BullMarketRun.ca

1. Gold has traded between $1,197 and $1,204 so far today…as of 7:00 am Pacific, bullion is flat at $1,202…a strong support band stretches from $1,204 to $1,194…Silver has added 6 cents to $14.05…Copper is up 2 pennies at $2.77…Nickel is off slightly at $5.07 while Zinc is relatively unchanged at $1.16…signs are mounting of a slowdown in the global economy…Germany reported today that its economy shrank for the first time in 3-and-a-half years – 0.8% in annualized terms in the 3rd quarter – confirming that Europe’s anchor economy is losing steam after years of strong expansion…meanwhile, Japan’s economy contracted at an annualized pace of 1.2% in the same period while a slowdown in China, driven in part by a crackdown on risky financing and jitters over the trade dispute between Beijing and Washington, is hurting spending on cars, other consumer products and property, according to official data released today…the raft of weakening data across the globe stands in contrast with a U.S. economy that grew at an annualized rate of 3.5% in Q3, underpinned by robust consumer and government spending…Crude Oil is trying to end a record-breaking 12-session losing skid…WTI is up $1.06 a barrel to $56.75 while the U.S. Dollar Index is off slightly at 96.89…

2. Bitcoin’s moment of relative stability ended abruptly today…the world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9% to a low of $5,640…Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall after a very volatile 1st half of the year…other cryptocurrencies have fared even worse today…Ether fell by as much as 13% while XRP, the 3rd largest cryptocurrency by market capitalization, dropped 15%…analysts believe the rout is likely being spurned by uncertainty around Bitcoin cash…the entire cryptocurrency market capitalization has dropped by about $15 billion over 24 hours, according to CoinMarketCap.com…the total market cap is now roughly $85 billion, down more than 70% since the start of this year…

3. Oil is rebounding today, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market…Reuters reported that OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day, a larger figure than officials mentioned previously…the Oil market has quickly moved from concerns about too little supply, due to the Iran embargo and Venezuela’s output struggles, to fears about over-supply driven by a ramping up in OPEC and U.S. production at a time when the global economy appears to be slowing…

4. Pan American Silver (PAAS, TSX) knows a good deal when it sees it – the company announced this morning that it’s acquiring troubled Tahoe Resources (THO, TSX) in a friendly transaction that represents a premium of 62.8% to Tahoe’s VWAP for the 20-day period ending yesterday based on total consideration (includes the base purchase price and the contingent purchase price related to a restart of the Escobal mine in Guatemala)…Michael Steinmann, President and CEO of Pan American Silver, commented:  “The combination of Pan American and Tahoe will establish the world’s premier Silver mining company with an industry-leading portfolio of assets, superior growth opportunities and attractive operating margins.  This transaction doubles our Silver reserves and further improves our cost profile.  We will build on that strong foundation, optimizing these high-quality assets to deliver profitable growth and superior returns”…Kevin McArthur, Executive Chair of Tahoe Resources, stated: “This transaction allows our shareholders to participate in the creation of the world’s premier Silver company with the contribution of the world-class Escobal mine to Pan American’s existing asset base.  In addition to the upfront premium, we will continue to participate in the upside inherent in a restart of Escobal through the CVRs.  Pan American’s excellent track record of developing mines and fostering strong, mutually beneficial relationships with local stakeholders gives us confidence that the combined company will be best positioned to maximize value for shareholders”…at closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively…upon satisfaction of the payment conditions under the terms of the CVR, Pan American and Tahoe shareholders will own approximately 68% and 32%, respectively, of the combined company…PAAS has fallen $2 a share to $16.68 in early trading while THO has jumped $1.30 to $4.20…

5. Canadian cannabis producer Canopy Growth (WEED, TSX) posted a bigger-than-expected quarterly net loss today on higher spending before the full legalization of recreational use of pot in mid-October…revenue was $23.3 million (CDN) in the quarter, well short of the average analyst expectation of $60 million despite growing 33% from the prior year’s 2nd quarter…the results represent Canopy’s first sequential top-line decline…the rate of growth also trailed that of rivals Tilray (TLRY, NASDAQ) and Aphria (APH, TSX)…pot producers have been growing revenues but expenses have also been on a significant upswing for the sector…Canopy of course is no exception which is why it was fortunate to draw a multi-billion dollar investment from Corona beer maker Constellation Brands (STZ, NYSE) over the summer…in the reported quarter, Canopy’s operating expenses rose more than 6 times to $180.6 million (CDN) from $27.7 million a year earlier…the company said that going ahead, it expects marketing expenses to drop after formal legalization…in its medical marijuana business, the number of patients grew 34% to 84,400 in the quarter, while sales rose 9% to 2,197 kilograms…Canopy’s net loss widened to $330.6 million or $1.52 per share in the quarter ended September 30…WEED opened $4 lower this morning at $46.73…

6. The Dow has rebounded 154 points as of 7:00 am Pacific, but trading remains volatile…Apple’s decline from its recent all-time high now totals more than 20%…investors have grown concerned that the Cupertino, California-based company, renowned for years of innovative technology, will suffer declines in iPhone unit sales over the next couple of years…in Toronto, the TSX has climbed 83 points while the Venture is down 3 points at 623…this marks a new low for the year for the Venture…extreme RSI(2) conditions indicate a rebound is quite likely as early as tomorrow or Friday…Sun Metals (SUNM,TSX-V) gapped up at the open this morning on news of full assay results for drill hole SD-421 at the company’s Stardust Project in north-central British Columbia…a 100-m intersection, outside of the current NI-43–101 resource estimate, returned 2.5% Copper, 3 g/t Au and 52.5 g/t Ag for a 4.99% Copper equivalent, downhole from the previously reported best-ever intercept at the deposit…drilling by Sun Metals has intersected consistently stronger and more pervasive mineralization than historically encountered at Stardust by previous operators…geologists are attempting to track a major mineralizing fluid pathway toward the heart of the high-grade system…

7. Chemesis International (CSI, CSE) announced this morning that it has entered into a multi-year licensing deal with Kevin Smith and Jason Mewes (also known as Jay and Silent Bob) for the development and promotion of cannabis products in the United States, including flower, oils, extracts, prerolls, cones, edibles and other consumer products having recreational adult and medicinal uses.  “Kevin Smith is many things to many people,” stated Edgar Montero, CEO of Chemesis.  “To us, he is one of the most prolific content creators of our generation and the foremost authority on all things comedy, comics, and superfandom. His fans respect him because he views the world with a critical eye for excellence and authenticity, but he also is able to sit back and enjoy the moment.  What better way to enjoy the moment than with our products, and what better critics to assure their quality than Kevin and Jay”…Kevin Smith is a filmmaker, actor, comic book writer, author and podcaster well known for his comedy film Clerks, which he also starred in as the character Silent Bob…Jason Mewes is also an actor known for his work in Clerks as the character Jay…both Jay and Silent Bob have since appeared in Smith’s follow-up films Mallrats, Chasing Amy, Dogma, Clerks 2 and Jay and Silent Bob Strike Back…

Most Popular Recent BMR Posts

Video: How This Innovative Junior Is Winning The “Battery Arms Race” In Northern Ontario

“The Enemies Of Progress, The Radical Environmentalists, Are Ramping Up For A War In The Woods”

Why Are These People Smiling? – Their Stock Has Tanked 80%!

Turbocharged Nickel

Commodity Check!

The Template For The Next 10% Stake In Garibaldi Resources

Thunder In The Corridor!

The Nickel Mountain Magma Highway

Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

How To Bring A Junior Resource Market To Life!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began