Check for an additional post later today and visit the BMR comments section during the day for updates and helpful information.
1. Gold has traded between $1,236 and $1,241 so far today…as of 1:30 am Pacific, in this very early edition of 7 @ 7:00 due to property visits, bullion is off $4 an ounce at $1,237 while Silver has slid 8 cents to $16.17…Copper and Nickel are both flat at $2.69 and $4.34, respectively…Crude Oil is unchanged at $47.13 while the U.S. Dollar Index has rallied more than one-tenth of a point to 94.89…
2. Wall Street keeps forging ahead as the major indexes keep hitting new all-time highs…the S&P 500 added 0.53% yesterday to a record close of 2,473 while the Dow was up 66 points to a new record of 21,640…meanwhile the NASDAQ posted its 9th straight winning session with a gain of 41 points for another new all-time high…3 major stock-market benchmarks in the U.S., Europe and Asia have avoided pullbacks this year, commonly defined as 5% declines from recent highs…never in at least the past 30 years have all 3 indexes – the S&P 500, MSCI Europe and MSCI Asia-Pacific ex-Japan – gone a calendar year without falling at some point by at least 5%…
3. Venture volume remains light but the Index posted its 4th straight winning session yesterday, adding a modest 2 points to 766…in the northern Ontario Cobalt Camp, CobalTech Mining (CSK, TSX-V) continues its rebound as we had anticipated as CSK gained another penny to 17 cents…the stock has turned into a play on First Cobalt (FCC, TSX-V) which is taking over CSK in an all-share transaction but FCC remains halted pending Exchange approval of filings related to FCC’s acquisition of Australian-listed Cobalt One…
4. Interestingly, Gold is starting to show up with high-grade Cobalt in northern Ontario as companies start reporting initial exploration results from summer programs…the other day, Cobalt Power (CPO, TSX-V) made a fresh discovery of an impressive area of outcrop at its Smith Cobalt Property featuring a swarm of veins in Archean volcanics…the first sampling (much more to come) returned 12.5% Cobalt, 82.2 g/t Ag and 5 g/t Au (channel sample across a vein)…meanwhile, in a stunning development late yesterday, Castle Silver Resources (CSR, TSX-V) reported 5.7 g/t Gold in a mini bulk sample from a vein on the first level of the Castle mine…82 kilograms (181 pounds) of material was crushed to –10 mesh and blended, producing a homogeneous sample that was then assayed and returned 1.5% Co, 5.7 g/t Au and 46.3 g/t Ag (Nickel assays pending)…more sampling and testing are being carried out to confirm the Gold content…Castle was a high-grade Silver producer going back to the early 1900’s but operators never assayed for Gold or Cobalt…CSR has also expanded its surface drill program to 2,000 m and has also commenced a work program at the Beaver Property near the town of Cobalt…extreme oversold RSI(2) conditions have emerged in the stock which closed at 19.5 cents yesterday before news hit the wire…
5. Crude Oil prices firmed up again yesterday thanks to a a report showing U.S. Crude and fuel stocks falling in the United States last week…over the past 15 weeks, U.S. Oil inventories have dropped 13 times, and in most cases the falls were more pronounced than expected…however, Crude inventories still remain near the upper half of the average for this time of the year…OPEC and non-OPEC producers are due to meet in St. Petersburg, Russia, next Monday to discuss the current situation in Oil markets with the Saudis determined to try to push prices higher…
6. The Bank of Japan, like the Federal Reserve, has consistently overestimated inflation expectations in recent years…more proof of that came today as the BOJ kept its monetary policy unchanged after a 2-day meeting while having to cut inflation forecasts for fiscal years 2017/2018 and 2018/2019…the central bank now expects inflation to be at 1.1% for the current fiscal year, down from its previous forecast of 1.4%…for the next financial year, it expects inflation to hit 1.8% instead of 1.9% but they”ll likely fall short of that target, too…on the economy, the BOJ sounded more upbeat, raising its GDP expectations for the current and next fiscal years to 1.8% and 1.4%, respectively…but that’s the best Japan can do after years of massive monetary and fiscal stimulus?…
7. One in 4 American jobs are at risk of being shipped overseas in the coming years and about half could be replaced by automation, according to Ball State University’s Center for Business and Economic Research. A new paper titled, “How Vulnerable are American Communities to Automation, Trade, and Urbanization?” combines several recent studies on employment trends to present a stark view of the future job situation for certain parts of the country…
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Jon.. is 1.5% cobalt OK/good/better/best??? TIA
Comment by Jeremy — July 20, 2017 @ 5:30 am
Hmm… Mason (MNR) adopted a “shareholder rights” plan yesterday. Stock jumped 41% today. Fingers crossed, another chance around 18 cents.
Comment by Daniel — July 20, 2017 @ 1:43 pm