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1. Gold has traded between $1,414 and $1,434 so far today…as of 7:00 am Pacific, bullion is down $10 an ounce at $1,415…Silver, taking a slight breather, has retreated 15 cents to $16.42…flows into Silver-backed ETFs have been unprecedented…ETFs tracked by Bloomberg registered inflows of more than 1,900 tonnes in the first 3-and-a-half weeks of July, which is 4 times as much as all of June…inflows last month were just under 470 tonnes, which had been the highest monthly tally in years…“The last time there was a monthly inflow on even nearly that scale was over 13 years ago, when the first Silver ETFs were launched,” Commerzbank noted…Nickel has slipped 26 cents to $6.37…Copper is steady at $2.71 while Zinc is unchanged at $1.10…Crude Oil has added 49 cents a barrel to $56.37 while the U.S. Dollar Index has slipped one-fifth of a point to 97.54…the European Central Bank signaled today that it’s preparing to cut short-term interest rates for the first time since early 2016 and possibly restart its giant bond-buying program, a major policy shift aimed at insulating the euro zone’s wobbling economy against international headwinds…the ECB said in a statement today that it expects to keep its key interest rate, currently set at minus 0.4%, at its current level or lower through the first half of 2020, a clear signal that it is planning a rate cut…crucially, the central bank also said its staff would examine “potential new net asset purchases” in an effort to push up persistently low inflation…the ECB aims to keep inflation just below 2% but it has fallen short of that target for years…the only answer for the EU is better fiscal policy, just as President Trump was able to lift the U.S. economy out of its slow-growth Obama years when interest rates were much lower than they are now…if liberals only knew how to create wealth as well as they know how to redistribute it…of course, U.S. Democrats have run even further to the left, embracing a wacky socialist Green New Deal put forward by AOC and her gang, virtually ensuring a Trump landslide victory in 2020…

2. Trouble at Tesla?  Tesla (TSLA, NASDAQ) shares plummeted at the open this morning (off 12%) after a worse-than-expected loss and yet another major management change cast fresh doubts on the electric-car maker’s future…despite delivering a record number of vehicles in the 2nd quarter, Tesla lost $1.12 a share, a bigger deficit than any analyst projected…while CEO Elon Musk is hoping to earn a profit in the 3 months ending in September, he told shareholders he’ll prioritize other goals…then, for the 2nd time already this year, Musk dropped a bombshell about a senior executive role change on a Tesla earnings call…co-founder J.B. Straubel, who’s been with Tesla since before the billionaire CEO joined the board 15 years ago, is leaving the chief technology officer job and becoming an adviser…the weak results and Straubel’s step back risk undermining Musk’s bid to sustainably make money building and selling electric cars…Tesla’s stock was down 20% for the year before this morning’s fall…

3. Marathon Gold (MOZ, TSX) has cut 4.5 g/t Au over 41 m (99 m to 140 m, true width estimated at 85%) and 10.3 g/t Au over 11 m (164 m to 175 m) in drill hole VL-19–719 along the Main zone corridor of its Leprechaun deposit where the high-grade core has been extended over a distance >600 m…drilling is now complete at Leprechaun and a new resource estimate is expected before the end of this quarter…“Main zone intersections continued to expand the higher grade mineralization along much of the strike length of the Leprechaun deposit and drilling from the hanging wall has confirmed mineralization away from the Main zone that will help to reduce the strip ratio,” stated Phillip Walford, President and CEO…MOZ is up 3 pennies at $1.25 as of 7:00 am Pacific…

4. Continental Gold (CNL, TSX) has drilled 40.2 m grading 6.4 g/t Au, including 2.3 m @ 57.1 g/t (hole BUSY424, 176.9 m to 217.1 m, close to true width) along with other high-grade results from the eastern portion of the Yaragua system at its 100%-owned Buritica Project located in western Antioquia, Colombia…notably as well, drill hole DYR0289 returned 5 m grading 243.4 g/t Au including 1 m @ 1,297.3 g/t (60.6 m to 66 m)…the company plans to drill up to 73,500 m in 2019, consisting of approximately 55,000 m of capitalized definition drilling and approximately 18,500 m of exploration drilling targeting high-grade in its BMZ4 zone…“Although still at a relatively early stage, BMZ4 is proving up to be an exciting new discovery and we have outlined a continuous vertical zone on the eastern margin of the Yaragua system, a location which at present hosts no mineral resources or reserves, yet is located within 50 m of existing underground development.  We anticipate incorporating BMZ4 into future mine plans and will be looking to design wider stopes with potential to use bulk-style mining, including transverse extraction using primary and secondary stopes,” commented CEO Ari Sussman.  “With 10 rigs currently in operation, we will remain very active during the final stretch of our on-schedule construction targeting first Gold pour in H1 2020“…CNL is up a nickel at $4.08 in early trading…

5. The Dow is off 142 points through the first 30 minutes of trading…just over 50 companies are reporting quarterly profits today, including tech and retail giants Amazon (AMZN, NASDAQ) and Alphabet (GOOGL, NASDAQ) after the close of trading…about a third of S&P 500 companies have reported 2nd quarter earnings so far…of those companies, 75% have posted a better-than-forecast profit, according to FactSet…overnight in Asia, Japan’s Nikkei 225 reached a 3-month high during intra-day trading before fading into the close, while stocks around the region ground to multi-month highs amid hopes that next week’s face-to-face meeting between U.S. and China trade representatives will lead to a much-anticipated breakthrough in the on-again/off-again negotiations…in Toronto, the TSX is 77 points lower…how stupid could these guys be?:  CannTrust Holdings (TRST, TSX) CEO Peter Aceto appeared in a promotional video, published on its Youtube account in late February, filmed outside an unlicensed cannabis grow room (the subject of a growing scandal) at the company’s Pelham, Ontario, facility…the video shows Aceto chatting with a plant manager outside a room full of cannabis plants…the plants can be seen through what appears to be a plastic wall with metal hinges – on one occasion, the production manager gestures toward the plants in the grow room to emphasize a point…5 former employees who spoke to the Financial Post identified the room in the video as RG8 or Range 8, noting that its plastic walls were a distinguishing feature…the Venture, which has climbed in 7 out of 8 sessions as it nears an important breakout above 600, is up another 2 points at 595…technical indicators show increasing accumulation in Canada Cobalt (CCW, TSX-V) which is on the cusp of a potentially explosive breakout above a short-term down wedge from the spring…CCW is unchanged at 28 cents as of 7:00 am Pacific…Benchmark Metals (BNCH, TSX-V) has been granted a 5-year work permit for exploration and drilling at its Lawyers Gold-Silver Project in north-central British Columbia…the new work permit encompasses an expanded scope and scale to explore existing and new targets across the project area…drilling is in progress…

6.  OceanaGold (OGC, TSX) has reported fully diluted per share adjusted earnings of $0.03 on 1st half 2019 consolidated production of 254,972 ounces of Gold and 7,871 tonnes of Copper, including Q2 production of 129,290 ounces of Gold and 3,961 tonnes of Copper…net profit in Q2 was $15.3 million vs. $27.7 million in Q1, putting the stock under some pressure in early trading on a retreat from its 200-day moving average…1st half 2019 consolidated All-In Sustaining Costs were $1,073 per ounce (U.S.) on total sales, with Q2 AISC a little higher…on a more positive note, the company reported significant improvement in its Haile operations with a quarter-on-quarter production increase of 45%, unit cash cost decrease of 39% and AISC decrease of 23%…Mick Wilkes, President and CEO said, “We are very pleased with the performance of our operations in the 2nd quarter, particularly at Haile where we had a significant improvement from the previous quarter.  Organic growth continues to be a major catalyst for the company and our growth projects are advancing well.  I’m very pleased to announce the start of development of the Martha Underground, which will ramp-up over the course of the year.  Exploration drilling across our operational footprint continues to yield solid results particularly at Waihi and WKP, which further increases our confidence in delivering significant resource growth”…

7. Companies ramping up for the highly anticipated cannabis edibles market will find some products nixed by government regulations, with Quebec banning cannabis chocolates, jujubes and other sweets…less than 5 months before edibles are expected to hit store shelves, Quebec said yesterday that it would ban cannabis products that could appeal to minors, such as cannabis candies, confections and desserts, including chocolate…the move could keep some food and beverage companies from selling their products in the province…Cannabis companies eyeing the edibles market, which Deloitte values at about $2.7 billion a year, have already started preparing to stock shelves with desserts and candies…Canopy Growth (WEED, TSX; CGC, NYSE) partnered with Hummingbird Chocolate to produce cannabis-infused chocolate…the federal government said last month it would not allow the sale of food and beverages that could appeal to young people but would assess products on a case-by-case basis…Ottawa will legalize edible products on October 17, but it will take at least another 60 days for products to hit the shelves…

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