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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold is at a 3-week high and on track for its biggest weekly rise in 2 months, trading between $1,244 and $1,251 so far today as it gains traction above resistance in the $1,230’s…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,250 – the 50 and 100-day SMA’s – while Silver has jumped 16 cents to $16.47…base metals are stronger with Copper, Nickel and Zinc all up about 1.5% at $2.71, $4.35 and $1.25, respectively…Cobalt is up slightly at $26.76…Crude Oil has given up early gains and is now down 41 cents at $46.51 while the U.S. Dollar Index has slipped another one-tenth of a point to 94.16…the Dollar Index may find temporary support at 94, but the primary trend is negative and a pummeling of the greenback is likely to occur during this 2nd half of Q3 based on technical factors that have remained consistent for the past several months…

2. Commerzbank reports that Russia’s central bank trimmed Gold purchases last month while China’s central bank remained on the sidelines.  “The Russian central bank continued to buy Gold in June, though not as much as in the previous month,” Commerzbank says. “By its own account, it purchased around 300,000 ounces of Gold, i.e. 9.3 tonnes.  The Chinese central bank appears to have discontinued its Gold purchases, on the other hand.  It did not top up its Gold reserves in June for the 8th consecutive month despite the fact that its currency reserves have meanwhile increased again, meaning that it would have had enough money to buy Gold.”  Is China now accumulating through sneaky ways?…the Russian central bank has been a Gold buyer virtually every month now for 2-and-a-half years…

3. The broader markets are under some mild pressure this morning but the Venture is aiming for its 5th straight winning session, albeit volume remains light…the Venture is up 1.5 points at 766 through the first 30 minutes of trading…Novo Resources (NVO, TSX-V), Liberty One Lithium (LBY, TSX-V), Garibaldi Resources (GGI, TSX-V) and Critical Elements (CRE, TSX-V) are the volume leaders among stocks within 20% of their 52-week highs…Castle Silver Resources (CSR, TSX-V) has pushed off strong support on news late Wednesday that a homogeneous sample (mini bulk sample) from a vein on the first level of the company’s Castle mine, a high-grade past Silver producer, returned 1.5% Cobalt and a surprising 5.7 g/t Gold…more sampling is taking place underground along with drilling from surface that’s reaching below the first and second levels of the mine…the TSX is off nearly 100 points in early trading…Canada’s inflation rate for June was the slowest since October 2015 on declines in energy and clothing, leaving price gains for the 2nd quarter below the central bank’s projection…Statistics Canada also said the average of 3 measures of core inflation picked up from a May rate that was the slowest since 1999…a separate report showed retail sales rose 0.6% in May, twice as fast as economists predicted…

4. Crude Oil has come under pressure this morning after Reuters reported that OPEC’s July Oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, citing PetroLogistics, a company that tracks OPEC supply forecasts…the increase in Oil supply would push production above 33 million barrels per day…

5. Columbus Gold (CGT, TSX) announced this morning that it intends to spin out its mineral projects in the United States into a separate publicly traded company (Venture Exchange) to be named Allegiant Gold…the transaction is being undertaken to focus the efforts of Columbus Gold on its activities in French Guiana, while seeking to maximize the value of the U.S. properties, in particular the Nevada Gold projects, to shareholders by highlighting them in a separate public vehicle…shareholders of Columbus would receive one share of Allegiant for every 5 shares of CGT…a private placement will be carried out in conjunction with the listing of Allegiant…the new company would then launch resource expansion drilling at the original target of the Eastside Gold Project where the deposit remains open at depth, to the south and to the west…in addition, Columbus plans to undertake an unprecedented exploration program to drill-test up to 8 high-quality exploration properties (7 in Nevada) over a period of 12 months, beginning this fall…the 8 projects which were identified over the last decade by CGT’s exclusive exploration team host high-priority drill targets…

6. Canopy Growth (WEED, TSX) is raising another $25 million…the company has accepted a subscription agreement for a private placement of common shares with a single investor…the company will issue 3,105,590 shares at a net price of $8.05 per share, for aggregate gross and net proceeds of $25 million…the private placement will be completed before the end of the month.  “Investing in production capacity expansion is vital to maintain our existing leadership position in the global cannabis industry,” said Bruce Linton, Chairman and CEO. “This equity financing gives us additional resources so we can accelerate into the windows of opportunity that exist domestically and abroad, while inserting advisory expertise as we continue to lead a sector forward into new territory.”

7. The Venture is set to lose another strong performing stock since the 2nd half of last year…Aurora Cannabis (ACB, TSX-V) will ring the bell to open the TSX on Monday under the same symbol as it delists from the Venture.  “Aurora’s graduation to TSX reflects the remarkable commercial and operational progress we have made since listing on TSX Venture Exchange late last year,” stated CEO Terry Booth.  “We are achieving record yields at our Mountain View county production facility, progressing rapidly with the construction of our 100,000 plus kilograms per annum Aurora Sky facility at Edmonton International Airport, and are executing consistently on our national and international expansion strategy.”

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