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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,241 and $1,249 so far today as it hovers around 5-week lows…as of 7:00 am Pacific, Gold is flat at $1,243 while Silver has slid another 17 cents to $16.27…Russia’s Gold reserves rose to 54.9 million troy ounces by early June from 54.2 million ounces on May 1, the Russia central bank reported yesterday…that’s the 5th consecutive month of gains…Russia’s central bank, which usually buys locally produced Gold from Russian banks, has been one of the leading national buyers of the yellow metal in recent years, along with China…

2.  Saudi Arabia has relieved Muhammad bin Nayef from his role as crown prince, replacing him with Mohammad bin Salman…the move positions the 31-year-old Bin Salman to be next in line to the throne…in March, Bin Salman met President Trump in the White House, and agreed that Iran represents a regional security threat…the young prince has taken a central role in Saudi Arabia’s efforts to build its economy beyond the Oil industry…he holds primary responsibility for the kingdom’s military and energy sector…meanwhile, with WTIC hovering around the key $43 technical level, reports have surfaced that the Saudis’ next tactic to boost Oil prices is to take aim at the highly visible U.S. Oil inventories…the Saudis, who have a large refinery on the U.S. Gulf Coast, are apparently planning to hold back some exports to the U.S. which could show up immediately in the U.S. Energy Information Administration’s import data and inventories as a bullish signal…it’s estimated the Saudis supplied about 1 million barrels a day of the 8 million bpd imported by the U.S. last week…suddenly cutting back those U.S. exports would manufacture a drop in the EIA report…the next government report on inventories is due this morning, within the hour…

3. Ground conditions are beginning to rapidly improve in the Eskay Heart of Gold Camp…Seabridge Gold (SEA, TSX) announced this morning that it has mobilized rigs to KSM to commence drilling 2 highly prospective targets – the down plunge projection of the Lower Iron Cap zone, and a new target which could represent a 5th, higher grade deposit at KSM…both targets were discovered in the last drill hole completed in 2016 which returned an interval of 555 m grading 0.82 g/t Au, 0.24% Cu and 4.4 g/t Ag beginning at a depth of 353 m in the Lower Iron Cap zone…

4. The Venture is up 2 points at 772 as of 7:00 am Pacific as it bounces off its rising 300-day moving average (SMA)….updated chart in today’s Morning Musings…First Cobalt (FCC, TSX-V) and CobalTech (CSK, TSX-V) were both halted at the same time pre-market, pending news…the TSX has added 37 points while the Dow is off 14 points through the first 30 minutes of trading…

5. Orla Mining (OLA, TSX-V) has entered into an asset purchase agreement with Goldcorp (G, TSX) to acquire Camino Rojo, a Gold and Silver oxide heap leach project containing 1.7 million ounces of Gold reserves located in Zacatecas state, central Mexico, for consideration to Goldcorp consisting of 31.9 million common shares of Orla and a 2% NSR… in addition, Orla and Goldcorp have agreed to enter into an option agreement regarding the potential future development of a sulphide operation at Camino Rojo…the project hosts 1.7 million ounces of oxide Gold reserves and 4 million ounces of attributable Measured & Indicated Gold resources along with significant Silver, Lead, and Zinc by-products…based on Orla’s $1.10 closing price yesterday, the company is paying approximately $16/oz (U.S.) for oxide Gold reserves, with the sulphide resource providing long-term optionality to create additional shareholder value…Camino Rojo is 50 km southeast of Mexico’s largest Gold producer, Goldcorp’s Peñasquito mine…OLA is up 17 cents at $1.27 as of 7:00 am Pacific…

6. Barkerville Gold Mines (BGM, TSX-V) reported more high-grade results this morning from the Valley zone at its Cariboo Gold Project as a 130,000-m drill program continues…CM-17–025 returned 17.5 g/t Au over 6.2 m; CM-17–021 intersected 10.8 g/t Au over 5.9 m; and CM-17–044 cut 5.4 g/t Au over 14 m.  “We are seeing repeated success with targeting and intercepting mineralized vein systems across our current drilling program areas,” commented Kyle Orr, senior geologist with Barkerville. “These latest results provide more evidence that the Cow Mountain and Island Mountain areas are connected through continuous, high-grade Gold mineralization in the Valley zone.“  BGM is off a penny at 99 cents as of 7:00 am Pacific…

7. North American Palladium (PDL, TSX) has signed a definitive option agreement with Impala Platinum Holdings Ltd. (Implats) and Transition Metals Corp. (XTM, TSX-V) that provides the company with the exclusive right to acquire 75% ownership of the Sunday Lake Project located near Thunder Bay…to earn 75%, PDL will have to make cumulative total cash payments of $3.5 million and complete a minimum of $4.5 million in qualified expenditures over a 5-year staged earn-in period…PDL is in the process of raising $50 million and says it intends to invest up to $10 million annually in exploration over the next 3 years on targets at the Lac des Iles mine site, the Sunday Lake Project and its current greenfields properties…

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Check the BMR comments section during the day for updates and helpful information. BMR Morning Market Musings returns tomorrow.

1. Gold has traded between $1,241 and $1,249 so far today with nearest support in the $1,230’s…as of 7:00 am Pacific, Gold is down $2 an ounce at $1,244…Silver has retreated 8 cents to $16.40 as it closes in on base support at $15.75…Copper and other metals off slightly but a bright spot is Cobalt which has crossed the $26 level for the first time in nearly a decade, eclipsing its 2017 high of $25.63…

2. OPEC has to be concerned about what to do next with regard to Oil prices as the cartel’s strategy to reduce output by 1.8 million bpd simply isn’t having the desired effect…WTIC has hit new 7-month lows this morning, down $1.25 a barrel or nearly 3% to $42.95 as of 7:00 am Pacific…news of increased production from Libya and Nigeria, on top of growing production in the U.S., is pushing prices 15% below their May highs when OPEC and certain non-OPEC members agreed to extend production cuts through the 1st quarter of 2018…a stubborn inventory overhang also continues to impact Crude…failure of technical support at $43 would likely drive prices below $40…

3. Biorem (BRM, TSX-V) has jumped 33% to 58 cents after announcing that it has entered into a strategic partnership with Tus-Material Group to market globally its ultrafiltration membranes…ultrafiltration membranes provide a barrier to contaminants in water including suspended solids and pathogens such as cryptosporidium, E. coli, and viruses.  “As the quality and quantity of clean water diminishes across the world, demand for ultrafiltration will continue to grow,” said Derek S. Webb, President and CEO. “The global ultrafiltration market was estimated at $3.3 billion in 2016, and with a robust 5-year compound annual growth rate (CAGR) of 6.9% is expected to hit $4.6 billion in 2021. Biorem is in a unique position to leverage our competence, relationships and distribution networks to access the opportunities that this demand is creating.  Diversification of markets and products will help to grow the corporation to becoming a global leader in providing environmental services.” Biorem is a pioneer environmental biotechnology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs)…

4. The Venture’s modest 2-session winning streak is threatened today by weak Oil prices…as of 7:00 am Pacific, the Index is off 3 points at 774…the TSX has fallen 88 points while the Dow has dipped 20 points after a banner day yesterday…both the Dow and S&P notched intraday and closing records to begin the week…the tech-heavy NASDAQ, meanwhile, posted its best day since November 7…

5. EnGold Mines (EGM, TSX-V) couldn’t resist – it’s doing what it said it wouldn’t do…EGM was halted pre-market yesterday with the company reporting later in the day visual analysis of additional drill holes completed at its Lac La Hache discovery in B.C.’s Cariboo region.  “Although EnGold previously advised that it would refrain from announcing drill hole information without assay, management believes the materiality of hole 17–16 was sufficient to warrant immediate visual disclosure,” stated President and CEO David Brett…of course, immediate visual disclosure to investors is only important in this company’s eyes if there’s drill core that looks like it’ll run…in any event, hole G17–16, located 142 m northeast of discovery hole G16–01, intersected a 43-m “intensely mineralized skarn-type zone”; hole G17–17, collared 50 m west of hole G17–16, intersected 3 separate mineralized zones along a 22-m core interval; hole G17–14 (50 m south of hole G17–16) intersected narrower intervals located at the upper and lower contacts of the subhorizontal host lithology; hole G17–15 (50 m north of hole G17–11) intersected an intrusive unit which appears to cut out the host lithology where drilled…assays have been rushed and results are expected within 10 days…with a healthy market cap close to $100 million, Brett now has to hope that results from the lab for hole #16 justify his change of approach in terms of reporting visuals…EGM is up a penny at 48 cents through the first 30 minutes of trading…

6. GT Gold (GTT, TSX-V) has commenced drilling the Saddle Gold zone at its Tatogga Property in northwest B.C. near the Red Chris mine…the Phase I program is expected to feature about 4,600 m of both RC and diamond drilling in 98 holes, with completion targeted for late July…first assay results are expected by mid-July…a Phase II drill program comprising of approximately 3,000 m of core drilling will directly follow Phase I, subject to the results obtained from Phase I…efficient execution of Phases I and II would allow room for a Phase III drill program later in the season…the southern portion of the Saddle zone is defined by very high-grade Gold-in-soil anomalies…the nature of the topography and immature, thin soils at Saddle South suggest the soil values reflect mineralization lying directly beneath…

7. We can’t build pipelines in Canada anymore, as that’s destroying the planet according to the doctrines of radical climate change fanaticism embraced by left wingers across the land, but cannabis production facilities – that’s our new specialty!…MYM Nutraceuticals (MYM, CSE) has hit a new multi-year high of 42 cents after announcing this morning that it has signed an exclusive deal with the municipality of Weedon, Quebec, to build a 1.5 million sq. foot cannabis production facility consisting of fifteen 100,000 sq. ft. greenhouses…once the entire project is completed and licensed, it would be one of the largest grow operations in the world with the potential to produce over 150,000 kilograms of cannabis per year, or $750 million annually…this is a first-of-its-kind partnership where a municipality has partnered with a cannabis company to build a major production facility…the agreement is unique as Weedon will purchase the 329 acres of land for MYM to build the project on.  “This is an important and significant deal for MYM and its shareholders,” said Rob Gietl, MYM’ s CEO. “The sheer scope and exclusivity of this project will bring MYM global attention and propel the company into its next stage of growth. We have all of the architects, engineers, and consultants in place, and with the full support of the municipality of Weedon, we are moving ahead at an accelerated pace.”

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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,247 and $1,254 so far today, touching a 4-week low…nearest key support is in the $1,230’s and investors should prepare for a test of that level…as of 7:00 am Pacific, Gold is down $6 an ounce at $1,247…Silver, after suffering its biggest weekly decline in 6 weeks, is off 13 cents at $16.56…U.S. inflation is a bit low but should rebound alongside wages as the labor market continues to improve, New York Fed President William Dudley (voting member of the FOMC) said this morning, reinforcing the message from the Fed that a recent patch of weak data is unlikely to derail plans to hike interest rates at least once more this year…

2. Economic optimism in the United States is surging, according to the latest CNBC All-America Economic Survey, with several key components hitting all-time highs…the CNBC survey finds that 30% of the public are optimistic about the economy now and for the future, the first time the percentage has been that high for back-to-back quarters during the survey’s 10-year history…

3. PyroGenesis Canada (PYR, TSX-V) announced this morning that it has signed its 3rd contract for a sample order of Titanium powder (Ti-6A1–4V) with a large manufacturer of 3D printers (all 3 orders are from different clients)…in addition, PYR has also successfully produced and delivered its first powder order…the 3rd order was placed during the ramp-up phase of the company’s powder production system…last week, PyroGenesis announced that it has created a new division under the name of PyroGenesis Additive, dedicated solely to the company’s additive manufacturing business line and the first step in a previously announced strategic spinoff…PyroGenesis is the inventor of plasma atomization and is using this process to produce very small, uniform, fully dense and spherical metal powders that flow like water and which are highly sought after in the additive manufacturing industry…PYR is up 3 cents at 92 cents as of 7:00 am Pacific…

4. The Venture snapped a 7-session losing skid Friday after RSI(2) conditions on the daily chart touched their most extreme oversold levels since the bottom of the bear market in January 2016…as of 7:00 am Pacific, the Venture is up 2 points at 778…Bonterra Resources (BTR, TSX-V) has increased its recently announced bought deal financing to $20 million from $13 million through a combination of flow-through shares at 84 cents ($15 million) and hard dollar shares at 50 cents ($5 million)…Cornerstone Capital (CGP, TSX-V) was halted pre-market, pending news…the company has been reporting strong drilling results for its Cascabel Copper-Gold porphyry joint venture project in northern Ecuador…iCo Therapeutics (ICO, TSX-V), coming off a high volume session Friday, is up another half penny to 5.5 cents in early trading with the potential for a near-term breakout above a symmetrical triangle and Fib. resistance at 6 cents…the broader markets have started the week strongly with the TSX up 107 points while the Dow has added 84 points as of 7:00 am Pacific…

5. EnGold Mines (EGM, TSX-V) was halted pre-open, pending news…the company’s most recent update on drilling at its Lac La Hache Property was June 5 when it reported that after a brief spell of poor weather, drilling had resumed north of the discovery area with 2 drills stepping out from holes G17–11 and G17–13…hole #11, located 50 m north of the original discovery hole, returned 11 m grading 1.16% Cu, 0.12 g/t Au and 6.2 g/t Ag…hole #13, 50 m east of hole #11, cut 18.25 m @ 1.2% Cu, 0.14 g/t Ag and 5.3 g/t Ag….

6. Nevada-licensed marijuana producer Friday Night (TGIF, CSE) made its public trading debut Friday on the Canadian Securities Exchange (CSE), finishing its first day at 32.5 cents for a market value of $44.2 million…Vancouver-headquartered Friday Night is the first pure-U.S. play publicly listed in Canada that is directly growing the plant in the U.S. for both medical and recreational use…American weed firms are forbidden to list on public stock exchanges in their home country because the drug is considered a Schedule I narcotic at the federal level…in the new Canada, however, everything’s ok as long as it feels good…TGIF’s robust market debut suggests there is significant investor interest in firms with U.S. state licences to cultivate pot…Friday Night’s move will likely be followed by a number of U.S. marijuana producers that have approached the CSE about potential listings as they eye the huge amounts of capital their Canadian peers have raised…the CSE believes that as long as an issuer complies with laws in the state in which it operates and adequately discloses the legal risks it faces, the company meets the exchange’s listing standards…TGIF is up a penny-and-a-half at 34 cents as of 7:00 am Pacific…

7. Critical Elements (CRE, TSX-V) hit another new all-time high of $1.08 during the first the first 30 minutes of trading this morning…the company is advancing its promising Rose Lithium-Tantum Project in northern Quebec, and a final feasibility study is due soon according to company’s latest news release last Thursday…

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TSX Venture Exchange and Gold

Understanding the primary direction of the U.S. dollar during the 2nd half of 2017 is key to evaluating where the Venture is headed…

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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,251 and $1,258 so far today after hitting a 3-week low in the wake of Wednesday’s Fed rate hike…however, Gold’s immediate moves right after Fed meetings have often not been reliable indicators of the yellow metal’s direction over the short to medium-term…main support levels are around $1,260 followed by the $1,230’s…as of 7:00 am Pacific, Gold is up $1 an ounce at $1,255…Silver is headed for its biggest weekly decline in 6 weeks…it’s down a nickel at $16.68, hovering around nearest support…holdings in SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, have fallen 1.5% to 27.4 million ounces this week (through yesterday)…

2. Oil prices are edging higher this morning, bouncing off their 2017 lows, but an ongoing supply excess puts WTIC on track for its 4th consecutive week of losses despite OPEC-led production cuts to support the market…data from the U.S. Energy Information Administration (EIA) this week showing growing gasoline stocks and shaky demand, despite the peak summer driving season, kept Oil prices under continued pressure…traders will be watching for the updated rig count out of the U.S. later this morning from Baker Hughes…the number of operational rigs has climbed for 21 straight weeks…

3. Preliminary June consumer sentiment in the U.S. has fallen to its lowest since November with the University of Michigan sentiment index reading at 94.5 as reported moments ago…that’s below the consensus estimate of 97…meanwhile the expectations measure decreased to 84.7 in June, the lowest since October…in other economic news, preliminary U.S. homebuilders slowed down the pace of construction for the 3rd straight month in May, a possible sign that the shortage of houses for sale might worsen…home construction is still 3.2% higher year-to-date, but that increase has been too modest to address the dwindling supply of homes…

4. The Venture, trying to snap a 7-session losing skid, has been impacted by a 5% slide in Oil prices in each of the past 2 weeks but RSI(2) conditions on the daily chart are at their most oversold extreme levels since the bottom of the bear market in January 2016…in addition, Venture technical support is exceptionally strong around 770 and near the rising 300-day moving average (SMA), currently 768…every Venture bull market has touched its 300-day SMA at least once, the last example being 2010 when the Index briefly slipped below the 300-day before quickly reversing out of a correction and embarking on one of its greatest runs ever over the next 7 months…as of 7:00 am Pacific, the Venture is up slightly at 773…the TSX has slipped 38 points while the Dow is off 34 points in early trading…Amazon (AMZN, NASDAQ) is on track to dominate foot retail within the next couple of years after announcing this morning that it’s acquiring Whole Foods Market (WFM, NASDAQ) for $42 a share in a deal valued at $13.7 billion…

5. Ascot Resources (AOT, TSX-V), in the midst of a major drill program at its Premier Property near Stewart, announced this morning that it has added $8.45 million to its treasury through the exercise of all warrants that expired yesterday…the company now has $32 million in in cash…Ascot has 6 rigs operating at Premier…more than 100 holes (35,000+ m) have been completed so far this year with results pending for almost half of those (results from 23 reported already)…the company’s planned 120,000 m program commenced in March after some aggressive snow clearing and is targeted to establish an initial 2 to 3 million ounce high-grade resource…

6. Taku Gold (TAK, CSE) which has been firming up recently in conjunction with a private placement, is “contemplating a certain mineral property acquisition in the White Gold area of the Yukon from an arm’s length party, Golden Predator Mining (GPY, TSX-V).  In conjunction with the transaction, the vendor intends to invest in Taku, subject to the successful execution of the acquisition.”  TAK hit a new 52-week high of 19 cents in trading this week and is off half a penny at 16.5 cents as of 7:00 am Pacific…

7. Trifecta Gold (TG, TSX-V), a spinout of Strategic Metals (SMD, TSX-V), enjoyed an encouraging first day of trading on the Venture yesterday with the stock closing at 27 cents on total volume of just under 300,000 shares…through the first 30 minutes this morning, TG is up 2 pennies at 29 cents…once the stock’s trading range has been established in the near future, management will be carrying out a private placement to advance the company’s 4 Gold properties in the Yukon’s White Gold district…Strategic distributed a total of 19,872,254 common shares of Trifecta to SMD shareholders (4.5 SMD shares for 1 TG share) and continues to hold 2,127,747 TG shares for investment purposes…SMD therefore owns 9.19% of the 23,150,001 shares of Trifecta currently issued and outstanding (22 million are free of any resale restrictions)…

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