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1. Gold has traded between $1,217 and $1,232 so far todayâŚas of 7:00 am Pacific, bullion is up $15 an ounce at $1,229âŚGoldâs tight negative correlation with the U.S. dollar will help prices go higher within the next 12 months, according to Wells Fargo, which forecasts a weaker greenback to come…“We see higher Gold prices ahead as we expect commodity prices in general to increase and the U.S. dollar to weaken.  Our rolling 12-month target price for Gold remains $1,250 – $1,350 per ounce”…Silver has rallied 36 cents to $14.58âŚCopper is up 2 pennies at $2.77…Nickel has added 5 cents to $5.25âŚCobalt is steady at $27.22 while Zinc is 2 cents higher at $1.17âŚCrude Oil has pulled back another 16 cents a barrel to $65.15…the U.S. Energy Information Administration reported yesterday that Crude stockpiles rose by 3.2 million barrels in the week ended October 26, marking the 6th consecutive week of increases…the U.S. Dollar Index, which posted its 7th straight month of gains in October, is unchanged at 97.00…global equities have started the new month on firmer ground after a brutal October, while sterling has rallied on reports that Britain and the European Union are close to a post-Brexit deal on financial services…equities will likely respond well to a tweet just put out by President Trump – “had a long and very good conversation with President Xi Jinping of China.  We talked about many subjects, with a heavy emphasis on Trade.  Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina.  Also had good discussion on North Korea!”…U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017…tomorrow’s key economic data will be the October jobs report from the Labor Department…
2. U.S. online spending during the holiday shopping season is likely to grow 14.8% this year to $124.1 billion, far outpacing the 2.7% growth predicted for brick-and-mortar locations and highlighting the ongoing switch from stores to web shopping…the forecast was released this morning by Adobe Analytics which measures transactions from 80 of the top 100 U.S. retailers and trillions of customer visits to U.S. retail sites…
3. McEwen sounds off: Â Large-cap miners have dissuaded investors from entering the mining sector space with their lackluster performance and shrinking production profiles, stated Rob McEwen, Chairman of McEwen Mining (MUX, TSX, NYSE) in an interview with Kitco News on the sidelines of the Silver & Gold Summit in San Francisco…âThe majors havenât done any favors to the sector. Â Theyâve gone out and theyâve sold off production so their growth curves have a negative slope to them. Â They got rid of their exploration and theyâre shrinking. Â Theyâve got bad results”…McEwen added that junior miners and mid-tiers are currently in a bull market that has 3 to 5 years to go…âIn that time, thereâs a chance of seeing Gold equities go up 3 to 4 times where they are today,â he added…
4. Corvus Gold (KOR, TSX), one of the top performing Gold stocks this year, released results this morning of a maiden Preliminary Economic Assessment (PEA) combining its North Bullfrog-Mother Lode projects in southwest Nevada…results outline a large new Nevada mining project with attractive preliminary production statistics that include an estimated 347,100 ounces of annual Gold production during the first 4 years and an after-tax 5% discounted Net Present Value (“NPV”) of $586 million (U.S.) with an IRR of 38% and estimated payback period of 2.1 years…Jeffrey Pontius, President and CEO, stated, “The PEA outlined a project that has the scale and economics similar to many existing major Gold mines in Nevada. Â The PEA demonstrates the potential for the project to produce nearly 350,000 ounces of Gold per year. Â This initial analysis in conjunction with our continued positive Mother Lode exploration drill results is encouraging for expanding and improving the economic model as our programs move forward. Â Furthermore, the greater Bullfrog district is seeing a resurgence of exploration activity with multiple mining companies conducting large-scale drilling programs”…
5. Garibaldi Resources (GGI, TSX-V) has extended the Discovery zone at Nickel Mountain to the southeast and the northwest with more world class Nickel grades…drill hole EL-18–24 returned 8% Nickel and 2.9% Copper, plus the usual Cobalt, Platinum, Palladium, Gold and Silver, over 4.5 m within a broader interval of 10.5 m grading 3.7% Ni and 1.6% Cu, 64 m southeast of the EL-17–14 intercept…meanwhile, EL-18–23 cut 5.6 m grading 7.6% Ni and 3.4% Cu at very shallow levels approximately 30 m northwest of the EL-17–14 massive sulphide intercept…finding 1 massive sulphide intercept at Nickel Mountain can quickly lead to many more in the immediate area when drill hole spacing is tightened up, just as hole EL-17–04 last year (4.8 m @ 7.2% Ni and 3.4% Cu) got the ball rolling in the Discovery Zone…these intercepts also contain grades rarely seen in Nickel sulphide deposits anywhere on the planet…significantly, as well, EL-18–23 was collared just 15 m south of the icefield and was drilled toward the west, bolstering the proposition that high-grade mineralization at Nickel Mountain indeed trends under the ice where there is a huge untested area leading to the north and the east…the Eskay Camp’s first magmatic Nickel-Copper-rich sulphide system remains open in all directions and drilling continues in mountaintop winter conditions…
6. The S&P/TSX composite index in October suffered its worst monthly decline in more than 7 years…Canada’s benchmark index fell 6.5% in October, taking it back to where it was about a decade ago…all the broad sectors fell, led by economically sensitive areas of the market such as energy, consumer discretionary, financials and industrials…even relatively safe, dividend-generating sectors such as utilities, telecommunications and real estate investment trusts sputtered…
7. The Dow is up in early trading for the 3rd day in a row…investors capped off a volatile October with a strong rally Wednesday and yesterday that saw the Dow surge more than 650 points…however, the index closed last month down 5.1%, its biggest 1-month fall since January 2016…October was also the worst month for the S&P 500 since September 2011…tech giant Apple is scheduled to report earnings after the bell today…better-than-expected numbers from Apple could be a huge boost for the broader market…as of 7:00 am Pacific, the Dow is up 28 points while the TSX has added 22 points…the Venture is flat at 642…Westhaven Ventures (WHN, TSX-V), up 6 cents at $1.13 through the first 30 minutes of trading, hit a new high of $1.34 intra-day yesterday after releasing another robust high-grade Gold intercept at its 155 sq. km Shovelnose Property within the Spences Bridge Gold Belt near Merritt…drill hole SN18–15 returned 46.2 m of 8.95 g/t Gold and 65.5 g/t Silver, including 5 m of 14.7 g/t Au and 215.00 g/t Ag…SN18–15 is 100 m southeast of hole SN18–14 which returned 17.8 m of 24.5 g/t Au and 107.9 g/t Ag…the strike length of the South Zone is 700 m and is open to the east and southeast…Westhaven commences fresh drilling early this month while an airborne geophysical survey is being over the entire property package to help uncover favorable new structures…iMetal Resources (IMR, TSX-V) has completed a $676,000 financing at 8 cents per share as the company prepares for first-ever drilling at its Gowganda West Gold Project where high-grade Gold and Copper showings have been identified over a strike length of 2.4 km, thanks in part to a very aggressive logging operation in the area…this represents one of the most prospective grassroots high-grade Gold discovery opportunities in the market, trading at 10 cents a share…
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Hi Jon
I just wish to make a complaint about the marketmaker on GGI. I just made 3 separate purchases on the offer at $1.37 of 1200 shares. The purchases are not
being registered on the exchange, but are hidden on some other exchange so as not to increase the price. I am TD at $1.37!
Bishkek
Comment by Bishkek — November 1, 2018 @ 9:29 am
Bishkek – this is not a GGI thing. This is an unfortunate development in Canadian markets. For the past 2 or 3 years, a series of ‘dark markets’ (including Alpha, Pure, Omega, TriAct and a number of others) have existed that orders are often executed on. You or I as a regular retail investor usually do not have access to execute trades on these dark markets. Its institutions or large net worth people that can. Its just another one that the market is becoming a less level playing field. Level II market data does not usually show the dark market orders. However, some data providers like on ceo.ca now do show dark market Level II data separately (if you pay for a subscription that is). Stockwatch on its free site lists end of day totals for each dark market. You can see it here below for GGI for example. So for yesterday the volume executed on Venture Exchange itself was 216,281 shares but the total traded across all the dark markets and the Venture was 368,139. Its just become normal practice now. Its frustrating for all of us. https://www.stockwatch.com/Quote/Detail.aspx?symbol=GGI®ion=C
Comment by broen — November 1, 2018 @ 12:06 pm
Is everyone seeing this incredible display by GGI? Where are all the investors buying this at below 1.30 or has everyone run for the hills? Itâs an absolute disaster. A couple months ago I would of said this wasnât possible. But now 1 dollar or less is coming into play. A disgrace IMHO.
Comment by Ed — November 1, 2018 @ 12:39 pm
Hello Jon
I think there is not a better time to give us your explanations on GGI manipulation….what’s happening and what’s wrong with GGI. Also why did GGI managment aren’t doing anything about that ?
Thank you
Comment by Sylvain — November 1, 2018 @ 1:11 pm
Tomorrow will be 9 days since the last CCW update promising assays within 7 to 10 days… Donât leave us hanging, Frank!!
Comment by adrobyshev — November 1, 2018 @ 3:26 pm
Jon please explain GGI manipulation you have previously eluded to.
Comment by TD75 — November 2, 2018 @ 1:05 am
I’ll expand on my thoughts in Sunday Sizzler, not in this comments section, TD75.
Comment by Jon - BMR — November 2, 2018 @ 6:37 am
Thank you Jon. I think we all look forward to it. GGI SP going down like it has, I am selling other stocks to capture even more GGI shares here. This has to make a big move to upside in terms of SP in the very near future I believe with more and more massives being drilled. Can’t see any other stock right now with more potential to the upside in the next little while IMO.
Comment by TD75 — November 2, 2018 @ 6:46 am
WHM springs to life
Comment by Bryan — November 2, 2018 @ 7:08 am
Awe, as you know Iâm a âbasicâ guy, I sure would like to know if Iâm correct on my theory, btw, itâs still going on, also,if this was such a disaster like someone stated, why such little volume? Shouldnât it have dropped under a 1.00 with 2 or 3 million shares traded yesterday if the news was that terrible. Itâs being orchestrated by a group of traders that now know that they were wrong, absolutely nothing wrong with the last 2 results. Iâll say it again, THEY WANT YOUR SHARES, donât fall for it, lots of holes to come and drilling continues..
Comment by Laddy — November 2, 2018 @ 7:19 am
Your getting it TD75, keep that attitude, this level is a bargain, Iâve been robbing the piggy to add whatever I can.
Comment by Laddy — November 2, 2018 @ 7:42 am
Well said Laddy. Remember why you bought GGI in the first place. Don’t sell your shares now when our big “Pay Day” is just around the corner IMHO.
Comment by pole — November 2, 2018 @ 7:48 am
I agree with Laddy but I look forward to have Jon’s thoughts on that because I want to know how a person or a group can do that to a stock. Can’t wait for the Sizzler ! Thank you all !
Comment by Sylvain — November 2, 2018 @ 8:11 am
Thanks Jon, looking forward to the sizzler.
Comment by Gojira — November 2, 2018 @ 8:42 am
Jon are you still in the cobalt camp? Iâm eagerly awaiting ccwâs News…
Comment by Dwight — November 2, 2018 @ 9:27 am
Feels like the final tree shake… ?
Comment by Morty — November 2, 2018 @ 9:27 am
Absolutely sylvain, I donât get the sizzler on my sub, but Iâm darn sure about this, I could easily tag some names with this, but I wonât, just a you were right comment on Sunday would be suffice for me.
Comment by Laddy — November 2, 2018 @ 9:46 am
Just returned, Dwight…lots of stuff to come re: CCW and IMR…
Comment by Jon - BMR — November 2, 2018 @ 10:08 am
It looks increasingly likely that CCW NR will be next week. Not sure if late Friday release is a good idea at this point… Unless the news is really really good.
Comment by adrobyshev — November 2, 2018 @ 10:20 am
stock manipulation is the oldest trick in the book… they even did it back in the 30;s based on candles and TA… read an article on it once.. easier to do it now with the algos and realtime info…
I prefer to call it stock price management!!:)
Comment by Jeremy — November 2, 2018 @ 10:23 am
Jon
can you comment on this statement, from your knowledge up there is this a correct statement?
However, even with the high grade holes reported to date, the true thickness of a âsheetâ will be difficult as the target gets further away from the edge of the ice since with each step out they have to flatten the drill. I note from the video some are at about 45 degrees which is about as flat as drillers like to go. No indication yet they have set up on the ice? If other big step out holes targeting deeper less clearly defined targets hit that could change things but they did the right thing by initially stepping out slowly from EL-17-14.”
Comment by gregh — November 2, 2018 @ 10:34 am
On ceo some said they talked to moon and that cores old and new where being sent out
Comment by robtr31 — November 2, 2018 @ 10:39 am
Ccw news out
Comment by MuskyHunter — November 2, 2018 @ 12:22 pm
Terrific numbers, 7 m @ 2.3% Cobalt is a top tier intercept…bonus is hole 3 with the 345 ounces per tonne Silver…this combined with some juicy core photos next week from hole 3????….and CCW could run big-time…I’m adding more and we’ll issue a fresh buy recommendation entering Monday…this is going to smash thru .65 Monday and then watch it fly…
Comment by Jon - BMR — November 2, 2018 @ 12:24 pm
Thanks for all your DD Jon…testing my patience big-time but glad to see some good things start to come through.
Comment by flyinthruu — November 2, 2018 @ 12:44 pm
Great news from CCW!! Not only is there terrific cobalt and mind-blowing silver numbers but there is also a decent sprinkling of nickel and gold to go along with it!! đ
Comment by Ed — November 2, 2018 @ 2:52 pm
Yes, Ed…Agnico Eagle was kind enough to leave behind lots of Cobalt, at tremendous grades, and some Nickel and even Gold, but they even overlooked some exceptionally high-grade Silver which was the focus of their mining…345 ounces per tonne in one of the intercepts is remarkable…as for the Gold, it comes from somewhere – perhaps east of the mine???…
Comment by Jon - BMR — November 2, 2018 @ 3:31 pm
2.3% cobalt this is miles ahead of their peers. This has to run and run bigtime.
Comment by Patrick — November 2, 2018 @ 3:46 pm
Does anyone have a clue what is happening with GGI.
Comment by Paul — November 2, 2018 @ 4:28 pm
Jon
re: GGI do you know if all 3 rigs are still drilling under the ice?
thanks
Comment by gregh — November 2, 2018 @ 8:26 pm
Hi Jon. So you added more CCW again, thanks for telling us. Do you have a selling (or profit taking) strategy for the next expected run up? Or you are a long time shareholder no matter what? Thanks!
Comment by jeanmichel — November 3, 2018 @ 5:36 am
Jon, we are testing new lows on GGI and Iâm wondering if this is for the sole purpose of some big investors to fill their pockets prior to further results coming out? If a major ever wanted to buy in, is it conceivable that they would bring the price down prior to a buy in? Is this sort of strategy common?
Comment by Donnelly7 — November 3, 2018 @ 1:03 pm
Some very nice results for ccw! Can’t wait to see how the market reacts on Monday…..now if frank slipped out another hole before open, I know how the market would react….boom
Comment by Gregory — November 3, 2018 @ 1:47 pm