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

1. Gold has traded between $1,284 and $1,293 so far today…as of 7:00 am Pacific, bullion is off $3 an ounce at $1,289 following release of a better-than-expected U.S. jobs report…Silver has slipped 5 cents to $15.08…on the base metal front, Copper, Nickel and Zinc are all relatively unchanged at $2.91, $5.93 and $1.35, respectively, while Cobalt is unchanged at $14.91…Crude Crude continues to climb…WTI, up 51 cents at $62.51, is headed for its 5th consecutive weekly gain…the U.S. Dollar Index is up slightly at 97.36, one-fifth of a point below key resistance…the U.S. and China continue to make progress in trade talks…“We’re getting very close to making a deal,” President Trump told reporters in the Oval Office yesterday…“That doesn’t mean a deal is made, because it’s not, but we’re certainly getting a lot closer.  And I would think within the next 4 weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced”…

2. Hiring in the U.S. sprang back in March and the unemployment rate remained at an historically low level, underscoring that the labor market remains a source of strength for the economy…non-farm payrolls increased a seasonally adjusted 196,000 in March, the Labor Department reported this morning, which exceeded expectations…better hiring last month was led by strong gains in the health care and leisure and hospitality sectors…payrolls also increased in construction and mining…meanwhile, the unemployment rate held steady at 3.8%, just above a 49-year low of 3.7% touched last fall, while average hourly wages for private-sector sectors grew 3.2% from a year earlier…the strong March report should put to rest the notion (perhaps what the mainstream media is cheering for) that the U.S. economy is doomed to falter in 2019…

3. The Trump economy remains a job-creating machine while the over-regulated and over-taxed Trudeau economy, Canada’s version of the far left Democrats’ Green New Deal in the U.S., continues to sputter…Canada lost 7,200 jobs in March…Statistics Canada says the number of employee positions in the private sector fell by 17,300 last month, while public-employee jobs increased by 4,200 and self-employed occupations rose by 6,000…year-over-year average hourly wage growth in March was 2.4% which was up from a reading of 2.3% in February but significantly below U.S. wage growth…Canada continues to underperform the U.S. in virtually every economic metric…

4. Kirkland Lake Gold (KL, TSX) produced 231,879 ounces of Gold in Q1, an increase of 57% from 147,644 ounces in Q1 2018, with the increase driven by record quarterly production at both Fosterville and Macassa…the company ended Q1 2019 well positioned to achieve its improved full-year 2019 production guidance of 920,000 to 1,000,000 ounces of Gold, with production at Fosterville expected to be weighted to the 2nd half of 2019 as development advances to depth into the high-grade Swan Zone…during Q1 2019, the company continued to build financial strength with cash increasing $78 million or 23%, to $410 million at March 31, compared to $332 million at the end of December…Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “Both Fosterville and Macassa achieved record production in Q1 2019, largely reflecting strong grade performance, as well as higher levels of mill throughput at Fosterville.  At Fosterville, we continued to advance development and production from the Swan Zone, with stope production advancing on multiple levels.  As we develop deeper into the zone, we are targeting higher levels of production from Swan, particularly in the 2nd half of the year.  At Macassa, production on the 5600 and 5700 levels continues to generate better than planned grades.  Production over the balance of the year will remain largely focused on these areas”…

5. Aurora Cannabis (ACB, TSX) has been selected by Germany’s Federal Institute for Drugs and Medical Devices as one of 3 winners in the public tender to cultivate and distribute medical cannabis in that country…the contract will be formalized at the earliest on April 17, pending the outcome of an appeal procedure on which a ruling is anticipated by next Wednesday…the tender saw 79 companies participating, with the winners able to establish production in Germany upon the completion of the contract associated with the tender…the selection process was based on the submission of a concept for domestic cannabis production, delivery and pricing…Aurora’s concept, judged on criteria such as facility design, quality, security and logistics, received the highest ranking out of all concepts submitted, validating the company’s leadership in integrated cultivation, production and delivery…the company was awarded the maximum number of 5 of the 13 lots in the tender over a period of four years with a minimum supply of 4,000 kilograms total…the cannabis produced will be sold to the German government and supplied to wholesalers for distribution to pharmacies…

6. The Dow is 57 points higher through the first 30 minutes of trading…in Toronto, the TSX has advanced 38 points…Goldcorp (G, TSX) shareholders yesterday voted decisively in favor of the company’s $10 billion (U.S.) acquisition by Newmont Mining (NEM, NYSE)…next week, on April 11, Newmont shareholders will weigh in on the transaction in what will be the final major hurdle…if the deal closes, as expected, Newmont will become the biggest Gold company in the world by market value, production and reserves….the Venture has added 1 point to 627…2 promising juniors focused on Nevada are firmly in the midst of major new uptrends – American Pacific (USGD, CSE), unchanged at 26 cents as of 7:00 am Pacific, is on the verge of a fresh 10-month high, while upstart Global Energy (GEMC, TSX-V) has turned aggressive on an increasingly intriguing Nickel-Copper-Cobalt opportunity in the Lovelock area, which is attracting considerable new interest, approximately 100 miles from the Tesla gigafactory…

7. Indonesia’s first plant to produce battery-grade Nickel chemicals is on track to start operations by 2020, though the project still needs an environmental permit that could take up to 8 months to be approved, Reuters reports…China’s Tsingshan Group and partners including GEM Co Ltd are building a $700 million high pressure acid leaching (HPAL) plant at the PT Indonesia Morowali Industrial Park (IMIP) on Indonesia’s Sulawesi island, a Nickel mining hub…ground breaking started in January on the plant, which is due to be completed within 16 to 18 months and will allow Indonesia to export Nickel sulphate, a component for Lithium-ion batteries used in electric vehicles…nonetheless, some analysts have cast doubt on the ambitious timeline for the HPAL facilities, which are more complicated than other Nickel processing plants that Tsingshan has built…“We are building it fast because that it is how we model our business to avoid higher costs, and we need also to catch up with the market,” Alexander Barus, coordinating executive director of IMIP, said in an interview…IMIP is also a minor stakeholder in the plant…

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1. Gold has traded between $1,280 and $1,294 so far today…as of 7:00 am Pacific, bullion is off $7 an ounce at $1,282…both Gold and Silver have hit 3-month lows this morning with Silver slipping 16 cents to $14.95…base metals are off modestly with Copper, Nickel and Zinc at $2.92, $5.91 and $1.35, respectively…Canada’s Copper industry produces approximately 600,000 tonnes annually, roughly 3% of global supply…Imperial Metals (III, TSX), Hudbay Minerals (HBM, TSX) and Copper Mountain (CMMC, TSX) are Canadian Copper producers who have been strong market performers so far this year…Crude Oil continues to climb, up another 5 cents to $62.51 while the U.S. Dollar Index has jumped one-fifth of a point to 97.30…non-farm payrolls for March will be announced pre-market tomorrow by the Labor Department…

2. Holdings of Gold by global exchange-traded funds were nearly flat in March, rising by just 3.3 tonnes, the World Gold Council reported this morning…as of the end of the month, holdings stood at 2,482.8 tonnes…the WGC said the rise over the 1st quarter of the year was around 42 tonnes…North American ETFs collectively posted inflows of 2.5 tonnes last month while those in both Europe and Asia inched up by 0.3 tonne…the uptick in all other regions amounted to 0.2 tonne…

3. President Trump, busy on Twitter again, says the U.S. economy is very strong despite “unnecessary and destructive actions” taken by the Federal Reserve, his latest attack on the nation’s independent central bank…“Despite the unnecessary and destructive actions taken by the Fed, the Economy is looking very strong, the China and USMCA deals are moving along nicely, there is little or no Inflation, and USA optimism is very high!,” the President proclaimed on Twitter…Trump has departed from the practice of recent previous administrations of not commenting on Fed interest rate policy, repeatedly criticizing the central bank (and justifiably so) for a rate-hike campaign it brought to an abrupt end last month…several Fed officials have also been touting the underlying strength of the U.S. economy in recent remarks, arguing that a spate of weak data is likely to prove fleeting…

4. The Canadian Energy Pipeline Association and management consultancy Ernst & Young released a report yesterday that is sharply critical of regulatory overlap, uncertainty and timelines in Canada relative to the U.S., which the report states is now a more attractive place to build pipelines…the report notes that since 2016, a year after Trudeau took office, Canadian companies have submitted only 1 new project for National Energy Board (NEB) approval compared with 14 equivalent applications to the U.S. Federal Energy Regulatory Commission, or FERC…the NEB proposal is an application from TransCanada to expand and de-bottleneck its Nova gas pipeline system, which is the largest natural gas pipeline network in Canada but has required maintenance to alleviate pinch points along the system…“Over the past several years there has been an increase in the volume, complexity and duplication of regulations imposed on the pipeline industry in Canada,” Ernst & Young’s Canadian Oil and gas leader Lance Mortlock wrote in the report…“This regulatory layering, along with other factors, is decreasing Canada’s competitiveness globally”…

5. Pretium Resources (PVG, TSX) is higher in early trading after releasing an updated mineral reserve and resource estimate as well as a 14-year plan for Brucejack in the Eskay Camp, saying the mine is expected to produce 525,000 ounces of Gold annually over the first 10 years at an average all-in-sustaining cost of $535 (U.S.) an ounce per year…Joseph Ovsenek, President and CEO, stated, “Since achieving production at Brucejack, we have processed over 1.5 million tonnes of ore and produced over 500,000 ounces of Gold, providing us a solid foundation of operating experience and key metrics to update the life-of-mine plan and outlook for the mine.  At $1,300 Gold, Brucejack now has an estimated after-tax net present value at a 5% discount rate of $2.59 billion (U.S.) over a 14-year mine life.  This is a significant increase from the 2017 estimated net present value at a 5% discount rate of $2.1 billion“…total Brucejack Proven and Probable reserves were put at 6.4 million ounces of Gold (16 million tonnes grading 12.6 g/t)…however, P&P reserve grade at the Valley of the Kings has dropped from 16.1 g/t to 13.8 g/t (a 14% cut) to account for more internal waste than was anticipated in the company’s 2016 reserve update…the NPV increase of 23% is attributable to the increase in production from 2,700 tonnes per day to 3,800 tonnes per day…

6. The Dow has jumped 121 points through the first 30 minutes of trading…in Toronto, the TSX is up just 8 points while Venture has slipped 2 points to 625 as it continues to hug its rising 50-day moving average (SMA)…National Access Cannabis (META, TSX-V) continues to show strong momentum, operationally and in the market…META has pushed above the $1 level for the first time since September…GoGold (GGD, TSX-V) has announced record production of 288,693 ounces of Silver and 1,613 ounces of Gold for 424,210 Silver equivalent ounces at its Parral Project in Mexico during the quarter ended March 31, an increase of 30% from Q4…this eclipses the previous production record of 417,191 Silver equivalent ounces set in March 2018…Brad Langille, President and CEO, stated, “Production increased each month during the quarter and the company expects that there will be continued improvement in the June 30, 2019 quarter”…

7. A Peruvian judge has ordered 3 years of jail time for 3 lawyers representing indigenous villagers who have blockaded shipments from a massive Copper mine operated by Chinese miner MMG…the ruling promises to further polarize a dispute between MMG and the Quechua-speaking village of Fuerabamba, in Peru’s southern Copper belt…villagers have demanded that their lawyers be freed before talking with the government about lifting their blockades of 2 roads that have cut off access to the Las Bambas mine, halting its exports.  “I hope that the community understands we’re not against them.  We’re against crime,” prosecutor Jorge Chavez Cotrina said in comments broadcast on local TV…“They can ask for whatever they want.  But we have to act according to the law”…the prosecution argued the lawyers – the brothers Jorge and Frank Chavez, and Carlos Vargas – had manipulated Fuerabamba villagers into blocking a road used by Las Bambas to extort MMG, and must be held in jail because they are a flight risk…Kevin Pena, the attorney for the 3 men, denied the accusations and said their due process was being violated…Fuerabamba villagers have repeatedly denied that they were manipulated by the lawyers, saying they fairly represented them in their claim for compensation from MMG for transporting its Copper concentrates on a road that passes through the community’s farmland…at the end of a 3-day hearing in the regional capital of Cusco, Judge Patricia Valencia granted the prosecution’s request to order the lawyers to 36 months in pre-trial detention while prosecutors prepare charges against them…Fuerabamba villager Edison Vargas said the community would continue the blockades while they remained in jail…“We’ll keep up the struggle 36 months. The mine will be shuttered 36 months,” he stated…

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1. Gold has traded between $1,288 and $1,295 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,290…Silver is 4 cents lower at $15.04…base metals have firmed up on encouraging news regarding China…Nickel has jumped 11 cents to $6.06, Copper has added 2 cents to $2.93 while Zinc has also added a couple of pennies to $1.36…Cobalt is on the rebound, up 91 cents at $14.52…Crude Oil has gained another 12 cents to $62.70 while the U.S. Dollar Index has pulled back one-fifth of a point to 97.17…some weaker than expected economic numbers out of the U.S. this morning…growth in the services sector last month was at its slowest pace in more than a year…the ISM non-manufacturing index fell to 56.1 in March, down from 59.7 in February…economists polled by Refinitiv expected the index to dip to 58…“The non-manufacturing sector’s growth cooled off in March after strong growth in February,” ISM noted in a statement…“Respondents remain mostly optimistic about overall business conditions and the economy.  They still have underlying concerns about employment resources and capacity constraints”…meanwhile, U.S. job growth based on numbers from ADP and Moody’s Analytics hit an 18-month low in March…private payrolls increased by just 129,000 for the month, well below the 173,000 that economists surveyed by Dow Jones had expected…the weakness was offset somewhat by an upward revision for February, which went to 197,000 from an initially reported 183,000…overall, though, March was the worst month since September 2017, which saw an increase of just 111,000…the Labor Department reports non-farm payrolls Friday…another breathtakingly insane economic idea from a radical U.S. Democrat..Senator Ron Wyden, D-Ore., is proposing a so-called mark-to-market version of the capital gains tax…put more simply, investors would pay capital gains taxes each and every year in which their assets go up in value, instead of only when they are sold…this tax on unrealized gains would be not only difficult to implement but also could devastate markets, especially liquid markets, where stocks, bonds and commodities trade…the annual tax would also apply to illiquid investments like the value of a private company, real estate and other complex investments…

2. World stocks are at their highest in 6 months after data overnight showed the China services sector hit a 14-month high in March…the report, which helps to allay fears about a global economic slowdown, comes on the heels of upbeat manufacturing data in China…comments from White House economic adviser Larry Kudlow yesterday that the U.S. and China “expect to make more headway” in trade talks this week have fired up hopes of a resolution to the months-long trade battle between the world’s 2 biggest economies…

3. Caterpillar (CAT, NYSE), considered a bellwhether for the global economy, came under pressure at the open this morning but has started to rebound after Deutsche Bank downgraded the maker of earth movers and other construction equipment based on a bearish view of the global economy…“Synchronized global growth has collapsed, the China Land Cycle is rolling over (and will continue to weaken despite the single positive data point this week), Europe is slowing more than expected and the U.S. is oversaturated with construction equipment.  Each of these factors alone are powerful drivers of CAT’s earnings, but together this synchronized slowdown will not only usher in a negative earnings revision cycle, but also make 2019 the cyclical peak”…hmm…on a more positive note, IMF manager director Christine Lagarde says the Federal Reserve’s “more patient pace of monetary policy normalization” will provide some thrust to global growth in the 2nd half and into 2020…however, years of high public debt and low interest rates since the financial crisis a decade ago have left limited room in many countries to act when the next downturn arrives, so countries need to make smarter use of fiscal policy…

4. The Dow is up 15 points through the first 30 minutes of trading…in Toronto, the TSX has added 41 points while the Venture has slipped 1 point to 625 as it continues to hug its rising 50-day moving average (SMA)…Alamos Gold (AGI, TSX), which has been one of the top-performing Gold stocks this year, reported this morning that its Mulatos mine in Mexico produced its 2 millionth ounce of Gold in March…this milestone also marks the end of the 5% net-smelter-return royalty (NSR) that the operation has been paying since the start of production in 2005 (some people got very rich on that)…at the current Gold price, this represents a savings to Alamos of approximately $65 per ounce, which has already been incorporated into previously disclosed guidance…Corvus Gold (KOR, TSX) has drilled 41.1 m @ 2.8 g/t Au and 30.5 m @ 1.7 g/t Au, ending in 4.1 g/t, in separate intervals in ML19–109 as it tests a deep intrusive zone below the existing Mother Lode deposit in Nevada…the new discovery is now outlining an intrusive related deep Gold zone below the main deposit which the company’s believes could offer additional resource expansion potential…further follow-up drilling will be testing this new lower Mother Lode zone over the next few months…

5. The Ford Conservative government in Ontario has a unique and terrific branding idea (the left wing mainstream media hates it) which underscores why investing in the Ontario resource sector is more attractive than ever…the government intends to use “Open For Business” as the new slogan on commercial licence plates…the slogan on plates for passenger vehicles will also be changed…“I can tell you that people across this province want change.  They voted for change, and they’re getting change,” Ford stated…”Yours to Discover” has been on Ontario plates for 37 years…“What we want to do is turn the channel; we want to turn the page on a dire economic situation that the Liberal government after 15 years of mismanagement left us in,” Government Services Minister Bill Walker said…“We want to ensure that Ontario says to the world, ‘We are back on stage’.  We’re looking at all kinds of different options to brand our province as open for business, open for jobs”…

6. A new pot stock started trading on the CSE this morning – Vibe Bioscience (VIBE, CSE) also announced that, through its U.S. subsidiary, it has entered into a purchase agreement to acquire all of the membership interests in the outstanding securities of EVR Managers, LLC  which holds a license for an adult use cannabis retail operation located in Redding, California…completion of the Redding acquisition and necessary improvements to the Redding site will add a 3rd licensed, adult use recreational Cannabis dispensary to Vibe’s cannabis operations in California…upon completion, Vibe expects the Redding site to have the potential to generate up to $5.5 million (U.S.) in revenue during its first 12 months of operations based on management’s analysis of trends, current conditions and expected future developments…Vibe describes itself as a vertically integrated cannabis company whose mission is to become a dominant California cannabis retailer and multi-state operator…VIBE opened at 97 cents and is trading at 85 cents as of 7:00 am Pacific…

7. California Gold Mining (CGM, TSX-V), which is doing some interesting things with its Gold property in Mariposa county, has entered into a term sheet with Toronto-based alternative credit firm Romspen Investment Corp., outlining the terms of a secured credit facility to finance the development and operation of the company’s recently announced high-cannabidiol industrial hemp seed propagation project on its 100%-owned, 3,351-acre, privately held Fremont Property in Mariposa county…Vishal Gupta, CGM’s President and CEO stated, ”This credit facility provides us with the funding to finance the entire capital expense of developing the 27,000 square foot greenhouse, and a substantial portion of our first year’s operating expense related to the propagation of high-CBD industrial hemp seed on the Fremont Property. We are delighted to receive this endorsement as we enter the nascent industrial hemp space with a view towards creating shareholder value, while minimizing shareholder dilution”…

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