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1. Gold has traded between $1,420 and $1,439 so far today, touching new 6-year highs…as of 7:00 am Pacific, bullion is up another $12 an ounce at $1,431…Gold in Canadian dollars closed at $1,867 yesterday (RSI-2 on our multi-year weekly chart hit an extreme 99.5%) and briefly eclipsed its 2011 all-time high of $1,886 this morning before pulling back, signs that a much-needed correction to cleanse temporarily overbought conditions may have already started…Commerzbank on Gold’s continued strength yesterday and overnight: “This (latest) upswing was accompanied once again by pronounced ETF inflows, with holdings being increased by 4.3 tonnes this time.  The weaker U.S. dollar also contributed to the price rise.  The latest U.S. sanctions against Iran have likewise played their part by adding to the uncertainty as to what will happen next in the conflict between the U.S. and Iran”…Gold is up 10.6% for the quarter and is on track for its biggest quarterly gain since Q1 2016 when it rose 16.54%…Silver is up a penny at $15.41…Copper has added 3 cents to $2.71…Nickel has jumped 7 cents to $5.56 while Zinc is a penny higher at $1.19…Crude Oil has gained 14 cents to $58.04…OPEC and its allies including Russia appear likely to extend a deal on curbing output when they meet on July 1–2…Russian Energy Minister Alexander Novak said international cooperation on Crude production had helped stabilize Oil markets and was more important than ever…he also voiced concerns about demand…the U.S. Dollar Index is steady at 96.00…

2. A key measure of the American economy slipped this month after 3 consecutive months of increases as consumers saw the trade battle with China as an increased risk…the Conference Board’s consumer confidence index declined more than expected to 121.5 in June, down from May’s reading of 134.1…the drop brought the index to its lowest level since September 2017…“The escalation in trade and tariff tensions earlier this month appears to have shaken consumers’ confidence,” Conference Board senior director Lynn Franco said in a statement.  “Although the Index remains at a high level, continued uncertainty could result in further volatility in the Index and, at some point, could even begin to diminish consumers’ confidence in the expansion”…in other U.S. economic data released this morning, sales of newly built homes fell 7.8% month-to-month and were 3.7% lower compared with May 2018…

3. Both Gold and Bitcoin are benefiting from a weakening U.S. dollar and perhaps a loss of confidence in the Federal Reserve (that’s a topic for another day)…at the current price of $11,400, a new 15-month high, Bitcoin is up a whopping 176% on a quarter-to-date basis and 34% on a month-to-date basis…bulls usually take a breather following such stellar rallies…as a result, a sudden correction cannot be ruled out…however, the primary trend is clearly bullish and any pullbacks will likely be brief as more long-term technical indicators have flipped in favor of the bulls…further, the narrative that Facebook’s fiat and bond-backed cryptocurrency Libra will end up boosting Bitcoin’s appeal is becoming entrenched within the investor community…Joe Kernen, one of the hosts of CNBC’s “Squawk Box”, is the latest to join the bandwagon of observers calling Facebook’s Libra a net positive for Bitcoin…

4. Crystal Lake Mining (CLM, TSX-V) announced a spinoff this morning of its Nicobat Project in Northwest Ontario combined with its newly-acquired Foremore claims directly north of its Newmont Lake Project in the Eskay Camp…CLM will stay focused on developing its large Newmont Lake Project while a new vehicle, whose CEO will be announced soon, will aim to unlock the value of Nicobat and Foremore…shareholders as of the date of record (to be determined) in the 2nd half of 2019 will receive a total of 10 million shares of a new entity called Sassy Resources which is expected to list on the Venture following appropriate shareholder and regulatory approvals…Foremore is an interesting twist – Roca Mines had great early success with that project more than a decade ago, including a sky-high share price for a period of time, but got distracted by a moly play in the southeast part of the province…Roca would later fell into bankruptcy as moly prices collapsed…Roca’s misfortune, caused by incompetent management, ultimately becomes CLM’s gain…Foremore features an abundance of known precious and base metal-rich mineralization including boulder fields and outcrops…multiple geochemical and geophysical anomalies also exist over a broad area…drilling last occurred at Foremore in 2008…since then, snowfields have literally disappeared, opening fresh ground for exploration…the claims are considered highly prospective for new high-grade mineral discoveries and can best be developed in a tight new deal such as Sassy…

5. The Dow, on track for its best June since 1938, is off 51 points through the first 30 minutes of trading…in Toronto, the TSX is 49 points lower…the Gold Index touched Fib. resistance at 227 shortly after the open but is now flat at 224 as of 7:00 am Pacific…the Venture has retreated 2 points to 587 in early trading…The Flowr Corp. (FLWR, TSX-V) is under pressure after announcing a public offering for approximately $125 million to be priced “in the context of the market”…the company intends to use the net proceeds from the offering to finance, in part, its acquisition of the approximately 80% equity interest of Holigen Holdings Ltd. that it does not already own, working capital required for the construction and development of Holigen’s and the company’s cultivation and production facilities, and for general corporate purposes…Auramex Resource (AUX, TSX-V), one of few Venture stocks trading at a 52-week high, is up half a penny at 7 cents…the company is progressing toward summer drilling at its Georgie River Property in the Stewart area where there is a significant historical high-grade resource…

6. Benchmark Metals (BNCH, TSX-V) announced this morning that it expects to start drilling its Lawyers Project in north-central B.C. by mid-July…Phase 1 is expected to consist of 25 drill holes totalling over 4,700 m with geologists targeting high-grade mineralization within wide bulk-tonnage intercepts at the main mineralized zones within the Lawyers trend…additional drill targeting is in progress for up to 30,000 m of drilling…the Cliff Creek, Dukes Ridge and Phoenix zones along with the adjacent AGB historically mined area, collectively within the Lawyers trend, represent a 5 km x 4 km radiometric anomaly that is coincident with potassic alteration, anomalous soil and rock geochemistry and high-grade Gold-Silver drill results…historically, Lawyers produced 171,000 ounces of Gold and 3.7 million ounces of Silver with many areas remaining under-explored…the company inherited substantial existing infrastructure at the 120 sq. km property, and a permitted mill is just 11 km away…Benchmark believes its 2019 program has the potential to significantly increase the existing Gold-Silver resource to a new resource target of greater than 5 million Gold equivalent ounces (Gold and Silver) while remaining remain open in width, at depth and along strike for further expansion with future drilling programs….

7. China’s exports of Rare Earth magnets to the United States rose more than 20% in May from the previous month to their highest since at least 2016, data released by the General Administration of Customs showed today, as Beijing considers restricting shipments as part of a long-running trade spat…Rare Earth magnets are widely used in medicine, consumer electronics and the military, although President Trump in August last year signed a defense policy bill banning the purchase of Rare Earth magnets from China for the military in the 2019 fiscal year…the most widely used type, prized for their strength, are those made with neodymium, one of the 17 rare earth elements…exports to the U.S. of permanent Rare Earth magnets, or material that will be turned into permanent magnets, came in at 430,961 kg, or around 431 tonnes last month, the customs data showed…that was up 21.5% from April and 4.4% better than May 2018…it was also the highest monthly export figure on customs database records going back to January 2017…

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