Weekly Market Performances
For the week, Silver was unchanged at $17.51 as it meanders around its still-rising 50-day moving average (SMA).  Gold added $1 an ounce to $1,490.  Nickel tumbled 56 cents or 7% to $7.48 in a normal and anticipated technical correction.  Copper lost a penny to $2.60.  Zinc added a penny to $1.12 while Cobalt, trading at multi-month highs, remained unchanged at $16.10.  Crude Oil retreated more than $1 a barrel to $53.70 while the U.S. Dollar Index shed 1.19 points to 97.14.
On the equity markets, the Dow lost 47 points for the week after Friday’s 256-point setback.  However, the Dow and S&P 500 are only about 1% below their all-time highs and earnings season is off to a very positive start (24% of S&P 500 companies will release quarterly results in the week ahead).  The NASDAQ jumped 33 points for the week, the TSX lost 38 points while the Venture rebounded 1 point to 542 to snap a 3-week losing skid in which it shed 8.3%.
Monday’s Canadian Election
Will Canadians come to their senses Monday and oust an Oil-hating, Alberta-hating, big-spending, tax-hiking globalist government obsessed with climate change and gender issues – the most left-wing, incompetent “managers” of our economy in nearly half a century – and replace it with at least a strong Conservative minority, or will they actually make things worse by electing what could turn out to be a Liberal-NDP alliance? Â The socialist NDP, advocating massive new spending and a slew of new and higher taxes including a 50% hike to capital gains taxes to make the “rich” pay their “fair share”, appeal to the worst big government instincts of the Liberals, so there is much at stake Monday for Canada and our resource sector in particular.
If Trudeau remains in power, the risk is that Canada ultimately plunges into a combined national unity/economic crisis. Â Perhaps, however, a naive younger generation and the country as a whole have to experience the pain that Alberta and the Oil sector in general have suffered before people wake up and realize that as a nation we must chart a bold new course, far different than the one that career politicians and bureaucrats have inflicted on us.
We must make Canada competitive again. Â Each and every day we are losing ground.
This uninspiring election campaign has not sufficiently addressed the real issues that Canada must immediately grapple with – how to build a more competitive and productive economy; how to cut regulations rather than adding to them every day; how to attract more investment (capital flows are accelerating to the U.S. and elsewhere); how to lower taxes and keep government spending under control ($30 billion just to pay the annual interest on the debt is not “progressive” – it’s equivalent to the amount the feds give to the provinces annually for health care); how to deal with China; how to deliver social programs more effectively and efficiently; how to get big projects done in a timely fashion; how to improve thorny federal-provincial relations; how to properly manage the First Nations problem; how to take maximum advantage of the rich resources we have been blessed with…the list goes on and on.
Ironically, the Conservatives have shown they know how to govern (the Harper years were a good example of solid management), but since 2015 they’ve mysteriously forgotten how to campaign effectively (Scheer lacks charisma and is weak at selling his ideas); the Liberals since 2015 have shown they know how to campaign, but they are pathetically ineffective at governing.
Notably, none of the 3 main federal leaders comes from a private sector business background – that’s what’s really missing in Ottawa right now, a common sense business approach to government (historically for the Liberals, Paul Martin provided that. Â Today’s Liberals are a very different breed, not unlike the U.S. Democrats who have tilted far to the left with many embracing socialism).
With less than 48 hours before the polls open, it appears the Liberals may squeeze out a minority government. Â If you’re not aware of Steven Guilbeault, it’s time to get familiar with him – he is a star Liberal candidate in Montreal who’s well known as a radical environmentalist (Greenpeace background). Â He’ll easily win his seat and he’s highly likely to assume a major position related to the environment or natural resources in a new Trudeau cabinet. Â He is anti-Alberta (anti-West) and very much against the Trans Mountain pipeline expansion.
In an interview with the National Post the other day, Greenpeace Guilbeault admitted that changes under the controversial and hideous Bill C-69, which expanded the review process for major resource projects, would likely bar any major new pipelines from being built due to their contribution to higher greenhouse gas emissions (the true Liberal agenda is revealed by a Liberal).
Bill C-69, accurately dubbed the âno more pipelines billâ by pro-industry groups, calls on regulators to consider the upstream emissions of a project in the context of Canadaâs plan to meet its 2030 Paris targets. Â The new Impact Assessment Act (IAA) became law in June. Â Read it – it’s one of the worst pieces of legislation from a federal government in Canadian history, yet most Canadians seem blissfully unaware of it and the damage it will do to our economy.
Guilbeault summed up his thoughts:  âI think that now that we have a real evaluation and impact assessment for projects, we will come to the conclusion that many of these projects are incompatible with the goals we have for 2030.”
In this silly pursuit of supposedly “saving the planet”, and bowing to a globalist agenda on a range of issues, we are at serious risk of losing Canada.
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