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Check back later this morning by today’s BMR Morning Market Musings and check out the comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,265 and $1,270 so far today…as of 7:00 am Pacific, bullion is down $1 an ounce at $1,268…Silver has added 8 cents to $16.81…Copper is up 2 pennies to $2.87…Nickel has added 3 cents to $4.63…Crude Oil has eased off 37 cents to $49.34 while the U.S. Dollar Index is up slightly at 93.40…interesting comments from Federal Reserve Vice Chairman Stanley Fischer this morning who said U.S. companies are likely holding back on investing in their businesses due to an uncertain outlook for government policies…speaking in Rio de Janeiro, Fischer said uncertainty over the outlook for health care, regulation, taxes and trade could prompt firms to delay projects until the policy environment is clearer…he did not mention the administration of President Donald Trump by name…if that’s how the Fed is thinking, what does that mean for any additional tightening this year?…

2. Philippines’ environment minister Roy Cimatu said today that he would not lift a ban on open-pit mining imposed in April in an “anti-pollution” crackdown, as an inter-agency mining council reviews how miners are taxed in the Philippines…Cimatu, a former general, was appointed by President Rodrigo Duterte in May after Duterte’s previous choice as environment minister, Regina Lopez, failed to secure congressional confirmation after a drive to implement radical environment protection measures that enraged the mining industry…it seems Cimatu isn’t much different in his outlook:  “There is a department order on the ban on open-pit mining issued by Secretary Lopez,” Cimatu told a news conference in the capital. “It still stays.”

3. Crude Oil prices are on track for their strongest month this year as news of a producers’ technical meeting next week to discuss compliance added to bullish sentiment driven by the threat of U.S. sanctions against OPEC member Venezuela (a great example of a country that destroys itself with socialism)…Oil traders are also gauging the bullish impact from a production outage following a fire at Europe’s largest refinery and further signs that the U.S. market is tightening after heavy inventory falls and slower new Oil rig additions last week…some OPEC and non-OPEC members will meet on August 7-8 in Abu Dhabi to assess how the group can increase compliance with production cuts that began on January 1…important resistance for WTI is around $51.50…

4. Strong news this morning from Cannabix Technologies (BLO, CSE) as the company announced that it has developed a Beta 3.0 Cannabix Marijuana Breathalyzer device based on its FAIMS (field asymmetric waveform ion mobility spectrometry) technology with major advances in the design and commercial capabilities of the device..the Beta 3.0 will include a conventional rechargeable battery, improved ion flow, and the latest pulse driver chips to improve resolution and sensitivity…the new design includes improvements that will allow for dynamic testing and for easier configurability that will be needed for more demanding test/user environments…BLO continues to be at the leading edge of marijuana breathalyzer technology, and the final sentence of the company’s news release this morning was noteworthy:  “The company is in discussions to collaborate, using the Cannabix Marijuana Breathalyzer, with a significant U.S. based institution with large user group and enhanced testing environment.”  BLO is up a nickel at 59 cents through the first 30 minutes of trading…

5. The Venture has gained 2 points to 774 as of 7:00 am Pacific…the Index is working its way through a band of resistance between 770 and 778 – once that is cleared, the next key area is the high 780’s…a major breakout appears to be in the cards for August…Garibaldi Resources (GGI, TSX-V) has hit a new multi-year high of 38 cents on strong volume again in early trading…last Thursday, GGI reported widespread pyrrhotite-chalcopyrite mineralization has been confirmed on surface in gabbroic rocks at “Anomaly A” that outcrops over a broad area 6 km northeast of the historic E&L deposit…mineralized gabbros at “Anomaly A” are “visually identical to the mineralized gabbros at the E&L”, GGI stated…drilling at the E&L commences shortly and is targeting known Nickel-Copper-rich mineralized zones and a strong conductor directly beneath those zones beginning at a depth of 140 m…shallow drilling by Silver Standard in the 1960’s – the only time any drilling has ever been carried out from the top of Nickel Mountain – intersected significant Nickel-Copper disseminated to massive sulphide mineralization in all 12 holes including 1.3% Ni and 0.79% Cu over 37.8 m in DDH-4–1966…that hole bottomed in 2.7 m of 5.9% Ni and 1.7% Cu at a depth of about 75 m…the deepest hole was drilled to 122 m and included massive sulphides in the final meter…another company set to start drilling imminently in the Eskay “Heart of Gold” Camp is Aben Resources (ABN, TSX-V) which is targeting high-grade Gold at its Forrest Kerr Project north of Eskay Creek in an attempt to extend known mineralized horizons…ABN is active again this morning on a breakout above its closing high for 2017…

6. Silver Standard Resources (SSO, TSX), a great name in Canadian mining which made the original Nickel-Copper massive sulphide discovery at the E&L in the 1960’s and holds a 1% NSR on those claims, officially changes its name tomorrow to “SSR Mining Inc.” to reflect its diversification beyond Silver into Gold…the shares will continue to trade under the existing ticker symbols on the TSX and NASDAQ until the new symbol (SSRM) becomes effective later in the week…Paul Benson, President and CEO, stated earlier this year:  “With Gold representing approximately 70% of our revenue, the current name does not accurately reflect our business. We have evolved from a Silver-focused producer to an intermediate precious metals producer with 3 mines in the Americas. The (new) name, which includes the initials of our existing name, is a natural evolution in our more than 70-year history.”

7. Six security contractors working for Continental Gold (CNL, TSX) were killed after an explosion at an illegal Gold mine in central Colombia, the company reported Saturday…the explosion took place on Friday in the Buritica municipality of Antioquia province when the contractors surprised a group of illegal miners in a shaft they were inspecting, Continental said…1 of the 7 contractors survived…illegal mining is widespread in Colombia and accidents and civil unrest around mines are not uncommon.  “The contractors were performing routine underground inspections of a government-closed illegal mine,” Continental reported in a statement on its website.  “Upon entering the underground mine, the contractors were accosted by illegal miners, followed by a subsequent explosion.  The company is looking to authorities to enforce the rule of law to prevent this kind of tragic event from ever happening again.”

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