Check back later today for Daniel’s Den and vIsit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,221 and $1,228 so far today…as of 7:00 am Pacific, bullion is off another $3 an ounce at $1,224…Silver has retreated 13 cents to $15.40…Copper is off a penny at $2.76, Nickel is flat at $6.09 while Zinc has added 2 pennies to $1.18…Cobalt is at $30.84, Crude Oil is at $67.76 while the U.S. Dollar Index has jumped one-fifth of a point to 95.24…U.S. Commerce Secretary Wilbur Ross said today that he has launched a new national security investigation into Uranium imports that could lead to tariffs or quotas to limit them…the âSection 232â probe was prompted by a petition filed by 2 U.S. Uranium mining companies, UR Energy (URG, NYSE) and Energy Fuels (EFR, TSX), complaining that subsidized foreign competitors have caused them to cut capacity and lay off workers…
2. The U.S. economy is red-hot overall, thanks to broad-based tax cuts and regulatory rollbacks, but housing starts starts fell 12% in June to a 9-month low as reported by the Commerce Department this morning…the percentage drop was also the biggest since November 2016…according to Bespoke Investment Group, it was the widest miss relative to expectations since January 2007…mortgage applications also fell 2.5% last week…
3. The European Union has hit Alphabet’s Google (GOOG, NASDAQ) with a record antitrust fine of 4.34 billion euros ($5.06 billion U.S.) and ordered changes to its business that could loosen the companyâs grip on its biggest growth engine – mobile phones…in the EUâs sharpest rebuke yet to the power of a handful of tech giants, the bloc’s antitrust regulator found that Google had abused the dominance of its Android operating system which runs more than 80% of the world’s smartphones, to promote and entrench its own mobile apps and services, particularly the company’s search engine.. the penalty – the same amount the Netherlands contributes to the EU budget every year – is far higher than any other dished out by the U.S., Chinese or other antitrust authorities…more significantly, Google has been given 90 days to stop what the EU said were âillegal practicesâ on contracts with handset manufacturers that push Google services in front of users…
4. The Dow is up 25 points through the first 30 minutes of trading…Morgan Stanley this morning reported better-than-expected earnings and revenue as trade revenue surpassed expectations…Wall Street has high hopes for this earnings season, with analysts at FactSet expecting S&P 500 earnings to have grown by 20% in the 2nd quarter…in Toronto, the TSX is relatively unchanged as of 7:00 am Pacific…should this come as any shock?…the Trudeau government is suddenly floating a surprise 2.3% “annual regulatory fee” that will be applied to the gross revenues of large-volume marijuana growers…coupled with a previously announced $1-a-gram excise tax, the proposed 2.3% levy (1% for small-scale growers) will likely boost the cost of legal weed and help fuel the black market…Trudeau, of course, argued that by legalizing marijuana, the black market would disappear (another Trudeau misconception)…the Venture touched strong support at 708 yesterday, just a fraction above its late 2016 low, and is flat at 713 in early trading…RSI(14) levels on the Venture’s daily chart have hit their lowest (most oversold) this week since the bottom of the bear market in January 2016…
5. Â Chemesis International (CSI, CSE) has commenced trading on the CSE this morning…Chemesis is a licensed producer and manufacturer of recreational cannnabis in California and Puerto Rico, currently operating a 20,000 sq. ft, expandable state-of-the-art manufacturing facility in Cathedral City, California…the company also operates a 120,000 sq. foot cultivation and manufacturing facility in Puerto Rico and is focused on becoming a global cannabis player…CSI has just 62 million shares outstanding (the private company had 46 million shares outstanding which is subject to a 36-month release schedule)…CSI has approximately $4 million cash on hand, most of which was raised at 50 cents…CSI is trading at 63 cents as of 7:00 am Pacific…
6. Two weeks after Canopy Growth (WEED, TSX) announced an expansion into Latin America, rival cannabis grower Aphria (APH, TSX) plans a “proposed acquisition” worth $200 million which would see it acquire 2 companies in South America and take a sizable stake in a Caribbean marijuana producer…the assets – in Colombia, Argentina and Jamaica – are owned or are in the process of being acquired by Aphria’s sister company Scythian Bioscience, and are held by a Scythian subsidiary, Latam Holdings…in return for Latam Holdings, Aphria will issue Scythian 15.7 million shares, “for aggregate transaction consideration of $193 million … at a deemed share price of $12.31,” according to Aphria’s news release yesterday…that equates to 6.3% of Aphria’s outstanding shares and would make Scythian the largest single Aphria shareholder…Aphria would also assume $1 million (U.S.) of Scythian’s debt…Canadian cannabis companies are increasingly targeting Colombia as a prime agricultural setting with export channels to the rest of Latin America…the country legalized cannabis cultivation for export as well as domestic medical use two years ago…
7. Channel sampling by Discovery Metals (DSV, TSX-V) has at its flagship Puerto Rico Project in northern Coahuila state, Mexico, has returned the highest grades seen to date (45.6% Zinc, 49.5% Lead and 5.1% Copper)…sampling of the San Jose mine area is complete, and the remaining results are expected in the coming weeks…in addition to the underground mapping program at the project, Discovery is carrying out a detailed and property-wide structural study to identify controls on mineralization and aid in drill targeting…additionally, within the next several weeks the company is also planning to conduct a magnetic survey on the project in preparation for drilling later in the 2nd half of 2018…
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