1. Gold has traded between $1,398 and $1,409 so far today…as of 7:00 am Pacific, bullion has retreated $6 an ounce to $1,403…Gold has been consolidating in a healthy fashion the past couple of days after surging to a new 6-year high of $1,439 on Tuesday…prices have to hold support above $1,375 which was significant resistance for the last 4 years when 6 attempts to get through that level failed…Silver is off 11 cents at $15.23…Silver remains well within its new uptrend with strong support at and just below $15.00…Nickel, coming to life this week, has climbed another 5 cents to $5.69…Copper and Zinc are both flat at $2.70 and $1.19, respectively…Crude Oil is up a few pennies at $59.41 following a big jump yesterday after the latest U.S. petroleum supply report showed a larger-than-expected drop in Crude stocks…inventories fell 12.8 million barrels, more than the 2.5 million barrel decrease analysts had expected…however, U.S. Oil inventories remain well above the 5-year average, signalling a well-supplied market…the U.S. Dollar Index is unchanged at 96.23…President Trump has some trade issues with India that’ll be on his agenda when he meets with Prime Minister Narendra Modi at the G20 this weekend in Japan…India has slapped higher tariffs on 28 U.S. products following Washington’s withdrawal this month of key trade privileges for New Delhi…the 3rd and final reading of U.S. GDP showed that the economy grew 3.1% in the 1st quarter, in line with expectations and unchanged from the previous estimate…the Canadian dollar has broken the 76-cent barrier, pushing above its 300-day moving average (SMA) and hitting its highest level since late January, thanks to strength in commodities and a falling greenback.
2. Forget about a U.S.-China trade deal anytime soon if this morning’s report from the Wall Street Journal is accurate…WSJ says Chinese President Xi Jinping is expected to present President Trump with the terms it expects the U.S. to meet for Beijing to settle the contentious trade fight between the 2 nations…among the pre-conditions, according to WSJ sources, Beijing is insisting that the U.S. remove its ban on the sale of U.S. technology to Chinese telecommunications giant Huawei…Beijing also wants the U.S. to lift all punitive tariffs and drop efforts to get China to buy even more U.S. exports than Beijing said it would when the 2 leaders last met in December…the Chinese President is facing increased political pressure on the home front to stand firm against Washington, which is seen among elite Chinese political circles as unfairly accusing China of a range of misdeeds, from violating intellectual-property protection, improperly subsidizing state-owned enterprises and spying on U.S. firms…
3. Bitcoin tumbled 12% (it lost $1,800 in just 10 minutes) after running to an 18-month high of nearly $14,000…the world’s biggest cryptocurrency has surged in value since April and has risen more than 260%, although it remains below its all-time high of nearly $20,000 reached in December 2017…the most widely traded digital currency has made a huge comeback after a slump lasting more than a year as major multinational corporations announce new projects in the industry…Facebook unveiled plans for a so-called “stablecoin” called Libra to launch next year…PricewaterhouseCoopers said yesterday that it had added cryptocurrency auditing to its services…and JPMorgan said it’s seeing interest from clients in a prototype digital coin to speed up trading of securities such as bonds….technical momentum and weakness in the U.S. dollar have also been key factors in driving Bitcoin higher…
4. SilverCrest Metals (SIL, TSX-V) has intersected 26.6 g/t Au and 2,767 g/t Ag (4,671 g/t AgEq) over 7.6 m (estimated true width) through infill drilling of the Babicanora Vein (after construction of the Santa Rosa Decline) in the high-grade Area 51 zone at its Las Chispas Project in Sonora, Mexico…this further increases the confidence level of the resourced estimate announced in March…geologists also confirmed the discovery earlier this year of the Babi Vista Vein…underground sampling of that vein shows a true width of 1.5 m, and a 10 to 15-hole underground drill program has been initiated with 5 short closely-spaced core holes already completed and intercepting the vein…CEO Eric Fier commented, “As we advance Las Chispas to complete a Feasibility Study, we are diligently working to finish our in-fill drilling program on the Babicanora veins to further de-risk and convert resources to reserves. The discovery of the Babi Vista Vein in the decline provides us with a new target immediately adjacent to already defined vein resources with established underground access. This target can potentially add high margin resources beyond what was included in the Preliminary Economic Assessment announced May 15, 2019. Also, we have 10 in-fill and five exploration rigs turning to drill-test additional potential discoveries and expand current resources on 5 priority targets including: 1) southeast plunge of Babicanora Vein in the Area 51 zone; 2) at depth and along strike of the Babicanora Norte Vein; 3) at depth in the Las Chispas area; 4) at depth in the Babi Sur area; and 5) initial drilling in the Chiltepin area. Results from these targets will be reported on an ongoing basis”…SilverCrest has charged to new all-time highs this month above $5 a share with Silver stocks in the early stages of what could turn out to be a spectacular move in 2019…
5. Alexco Resource (AXR, TSX) has commenced its 2019 summer surface exploration drilling program in the Keno Hill Silver District, focusing exploration in the vicinity of its Bermingham deposit where an Indicated resource (including reserves) totals 32.9 million ounces of Silver at an average grade of 930 g/t…the deposit remains open to the northeast and at depth into stratigraphic levels inferred to have controlled the deposition of the adjacent Hector-Calumet deposit that historically produced 96 M oz Ag at a recovered grade of 1,213 g/t…along with the surface drilling program, Alexco has also commenced surface capital construction activities consistent with work outlined in the recently published Pre-Feasibility study…initial capital work is focused on installation of the underground production-related portal infrastructure at the Bermingham decline, as well as installation of surface facilities, services and infrastructure to support future production…
6. The Dow is relatively unchanged through the first 30 minutes of trading…in Toronto, the TSX is down 22 points while the Gold Index has dipped a couple of points to 218…accumulating on any pullbacks in the Gold Index has been the winning strategy for the past 9 months…the Venture is flat at 580 in early trading…Alexandria Minerals (AZX, TSX-V) is the runaway volume leader on a sweetened buyout offer from Chantrell Ventures (CV.H, TSX-V)…Agnico Eagle (AEM, TSX) had earlier made a competing offer…Ascot Resources (AOT, TSX-V) has drilled 1 m grading 66.3 g/t Au at Big Missouri, part of its Premier Project near Stewart…another hole cut 1.9 m grading 16.2 g/t Au…Azimut Exploration (AZM, TSX-V) has started its 2019 exploration program on the Munischiwan Property in the James Bay region of Quebec…the initial phase of work mainly consists of detailed surface sampling on the InSight discovery (high-grade Gold, Silver, Copper and Tellurium) to prepare for first-ever diamond drilling later this year…the property is jointly owned with Soquem under a strategic alliance covering the James Bay region…
7. Canopy Growth (WEED, TSX; CGC, NYSE) is pushing higher in early trading after announcing that it has concluded its arrangement with Acreage Holdings (ACRG.U, CSE)…Canopy Growth has the option to acquire all of the issued and outstanding shares in the capital of Acreage, with a requirement to do so upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana or to remove the regulation of such activities from the federal laws of the United States (the “triggering” event)…Bruce Linton, Canopy Chairman and co-CEO, stated: “In leading an industry that is full of firsts, this agreement is moving both Acreage and Canopy Growth into unprecedented territory of strength. Giving their team access to all of the key learnings we’ve gleaned over the last few years, will in turn create a truly turnkey entry point into the U.S. market and deepen the value returned to our shareholders once we are federally permitted to close”…powered by a deal with Corona-maker Constellation Brands (STZ, NYSE) that has left it with $4.5 billion to invest, Canopy is in the pole position to cash in on Canada’s legalization of marijuana for recreational use as well as expectations that the United States may follow…
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%!
The Template For The Next 10% Stake In Garibaldi Resources
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!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
Guys, was there supposed to be a Part 2 to the Sizzler? Also, any idea when we might see Part 2 to the CCW update? Thanks in advance…
Comment by Jon (not BMR Jon) — June 28, 2019 @ 6:02 am
Jon, in your recent visit(s) to the GT, are there any substantial infrastructure changes you’ve noticed? Ivanhoe Mines has been on a tear recently and they are making significant improvements to their region…figured I’d ask about the GT.
Comment by flyinthruu — June 28, 2019 @ 7:00 am
It’s coming, Jon – tomorrow…no regular Sizzler because of the holiday long weekend but Part 2 from last Sunday will be posted tomorrow…
Comment by Jon - BMR — June 28, 2019 @ 8:32 am
Awesome, thanks Jon 🙂
Comment by Jon (not BMR Jon) — June 28, 2019 @ 10:11 am
Long holiday weekend but posts later today, tomorrow and Monday…
Comment by Jon - BMR — June 29, 2019 @ 7:06 am
Excellent Jon; very much looking forward to your very informative reports!
Like the short season hard working exploration mining individuals in the golden triangle – no long weekends in the summer.
This is the summer that will reveal!
Comment by Murray — June 29, 2019 @ 8:35 am
Jon, any comments/updates on GTT? Also, I’m using my recent purchases of CCW and BNCH as a trial run for a sub. I was going through some of your older posts and it seems like CCW has been taking its time (perhaps good for me!). Any thoughts if this wait will end? Seems like folks been waiting awhile? Logistic issues?
Comment by Jean — June 30, 2019 @ 5:19 pm