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1. Gold has traded between $1,297 and $1,305 so far today…as of 7:00 am Pacific, bullion is off slightly at $1,301 after a powerful move Friday…bullion’s short-term chart suggests prices will push higher this week…Silver has retreated 5 cents to $15.66…Silver should really start to shine once it overcomes key resistance in the $15.70’s…Copper, Nickel and Zinc are steady at $2.70, $5.35 and $1.20, respectively…Oil prices have dipped on profit taking and after U.S. companies added rigs for the first time this year while China reported additional signs of an economic slowdown…WTI is down $1.70 a barrel at $51.99…the U.S. Dollar Index, meanwhile, is unchanged at 95.77…a busy week on the news front for investors, highlighted by a Fed meeting and U.S.-China trade negotiations…in addition, some of the biggest technology companies will report 4th quarter results and there will be another series of potentially key votes in the U.K. Parliament about Brexit…to cap things off, a flurry of North American economic figures including GDP and jobs data are also set for release…
2. The China flu: Shares of Nvidia (NVDA, NASDAQ) tanked as much as 17% at the market open after the company lowered its revenue guidance for the 4th quarter citing “deteriorating macroeconomic conditions, particularly in China”…the warning adds Nvidia to a growing list of U.S. companies facing revenue challenges in China…Apple issued a rare revenue warning earlier this month following slowdowns in the Chinese market, and construction machinery company Caterpillar pointed to lower demand in China in its earnings report this morning…a flood of tech earnings kicks off this week…Nvidia reports on February 14 and now expects quarterly revenue of $2.20 billion, down from previously stated guidance of $2.70 billion…the company also said quarterly margin will be impacted by charges related to “current market conditions”…
3. Chinese investment in Canada nearly halved in 2018, hampered by Beijing’s restrictions on capital outflows combined with rising Western scrutiny of its state-owned firms and heightened diplomatic tensions…at 47%, the drop in investment in Canadian firms was slightly deeper than the global decline, which came in at 40%, according to new data from the Canada-China Investment Tracker maintained by the University of Alberta’s China Institute…total investment fell to $4.43 billion from $8.45 billion in 2017…“What struck us was the sharpness of the decline, which was quite significant albeit somewhat in line with global figures,” said Gordon Houlden, a former Canadian diplomat and head of the institute…“It suggests the heady days of Chinese investment are certainly over for now”…
4. Cannabix Technologies (BLO, CSE), developer of the Cannabix Marijuana Breathalyzer for law enforcement and the workplace, announced a major milestone this morning – the company has received an initial version of its portable handheld device that will provide for easy collection of breath samples at the point of care…in collaboration with company scientists, MistyWest Engineering of Vancouver was engaged to develop a breath collection unit (BCU) in late November that would interface directly with the innovative FAIMS (field asymmetric waveform ion mobility spectrometry) based instrument for the detection of THC in human breath that Cannabix is developing…the BCU is a proprietary device that will make it easier to collect key physiologic breath sample data under different environmental conditions…Cannabix will use the new BCU for the collection of multiple samples from multiple users under a variety of conditions…the BCU is lightweight, runs on a conventional battery and includes a self-contained specialized breath sample container that integrates directly with the company’s FAIMS detection device for analysis…the BCU has been designed to collect numerous samples required for pilot and research testing…the BCU real time data display wirelessly connects to an android device for live data streaming and this data can be sent to the cloud for further analysis and storage…currently the BCU will collect key real-time parameters of breath flow rate, total volume, relative humidity measurements, as well as carbon dioxide levels, and temperature – these measurements and others, will help Cannabix, regulators and industry scientists determine key physiologic parameters needed for standardizing a breath sample for FAIMS THC content and its decay metrics…there is currently scant information related to these critical physiologic data points available for human breath in THC smokers…BLO is up 25 cents at $2.05 as of 7:00 am Pacific…
5. The Dow, coming off its 5th straight weekly advance, has tumbled 340 points through the first 30 minutes of trading…higher Gold prices have helped the TSX which is down just 71 points as of 7:00 am Pacific…the Venture, meanwhile, continues to push higher…Organigram Holdings (OGI, TSX-V) is up strongly in early trading after reporting net income of $29.5 million, or 19.5 cents per share on a diluted basis, for the 1st quarter of 2019, up from a net loss of $1.2 million in the 1st quarter of 2018…OGI posted record net sales of $12.4 million for the 3 months ended November 30, up 287% from $3.2 million in the 4th quarter of 2018…the company’s fiscal 1st quarter encompasses operations up to and including November 30 and as a result includes the impact on revenue of adult-use recreational cannabis for part of the quarter…“The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth,” said CEO Greg Engel…“We’ve always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at low cash cost of cultivation. Our first quarter results confirmed that as we reported an adjusted gross margin of 71%”…Tidal Royalty Group (RLTY.U, CSE), a leading provider of royalty financing to the legal cannabis industry, is breaking out above key moving averages on strong volume…the stock is up another penny at 19 cents in early trading…
6. IAMGOLD (IAM, TSX) has decided, for now at least, not to proceed with construction of the Cote Gold Project in Ontario, or are they in the hunt for a buyer for the project?…“We are focused on creating superior shareholder value by allocating our capital to our best near and long-term opportunities in a manner that is consistent with shareholder expectations, and with our goal of maintaining a strong balance sheet. We have substantially derisked the Cote Gold Project, from both a technical and financial perspective, and believe in its potential to positively transform the company. However, we have decided to wait for improved, and sustainable, market conditions in order to proceed with construction,” stated IAMGOLD President and CEO Steve Letwin…the company has identified almost 10 million ounces in Measured and Indicated resources at Cote (exclusive of reserves), compared with less than 1 million ounces at acquisition…IAM has also developed a Feasibility Study base mine plan and an FS extended mine plan with improved net present values and internal rates of return as compared with the Prefeasibility Study…
7. Wesdome Gold Mines (WDO, TSX), one of the top-performing Gold stocks on the TSX, released fresh high-grade results this morning from continuing underground exploration drilling of the Kiena Deep A zone at its 100%-owned Kiena mine complex in Val d’Or, highlighted by 33.7 g/t Au over a 30.6-m core length (15 m true width)…since the October 12th cut-off date for drill data used in the recent resource estimate released on December 12, exploration and definition drilling has been ongoing at Kiena Deep A with 5 drills…another 4,200 m in 16 holes have been completed…definition/infill drilling has continued to confirm the overall continuity of the Kiena Deep A Zone while expanding the zone up and down plunge in excess of 50 additional m in each direction…Wesdome’s 2019 underground exploration program calls for 50,000 m of drilling with 5 drills in preparation for an updated resource estimate later in the year, leading to a PEA…
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