BullMarketRun.ca

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,279 and $1,287 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,284 as the Fed begins a 2-day policy meeting…the central bank is expected to leave interest rates unchanged as it seeks to balance robust economic growth against low inflation…money managers’ net-short position in Gold more than doubled last week from the prior week, according to the latest COT data…Copper is up 2 cents at $2.91…Nickel is off slightly at $5.56 while Zinc has added a penny to $1.33…Cobalt remains steady at $15.76…Crude Oil has jumped 43 cents a barrel to $63.93 while the U.S. Dollar Index has retreated one-third of a point to 97.49…U.S. consumer confidence numbers for April have exceeded expectations with a reading of 129.2 vs. the consensus estimate of 126 as reported by the Conference Board minutes ago…that’s up from the March figure of 124.2…the report suggests consumers are feeling upbeat going into the 2nd quarter of the year…the euro zone reported its GDP growth for the 1st quarter at 1.5%, year-on-year, which is better than the 0.9% growth rate seen in the 4th quarter and better than forecast…the euro zone also reported its jobless rate at the lowest level in over 10 years…according to a new study being released this week by the Fraser Institute, insufficient pipeline capacity cost Canada’s energy sector $20.6 billion, or 1% of the country’s economy, in foregone revenues last year – Canada’s self-inflicted wound, all in the name of “saving the planet” while others pump Oil at record levels…this loss of revenue has far-reaching consequences – less investment, less job creation and ultimately less prosperity for Canadians, but the delusional left seems perfectly okay with that…Jason Kenney, who officially becomes the new Premier of Alberta today, will hopefully help change the national narrative…

2. China’s factory activity grew in April despite continued trade tensions with Washington, 2 surveys showed this morning, adding to signs that the worst of the slowdown in the world’s 2nd-largest economy is over…activity was weaker than the previous month but an improvement over February, when manufacturing indicators fell to a 3-year low…Caixin’s monthly purchasing managers’ index (PMI) decelerated to 50.2 from March’s 50.8 on a 100-point scale while a separate index by the China Federation of Logistics & Purchasing declined 0.4 points to 50.1, just above the 50-point line that indicates activity is accelerating…meanwhile, China’s auto sales fell again in March but the pace of decline was the smallest in 7 months…

3. Oil prices turned higher again this morning as Venezuela’s opposition leader called on the military to back him to end Nicolas Maduro’s rule and after Saudi Arabia said a deal between producers to curb output could be extended beyond June to the end of 2019…the situation in Venezuela, an OPEC member whose Oil exports have been hit by U.S. sanctions and an economic crisis, remains volatile…the government promptly dismissed any suggestion of a military insurrection…the Saudi comments from Energy Minister Khalid al-Falih came despite pressure from President Trump yesterday to raise output to make up for a supply shortfall expected from tightening U.S. sanctions against Iran…despite a shaky global economy, Oil prices have surged by almost 40% percent since January, lifted by OPEC supply cuts as well and U.S. sanctions against producers Iran and Venezuela…

4. The Canadian mining sector needs to act now or it could face a serious labor shortage as it struggles to find new talent to replace an aging workforce…the industry’s labor challenges have been a major topic among mining executives during the CIM Convention 2019, with many saying that the industry needs to do a better job reaching out to youth, women, indigenous people and visible minorities…in a discussion group during the conference, the Mining Human Resource Council (MiHR) said its baseline scenario predicts that the Canadian mining sector will need to hire around 97,000 workers within the next 10 years…if there is an expansionary boom in the commodity space, the sector would need to fill more than 135,000 positions…the new hiring initiative comes after the sector saw its longest period of high unemployment in recent history…from early 2015 to late 2016 the industry unemployment rate was well above the national average, hovering between 10% and 12%…Ryan Montpellier, executive director at MiHR, said that the labor crunch is coming at a time when enrollment in post-secondary mining programs has dropped significantly in the last few years…MiHR data showed enrollment in undergraduate mining programs has fallen nearly 50% from 2015 to 2017…

5. Just a week after becoming the first company to begin 2019 exploration in the Eskay Camp, Etruscus Resources (ETR, CSE) has added a significant northwest extension to its Rock & Roll Property, tripling the size of the land package to 160 sq. km…expansion through staking consists of an additional 18 separate claim blocks totaling 10,779 hectares, contiguous to the original Rock & Roll claims hosting the Black Dog VMS discovery made 3 decades ago…the northwest extension features several precious and base metals occurrences and is underlain in part by the same package of rocks that host the known mineralization at the Black Dog deposit…historic airborne survey data suggest that the Black Dog zone may extend to the northwest on the original claims and possibly even further to the newly-acquired claims…Dr. Dave Webb, VP-Exploration for Etruscus, stated: “VMS deposits occur within Triassic to Middle Jurassic volcanic and sedimentary rocks at the Black Dog and SRV zones and geophysical and geochemical anomalies suggest that there is room for other zones on the property.  Etruscus‘ expanded land position covers prospective terrain with limited exploration work, including ground newly exposed by receding glaciers”…the Rock & Roll Property is adjacent to the Snip mine to the southwest and CLM’s Newmont Lake Project to the east-northeast…ETR is up 3 cents at 48 cents as of 7:00 am Pacific after a 600,000 share cross…

6. The Dow is flat after the first 30 minutes of trading…Dow component McDonald’s (MCD, NYSE) posted quarterly earnings and revenue that topped analysts’ expectations with global same-store sales growing 5.4% in Q1, more than the 3.4% consensus estimate…the tech-heavy NASDAQ has taken a hit, pulled down Alphabet (GOOD, NASDAQ) whose quarterly numbers disappointed investors…in Toronto, the TSX is unchanged while the Venture – gunning for its 4th straight gain – has added 2 points to 614…Organigram Holdings (OGI, TSX-V) has cracked the $10 barrier for the first time in early trading…OGI has received an expanded cultivation licence from Health Canada in line with its previously announced Phase 4A and 4B expansion plans for its Moncton campus…tightly-held GoldON Resources (GLD, TSX-V) has touched a fresh multi-year high of 36 cents after announcing that it entered into a binding LOI with Great Bear Resources (GBR, TSX-V) to acquire an initial 60% interest and a subsequent 100% interest in GBR’s West Madsen Gold Property in the Red Lake Camp…West Madsen is a 39 sq. km package contiguous with Pure Gold’s (PGM, TSX-V) feasibility-stage deposit…Salazar Resources (SRL, TSX-V) just traded at a new multi-year high of 19 cents…

7. Azimut Exploration (AZM, TSX-V) has expanded the potential of its InSight discovery (Gold-Silver-Copper) at its Munishiwan Property in the James Bay region after results of an IP survey…the next exploration phase will start in June and will consist of detailed prospecting followed by diamond drilling…the property is jointly owned with SOQUEM, a subsidiary of Ressources Quebec, under a strategic alliance…the InSight discovery is currently defined as a 150-m by 600-m envelope based on outcropping mineralization with grab samples yielding up to 100.5 g/t Au, 435 g/t Ag, 156 g/t Te and 1.7% Cu…the IP survey shows that the area is characterized by a 300-m by at least 1,000-m coincident IP anomaly striking NNW-SSE…other IP anomalies, subparallel to and/or on strike with the InSight discovery, constitute highly prospective targets within a 1-km by at least 3-km trend…meanwhile, heliborne magnetic data (Geotech 2017) show a good spatial correlation with the IP anomalies, thereby strengthening the target definition…the discovery of the InSight prospect is the direct outcome of Azimut’s predictive modelling using the AZtechMineTM expert system over the James Bay region…

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1. Gold has traded between $1,278 and $1,286 so far today…as of 7:00 am Pacific, bullion is off $7 an ounce at $1,279…Silver has slipped 24 cents to $14.86…Copper and Nickel are off slightly at $2.89 and $5.58, respectively, while Zinc has gained a penny to $1.32…Cobalt is steady at $15.76…Crude Oil is 46 cents lower at $63.84 while the U.S. Dollar Index is relatively unchanged at 98.06…the Fed is the big event for markets in the week ahead, although there are about 150 S&P 500 companies reporting and some major economic data, including Friday’s jobs report…Fed Chairman Jerome Powell is expected to try to keep markets calm and stress the Fed has patience and that it will hold rates steady…trade talks between the U.S. and China are now in the final stages, said U.S. Treasury Secretary Steve Mnuchin, ahead of this week’s meeting in Beijing between negotiators from both sides…“We’re getting into the final laps,” a report quoted Mnuchin as saying in an interview at the Milken Institute Global Conference in Los Angeles…“I think both sides have a desire to reach an agreement.  We’ve made a lot of progress”…according to the report, Mnuchin said that while both countries are nearing a deal, the negotiations are reaching a stage where either an agreement could happen – or it could end without a deal…the United Arab Emirates (UAE) and China signed $3.4 billion worth of new deals over the weekend as part of China’s Belt and Road Initiative – a massive infrastructure project that involves building roads, railways and shipping lines between China and more than 60 countries in Asia, Europe, the Middle East and North Africa…China is already the UAE’s second largest trading partner, and the UAE serves as a major gateway for Chinese exports to the Middle East…

2. The S&P 500 and NASDAQ each closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings…in Canada, the TSX closed Friday just 56 points below its closing record high of 16,669 set earlier in the week…if history is a guide, then it looks as if there’s a lot more joy to come on Wall Street…historically, following periods when new highs were not recorded for at least 6 months, S&P 500 returns over the next 12 months averaged 12.9%, with 17 of the 18 periods recording a positive return, according to LPL Financial Research…notably as well, U.S. equity markets have risen significantly in the year after all 18 mid-term elections since World War II, with the S&P 500 delivering an average return of 14.5%, also according to LPL Financial…the pattern is pointing to a longer bull run even after this year’s epic rebound…the S&P is up 6.7% since the mid-terms last November, so there is indeed a lot of room for stocks to run in 2019 based on historical patterns…the S&P 500 has soared 17% this year, building on gains after closing out its best quarter in nearly a decade…the Dow has advanced 14%…whether the gains last depends in part on data continuing to show the economy is growing at a just-right pace: one that is fast enough to support corporate profits but slow enough to prevent inflation from racing higher, which might cause the Fed to raise rates again…that’s why President Trump can be expected to maintain pressure on OPEC to keep Oil prices from breaking out…

3. Alberta can’t get a new pipeline, but eastern Canada keeps increasing Saudi imports: Canada’s Oil imports from Saudi Arabia have been rising steadily during the Trudeau era, according to Statistics Canada trade data reviewed by CBC News…the total volume of Canadian imports from Saudi Arabia has increased by a whopping 66% since 2014, with imports rising every year during that period…last year, Canadian companies spent $3.54 billion importing 6.4 million cubic meters of Saudi Oil, up from 5.9 million cubic metres worth $2.5 billion in 2017…in January 2019, Saudi Oil accounted for roughly 10% of Canadian consumption, up from about 8% in 2017…Saudi Arabia is the 2nd-largest source of foreign Oil for Canada, after the United States, but of course the wacky left in Canada seems to have no problem with Saudi Oil while it attacks “dirty Oil” from Alberta…

4. A little education can go a long way: Victoria’s “Green New Deal” far left Mayor toured an Oil sands project in northern Alberta Friday as part of an education effort launched by Calgary city councillors and energy sector advocates…Lisa Helps’s trip to Cenovus’ (CVE, TSX) steam-assisted gravity drainage (SAGD) Oil sands project at Foster Creek, southeast of Fort McMurray, was arranged by pro-Oil and gas advocacy group Canada Action….Calgary city Councillor Jeff Davison and Canada Action founder Cody Battershill also travelled with the Victoria mayor…back in Calgary Friday night, Helps said it was “too soon for me to say” whether the tour had impacted her views on the Oil sands and the resource industry…“But I believe in the work that’s happening here and that I saw today,” the mayor quickly added…“If the Oil sands are going to have a future, what I saw today really lends itself well”…SAGD is a method of drilling to extract Oil that’s too deep below ground to mine…Canada Action said the technique is used in 97% of the Oil sands land area, as well as for 80% of reserves and about half of current production…Helps said she was impressed about the level of pride the staff took in the project, and was happy she took the trip to expand her perspective on the Oil sands and share that with her fellow councillors in Victoria…SAGD emissions are equivalent to what is emitted by the steam flood projects which have long been used to produce heavy Oil in California’s Kern River Oil Field and elsewhere around the world…

5. Chemesis International (CSI, CSE) is pushing higher in early trading on news that it has commenced the process to expand its operations into the central United States…the company will concentrate on establishing operations in Michigan, Wisconsin, Missouri, and Illinois…it’s now in the application stage in each state and is also in the process of completing due diligence on assets that include cultivation, extraction, and distribution…currently, each state is in different stages of developing its medical and recreational cannabis markets…Michigan has passed both recreational and medical cannabis laws, and state regulators are forming recreational cannabis laws with anticipated sales to begin early 2020…in Michigan, Chemesis has applied for a Hemp Co-Processing License, Hemp Cultivation License, Medical Cannabis Processing License, and will apply for the Adult Use Cannabis Processing License in Calendar Q4, 2019…Illinois is developing a medical cannabis program which allows patients that qualify for certain medical conditions to obtain cannabis flower and derivatives…the company will apply for licenses when the state begins accepting applications and is currently evaluating assets and other opportunities in the state…in addition, Chemesis will look to build a first mover advantage in Wisconsin, where the state is in the early stages of forming a basis for legalization…lastly, Chemesis will be pursuing opportunities in Missouri where the state is in the process of shaping a framework of regulations for a medical cannabis program…

6. The Dow is flat after the first 30 minutes of trading to begin the new week…in Toronto, the TSX is off 14 points while the Venture is unchanged at 611…Transition Metals (XTM, TSX-V) is the big early mover on the resource side after North American Palladium (PDL, TSX) drilled into the best mineralization yet at the Sunday Lake Project north of Thunder Bay – hole SL-19–26 returned 41.2 m @ 3.2 g/t Platinum, 2.1 g/t Palladium, 0.21 g/t Au, 0.57% Cu and 0.19% Ni…this includes a 15.8-m section containing 9.1 g/t combined Platinum-Palladium-Gold…that hole targeted the strongest conductivity anomaly in the western part of the intrusion…hole SL-19–29, a 275-m step-out from SL-19–26, cut 32.0 m @ 1.89 g/t Pt, 1.23 g/t Pd, 0.23 g/t Au, 0.33% Cu and 0.18% Ni…true widths are estimated at 80% to 95%…the Sunday Lake Project is held by JV partners Transition Metals and Implats (IMP, JSE), the world’s 2nd-largest Platinum miner…PDL holds the right to acquire Implats‘ 75% ownership in the Sunday Lake Project by completing work commitments totaling $4.5 million and making cash payments of $3.5 million over a 5-year period…Transition retains a 25% interest in the project carried to feasibility, providing its shareholders a significant stake in a premium PGE project as it is progresses towards production…good news – fresh blood is coming into Marathon Gold (MOZ, TSX)…President and CEO Phillip Walford announced his retirement this morning, once a successor is hired, though he’ll continue to serve as a director of the company…Marathon has commenced a global search for a new President and CEO who has the expertise and track record to lead the company through the next phase of development and construction of the Valentine Gold Camp…Khiron Life Sciences (KHRN, TSX-V) is up 20 cents at $3.34 in early trading after announcing that it has signed an LOI with Colombia’s largest pharmacy chain to distribute Khiron’s medical cannabis products across the country…the companies have agreed to initial discounting and commercial fees and will work toward establishing a definitive commercial contract and detailed distribution plan to begin sales in the second half of 2019…

7. Canopy Growth (WEED, TSX; CGC, NYSE) has reached a key milestone in establishing its hemp industrial park in the Southern Tier region of New York State…the company has secured a 308,000 sq. foot facility on a 48-acre property in Kirkwood, NY…design activities will commence immediately with construction slated to start this summer…the vision for the property is to build the infrastructure necessary to support hemp-derived cannabinoid extraction and related manufacturing together with providing an opportunity for participation by other businesses in the hemp industry…“As we establish a stronger foothold in the exciting U.S. market, we want to do so in a way that prioritizes local vendors and creates meaningful career opportunities for people in the communities where we operate,” stated Bruce Linton, Chairman and co-CEO Bruce Linton…“The vision for our investment is to create an ecosystem that inspires new entrepreneurs and generates more economic stimulus than a single company can offer.  As we build the facilities, we’ll also attract like-minded businesses who share our excitement for the emerging hemp and hemp-derived cannabinoid markets”…

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1. Gold has traded between $1,274 and $1,288 so far today…as of 7:00 am Pacific, bullion has jumped $10 an ounce to $1,286 following the release of a blowout U.S. GDP number for Q1…China appears to be relying on Gold imports to meet the country’s demand for the precious metal, according to Commerzbank…analysts cite data from the China Gold Association, as reported by the Chinese news agency Xinhua, showing that the country produced just shy of 93 tonnes of Gold in the 1st quarter, which was 5.5% less than in the same period last year…however, Chinese Gold demand increased slightly to 287 tonnes year-on-year…“China is using imports to plug the gap,” Commerzbank says…Silver has added 10 cents to $15.05…Copper, Nickel and Zinc are all relatively unchanged at $2.90, $5.58 and $1.31, respectively…Crude Oil has slipped $1.27 a barrel to $63.94 with President Trump warning OPEC again that prices are too high…the U.S. Dollar Index has eased off more than one-tenth of a point to 97.98…

2. Staying strong: The U.S. economy has had a habit of starting the year out sluggishly, only to rebound in the spring and summer…this year appears different…despite headwinds like a prolonged government shutdown, a polar vortex and slowing global growth, the U.S. remained very resilient in the 1st quarter, growing more strongly than the final quarter of last year when it expanded at a 2.2% clip…this morning, the Commerce Department reported the U.S. economy grew at a significantly faster pace than expected in Q1 and posted its best growth to start a year since 2015…1st-quarter GDP expanded by 3.2%, well above the consensus estimate of 2.5%…the upside beat was helped by net trade (exports jumped while imports contracted sharply) and inventories which combined contributed almost 170 bps of the rise…personal spending was up 1.2%, just two tenths more than expected as an increase in spending on services and non-durable goods offset a decline in spending on durable goods…inflation remains subdued…the price index for personal consumption expenditures increased at a 0.6% pace in Q1, compared with 1.5% in the final quarter of 2018…core prices, which exclude food and energy, rose at a rate of only 1.3%…the prosperity cycle in the U.S. under Trump is gaining momentum, not losing momentum, with inflation under control…that means the Fed can keep interest rates on hold…

3. Chinese President Xi Jinping addressed some 40 world leaders today at the Belt and Road forum in Beijing, but his speech may have been aimed at a head of state not in the audience: President Trump…Xi spent a large portion of his speech addressing Chinese domestic reforms, pledging to address state subsidies, protect intellectual property rights, allow foreign investment in more sectors and avoid competitive devaluation of the yuan…all 4 are key issues the U.S. is addressing in trade talks with Beijing.  “We will establish a binding enforcement system for international agreements,” Xi said, adding that China will standardize all levels of government in terms of issuing administrative licenses and market regulation, and also “eliminate improper rules, subsidies and practices that impede fair competition and distort the market”…Xi’s promises have been echoed by officials over the past few months and China has taken several steps to address U.S. concerns, including passing a new foreign investment law that bans forced technology transfers…trade negotiators led by U.S. Trade Representative Robert Lighthizer return to Beijing next week as both sides work toward a face-to-face meeting between Trump and Xi to ink a deal….

4.  Trudeau drives business to the United States:  Strong growth in U.S. Oil field activity made up for declines on the Canadian side of the border as Precision Drilling (PD, TSX) beat analyst expectations with Q1 results yesterday…the Calgary-based driller reported a 23% increase in activity in the U.S. compared with the same period of 2018, while its Canadian operations declined by 33%, a trend that it said is continuing in the current quarter.  “Of note in the quarter, only 36% of our company’s revenue was generated in Canada,” said CEO Carey Ford on a conference call…“This is the lowest percentage in the history of Precision, reflecting both the success of our investments outside of the Canadian market and the particularly weak industry activity experienced in Canada”…the Oil field services industry in Canada has been hit by lower producer spending plans this year, blamed on a shortage of investment capital, delays in building new pipelines and the current Alberta government production curtailments introduced by the NDP as a reaction to plummeting Canadian prices last year…this is Canada’s self-inflicted wound…

5. Does this come as any surprise?…the Trudeau government can’t guarantee it will have a decision on the proposed Trans Mountain pipeline expansion prior to the October election, Natural Resources Minister Amarjeet Sohi said yesterday at a “clean energy” announcement in Calgary…the deadline was pushed back to June 18 from May 22 on the recommendation of Indigenous communities and former Supreme Court justice Frank Iacobucci, who is advising the feds on the “consultation process” which the embattled and incompetent Trudeau government is hiding behind…the proposal to twin the existing Trans Mountain pipeline between Edmonton and Burnaby was first approved by cabinet in 2016…the Federal Court of Appeal rescinded that decision in August of last year because it said neither the environmental review nor the Indigenous consultations had been properly completed…meanwhile, sources say the Trudeau government is actively considering the idea of blocking the expansion of the Trans Mountain pipeline if Jason Kenney’s new Alberta government overturns a pledge by its predecessor to cap carbon emissions from the Oil sands at 100 megatons a year…the Liberal “logic” is that if there is no “climate change plan”, there can be no more pipelines – a commitment the Liberals believe may play well on B.C.’s Left Coast and Quebec where the party hopes it can pick up seats in the October election…

6. The Dow is 38 points lower after the first 30 minutes of trading as investors digest much better-than-expected Q1 economic growth…in Toronto, the Gold Index is pushing higher but the TSX Composite has slipped 47 points…the Venture, meanwhile, is flat at 608…Etruscus Resources (ETR, CSE) is one of the few exploration stocks to hit a new all-time high as it touched 50 cents in early trading…ETR is a newcomer in the prolific Eskay district and the first company in that region with boots on the ground in 2019…Benchmark Metals (BNCH, TSX-V) has enjoyed a strong week, up another 2 pennies in early trading at 26 cents…earlier this week the company outlined an aggressive 2019 exploration program at its Lawyers Gold-Silver Project within the Toodoggone district, located on the eastern extent of the prolific Stikine terrane, which also hosts the Golden Triangle…drilling will focus on infill, step-out and deeper drilling to expand the current resources at Cliff Creek and Dukes Ridge, as well as establish new resources at the Phoenix and AGB zones…Ernst & Young says Canada’s Gold output is set to grow by 6% this year, compared to a previous estimate of 2%…this improvement, EY analysts say, stems from increased exploration spending resulting in a strong buildup of the project pipeline in 2019…major projects slated to begin production this year include Newmont Goldcorp’s (NEM, NYSE) Borden Project in Ontario, Agnico Eagle’s (AEM, TSX, NYSE) Meliadine Project in Nunavut and Barrick’s (ABX, TSX; GOLD, NYSE) Hemlo mine in Ontario…“Improving market conditions are inspiring new confidence in the mining and metals sector and putting growth back on the boardroom agenda,” stated EY’s Jeff Swinoga…“To stay competitive in a transformed operating landscape, miners must develop bold strategies that accelerate productivity, improve shareholder returns and win investor confidence.  The qualities that define long-term success aren’t the same as they once were”…

7.  BMW will buy cobalt directly from mines in Australia and Morocco to ensure the metal purchased for its electric vehicles is sourced responsibly, according to the head of procurement at the German automaker…the measure comes as the London Metal Exchange carries out a supply-chain review to address concerns that Cobalt stored in its warehouses may be linked to child labor…the supply of the commodity, mostly mined in the Democratic Republic of Congo, faced scrutiny in recent years as humanitarian groups said it’s being produced in unethical conditions…the newly sourced metal will be used in BMW’s next generation of electric vehicles that will be built from 2020, Andreas Wendt said at a briefing in Paris this week…mines in Morocco and Australia “operate in line with our sustainability standards and there are no issues with working conditions such as child labor,” he added…

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