Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. After enjoying its best trading day since June 24, 2016, when financial markets were shocked by the Brexit vote, Gold remains firm this morning and climbed as high as $1,357…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,353…Silver is flat at $16.85…Copper, on track for its biggest weekly gain since November 2016 thanks to strong Chinese demand, supply tightness and investment, is off slightly at $3.20…Nickel is up another 3 pennies at $6.39 after yesterday’s big run brought it closer to a 3-year high…Zinc has retreated 2 cents to $1.61 while Cobalt is unchanged at $36.97…Crude Oil is down 25 cents at $60.35 while the struggling U.S. Dollar Index has slipped one-tenth of a point to 88.73…another example of an improving global economy which will lend support to commodities – Japan has recorded its 8th straight quarter of growth, the longest streak since its heyday in the late 1980‘s, and economists generally expect modest expansion to continue into next year…the 1.6% growth rate for 2017 was the fastest pace in 7 years…
2. Retail and institutional investors in Gold-backed exchange traded funds (ETFs) have kept faith in the metal…ETF vaults last week held some 2,250 tonnes or 72 million troy ounces, levels last seen in May 2013, as investors pile into the commodity at a time of U.S. dollar weakness and heightened volatility in the broader financial markets…filings with U.S. market regulators revealed yesterday that Bridgewater Associates, the world’s biggest hedge fund, has raised its stake in SPDR Gold Shares and iShares Gold Trust, the world’s two largest physically-backed Gold ETF’s, during the last quarter…Bridgewater Founder Ray Dalio is advising investors to keep 5% to 10% of their portfolio in Gold as the risk of a U.S. recession within the next couple of years rises…
3. Crude prices rebounded strongly yesterday after a more than 12% fall over the past 2 weeks, a move driven by chart factors and U.S. shale production increasing at faster than expected rates…Saudi Arabia’s energy minister, Khalid al-Falih, felt the need to speak up yesterday as he made some bullish remarks including a comment that OPEC was committed to maintaining cubs on Crude production through the end of this year…that’s music to the ears of North American shale producers…
4. A slew of economic data out of the U.S. this morning was highlighted by producer prices which were in line with expectations, rising 0.4% last month (healthcare and gasoline were the main culprits) after being unchanged in December…in the 12 months through January, the PPI increased 2.7%…with Oil prices at very modest levels, the near/short-term inflation scare seems to be over-hyped…the Federal Reserve’s preferred inflation measure, the Commerce Department’s personal-consumption expenditures price index, has undershot the central bank’s 2% target for annual inflation in 66 of the past 68 months…the next reading will be released March 1…
5. U.S. equity markets are gunning for their 5th straight day of gains…as of 7:00 am Pacific, the Dow is up 209 points…volatility has certainly come back with a vengeance recently, following a year of unprecedented calm in the market…in its previous 9 sessions, the S&P 500 has had 7 moves greater than 1%…the broad index posted just 8 of those moves during all of 2017…in Toronto, the TSX is up 68 points through the first 30 minutes of trading…frigid temperatures helped drive up 4th-quarter profit by 12% at Canadian Tire (CTC, TSX) as the retailer of winter gear, sporting goods and tires saw strong sales in all of its retail banners…Canadian Tire has been a great-performing stock over the long-term…Goldcorp (G, TSX) reported earnings late yesterday that more than doubled in the 4th quarter from the same period a year ago, in line with expectations…the Gold producer listed a net profit of $242 million, or 28 cents per share, up from $101 million, or 12 cents, in Q4 2016…the Venture is up 1 point at 837 as of 7:00 am Pacific…the Index does face some minor resistance in the 830’s but the primary trend points to a strong finish to February after a very shaky start to the month…Kootenay Silver (KTN, TSX-V), which may have finally bottomed in the high teens, has started its 2018 drill program at its 100%-owned La Cigarra Silver Project in Chihuahua, Mexico…
6. Canopy Growth (WEED, TSX) strengthened its lead in the cannabis market in the 3rd quarter with revenue at nearly twice that of its nearest competitor, Aurora Cannabis (ACB, TSX)…WEED’s success came from a brisk increase in patient numbers, more sales of oils and extract products, and increased shipments into Germany…Chairman and CEO Bruce Linton stated, “Success in future global medical markets and the recreational cannabis market in Canada will depend not only on capacity, but on strong execution and securing supply agreements with the provinces today. I believe our success on both these fronts is evident as you look at our accomplishments this past quarter.”
7. Bitcoin is bouncing back…the cryptocurrency has surged over 10% the last 24 hours, almost hitting the psychologically important $10,000 price this morning…Ethereum, Ripple, Bitcoin Cash, Ethereum and all the other top cryptocurrencies are also up…the rise comes in spite of incendiary comments from U.S. billionaire Charles Munger, who ripped into the “asinine” Bitcoin yesterday and called for the government to take urgent action to regulate it. “I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
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Hi BMR, any idea what to attribute the big volume and share price jump in GGM this am? The CSR spinoff might be a factor but it looks like there might be something more afoot.
Comment by mike — February 15, 2018 @ 9:26 am
Just bargain hunting is all I see, mike, plus the date of record on the 2.5 million CSR shares to be distributed among the ~60 million GGM is Feb. 27…
Comment by Jon - BMR — February 15, 2018 @ 9:44 am
GGM – they closed the $2MM in PP, repriced their options to 30cents (a sure sign, old was .48-1.04), repriced the debenture (to 25cents and 35cent wts vs 40+60cents on the old) and now we await their plans for a mill to service the riches from CSR as well as dividend out to GGM holders more CSR shrs!
Comment by david — February 15, 2018 @ 9:55 am
Great FTEC News this morning! – Let’s look at the salient points noted in today’s news:
1) FTEC owns its own P.O.S. network – (competitors do not);
2) The margins noted are good;
3) They are looking at owning their own Cryptocurrency Exchange – (very progressive thinking);
4) As previously mentioned -> They are currently looking to expand their footprint beyond Canada;
5) FTEC is about to begin “Investor Relations Campaigns” across North America (i.e. Marketing);
6) There has already been a strong level of interest/number of transactions at their existing P.O.S. locations; and
7) As previously mentioned, FTEC is about to grow the number of P.O.S. locations at an “Accelerated Pace” once the new features etc. are added to the existing technology platform. That should start in 1-2 weeks.
There you have it! I don’t think I missed anything important, but the really impactful points that I find of particular interest are #3, #4 and #7. When you put all this together, I have now raised my 12 month target price for this stock.
As a significant shareholder in this company, I must say that I am also pleased with the far higher quality of the way these recent news releases have been written. I would like to see us all do well here and now have something to look forward to. Management has clearly laid out their ambitious plans moving forward and here is their chance to impress the investors. If they execute well, then this stock is headed for the stratosphere.
Comment by Raffi14 — February 15, 2018 @ 10:48 am
WOW! Nice pop in GGI at the end of trading today.
Comment by pole — February 15, 2018 @ 1:34 pm
If anyone had doubts about GGI. they shouldnt after today!!!! huge push forward..
Comment by Jeremy — February 15, 2018 @ 2:34 pm
Anyone notice the NR today by BHS? Eye popping grades, now producing silver, second silver mine underdevelopment, looks like sitting on a mountain of silver and still selling for .21.
Comment by Carl — February 15, 2018 @ 3:22 pm
So… would it have been wiser to buy GGM and just get one’s CSR shares from them? Seems like a win-win for those guys with the short end of the stick going to real Castle Silver investors.
Comment by Matt — February 15, 2018 @ 3:46 pm
Better not be getting short end of stick.
Comment by BigBid — February 15, 2018 @ 3:51 pm
Regarding GGM , nice to see those 4 centers finally in the money !! .04 x 8 = .32 Huge Volume Thursday, and with pog moving once again, GGM’s Resources are being valued …. Farmer T
Comment by farmer — February 16, 2018 @ 1:09 am
GGI News!
February 16, 2018
Garibaldi Commences 2018 Exploration Campaign At Nickel Mountain
Vancouver, British Columbia, February 16, 2018 — Garibaldi Resources (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to announce that crews have mobilized to immediately launch extensive helicopter-borne Versatile Time-Doman Electromagnetic (VTEM) and magnetics surveys at the company’s Nickel Mountain Project and surrounding claims in the Eskay Camp.
Geotech’s surveys will cover up to approximately 1,650 line kilometers of Garibaldi’s claim group, nearly triple the size of the 2017 program that returned multiple high-priority conductors including the one that led to the discovery of nickel-copper-rich massive sulphides east of the historic E&L deposit at Nickel Mountain.
Steve Regoci, Garibaldi President and CEO, commented: “Given the tremendous success with geophysics at Nickel Mountain in 2017, as demonstrated by compelling drilling results and a unique discovery in this Camp, we’re excited by what we may learn from this expanded program covering the entire trend.
“We are several months ahead of last year’s exploration schedule as we prepare to follow up on our last hole (EL-17-14) highlighted by a 16.75-meter massive sulphide interval grading 8.3% nickel and 4.2% copper, along with PGE, gold, silver and cobalt credits,” Regoci concluded (see Dec. 8, 2017 news release).
To accelerate the resumption of drilling, and to extend the drilling season as long as possible, Garibaldi is constructing upgraded prefab survival shacks for crews to utilize at the drill site while other cost-effective strategies are in the final planning stages.
Performance Shares And Options
Further to an agreement between Garibaldi and EFMX Consulting Ltd. of Sudbury, Ontario, a corporate entity wholly owned by the VP of Exploration for Garibaldi, the Company will issue a one-time tranche of 300,000 shares of Garibaldi as part of the compensation for services as provided for by the agreement.
In addition, Garibaldi has granted to certain employees of the Company incentive stock options of 100,000 shares of the Company’s capital stock, exercisable for up to five years at a price of $2.30 per share pursuant to its stock option plan. The stock option grant is subject to applicable regulatory hold periods and the approval of the TSX Venture Exchange.
Eskay Camp Area Map
To view the location of the E&L Project, Garibaldi’s other large landholdings in the Eskay Camp, and properties of all other companies in this prolific district, please visit GGI’s web site or the following URL:
http://www.garibaldiresources.com/i/photos/king/GGI-Aug-25-Eskay-Camp-Area-Map.jpg
Qualified Person
Mr. Everett Makela, P.Geo., Director/VP Exploration Canada for the Company, and a qualified person as defined by NI-43-101, has reviewed and approved the technical disclosure in this news release.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
GARIBALDI RESOURCES CORP.
Per: “Steve Regoci”
Steve Regoci, President & CEO
Comment by Foz1971 — February 16, 2018 @ 8:03 am
Nice release by GGI. Jon, when can we expect your extra educational information and interview with Lightfoot during the roundup? I’m certainly looking forward to it. Thanks
Comment by Dan1 — February 16, 2018 @ 9:06 am
Still working on it, Dan1, but suffice to say it’ll be worth the wait…
Comment by Jon - BMR — February 16, 2018 @ 9:34 am