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Check back later today for Daniel’s Den and visit the BMR comments section for updates and helpful information.

1. Gold has traded between $1,276 and $1,288 so far today, trimming its loss to $5 an ounce at $1,280 as of 7:00 am Pacific…technical support exists at $1,280…immediately below that are the rising 100 and 200-day moving averages (SMA’s) at $1,275 and $1,257, respectively…Silver is off slightly at $16.95…Copper is unchanged at $3.17 while Nickel has added 3 pennies to $5.33…Crude Oil has jumped 35 cents to $52.23 while the U.S. Dollar Index has gained more than one-tenth of a point to 93.62…on the geopolitical front, U.S.-backed forces have captured ISIS’ de faco capital of Raqqa, ending a 4-month battle and driving the Islamic extremists from a Syrian city that became synonymous with their reign of terror and was used as a nerve center to stage attacks on the West…however, new regional problems have surfaced with tensions building in northern Iraq that threaten to disrupt Oil flows…

2. OPEC members are reportedly forming a consensus around extending their production cutting deal with other Crude exporters by 9 months…prolonging the agreement among OPEC, Russia and other Oil producing nations to keep 1.8 million barrels a day off the market through all of next year would help put a floor under prices…sources told Reuters that OPEC may not agree to the extension at its next policy meeting in November….instead, the cartel may wait until early next year to make a final decision…meanwhile, U.S. commercial Crude inventories fell by a more-than-expected 5.7 million barrels last week, the Energy Information Administration reported just moments ago…analysts in a Reuters poll had expected a decrease of 4.2 million barrels…inventories have seen large swings since late August when Hurricane Harvey disrupted refinery processing in Texas and Louisiana…

3. Potential U.S. interest rate hikes have not been fully priced in for next year, a situation that could change significantly depending on President’s Trump’s decision regarding who will lead the Fed after January…the President reportedly has a pool of 5 candidates to choose from for the next chair of the Fed and is likely to announce his choice before going to Asia in early November…a slim majority of economists in a Reuters poll believe Jerome Powell, a former investment banker and a member of the Fed Board of Governors, will be the next Federal Reserve chairman, but most of them said current chair Janet Yellen would be the best option…Powell represents change but with some continuity…

4. Chinese President Xi Jinpin today heralded the dawn of a “new era” of Chinese politics and power at the start of an historic Communist Party Congress celebrating the end of his first term in office…he urged the government to play a greater role in the economy, while reiterating the market’s “decisive” role.  “We should endeavor to develop an economy with more effective market mechanisms, dynamic micro-entities, and sound macro-regulation,” said the Chinese leader who offered no major surprises in his 3-and-a-half hour long speech at the opening of the 19th Congress…the government will “promote strengthening, improvement and expansion of state capital, (and) effectively prevent loss of state assets, deepen reform of state-owned enterprises, further develop a mixed-ownership economy and cultivate globally competitive world-class firms,” Xi stated…the once-every-5-years event is an exercise in the election of leadership ranks in China that will culminate in the membership set-up of the Politburo Standing Committee…that top echelon of power will be announced next week…Xi is expected to consolidate his power and extend his term…

5. The Dow has surged through the 23,000 barrier in early trading, adding 119 points for a new record high as of 7:00 am Pacific…ironically, tomorrow is the 30th anniversary of Black Monday when the Dow dropped a record 22.6%…markets around the world have been steadily climbing in recent weeks with major benchmarks in the U.S., Europe and Asia touching record or multi-year highs…data has continued to show a robust global economy, while the start of 3rd quarter earnings has helped confirm the health of the corporate sector…Canadian markets remain more subdued…the TSX is 31 points higher while the Venture is off a point at 790, potential new support, as of 7:00 am Pacific…this is the time in the Venture’s bull market cycle when confirmation of a major new discovery can suddenly kick-start the junior sector, and Nickel Mountain in the heart of the Eskay Camp has to be viewed as the leading candidate to provide that spark…

6. A new Golden Triangle play, Goliath Resources (GOT, TSX-V), has commenced trading on the Venture with the ticker symbol GOT…the company, which has 60 million shares outstanding, has completed the previously announced acquisition of Goliath Resources by way of a 3-cornered amalgamation…the J2 Syndicate is GOT’s exploration program manager…the J2S team team includes members of the original group that generated, prospected and staked the Coffee Creek claims in 1998 that later turned into a 5-million ounce Gold deposit (Kaminak discovery) that was bought out by Goldcorp (G, TSX)…

7.  The CSE’s approach to marijuana listings continues to differ sharply from the stance of the TSX and the Venture…the CSE insists that its marijuana listings comply with state law where they operate and that they tell investors about the legal backlash they could face by earning revenue tied to a drug that is illegal under U.S. federal law…the TMX, however, is not allowing cannabis companies that could violate U.S. federal law to list on the TSX or the Venture, and has initiated a review of existing issuers to determine if any should be delisted…issuers removed from the TSX or the Venture may be able to find a new home on the CSE. “We obviously have a starkly different opinion when it comes to this space,” said Richard Carleton, CEO of CNSX Markets which runs the CSE. “This is clearly one of the biggest growth spaces in the public capital markets. We are ready and willing to work with these companies.”

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