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1. Gold has traded between $1,496 and $1,505 so far today…as of 7:00 am Pacific, bullion is off $4 an ounce at $1,503…Silver is 8 cents lower at $17.06 with key resistance in the $17.20’s…the Gold-Silver ratio appears to have peaked recently, a technical development that is very bullish for Silver which should start to outpace Gold as both metals continue their primary uptrends…Nickel has retreated 5 cents to $7.16 while Copper and Zinc are both up slightly at $2.59 and $1.02, respectively…Cobalt is steady at $14.29…Crude Oil has pushed 86 cents higher to $56.99 while the U.S. Dollar Index is flat at 98.17…minutes from the Federal Open Market Committee’s most recent meeting in July – when the U.S. central bank cut interest rates for the first time in a decade, by a quarter of a percentage point – are due shortly at 11:00 am Pacific…government bonds aren’t the only instruments producing negative yields these days…various estimates of sovereign debt in that category put the total around $16 trillion, a number that has been escalating just recently as part of a longer-term trend while central banks drive interest rates to zero and below…negative-yielding corporate debt, though, is a relatively new thing, rising from just $20 billion in January to pass the $1 trillion mark recently, according to Jim Bianco, founder of Bianco Research…
2. President Trump says he had to confront China over trade even if it caused some short-term harm to the U.S. economy because Beijing had been cheating Washington for decades…“Somebody had to take China on,” Trump told reporters during a White House visit yesterday by Romanian President Klaus Iohannis, when asked about wide-ranging tariffs he has imposed on imports from China…“This is something that had to be done. The only difference is I am doing it. China has been ripping this country off for 25 years, for longer than that and it’s about time whether it’s good for our country or bad for our country short term. Long term it’s imperative that somebody does this,” he said…meanwhile, Bank of America CEO Brian Moynihan is not worried about a potential U.S. economic slowdown, saying the American consumer is still in a strong place and can keep the economy growing…“The underlying consumer is doing well and making more money. More importantly, they’re spending more money,” Moynihan stated on CNBC’s “Squawk Box” this morning…he added that the bank’s consumer base has spent $2 trillion this year, a 5.9% increase from the same period last year…“The U.S. consumer continues to spend and that will keep the U.S. economy in good shape”…
3. What is this all about?…in a highly unusual move, the Trudeau government has given away – gifted! – a $39 million stake in a B.C. coal terminal to 2 First Nations communities…yes, Trudeau has literally given away for free a 10% state in a taxpayer-owned asset to First Nations…the Canada Development Investment Corporation (CDEV) announced in July that it had transferred this stake in the publicly-owned Ridley Terminals facility to the Lax Kw’alaams Band and the Metlakatla First Nation, whose people reside near Prince Rupert on the northern B.C. coast…it has now been confirmed there was “no payment associated with that transfer”, according to a report in this morning’s National Post…the free gift comes after the 2 Indigenous groups were set to be major beneficiaries of an LNG project that has since been scrapped…
4. Great Bear Resources (GBR, TSX-V) has intersected more high-grade Gold in the Hinge and Dixie Limb zones at its 100%-owned Dixie Project in the Red Lake District…a new steeply plunging high-grade sub-zone has been discovered to the west of, and above, most previous drilling in the Hinge Zone…results include 30.8 g/t Au over 2.50 m within a broader zone of 7.4 g/t over 13.2 m, at only 68 m vertical depth…the new Hinge Zone sub-zone was also tested to approximately 140 m vertical depth, where assays returned 20.4 g/t Au over 2.2 m, within a wide interval of 2.1 g/t over 29.8 m…Gold-bearing quartz veins are strongly developed adjacent to a newly defined sediment contact within the same high-iron tholeiitic pillow basalt that hosts the original Hinge Zone discovery…meanwhile, the latest Dixie Limb drill results include 21.5 g/t Au over 2.35 m within a broader interval of 9.7 g/t over 5.60 m…drilling continues to encounter high-grade Gold intervals near the predicted intersections of Hinge-Zone style Gold-bearing veins with the Dixie Limb contact…broad intervals of low to moderate Gold grades are also present at all locations drilled…President and CEO Chris Taylor commented, “The 1-year anniversary of our Hinge Zone discovery is marked by the discovery of a new shallow high-grade Gold zone located west of, and above, the majority of our Hinge drilling to-date. Concurrently, high-grade Gold continues to be drilled at predicted structural intersections in the Dixie Limb. Presently, all 3 drill rigs are deployed at various targets along the LP Fault. It would have been difficult to imagine last summer just how much progress we would make in only one year. The most exciting aspect of the Dixie project is that the pace of discovery has continued to accelerate, and we look forward to what our fully-funded drill campaign will continue to yield through 2019 and 2020“…GBR is off 2 pennies at $5.39 as of 7:00 am Pacific…
5. The Dow has jumped 252 points through the first 30 minutes of trading…in Toronto, the TSX has climbed 63 points…Pembina Pipeline (PBA, NYSE) is buying Kinder Morgan’s Canadian unit (KML, TSX) and the U.S. portion of the Cochin Pipeline system for about $4.35 billion ($3.3 billion)…the 2 deals with Kinder Morgan will give Pembina additional storage and shipping assets across Canada, connected to both conventional and Oil sands regions and major export pipelines…the deal values Kinder Morgan Canada about $15.02 per share, or about 37% more than the stock’s closing price yesterday…the Venture is off 1 point at 576 after a strong session yesterday…historically, August has been a volatile month for the Venture but it has ended on a strong note in 14 out of the past 15 years…no reason why that trend won’t continue this time around…theScore (SCR, TSX-V) has hit a new multi-year high of 69 cents in early trading…the stock has caught fire with traders this month after the company announced July 31 that it’s undertaking a major expansion of its U.S. mobile sports betting platform through a multi-state market access framework agreement with Penn National Gaming, North America’s largest regional gaming operator…in connection with the framework agreement, Penn National also agreed to take a strategic equity stake in theScore…the 20-year framework agreement provides theScore with the right to obtain market access to offer on-line and mobile sports betting and i-gaming applications in 11 states where Penn National operates casinos and racetracks…today marks the final day of trading for Organigram Holdings (OGI, TSX-V) on the Venture – tomorrow it switches over to the TSX…
6. Strategic Metals (SMD, TSX-V) has expanded on a high-grade surface discovery at its wholly-owned Mount Hinton Property, situated 4 to 15 km by road southeast of Alexco Resource’s mill at Keno City in the central Yukon…highlights include the discovery of a linear train of vein quartz and brecciated vein, extending 230 m northeasterly from a talus sample that assayed a whopping 2,340 g/t Au and 597 g/t Ag to an outcrop of altered and oxidized breccia grading 33 g/t Au and 654 g/t Ag…a parallel train of vein quartz and breccia was also located 150 m to the east where float samples returned 6.1 g/t Au and 165.5 g/t Ag, 1.6 g/t Au and 363 g/t Ag, and 2 g/t Au and 306 g/t Ag…rock samples from other parts of the main soil anomaly included 15.9 g/t Au with 9.6 g/t Ag and 9.3 g/t Au with 1.6 g/t Ag…prospecting during Phase 1 of the exploration program focused on a 3.5 km long by up to 1.5 km wide Gold-in-soil anomaly located on the eastern side of Granite Creek, where little to no rock sampling had previously been done…during Phase 2 of the program, the site of the multi-ounce Gold sample was re-examined and visible Gold was discovered within limonitic vein quartz float…large blocks and finer talus of vein material mixed with oxidized brecciated vein quartz were also found in several, nearby linear structures…sporadic outcrops of mineralized, breccia and vein quartz show that these structures strike northeast and dip steeply southeast, and suggest that the mineralized talus is close to its bedrock source…SMD has jumped 6 cents to 45 cents as of 7:00 am Pacific…
7. New powers that allow police to charge drivers based on THC levels in the blood aren’t being used much, according to provincial data…the RCMP’s national forensic labs had anticipated a large spike in impaired driving blood toxicology work after pot was legalized, but so far it has failed to materialize…the number of samples sent in has been a quarter of what was expected, according to an article in this morning’s National Post…the new charges took effect more than a year ago and are expected to be heavily litigated due to the unsettled science around THC blood levels and impairment…however, there are no known court decisions on this yet, and the slow pace of charges means it may be a while until their constitutionality is determined…police do not need to rely on blood tests to lay a drug-impaired driving charge…they can instead have a drug recognition expert evaluate the driver, and use urine samples as supporting evidence…however, the new charges, called blood drug concentration offences, make it much easier to prove the offence – as long as police can get a blood sample within 2 hours of driving and have it analyzed…
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that’s how we know that trudeau the drama queen and the feds are in big big trouble,whatever it takes now to get re elected,,, I hope most Canadians can see right through this… I hope!!!
Comment by Laddy — August 21, 2019 @ 11:45 am
It is absolutely insane that our federal government would literally give away a 10% stake in a $400 million coal terminal project…the Tahltan just paid mega bucks for a 5% interest in the privately held $2 billion hydroelectric projects in the Eskay Camp, and here’s Trudeau giving away a 10% interest for nothing in another B.C. project to 2 other First Nations groups…we urgently need some business sense in government in this country…of course if you object to what Trudeau has done, you’re a racist, a homophobic and whatever else “progressives” like to label their opponents…
Comment by Jon - BMR — August 21, 2019 @ 12:09 pm
Mr. Jon, what do you think it’ll take for Eric Sprott to exercise his $1.05 GGI warrants?
Comment by Jean — August 21, 2019 @ 12:49 pm
Sprott Asset Management has, Jean, so it’s not hard to figure out what Eric will do but it’ll be on his timeline…perhaps right after upcoming news?…
Comment by Jon - BMR — August 21, 2019 @ 1:58 pm
Mr. Jon, I’m assuming quite a bit more gracefully than SAM though right?
Comment by Jean — August 21, 2019 @ 2:36 pm
Eric does not sell to exercise warrants, Jean…
Comment by Jon - BMR — August 21, 2019 @ 3:14 pm
Ha, they can call me whatever they like, Trudeau is an idiot and a liar, and that’s a plain FACT. Even my 30 year old son and all his friends agree with me….
Comment by Laddy — August 21, 2019 @ 4:29 pm
Descending wedge on GGI – looks bullish – looking to turn here?
Comment by Jean — August 22, 2019 @ 7:53 am
Not only that, Jean, but GGI’s 200-day SMA is now reversing to the upside after about a 1-year decline…the 100-day, also rising, has also pushed above the 200-day…so the technical underpinnings are very bullish and the opposite of the situation that emerged last summer…understanding those key differences is critical…fundamentally, EL-19-53 is enough to seriously stir the appetite of a major…
Comment by Jon - BMR — August 22, 2019 @ 8:28 am
Just happy to see green, red just makes everyone grumpy…
Comment by Laddy — August 22, 2019 @ 10:45 am
Mr. Jon, unfortunately not a lot of volume for GGI today though…hmm, maybe EOD of tomorrow will be better.
Comment by Jean — August 22, 2019 @ 11:55 am
Ohhhh I think volume is about to change for the better in the next week or two.
Comment by Laddy — August 22, 2019 @ 12:48 pm