Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has hit a 1-month high while the greenback has plunged to a 4-month low this morning as investors fret over legislative gridlock in Washington…as of 7:00 am Pacific, bullion is up $15 an ounce at $1,258 while Silver has jumped 31 cents to $18.05…the U.S. Dollar Index has slipped to 99.07 but has strong support around that level…the Fed lets loose an array of speakers this week including Ma Yellen tomorrow…
2. Oil prices are under renewed pressure this morning despite the drop in the greenback…a committee of ministers from OPEC and outside producers agreed yesterday to look at prolonging the production cut beyond June, but stopped short of an earlier draft statement that said the committee recommended keeping the measure in place…while many in OPEC have called for prolonging the curbs, Russia has been less definitive…Energy Minister Alexander Novak said yesterday it was too early to say whether there would be an extension…WTI is off 47 cents at $47.60 as of 7:00 am Pacific…key support is $46…
3. The Dow is on its longest losing streak since 2011 with this being its 8th straight day of losses…the Dow is off 136 points through the first 30 minutes of trading…the TSX, buoyed by higher Gold prices, has retreated just 48 points while the Venture is bucking the trend, up 5 points to 808…
4. Cannabix Technologies (BLO, CSE) is on the move this morning after the company announced highly encouraging results from preliminary human subject testing with its Cannabix Marijuana Breathalyzer…testing using the beta prototype device with human subjects after smoking THC cigarettes demonstrated the successful detection of THC, the psychoactive component of marijuana, in real time…the ability to detect THC and its metabolites in human breath marks a significant scientific breakthrough…Dr. Bruce Goldberger, senior advisor to Cannabix, stated, “The Cannabix Marijuana Breathalyzer utilizing FAIMS will allow the company to zero in on impairment with ‘recency of use’ like no other currently known device out there.” BLO is up 9 cents at 68 cents as of 7:00 am Pacific…
5. Satori Resources (BUD, TSX-V) has closed an over-subscribed private placement, raising gross proceeds of $1.3 million to advance its Tartan Lake Gold mine in Flin Flon, Manitoba…the former small producer has strong exploration upside and hosts a 450 tonne per day Gold concentrator and related infrastructure, along with a decline ramp providing access to developed Gold mineralization within the Main and South Zones to a vertical depth of 320 m…BUD now has 28 million shares outstanding following the financing with the stock up 3.5 cents at 21 cents through the first 30 minutes of trading…
6. NioCorp Developments (NB, TSX), developing North America’s only Niobium-Scandium-Titanium project, announced this morning that it has successfully produced high purity 99.9% commercial grade Scandium trioxide from its Elk Creek, Nebraska, resource and has finalized plans for the proposed Scandium purification circuit to be used at its Elk Creek superalloy materials project…the company also announced that it anticipates public release of the results of its Elk Creek Feasibility Study during the upcoming quarter…following the release of the Feasibility Study, NioCorp intends to intensify current efforts to secure government permits, obtain project financing and prepare for the launch of construction operations in Nebraska…NB is up 4 pennies at 76 cents as of 7:00 am Pacific…
7. A name change is coming for Silver Standard Resources (SSO, TSX), but could management have been more creative?…the long-time producer announced this morning that it will seek shareholder approval to rename the company “SSR Mining” (symbol SSRM) at its annual shareholder meeting to be held May 4, 2017…Paul Benson, President and CEO, said: “With Gold representing approximately 70% of our revenue, the current name does not accurately reflect our business. We have evolved from a Silver-focused producer to an intermediate precious metals producer with 3 mines in the Americas. The proposed name, which includes the initials of our existing name, is a natural evolution in our more than 70-year history. While we are recommending a change to our name, our relentless focus on creating shareholder value remains.” (that’s goes without saying, we would hope!)…a miner with such a history as Silver Standard missed a great marketing opportunity in reaching out to investors for a “rename the company” contest…
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