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1. Spot Gold has traded between $2,028 and $2,051 so far today…as of 7:00 am Pacific, Gold is up $10 an ounce at $2,045…“It’s quite easy to see Gold going to $4,000,” U.S. Global Investors‘ CEO Frank Holmes told CBNC in an interview this morning…he pointed to the trillions of dollars needed in stimulus to help the U.S. economy during the pandemic, and added that G-20 finance ministers and central banks are “working together like a cartel and they’re all printing trillions of dollars. We’ve not seen this level where central banks are printing money at a zero interest rate. At zero interest rates, Gold becomes a very, very attractive asset class”…Silver has jumped 91 cents to $29.23…next measured Fib. resistance on the short-term chart is $31.33…Copper is making a big move, up 9 cents at $2.96…the economic recovery in China is helping Copper plus the broader base metal sector…Nickel has eased off 3 pennies to $6.43 while Zinc is steady at a $1.09…Crude Oil has gained $1 a barrel to $42.22 while the U.S. Dollar Index has slid one-tenth of a point to 93.32…Goldman Sachs has grown more optimistic about the arrival date for a coronavirus vaccine, causing it to upgrade its expectations for economic growth and cut its projection for the unemployment rate…the firm sees “at least one” vaccine approved by the end of 2020 and hitting the market for widespread distribution by the 2nd quarter of 2021, progress that will boost consumer spending and generate stronger GDP readings and employment next year…chaos in Chicago this morning, conveniently ignored of course by the likes of CNN and others in the mainstream media…videos circulating online show widespread looting and clashes with police across Chicago’s Magnificent Mile shopping district early today, sparked by a police-involved shooting hours earlier that left a young male wounded…social media users posted videos of hundreds of people looting stores such as Nordstrom, Walgreens, Macy’s, Coach, Gucci and Louis Vuitton…some exchanged gunfire with police at one point, although no officers were injured…“Absolute chaos in downtown Chicago with more overnight looting and vandalism in the Loop,” tweeted Ryan Baker, an anchor for WBBM-TV…“Appears to be coordinated effort with minimal police presence”…the United States is grappling with a new form of “urban guerrilla warfare” driven by the left’s “lust for power”, Attorney General William Barr told “Life, Liberty and Levin” yesterday…discussing the ongoing Black Lives Matter riots rippling through multiple U.S. cities, Barr told host Mark Levin that the organization, which has been characterized by much of the mainstream media as a fed-up activist group, comprises “Bolsheviks” with a focus on on “some form of socialism, communism…their tactics are fascistic”…
2. Silver continues to outperform and remains the top pick for TD Securities due to its positioning levels…“Silver…remains our precious metal favorite as a clean positioning slate, strong investment flows and robust industrial demand combine for strong performance at a time when the microstructure creates a disincentive for Silver bullion traders to sell,” TD Securities strategists write…on the other hand, positioning in Gold is “increasingly bloated” and investors should be ready for modest consolidation…“The bulls are vulnerable to a modest consolidation in the macro drivers that have supported Gold length over the past few months. As positioning has grown to increasingly bloated levels, leaving little dry-powder remaining for the bulls, the frenzied retail speculation has further increased the risks of a positioning squeeze for Gold bugs”, TD strategists added…
3. Barrick Gold (ABX, TSX; GOLD, NYSE) has reported 2nd quarter Gold production of 2.4 million ounces, at the mid-point of its 4.6 million to 5 million ounce annual guidance, driven by strong operating performances, particularly from operations in Nevada, Loulo-Gounkoto in Mali, and Kibali in the DRC…Barrick’s Copper portfolio continued to outperform with Lumwana in Zambia posting its best quarterly production in years…operating cash flow exceeded $1 billion for the quarter and free cash flow was $522 million…adjusted net earnings per share were 23 cents, up 44% from Q1 and well ahead of the market consensus, debt net of cash was reduced by almost 25% to $1.4 billion from the end of Q1, and the quarterly dividend was increased by 14% to 8 cents per share…the quarterly dividend has more than doubled since the announcement of the merger between Barrick and RandGold in September 2018…the non-core asset disposal strategy, which is ongoing, has so far delivered value of $1.5 billion of which $1.25 billion was in cash…
4. AUX Resources (AUX, TSX-V) has commenced a 3,500-m drill program at its Georgia Project, including the past producing Georgie River mine, in Northwest B.C.’s high-grade Stewart Camp…“We are all excited to have the drills turning on the Georgia Project,” commented new CEO Ian Slater…“Historic drilling of the deposit indicates exceptional Gold grades in a system that was never drilled off. Our new model suggests that the historic intercepts were at the periphery of a much larger mineralized system, and we are eager to test the team’s ideas”…over the past decade AUX has been consolidating the land package surrounding the mine, compiling and reinterpreting the historic data, as well as advancing the geologic understanding through improved mapping, sampling and geophysics…this work ultimately generated a new genetic model for the mineralization in the area…this model, supported by a robust data set, suggests the presence of a large intrusion-related mineralizing system, of which the Georgie River mine is situated at the margin…this drill program will be the first test of this new and innovative model for mineralization in the area…drilling will focus on extending known ore shoots from the mine; testing newly developed, highly prospective target outside of the known deposit; and assessing and substantiating the non-compliant historic high-grade resource at the Georgie River mine which last operated about 80 years ago…it contains 1.2 km of underground access on 3 levels…
5. The Dow, riding a 6-session winning streak, is up another 236 points in early trading to begin the new week…Wall Street took comfort from President Trump’s actions over the weekend when he signed several executive orders aimed at extending COVID-19 relief measures, putting pressure on Congress to act…in Toronto, the TSX has added 59 points while the Venture has jumped 13 points to 753…Canadian Natural Resources (CNR, TSX, NYSE) is buying smaller rival Painted Pony Energy (PONY, TSX) for about $461 million including debt, as Canada’s biggest Oil and gas producer seeks to expand its Western Canada acreage….Corvus Gold (KOR, TSX) has received approval to up list to NASDAQ and will begin trading under the symbol KOR on Wednesday…Corvus‘ common shares will continue to trade on the TSX under the same symbol “KOR“…Jeffrey Pontius, President and CEO of Corvus, said, “I am proud to announce that Corvus is now the 6th Gold equity on the NASDAQ. This rare feat of up-listing to a major, well recognized exchange gives the Company increased access to the largest pool of investor capital in the world. The NASDAQ is known to be in the forefront of exhibiting exciting, growth-orientated companies and we at Corvus believe our exploration activity and efforts showcase these traits. As the Gold market continues to show strength, an increased exposure to a broader audience could bring more value to shareholders”…accumulation of Inomin Mines (MINE, TSX-V) continues…the company has just 16.5 million shares outstanding for a market cap of just $3.3 million…the stock came to life last week after the company announced that has acquired 2 Mexican Gold properties of merit including an advanced exploration play (La Gitana) in the Oaxaca Gold-Silver belt hosting s significant Gold-Silver epithermal system defined by 40 historic drill holes including 133.5 m grading 1.78 g/t Au and 100.7 g/t Ag beginning just 21 m downhole…MINE says it’s assessing other potential Gold and Silver acquisition opportunities…it also owns a 100% interest in the Beaver-Lynx Class 1 (sulphide) Nickel project in south-central British Columbia near the Gibraltar mine…MINE is up 3.5 cents at 20 cents through the first 30 minutes of trading…
6. Osisko Mining (OSK, TSX) has drilled 202 g/t Au over 28 m core length at its Windfall Gold Project in James Bay…this drill hole (OSK-W-20–2059-W4) intercepted the mineralized zone at a lower than usual core angle (20 degrees), resulting in an estimated true width of approximately 30% (9 m) of the core length, but that’s still an exceptional result…the interval expands the Lynx 348 Wireframe by 25 m to the southwest…Osisko President and CEO John Burzynski commented, “Lynx has once again delivered very impressive results, giving us one of the highest-grade intercepts in our drilling to date. Our infill drill program continues to highlight the high-grade continuity within the resource area, which remains open down plunge and importantly, towards surface”…22 drills are active at Windfall, including 16 on surface and 6 underground, all currently focused on the Lynx deposit…
7. This strong earnings season is giving Goldman Sachs more conviction that companies can recover from the COVID-19 recession faster and stronger than expected…the Wall Street firm has hiked its 2020 S&P 500 earnings estimate to $130 per share from $115 per share…Goldman’s new estimate implies about a 20% decline in growth for earnings compared to last year…“Earnings season is coming to a close and S&P 500 results cleared an extremely low bar,” Goldman Sachs chief economist David Kostin told clients…
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Pretty big news in crypto space…
NetCents is partnering with Visa to deliver the next innovation in payments
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2020) – NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (“NetCents” or the “Company”), a cryptocurrency payments technologies company, today announced that it has joined Visa’s Fintech Fast Track program, partnering with Visa’s team to bring the NetCents Visa Card to market in the United States and Canada.
By joining the Visa Fintech Fast Track program, NetCents is able to speed up the process of integrating with Visa, allowing NetCents to more easily leverage the reach, capabilities, and security that VisaNet, the company’s global payment network, offers. Through Fast Track, NetCents is now able to seamlessly roll out the NetCents Visa Card to its users in North America and expand into additional geographic markets. Previously, the Company was ready to launch the NetCents Credit Card program to users in Canada but chose to end that program when the opportunity to work directly with Visa arose.
“By joining Visa’s Fast Track program, exciting FinTech’s like NetCents gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
Unlike other prepaid cryptocurrency cards in the market, NetCents cardholders will not have to pre-load cryptocurrency onto their card, eliminating potential “lost” appreciation caused by rising cryptocurrency values between the time the user loads it and the time they spend it. The NetCents Cryptocurrency Credit Card is tied directly into users’ NetCents wallets, allowing cardholders to spend the cryptocurrency in their wallet. A key innovation that the Company has developed is the ability for users to automatically complete a single credit card transaction across multiple cryptocurrencies.
“Ever since we pivoted NetCents in 2017 towards cryptocurrency transactions, our mission has been to create efficiency in the financial transaction industry,” stated Clayton Moore, Founder and CEO of NetCents Technology. “Having a direct relationship with Visa allows us to have the most streamlined and cost-effective system to blend the capabilities of cryptocurrency and the Visa platform. We’re looking forward to a long and fruitful collaboration.”
Visa’s Fintech Fast Track Program provides companies like NetCents the ability to access Visa’s growing partner network, and experts who can provide guidance in helping them get up and running in the most efficient way possible. Learn more about Visa’s Fintech Fast Track program at https://Partner.Visa.com.
Comment by AG — August 10, 2020 @ 6:30 pm
MTS says they are over half done the IP now. Be interesting to see what lights up for gold and also the K9 area. A hit at K9 would have to be of interest to the GGI gang one could hope?
Comment by david — August 11, 2020 @ 7:50 am
Jon – SONA .. would you expect any NR between now at the end of the month based on their last NR?? seems they are waiting and doing their DD to submit… then wait some more!!
Comment by Jeremy — August 11, 2020 @ 7:54 am
Quite disappointed with GGI lack of communication, while most juniors in the space are going up they’re letting the share price go down. Like you said Jon weak management with unproven track record. As for CCW I’m wondering with all they have going why we don’t hear about the tailing or Polimet?
Comment by jasi — August 11, 2020 @ 8:27 am
Looks very promising for a new high-grade Gold discovery from MTS, david, and K-9 should prove very interesting as well…they’re using IP very effectively for targeting…
Comment by Jon - BMR — August 11, 2020 @ 8:48 am
I’ll say one thing about the trading of Ggi, they sure are doing a hell of a job of making it look like there’s nothing to see here,, maybe there right but past results and facts don’t say that. Need some volume…
Comment by Laddy — August 11, 2020 @ 9:26 am
I’m in no way defending Regoci, but if you have been following him over the years ,this lack of updates comes as no surprise, it’s like pulling teeth out of a chicken, he’s always been like this, probably will do the same thing as last year spread the results over the coming winter. We’ll see.
Comment by Laddy — August 12, 2020 @ 6:11 am
I wrote to the company’ GGI ‘a couple of times and never got any replies. They don’t give a damn about the share holders.
Comment by Jean — August 12, 2020 @ 9:16 am