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1. Gold has traded between $1,565 and $1,575 so far today as the Fed gets set to conclude its 2-day policy meeting…as of 7:00 am Pacific the yellow metal is up $5 an ounce at $1,571…Silver has added 4 pennies to $17.46…Silver prices took a hit Monday and yesterday, with the Gold-Silver ratio touching its highest level since July, but investors are turning to exchange-traded funds again, according to Commerzbank…“Silver has seen increased investor interest of late, however, with over 200 tons of inflows into the Silver ETFs already this week. This has largely reversed the outflows during the first days of the year,” Commerzbank reported…Copper, suffering from the China flu, is in danger of incurring its 11th straight daily loss as very oversold conditions emerge…it’s down another penny at 2.58…Nickel has rebounded 3 cents to $5.74 while Zinc is steady at $1.02…Crude Oil has slipped 12 cents to $53.36 while the U.S. Dollar Index has climbed another one-tenth of a point to 98.15…figures on 4th-quarter economic growth in the U.S. are due tomorrow…the total number of cases of the cornonavirus reached more than 6,100 worldwide with 132 deaths in China, Chinese and international health authorities said this morning…since the first patient was identified in Wuhan on December 31, the number of coronavirus cases in China has mushroomed to more than 6,060, exceeding the total number of SARS cases in that country during the 2002–2003 epidemic…there were 5,327 SARS cases in China, and 8,000 across the world between November 1, 2002, and July 31, 2003, according to the World Health Organization…China’s economic growth will slip but that will mean some major stimulus measures which in turn will help drive base metal prices back up…President Trump, who held a very successful rally in blue state New Jersey last night (this should worry the Dems), has called once again on the Fed to lower interest rates, this time saying that doing so could help the U.S. pay down its burgeoning national debt…
2. The U.S. economy will grow at a solid rate of 2.2% this year, the non-partisan Congressional Budget Office forecast yesterday, but the federal budget deficit will hit $1.02 trillion…the economy will be strong during this presidential election year, thanks in part to consumer spending, CBO said, but it forecast “higher inflation and interest rates after a decade in which both remained low, on average”…the CBO predicts that economic growth will slow to an average annual rate of 1.7% from 2021 to 2030, …after topping $1 trillion in fiscal 2020, federal deficits will average $1.3 trillion per year between 2021 and 2030, CBO estimates, a level that some economists and policymakers warn is unsustainable (Gold would love it)…Washington’s budget deficit hit a peak of $1.4 trillion in fiscal 2009 after emergency measures to contain the Great Recession…it hasn’t topped $1 trillion since 2012 and fell to $585 billion at the end of President Barack Obama’s 2nd term in 2016…
3. Apple (AAPL, NASDAQ) reported iPhone revenue of $56 billion for its fiscal 1st quarter yesterday, blowing past analysts’ estimates, proving that the new iPhone 11 is off to a strong start…iPhone revenue for the quarter rose 8% from a year earlier and climbed from the 4th quarter when Apple generated $33.86 billion in iPhone sales…analysts were expecting revenue for the devices to come in at $51.62 billion in Q1…“People love the battery life. They love the camera. They love the industrial design. The battery lasts all day,” CEO Tim Cook stated on CNBC, referring to the iPhone 11…“We also hit the right price with it”…
4. The voters for Kitco News’ Mining CEO of the Year survey have spoken: 2019 belongs to the year of the Silver miners…the top 2 CEOs in 2019 garnered nearly half of the votes…both were also Silver producers, with Keith Neumeyer, CEO of First Majestic Silver (FR, TSX; AG, NYSE) taking the crown, followed closely by Eric Fier, CEO of SilverCrest Metals (SIL, TSX)…the race for the top spot was close this year, with Neumeyer narrowly beating the runner-up, Fier…in 3rd place was Randy Smallwood, CEO of Wheaton Precious Metals (WPM, TSX, NYSE)….Neumeyer led First Majestic through a 94% return in share prices for the calendar year of 2019…driving this growth was a record 25.6 million ounces produced and 2 new acquisitions, the San Dimas and Santa Elena projects, coming into their portfolio…First Majestic plans to refocus all production efforts in 2020 to producing just Silver and Gold after shutting down a few mines in the last 2 years, and likely shutting down their last concentrate producer this year, Neumeyer said…
5. QMX Gold (QMX, TSX-V) has drilled high-grade Gold intersections in each of the first 3 drill holes a its new River target, roughly 1 km west of the Lac Herbin-Dumont-Fererber system that produced a total of 793,000 ounces of Gold historically in the Val d’Or Camp…results were highlighted by 39.8 g/t over 2 m, 17.1 g/t over 4 m and 7.8 g/t over 2.9 m…7 holes in total were drilled (1,130 m) and results are pending for the remaining 4 holes…the Gold mineralization is hosted by quartz-tourmaline veins with pyrite in shear zones in the Bourlamaque batholith…Dr. Andreas Rumpel, VP-Exploration, stated, “This gives us great optimism and encouragement to continue with our structural target delineation in general and for the River target in particular, where we anticipate establishing additional resources to our already substantial Bonnefond resource”…QMX is up half a penny at 11.5 cents as of 7:00 am Pacific…
6. The Dow is up 54 points through the first 30 minutes of trading…in Toronto, the TSX has gained 27 points…the TSX long-term monthly chart shows a breakout above an uptrend channel with 18,500 the next major resistance area…Detour Gold (DGC, TSX) and Kirkland Lake Gold (KL, TSX, NYSE) shareholders have voted decisively in favour of KL’s $4.9 billion acquisition of Detour…the Venture is up 1 point ay 576…a very strong support band stretches from 570 to 560…K92 Mining (KNT, TSX-V) hit another new all-time high of $3.70 in early trading…the company stated yesterday that it expects another significant year-over-year increase in Gold equivalent low cost production of 34% to 46%…GTT Gold (GTT, TSX-V) remains in a strong uptrend, a penny higher at $1.35 as of 7:00 am Pacific…Canadian Palladium Resources (BULL, CSE) has closed a $4 million private placement at 12 cents per share…Eric Sprott took $1.5 million of that PP for his first investment in the company…BMO Nesbitt Burns’ analyst Tamy Chen, seeing potential upside to the Street’s expectations for 3rd quarter Canopy Growth (WEED, TSX; CGC, NYSE) numbers which are scheduled for a February 14 release, has raised the stock to “outperform” from “market perform” with a share target of $40…“Even a modest beat in FQ3/20 results could begin to shift investor sentiment on the stock”…Chen believes Canopy’s value-priced brands are taking market share from higher-priced products and its overall product mix is now better aligned with demand following inventory writedowns in previous quarters…
7. Bee Vectoring Technologies (BEE, TSX-V) announced this morning that it has closed 5 new deals with blueberry growers in Florida, North Carolina and South Carolina to use the company’s proprietary bee delivery system Vectorite with CR-7 on portions of their crops in the coming growing season…in the 5 months since U.S. Environmental Protection Agency approval, Bee Vectoring has secured committed business with growers who collectively represent about 10% of blueberries grown in the Southeastern U.S. and exceeded its sales target for that market…the company’s original target for blueberry growers in the U.S. southeast was 10 growers and 500 acres; however with these agreements in place Bee Vectoring has surpassed this goal and will now cover 700 acres with 15 growers across the region…”We are delighted with the response from blueberry growers in the Southeast, which has exceeded our expectations,” stated Ashish Malik, CEO of Bee Vectoring…“We had set targets to ensure adequate resources were in place to properly service the business. Based on the strong market appetite for the BVT system, we elected to increase this allocation in a structured manner. We will now focus on delivering results to these customers to ensure they expand their use of the BVT system over following seasons and increase word-of-mouth of our technology within the industry”…BEE is buzzing in early trading, up 4 pennies at 56 cents on strong volume…
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Well I must say, if the frontier project does not get approved, I think all hell just may break loose in this country, this decision will make trans mountain look like a peanut in a bag of Trudeau’s nuts. Can you say separation…
Comment by Laddy — January 29, 2020 @ 3:09 pm
Remember when the comment in Back to the Future was remember YAHOO…. now its remember TSLA!!!! holy fack … up 67 in after hours after blowing past the expectations ….. Steve – are you listening:) LOL… unfreakin real!!!!
Comment by Jeremy — January 29, 2020 @ 5:34 pm
Jon. Just wondering what is happening at Polymet now? Are the old employees still working every day? Has the name officially changed, has it become CCW’s new head office? Their website has not changed their address as of yet
Comment by Don — January 30, 2020 @ 7:31 am
In addition to the Castle East situation, Halliday is in the process of implementing some exciting new changes at the PolyMet (TTL) facility, Don, now that it’s under CCW ownership and control, so I’m sure we’ll be hearing more regarding that in February…
Comment by Jon - BMR — January 30, 2020 @ 7:56 am