Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold is up $5 an ounce at $1,331 as of 7:00 am Pacific…Silver has added 5 cents to $16.41…Copper, Nickel and Zinc are all down slightly at $3.06, $5.95 and $1.46, respectively…Cobalt has been more volatile this week, currently at $41.28…Crude Oil is off 18 cents a barrel at $63.36 while the U.S. Dollar Index is up one-tenth of a point at 90.47…this morning’s lackluster headline jobs number has some investors backing off expectations for a more rapid pace of Fed rate increases…in the fed funds futures market, the derived probability of at least 4 rate increases in 2018 is now at 26%, down from 29% before the report and a high of 38% last month…
2. U.S. hiring slowed in March while the unemployment rate held at a 17-year low, hinting that a tight labor market might be making it more difficult for some businesses to find workers…non-farm payrolls rose 103,000, a sharp slowdown from the prior month’s gain…economists had been expecting a gain of 193,000 and the unemployment rate to decline one-tenth of a point to 4%…in addition to the payrolls news, the closely watched average hourly earnings figure rose 0.3%, in line with estimates that ranged from 0.2% to 0.3%…the number equates to 2.7% on an annualized basis and it’s one that Wall Street should like – it shows steady improvement in line with slowly rising inflation…professional and business services led with 33,000 new jobs last month while manufacturing and health added 22,000 new jobs apiece…mining rose 9,000 while construction lost 15,000 positions and retail fell 4,000…
3. Tariff negotiations with China have not started, though the White House hopes they will bear some fruit and prevent a trade war, according to Larry Kudlow, President Trump’s new National Economic Council Director. “They have not really begun yet,” Kudlow told Bloomberg. “China’s response to our complaints…has been unsatisfactory.” Markets got on edge again after the Trump administration announced last evening that it’s exploring another package of tariffs against Chinese goods…however, Kudlow stressed that no new duties have been implemented, and talks with the Chinese will continue for several months before anything is done…
4. Kirkland Lake Gold (KL, TSX) has enjoyed another quarter of solid production…a total of 147,644 ounces were produced in Q1 2018, an increase of 13% over the same period last year…Q1 2018 production exceeded target levels for the quarter, driven by record monthly production in March of 71,615 ounces which largely reflected positive grade performance at both Fosterville and Macassa…Kirkland Lake remains on track to achieve its full-year 2018 production guidance of over 620,000 ounces, with production volumes to increase in the 2nd half of the year including at Fosterville with the commencement of stope production from the Swan zone…during Q1 the company continued to build financial strength with cash and cash equivalents increasing $43.8 million (U.S.) or 19% to $275.4 million (U.S.) at March 31, compared with $231.6 million at December 31, 2017…Tony Makuch, President and CEO, commented, “Attractive organic growth is one of our key pillars of value creation. With our current business portfolio, we are poised for solid year-over-year production growth to a million ounces of annual production over the next 5 to 7 years.”
5. Hmm, Canada’s securities regulators are mulling “new rules” that would require companies to disclose more about how they identify and manage “material” risks…Canadian Securities Administrators identified the broad focus on risk governance and oversight yesterday at the conclusion of a year-long project that looked at current climate change disclosure for larger companies in the mining and energy sectors (good grief, a year-long project to review climate change disclosure?)…regulators were considering whether current rules governing disclosure of risks and financial impacts associated with climate change are sufficient, and whether they allow investors to make informed decisions…Ontario Securities Commission director Huston Loke says the OSC’s research “led us to believe that new disclosure requirements should be considered as part of corporate governance practices”…regulators determined that their next steps should broaden the review of disclosure and governance to encompass not only climate change but also hot-button risks such as cyber threats…
6. One would think Wall Street would have gotten used to President Trump’s negotiating tactics on trade by now, but investors threw another tariff tantrum this morning and have sent the Dow down 135 points after 30 minutes of trading…however, futures last night plunged by as much as 400 points…in Toronto, the TSX is down slightly while the Venture is essentially unchanged at 770…Cronos Group (CRON, TSX-V, NASDAQ) has closed its previously announced bought deal financing of 10.42 million common shares at a price of $9.60 per share for total gross proceeds of approximately $100 million…the stock fell as low as $6.57 intra-day Wednesday…Garibaldi Resources (GGI, TSX-V) has strengthened on news that Eric Sprott has once again boosted his stake in the company as it approaches the start of a fresh drill program at its Nickel-Copper-rich massive sulphide discovery at Nickel Mountain in the heart of the Eskay Camp…
7. Granada Gold (GGM, TSX-V) has selected Ausenco Ltd. to commence a Feasibility Study for the development of a producing mine with a capacity of 80,000 to 100,000 ounces of Gold per year at its 100%-owned Granada Property near Rouyn-Noranda, Quebec…interestingly, Ausenco is the same group that led the Feasibility Study for Atlantic Gold (AGB, TSX)…there are some similarities between the 2 projects…the Granada FS will focus on the pit-constrained resource of 807,700 ounces Measured and Indicated at 1.16 g/t Au, comprising 625,000 ounces Measured at 1.14 g/t Au and 182,700 ounces Indicated at 1.26 g/t Au with a cut-off grade of 0.39 g/t Au…GGM has undertaken and completed all the required environmental studies and obtained the required permits to be a producer under its original rolling start program…
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