Check back later today for Daniel’s Den and visit the comment section throughout the day for updates and helpful information. BMR Morning Musings is preempted during our special coverage from the Eskay Heart of Gold Camp.
1. Gold has traded between $1,305 and $1,314 so far today after the release of better-than-expected U.S. Q2 GDP growth and private payroll numbers for August…as of 7:00 am Pacific, bullion is down $2 an ounce at $1,307 after touching its best levels since the U.S. presidential elections in early November…Silver is relatively unchanged at $17.37…Copper, trading at levels not seen since September 2014, is flat at $3.06 while Nickel has eased off 5 cents to $5.23…Cobalt is near its 2017 high, up 45 cents at $27.67…Crude Oil has backed off 41 cents to $46.03 while the U.S. Dollar Index has rallied one-third of a point to 92.72..
2. The U.S. economy grew faster than most analysts believed in the 2nd quarter, notching its quickest pace in more than 2 years, and there are signs that the momentum was sustained at the start of the 3rd quarter…GDP increased at a 3.0% annual rate in the April-June period, the Commerce Department reported in its 2nd estimate this morning…the upward revision from the 2.6% pace reported last month reflected robust consumer spending as well as strong business investment…growth last quarter was the strongest since the 1st quarter of 2015 and followed a 1.2% pace in the January-March period…economists polled by Reuters had expected that Q2 growth would be bumped up slightly to a 2.7% pace…
3. Gold’s momentum temporarily stalled and the greenback got a lift early today after news that U.S. firms in the latest ADP report created 237,000 new private-sector jobs in August…consensus estimates had called for around 185,000 new private sector jobs to be created…traders closely watch the ADP data as a precursor to the Labor Department’s monthly jobs report that normally comes out later in the same week…non-farm payrolls will be released Friday and are expected to rise between 170,000 and 180,000…the greenback is trying to rally after plunging Friday when Fed Chair Janet Yellen failed to mention monetary policy at the closely watched economic symposium in Jackson Hole, Wyoming…
4. The Dow is off 10 points as of 7:00 am Pacific…Goldman Sachs said Hurricane Harvey will have significant political implications for Congress later this year…the firm said the catastrophic storm would reduce the probability of a federal government shutdown to 35% from its previous forecast of 50% just weeks ago due to political risks from failing to fund Texas relief efforts…the TSX has climbed 11 points to 15,094…Toronto’s Air Canada Centre (ACC) is being renamed Scotiabank Arena in an $800 million deal over 20 years that marks one of the biggest spending on naming rights in North America…the agreement with Maple Leaf Sports and Entertainment is 10 x the annual $4 million Air Canada paid to attach its name to the home of the Toronto Maple Leafs, the Toronto Raptors and various shows…the Venture has slipped 2 points to 775 as it continues to work through resistance in the 770’s…GT Gold (GTT, TSX-V) was halted pre-market, pending news, with a 2nd batch of drill results expected from the Saddle discovery zone at its Tatogga Property in the Red Chris district…Maya Gold & Silver (MYA, TSX-V) is threatening to break out to a new high this morning, up 2.5 cents at 35 cents through the first 30 minutes of trading…MYA has “first mover” advantage in Morocco’s newly privatized mining industry…Morocco contains about 75% of the world’s estimated reserves of phosphates but is now significantly diversifying its mining industry…
5. ATAC Resources (ATAC, TSX-V) has pushed higher after releasing results yesterday of an additional 4 diamond drill holes from the Conrad and Osiris zones within the Osiris Project at the Rackla Gold Property in the Yukon…highlights from the Conrad zone included 12.5 m grading 20.78 g/t Au in OS-17–238 (newly identified and near-surface mineralization) while OS-17–236 intersected 4 high-grade Gold intervals…drilling also confirmed continuity along the western limb of the Osiris zone…
6. An exploration crew has been mobilized to Blind Creek Resources’ (BCK, TSX-V) 100%-owned Blende Zinc-Lead-Silver Project situated 63 km north of Keno Hill in north-central Yukon…the work program, conducted by Moose Mountain Technical Services, was commissioned earlier this summer by Blind Creek to prepare a NI-43–101 resource estimate and technical report for the historic Blende deposit…more than 24,000 m of diamond drilling in 125 holes has been completed at Blende to date with the majority of that drill core still stored on the property…
7. Kootenay Silver (KTN, TSX-V) is steady in early trading after reporting that it has extended a large new mineralized zone by 140 m northeast of original discovery hole CC-17–26 at its 100%-owned Venadas target area at La Cigarra in Mexico…assays from hole CC-17–28 returned a series of intercepts including 7 m @ 169 g/t Ag, 12 m @ 121.2 g/t Ag and 24.2 m @ 92.9 g/t Ag (true widths unknown)…the strength and intensity of brecciation, veining and alteration observed in hole CC-17–28 is consistent with discovery hole CC-17–26 which bottomed in veining…textures are indicative of a variant of an epithermal hydrothermal breccia complex…
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