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 $1,218 and $1,226 so far today…as of 7:00 am Pacific, bullion is down $5 an ounce at $1,218…Silver is off a dime at $15.40…Copper has retreated 8 cents to $2.77…Nickel is 9 cents lower at $6.22 while Zinc has slipped 3 pennies to $1.18…Cobalt remains steady at $31.75…Crude Oil is down another $1.06 a barrel to $67.50 while the U.S. Dollar Index is relatively unchanged at 94.54…the yield on the benchmark 10-year Treasury note hit 3% this morning after data showed private payrolls increased more than expected last month…jobs in the U.S. increased by 219,000 in July thanks to more hiring as companies got a boost from lower corporate taxes, according to ADP and Moody’s Analytics…economists polled by Reuters had predicted a gain of 185,000…the Labor Department’s non-farm payrolls report for is due Friday…
2. Apple (AAPL, NASDAQ) is rapidly approaching a $1 trillion market valuation after posting quarterly results that topped Wall Street forecasts, driven by sales of higher-priced iPhones and revenue from services like the App Store, Apple Music and iCloud…Apple beat sales estimates in part by selling fewer but pricier iPhones than analysts expected…the company sold 41.3 million units, below expectations of 41.8 million units…however, Apple posted Q3 revenue of $53.3 billion (U.S.) and profits of $2.34 per share, compared with analysts’ estimates of $52.3 billion and $2.18 per share, respectively, according to Thomson Reuters I/B/E/S…Apple’s new all-time high this morning has given the broader tech sector a much-needed boost after disappointing quarterly numbers from Facebook and Twitter…
3. The Dow is up 27 points through the first 30 minutes of trading…the Federal Reserve is set to conclude a 2-day meeting on monetary policy with an announcement scheduled for 11:00 am Pacific…while market-watchers are not anticipating an interest rate hike today, there’ll be much focus on what the Fed may have to say about trade, inflation and the overall short-term economic outlook…in Toronto, the TSX is off 77 points…another banner quarter for Kirkland Lake Gold (KL, TSX) which reported solid Q2 results this morning including strong earnings growth, record cash flow from operations and a significant increase in the company’s cash position…full-year 2018 consolidated guidance has also been revised upward…the Venture is flat at 707 through the first 30 minutes of trading…Eric Sprott has boosted his position in Garibaldi Resources (GGI, TSX-V) by an additional 1.1 million shares through a private transaction at $2.80 carried out last Friday, according to SEDI Filings…
4. Ocean Infinity has agreed to purchase $9 million of Kraken Robotics‘ (PNG, TSX-V) deep-sea batteries with delivery dates expected between Q4 2018 and Q4 2019…Karl Kenny, Kraken’s President and CEO, commented: “We are very pleased to receive this large battery order from Ocean Infinity to provide pressure tolerant battery technology to their AUVs. Kraken added this battery technology to our product portfolio through an investment in Kraken Power GmbH in Q2 2017, pursuant to which we acquired our current 19.9% ownership position. Under the terms of our agreement with Kraken Power, we can increase our ownership to 75% from 19.9% by exercising the conversion option on our convertible note and paying an additional 200,000. Since May 2017, Kraken Robotics has introduced Kraken Power to several new military and commercial customers and Kraken Power has successfully delivered initial orders. Kraken Power’s unique pressure tolerant gel encapsulation technology for Lithium polymer batteries provides an attractively priced, eco-friendly and superior alternative to Oil compensated batteries”…PNG has hit a new high of 44 cents in early trading and is up 6.5 cents at 43.5 cents as of 7:00 am Pacific…
5. Canada Cobalt (CCW, TSX-V), in a familiar pattern, has backed off on profit taking after hitting a new high intra-day yesterday of 90 cents…previous retreats have represented highly favorable entry points…as underground drilling on the first level of the Castle mine continues to intersect visible Cobalt mineralization, with drilling extended to year-end, Canada Cobalt announced late in yesterday’s session that it has mobilized field crews to a potential new discovery area featuring a large circular basin approximately 1.5 km east of the mine…surface mapping and trenching are now following up on encouraging geophysical surveys and MMI soil sampling with a drill rig on standby in the event that high-quality drill targets are defined over the coming days…significantly, an extensive IP survey has revealed multiple conductive anomalies that are spatially associated with multi-element MMI soil anomalies…3 separate potential Cobalt environments have been identified over a distance of approximately 2 km north-south and nearly 1 km east-west…within this broad area, geologists are particularly focused on the possibility of a new type of Cobalt deposit in the Gowganda camp along the Archean-Proterozioc unconformity…meanwhile, through its proprietary Re-2OX process and from material accessed from the Castle mine, CCW is set to become the first company in Canada’s premier Cobalt district to produce a value added Cobalt sulphate product during this “battery arms race”…CCW is the only company in the Northern Ontario Cobalt Camp with underground access and a pilot plant on site, and the only company in Canada targeting high-grade Cobalt in underground drilling…
6. A second deep hole in Wolfden Resources’ (WLF, TSX-V) continuing infill and expansion drill program at its wholly owned Pickett Mountain Project in Maine has intersected multiple zones of high-grade base metal mineralization at a vertical depth of approximately 580 m in the West lens of the deposit…drill hole PM-18–023 cut 3 massive sulphide lenses at core lengths of 5.3 m, 5.9 mm and 2.5 m…the 2.5-m intercept featured 20.3% Zinc, 3.8% Lead, 1.4% Copper, 77.7 g/t Silver and 1 g/t Gold…hole 23 was deepened an additional 78 m to a length of 800 m so that it could be probed in the coming weeks with downhole geophysics…these results in combination with recently released results obtained in hole PM-18–22 (24% Zn, 10% Pb, 0.9% Cu, 267 g/t Ag and 1.6 g/t Au over 4.7 m, approximately 75 m west of hole 23) comprise the deepest drilling completed by the company to date and clearly demonstrate the potential to expand resources below a depth of 400 m where there was minimal historical drilling…the drill rig has been moved to test several high priority exploration targets in close proximity to the 2 main lenses…a 2nd drill rig will be mobilized to advance the exploration and expansion drilling concurrently…
7. The Canadian unit of Molson Coors Brewing is partnering with Hydropothecary (HEXO, TSX) for another landmark collaboration between a big beer company and one of Canada’s leading marijuana producers…it was announced this morning that the 2 companies have entered into a definitive agreement to form a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization in October…the JV will be structured as a standalone start-up company with its own board of directors and an independent management team…Molson Coors Canada will have a 57.5% controlling interest in the JV, with HEXO having the remaining ownership interest…the new company will combine the proven beverage experience of Canada’s leading brewer with a recognized innovator in the fast-growing cannabis sector to explore the highly anticipated consumable cannabis market, which is expected to be legally permissible in Canada in 2019…“Canada is breaking new ground in the cannabis sector and, as one of the country’s leading beverage companies, Molson Coors Canada has a unique opportunity to participate in this exciting and rapidly expanding consumer segment,” stated Frederic Landtmeters, President and CEO of Molson Coors Canada. “While we remain a beer business at our core, we are excited to create a separate new venture with a trusted partner that will be a market leader in offering Canadian consumers new experiences with quality, reliable and consistent non-alcoholic, cannabis-infused beverages”…
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Hey Jon, will you be releasing any more Makela interview clips soon? I’m due for another Nickel Mtn fix(lol).
Comment by pole — August 1, 2018 @ 9:43 am
Yes, pole, we have more with Makela on the way…
Comment by Jon - BMR — August 1, 2018 @ 10:05 am
Thanks Jon. I can hardly wait.
Comment by pole — August 1, 2018 @ 10:28 am
Bit of a cooling off on CCW. Should this be seen as a massive bargain for where this is headed?
Comment by Ed — August 1, 2018 @ 10:53 am
Thank you everyone at BMR! Really looking forward to the coming months!!
Comment by toro — August 1, 2018 @ 1:22 pm