2018 @ 7:23 pm
Hey Jon – what Frank Basa doing these days with GGM? Last I heard he has 3 offers for financing and they are working out the terms.
Comment by Marc — September 13, 2018 @ 8:29 pm
#1 thing GGM needs, Marc, is a turn in Gold market…I see it as a strong play for 2019…
Comment by Jon - BMR — September 13, 2018 @ 9:04 pm
On the positive side with CCW,price is coming down on decreasing volume,it has just hit the 100ma and the 150ema,it has also just hit the 50% retracement from the rise from the lows (0.19) to the highs (0.90) and has reached the previous highs in the mid 50s where it should find support. The line in the sand for me is the 200ma which is currently at 0.46
Comment by keen1991 — September 13, 2018 @ 11:04 pm
Morning Alert says it all, keen1991, when someone sets up shop right next to you with 2 drill rigs…fascinating developments at and immediately around Castle mine…
Comment by Jon - BMR — September 14, 2018 @ 4:48 am