Check the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,267 and $1,277 so far today, under mild pressure following further de-escalation of the North Korean crisis while some stronger-than-expected U.S. economic data was also released…as of 7:00 am Pacific, bullion is down $12 an ounce at $1,270…Silver has retreated 45 cents to $16.61…Copper is off slightly at $2.88…Nickel has lost 2 pennies to $4.71…Crude Oil is 51 cents lower at $47.08 while the U.S. Dollar Index has rallied one-quarter of a point to 93.74…
2. President Trump’s tough talk against North Korea seems to have had its desired effect on both China and North Korea – Kim Jong Un has blinked first, pulling back on his threat to attack a U.S. territory and hours after China took its toughest steps against Pyongyang to support U.S. sanctions…North Korean state media said today that Kim Jong Un had made a decision not to fire on Guam after visiting a military command post and examining a plan presented to him by his senior officers…but it warned that he could change his mind “if the Yankees persist in their extremely dangerous reckless actions”…meanwhile, Iran, another part of the original “Axis of Evil”, issued a direct threat to the West today…President Hassan Rouhani claims his country is capable of revitalizing its nuclear program within hours and quickly bringing it to even more advanced levels than when Iran reached a deal with world powers that limited its ability to produce nuclear weapons…
3. U.S. consumers continue to flex their muscles – retail sales recorded their biggest increase in 7 months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, suggesting the economy continued to gain momentum early in the 3rd quarter…sales rose 0.6% in July, Commerce Department data showed this morning, following an upwardly revised advance of 0.3% in June…economists were expecting to see a 0.4% rise in the headline number…meanwhile, the Empire State manufacturing survey released this morning by the New York Federal Reserve showed business sentiment surged much higher than expected in New York in August…in addition, sentiment in the manufacturing sector is at its highest point in almost 3 years…other economic data just released shows homebuilder sentiment soaring on strong sales…
4. Equity markets are quiet in early trading…the Dow is up 27 points at 22,020 through the first 30 minutes of trading…in Toronto, the TSX backed off 24 points while the Venture is steady at 764…Clean Commodities (CLE, TSX-V) has jumped a penny to 7.5 cents on news that the company has started a maiden exploration program at its Juliet Lithium Project contiguous to Critical Elements‘ (CRE, TSX-V) Rose Project in northern Quebec…Cornerstone Metals (CCC, TSX-V) is one of the top volume leaders again, adding half a penny to 9 cents as of 7:00 am Pacific…last Friday, the company announced it has entered into an LOI to acquire one of he largest primary Vanadium deposits in the United States…after some recent weakness, Jaxon Minerals (JAX, TSX-V) is rebounding this morning on news that it has appointed Dr. Yingting (Tony) Guo to its board of directors….Dr. Guo is a member of the technical committee of the Zijin Midas Exploration Fund, a strategic investor in Jaxon and a subsidiary of Hong Kong-listed Zijin Mining Group, the fund’s manager and major investor…
5. Tinka Resources (TK, TSX-V) is up slightly after releasing more drill results this morning from its 100%-owned Ayawilca Zinc Project in central Peru…they included 36.25 m at 5.2 % Zinc from 273.25 m depth, including 5.5 m at 12.5% Zinc from 304 m depth at West Ayawilca where the Zinc zone has been extended by approximately 150 m to the northeast…meanwhile, South Ayawilca – a primary target for additional discoveries – remains open over a strike distance of at least 700 m toward the southeast…Tinka expects to release an updated resource estimate during the final quarter of 2017…approximately 12,000 m have been drilled in 35 holes completed during the campaign so far, with further step-out holes planned for the remainder of 2017…Dolly Varden Silver (DV, TSX-V) is adding to yesterday’s strong performance with a 3-cent gain to 72 cents in early trading…the company is considering more than doubling the size of its drill program at the Dolly Varden Property south of Stewart after a new high-grade zone was intersected as announced yesterday…
6. Columbus Gold (CGT, TSX) reported this morning that drill hole MO-17–295 has confirmed the potential to increase the size of the multi-million ounce Montagne d’Or Gold deposit at depth…drill hole MO-17–295 returned 0.92 g/t Au over 41.2 m, including 1.92 g/t Au over 17.7 m, and was intersected 175 m vertically below the deepest hole previously drilled in the principal upper felsic zone, the secondary lower favourable zone, and the footwall zone…meanwhile, drill hole MO-17–304 confirms the potential to increase the strike length potential of the deposit…MO-17–304 returned 0.56 g/t Au over 58.1 m, including 2.32 g/t Au over 9.0 m, 400 m to the west of the Montagne d’Or deposit…CGT is off slightly at 64 cents, a penny above its rising 500-day moving average, on light volume…
7. Aphria Inc. (APH, TSX) announced this morning that it has invested $11.5 million in HydRx Farms Ltd. (Scientus Pharma) by way of a senior, secured convertible debenture…the debenture has a 2-year term, bears interest at the rate of 8%, paid semi-annually, is convertible into the common shares of Scientus Pharma at the rate of $2.75 a share, and is secured by a first charge on all of its current and future assets…Scientus Pharma is a vertically integrated biopharmaceutical company focused on the development of drugs that target the endocannabinoid receptors throughout the body for the treatment of diseases of the brain, organs, connective tissues, etc….essentially, Scientus Pharma is raising the bar of cannabinoid products from medical grade to pharmaceutical grade…APH is up 2 pennies at $5.99 as of 7:00 am Pacific…
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