Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,290 and $1,299 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,297…Silver has added 12 cents to $16.50…Nickel, coming off a powerful week, climbed as high as $7.03 in early trading but is now off 5 cents at $6.92…Copper is up 2 pennies at $3.15, Zinc is steady at $1.40 while Cobalt has retreated to $40.37…Crude Oil (WTI) is flat at $65.82 while the U.S. Dollar Index is down slightly at 94.04…a third round of China-U.S. trade negotiations ended in Beijing yesterday without a breakthrough…Commerce Secretary Wilbur Ross and China’s Vice Premier did not issue a joint statement after they wrapped up 2 days of discussions…the previous round of talks, held in Washington in mid-May, ended with only a vague promise by Chinese officials to “substantially” reduce their country’s trade surplus with the United States…President Trump has astutely put trade and economic issues at the top of the agenda for the G-7 Summit in Quebec later this week after slapping tariffs on Canada, Mexico and the EU, disrupting Prime Minister Trudeau’s “gender and feminism” agenda…Trudeau earlier had stated, “As host of the G7, Canada will be in a unique position in 2018 to advance our priorities, including gender equality….this topic will be at the top of the agenda…and I look forward to working with my counterparts to promote gender equality, both at home and abroad”…Trump, the billionaire businessman-turned President, is focused like a laser beam on economic issues while Trudeau, the high-school drama teacher-turned Prime Minister, is a social activist who also likes nationalizing Oil pipelines…that may help explain why Canada’s GDP lags so far behind U.S. GDP at the moment…
2. Oil analysts and investors are looking ahead to the Energy Information Administration’s (EIA) short-term energy outlook, due tomorrow…the prospect of OPEC and Russia expanding their Oil production in the 2nd half of the year has put downward pressure on Crude but charts show very strong price support in the mid-to-upper-60’s…OPEC meets June 22 in Vienna…meanwhile, U.S. Crude production has jumped to a record weekly high of 10.47 million barrels a day…at the same time, the number of rigs drilling for Oil in the U.S. – a proxy for activity in the sector – was up by 2 last week to 861, according to Baker Hughes…
3. In what is being referred to as an “unprecedented” move, a well-known Gold bull and the man behind the U.S. hedge fund Paulson & Co, John Paulson, is creating an investor alliance that will work on turning the Gold mining sector around, according to a report from Reuters…this appears to be an industry wide shakeup effort led by a coalition of major shareholders…the alliance will be named the Shareholders Gold Council (SGC) and will consist of major investors who will be looking into how to improve returns of Gold mining companies…some of the big names include Delbrook Capital, Livermore Partners, Tocqueville Asset Management, Kopernik Global Investors, Adrian Day Asset Management, Apogee Global Advisors and Equinox Partners…two other huge names – BlackRock and Van Eck Associates – are currently in discussions to join the group…the launch date is set for later this month…“The alliance is unusual because there is no similar group of investors targeting a specific sector, activism experts say,” Reuters reported…
4. The Dow is up 209 points as of 7:00 am Pacific…most troubling for Democrats about Friday’s strong jobs report is that the biggest job gainers have been groups that have historically suffered from stubbornly high levels of unemployment, including younger workers, black workers and so-called marginally attached workers, whose employment is tracked by the Bureau of Labor Statistics with the so-called U-6 rate…in Toronto, the TSX is up 75 points while the Venture has added 1 point to 767…GT Gold (GTT, TSX-V) announced this morning that it’s mobilizing crews for the start of drilling at its Saddle South high-grade Gold discovery in northwest B.C., about a 2-hour drive north of the Eskay Camp…initial drilling with 2 rigs will simultaneously step out west and east of the high-grade near-surface Gold zone defined at Saddle South last year through abundant multi-gram intercepts including 51.5 g/t over 6.95 m…the 425 sq. km Tatogga Project includes a “triangle” of deposit opportunities featuring Saddle South, Saddle North (Gold-Copper porphyry) and Quash-Pass approximately 7 km to the south which features many of the same geological, geochemical and geophysical characteristics as Saddle South…First Cobalt (FCC, TSX-V) has completed its previously announced acquisition of US Cobalt (USCO, TSX-V) by way of plan of arrangement…US Cobalt shareholders will receive 1.5 common shares of First Cobalt for each US Cobalt share held and US Cobalt has become a wholly-owned subsidiary of First Cobalt...the deal increases FCC’s outstanding share total to more than 300 million, giving it a market cap in excess of $200 million…
5. Canada Cobalt (CCW, TSX-V) is up another 3.5 cents to 48.5 cents as of 7:00 am Pacific…CCW has become the hottest Cobalt stock in Canada after news late last week that the company’s proprietary Re-2OX process has recovered 99% of Cobalt and 81% of Nickel from gravity concentrates while also removing 99% of arsenic in testing carried out by SGS Lakefield…the next stage for CCW is to create client-specific Cobalt formulations for battery sector clients in China…in addition, Canada Cobalt is about to become the first company to drill underground for high-grade Cobalt in Canada since the Cobalt rush started 2 years ago…CCW’s past producing Castle mine was a source of extremely high-grade Silver going back to the early 1900’s with significant mining operations carried out by Agnico Eagle in the 1980’s…the Cobalt that was visible throughout 11 levels of the mine was mostly untouched, however…
6. Bonterra Resources (BTR, TSX-V) is up slightly in early trading after releasing the latest drilling results from a continuing resource development program at the Gladiator Gold deposit, including an intersection of 34.3 g/t over 2.8 m which further extends the south zone to the west by approximately 50 m…encouraging assay results from 10 recent drill holes have extended the known dimensions of the mineralization in multiple zones westward and to surface at the Rivage Gap area…“Our winter drill campaign has been completed and was successful in expanding and defining the Gladiator Gold deposit,” stated Nav Dhaliwal, President and CEO. “We are now excited to commence our spring and summer drill program, which will focus on further definition of the deposit for the upcoming resource update in the latter part of 2018, but to also test regional priority targets to the southwest and northeast.”
7. Malaysia’s state-owned Petronas is joining the Shell-led LNG Canada Project proposed for northwest British Columbia, though B.C. Green Party leader Andrew Weaver has voiced strong opposition to an LNG industry in the province…Petronas walked away from its own LNG project in B.C. just one week after the NDP took office…though the New Democrats felt vindicated by the news, major obstacles need to be cleared before the LNG Canada partners reach the threshold for a final investment decision expected later this year…the LNG Canada Project could be an issue that breaks up the marriage between the NDP and the Greens and throws British Columbians into a new election…
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So the Promo on CCW has doubled up anyone who ventured into buying the Shares a few weeks ago under .25 and so now the AIS Faithful are now waiting for their opportunity to get back something. Whatever the issues facing AIS presently, this may or may not be a good opportunity. Who’s to know ….. I’d rather wait it out on GGI/MTS and CLM with my hard earned cash !!! Nothing like having Investments in my own Back yard !
Comment by farmer — June 4, 2018 @ 10:44 am
Frank Basa recently stated in an interview that CCW has pulled almost 200 tons of cobalt from some of the stopes. would you happen to know how many stopes there might be in first level?
Comment by Ivan — June 4, 2018 @ 10:53 am