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1. Gold has traded between $1,217 and $1,232 so far today…as of 7:00 am Pacific, bullion is up $15 an ounce at $1,229…Gold’s tight negative correlation with the U.S. dollar will help prices go higher within the next 12 months, according to Wells Fargo, which forecasts a weaker greenback to come…“We see higher Gold prices ahead as we expect commodity prices in general to increase and the U.S. dollar to weaken. Our rolling 12-month target price for Gold remains $1,250 – $1,350 per ounce”…Silver has rallied 36 cents to $14.58…Copper is up 2 pennies at $2.77…Nickel has added 5 cents to $5.25…Cobalt is steady at $27.22 while Zinc is 2 cents higher at $1.17…Crude Oil has pulled back another 16 cents a barrel to $65.15…the U.S. Energy Information Administration reported yesterday that Crude stockpiles rose by 3.2 million barrels in the week ended October 26, marking the 6th consecutive week of increases…the U.S. Dollar Index, which posted its 7th straight month of gains in October, is unchanged at 97.00…global equities have started the new month on firmer ground after a brutal October, while sterling has rallied on reports that Britain and the European Union are close to a post-Brexit deal on financial services…equities will likely respond well to a tweet just put out by President Trump – “had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina. Also had good discussion on North Korea!”…U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017…tomorrow’s key economic data will be the October jobs report from the Labor Department…
2. U.S. online spending during the holiday shopping season is likely to grow 14.8% this year to $124.1 billion, far outpacing the 2.7% growth predicted for brick-and-mortar locations and highlighting the ongoing switch from stores to web shopping…the forecast was released this morning by Adobe Analytics which measures transactions from 80 of the top 100 U.S. retailers and trillions of customer visits to U.S. retail sites…
3. McEwen sounds off: Large-cap miners have dissuaded investors from entering the mining sector space with their lackluster performance and shrinking production profiles, stated Rob McEwen, Chairman of McEwen Mining (MUX, TSX, NYSE) in an interview with Kitco News on the sidelines of the Silver & Gold Summit in San Francisco…“The majors haven’t done any favors to the sector. They’ve gone out and they’ve sold off production so their growth curves have a negative slope to them. They got rid of their exploration and they’re shrinking. They’ve got bad results”…McEwen added that junior miners and mid-tiers are currently in a bull market that has 3 to 5 years to go…“In that time, there’s a chance of seeing Gold equities go up 3 to 4 times where they are today,” he added…
4. Corvus Gold (KOR, TSX), one of the top performing Gold stocks this year, released results this morning of a maiden Preliminary Economic Assessment (PEA) combining its North Bullfrog-Mother Lode projects in southwest Nevada…results outline a large new Nevada mining project with attractive preliminary production statistics that include an estimated 347,100 ounces of annual Gold production during the first 4 years and an after-tax 5% discounted Net Present Value (“NPV”) of $586 million (U.S.) with an IRR of 38% and estimated payback period of 2.1 years…Jeffrey Pontius, President and CEO, stated, “The PEA outlined a project that has the scale and economics similar to many existing major Gold mines in Nevada. The PEA demonstrates the potential for the project to produce nearly 350,000 ounces of Gold per year. This initial analysis in conjunction with our continued positive Mother Lode exploration drill results is encouraging for expanding and improving the economic model as our programs move forward. Furthermore, the greater Bullfrog district is seeing a resurgence of exploration activity with multiple mining companies conducting large-scale drilling programs”…
5. Garibaldi Resources (GGI, TSX-V) has extended the Discovery zone at Nickel Mountain to the southeast and the northwest with more world class Nickel grades…drill hole EL-18–24 returned 8% Nickel and 2.9% Copper, plus the usual Cobalt, Platinum, Palladium, Gold and Silver, over 4.5 m within a broader interval of 10.5 m grading 3.7% Ni and 1.6% Cu, 64 m southeast of the EL-17–14 intercept…meanwhile, EL-18–23 cut 5.6 m grading 7.6% Ni and 3.4% Cu at very shallow levels approximately 30 m northwest of the EL-17–14 massive sulphide intercept…finding 1 massive sulphide intercept at Nickel Mountain can quickly lead to many more in the immediate area when drill hole spacing is tightened up, just as hole EL-17–04 last year (4.8 m @ 7.2% Ni and 3.4% Cu) got the ball rolling in the Discovery Zone…these intercepts also contain grades rarely seen in Nickel sulphide deposits anywhere on the planet…significantly, as well, EL-18–23 was collared just 15 m south of the icefield and was drilled toward the west, bolstering the proposition that high-grade mineralization at Nickel Mountain indeed trends under the ice where there is a huge untested area leading to the north and the east…the Eskay Camp’s first magmatic Nickel-Copper-rich sulphide system remains open in all directions and drilling continues in mountaintop winter conditions…
6. The S&P/TSX composite index in October suffered its worst monthly decline in more than 7 years…Canada’s benchmark index fell 6.5% in October, taking it back to where it was about a decade ago…all the broad sectors fell, led by economically sensitive areas of the market such as energy, consumer discretionary, financials and industrials…even relatively safe, dividend-generating sectors such as utilities, telecommunications and real estate investment trusts sputtered…
7. The Dow is up in early trading for the 3rd day in a row…investors capped off a volatile October with a strong rally Wednesday and yesterday that saw the Dow surge more than 650 points…however, the index closed last month down 5.1%, its biggest 1-month fall since January 2016…October was also the worst month for the S&P 500 since September 2011…tech giant Apple is scheduled to report earnings after the bell today…better-than-expected numbers from Apple could be a huge boost for the broader market…as of 7:00 am Pacific, the Dow is up 28 points while the TSX has added 22 points…the Venture is flat at 642…Westhaven Ventures (WHN, TSX-V), up 6 cents at $1.13 through the first 30 minutes of trading, hit a new high of $1.34 intra-day yesterday after releasing another robust high-grade Gold intercept at its 155 sq. km Shovelnose Property within the Spences Bridge Gold Belt near Merritt…drill hole SN18–15 returned 46.2 m of 8.95 g/t Gold and 65.5 g/t Silver, including 5 m of 14.7 g/t Au and 215.00 g/t Ag…SN18–15 is 100 m southeast of hole SN18–14 which returned 17.8 m of 24.5 g/t Au and 107.9 g/t Ag…the strike length of the South Zone is 700 m and is open to the east and southeast…Westhaven commences fresh drilling early this month while an airborne geophysical survey is being over the entire property package to help uncover favorable new structures…iMetal Resources (IMR, TSX-V) has completed a $676,000 financing at 8 cents per share as the company prepares for first-ever drilling at its Gowganda West Gold Project where high-grade Gold and Copper showings have been identified over a strike length of 2.4 km, thanks in part to a very aggressive logging operation in the area…this represents one of the most prospective grassroots high-grade Gold discovery opportunities in the market, trading at 10 cents a share…
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