ICE launches futures contract based on Permian WTI crude

Intercontinental Exchange Inc. (ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced plans to launch a physically delivered Permian West Texas Intermediate (WTI) crude oil futures contract, deliverable in Houston, Texas. The Houston delivery point has become the pricing center for U.S. crude oil production and exports, and the new flat price futures contract is designed to serve hedging and trading opportunities in this growing market.

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From:: Resource Investor

Nevada Sunrise Closes Second and Final Tranche of Private Placement

By Hailey Wahlberg

Nevada Sunrise Gold Corporation (“Nevada Sunrise” or the “Company”) (TSXV:NEV) announces today that it has closed the second and final tranche of its previously announced non-brokered private placement of units (“Units”) at a price of $0.15 per Unit (the “Offering”). Each Unit consists of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one common share (a “Warrant Share”) at a price of $0.25 for a period expiring on the earlier of three years following the closing date of the Offering and, subject to the issuance of notice by the Company in the manner provided for in the subscription agreements for the Offering, the day which is 30 days after the date that the volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (the “TSXV”) exceeds $0.40per share over a period of 10 consecutive trading days.

Nevada Sunrise placed 685,000 Units in the second tranche of the Offering for gross proceeds of $102,750. A total of 2,905,133 Units were placed in both tranches of the Offering for gross proceeds of $435,770. All securities issued in the Offering are subject to a four-month hold period, during which time the securities may not be traded. The hold period expiry date for securities issued in the first tranche of the Offering is November 6, 2018. The hold period expiry date for securities issued in the second tranche of the Offering is November 18, 2018.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. Closing of the Offering is subject to the acceptance of the TSX Venture Exchange.

Proceeds from the Offering will be used to fund the exploration of the Company’s Nevada mineral properties, and as general working capital.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, cobalt, copper and lithium exploration projects in the State of Nevada, USA.

The Company’s two key gold assets include a 100% interest in the Golden Arrow project near Tonopah, currently the subject of a transaction with Emgold Mining Corporation (TSXV: EMR), and a 21% interest in a joint venture at Kinsley Mountain with Liberty Gold Inc. (TSX: LGD) near Wendover, with each of the properties subject to certain production royalties.

In November 2017, Nevada Sunrise announced an option to earn a 100% interest in the historic Lovelock Cobalt Mine property, located approximately 100 miles (150 kilometres) east of Reno. In March 2018, the Company announced options to earn 100% interests in the Treasure Box and Boyer Mine copper properties, located approximately 3.6 miles (5.8 kilometres) southwest of the Lovelock Cobalt Mine.

Nevada Sunrise began acquisitions of Nevada lithium properties in 2015, which includes 100% interests in the Neptune, Jackson Wash and Aquarius projects, a 50% interest in the Gemini project (Eureka Resources, Inc. (TSXV: EUK) holds a 50% interest), and 100% interest in the Atlantis project, currently under option to American Lithium Corp. (TSXV: LI).

FORWARD LOOKING STATEMENTS
This release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.

SOURCE Nevada Sunrise Gold Corporation

For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, Email: warrenstanyer@nevadasunrise.ca

Click here to connect with Nevada Sunrise Gold Corporation (TSXV:NEV) for an Investor Presentation.

The post Nevada Sunrise Closes Second and Final Tranche of Private Placement appeared first on Investing News Network.

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From:: Investing News Network

Trade War Trading

By mid-March 2018, rhetoric regarding trade relations between the United States and China began to heat up. President Trump started this earlier in the year with an announcement of steel and aluminum tariffs. Later he focused more on China and Chinese officials responded in kind. The heated-up rhetoric seemed to be capable of starting a serious trade war in which each country would boost tariffs that would raise the cost of the other nation’s exported products.

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From:: Resource Investor

The U.S. Dollar: A Victim of Its Own Success

By James Rickards

Chart 1

This post The U.S. Dollar: A Victim of Its Own Success appeared first on Daily Reckoning.

America’s most powerful weapon of war does not shoot, fly or explode. It’s not a submarine, plane, tank or laser. America’s most powerful strategic weapon today is the dollar.

The U.S. uses the dollar strategically to reward friends and punish enemies. The use of the dollar as a weapon is not limited to trade wars and currency wars, although the dollar is used tactically in those disputes. The dollar is much more powerful than that.

The dollar can be used for regime change by creating hyperinflation, bank runs and domestic dissent in countries targeted by the U.S. The U.S. can depose the governments of its adversaries, or at least blunt their policies without firing a shot.

Before turning to specific tactics, consider the following. The dollar constitutes about 60% of global reserves, 80% of global payments and almost 100% of global oil transactions. European banks that make dollar-denominated loans to customers have to borrow dollars to fund those liabilities.

Those banks do their borrowing in the eurodollar deposit market, or with dollar-denominated commercial paper or notes. Being based in Switzerland or Germany does not allow you to escape from the dollar’s dominance.

The U.S. not only controls the dollar itself. It controls the dollar payments system. This consists of the Treasury’s digital ledger of holders of U.S. debt, the Fedwire payments system among U.S. Fed member banks and the Clearing House Association (successor to the New York Clearing House and proprietor of CHIPS, the Clearing House Interbank Payments System) composed of the largest U.S. banks.

A dollar payment going from a bank in Shanghai to another bank in Sydney runs through one of these U.S.-controlled payments systems.

In short, the dollar is the oxygen supply for world commerce and the U.S. can cut off your oxygen whenever it wants.

The list of ways in which the dollar can be weaponized is extensive. The International Emergency Economic Powers Act of 1977, IEEPA, gives the president of the United States dictatorial power to freeze and seize assets and block payments.

The Treasury’s Office of Foreign Assets Control, OFAC, maintains a blacklist of individuals and companies with whom financial intermediaries, such as banks and credit card companies, are forbidden to transact. Individuals on the OFAC list are like dead men walking when it comes to travel and business.

The Committee on Foreign Investment in the United States, CFIUS, can block any foreign acquisition of a U.S. company on national security grounds.

This list of financial weapons goes on, but you get the idea. The U.S. uses the dollar to force its enemies into fronts, crude barter or the black market if they want to do business.

Examples of the U.S. employing these financial weapons are ubiquitous. The U.S. slapped sanctions on Russia after the 2014 annexation of Crimea and invasion of Eastern Ukraine. The U.S. waged a full-scale financial war with Iran from 2011–13 that resulted in bank runs, hyperinflation, local currency devaluation and social unrest.

The U.S. was pushing Iran to the brink of regime change in 2013 when President Obama declared a truce to pursue what became the Joint Comprehensive Plan of Action, JCPOA, or the Iran nuclear deal. President Trump has now ended that deal and the financial war with Iran has resumed where it left off in 2013, but tougher than ever.

The U.S. is slapping stiff Section 301 penalties on China for theft of intellectual property. Other obvious victims of U.S. financial weapons are North Korea, Syria, Cuba and Venezuela.

The actions described above did not arise in the normal course of trade and finance. The Russian, Iranian and other sanctions noted are explicitly geopolitical, while the Chinese sanctions are geostrategic to the extent the U.S. and China are vying for technological supremacy in the 21st century.

None of these sanctions would be effective or even possible without the use of the dollar and the dollar payments system.

Yet for every action there is a reaction. America’s adversaries realize how vulnerable they are to dollar-based sanctions. In the short run, they have to grin and bear it. They’re fully invested in the dollar both in their reserves and in the desire of their largest companies like Gazprom (Russia) and Huawei (China) to become major global players.

Transacting on the world stage means transacting in dollars.

And dollar-based sanctions are a powerful financial weapon for the U.S. But our adversaries and so-called allies are not standing still. They are already envisioning a world where the dollar is not the major reserve and trade currency.

In the longer run, Russia, China, Iran, Turkey and others are working flat-out to invent and implement nondollar transactional currencies and independent payments systems.

Russia has begun a major research and development effort in the area of distributed ledger technology (also known as “blockchain”) so that financial transactions can be processed and verified without reliance on Western-controlled banks.

This will not involve dead-end cryptocurrencies like bitcoin but entirely new utility tokens and cryptos. Imagine something like a putincoin and you’ll be on the right track.

China is pushing its trade counterparties to accept Chinese yuan as payment for goods and services. The yuan is a small part of global payments today (about 2%) but the yuan may get a boost as the U.S. sanctions on Iran kick in.

China is Iran’s biggest customer for oil, and if U.S. sanctions prohibit dollar payments for Iranian oil, then Iran and China may have no choice but to transact in yuan.

The International Monetary Fund, IMF, has already announced efforts to put its world money, the special drawing right, SDR, on a distributed ledger. This would make the SDR a global cryptocurrency for settling balance of payments transactions among China, Russia and other IMF members, also without reliance on the dollar payments system.

Alongside the new money in cryptocurrencies, there is the oldest form of money, which is gold. The use of gold is the ideal way to avoid U.S. financial warfare.

Gold is physical so it cannot be hacked. It is completely fungible (an element, …read more

From:: Daily Reckoning

The Tragic Logic of Mercantilism

By James Rickards

This post The Tragic Logic of Mercantilism appeared first on Daily Reckoning.

My readers are familiar with my thesis that the world responds to a situation of too much debt and not enough growth with first currency wars, then trade wars and finally shooting wars.

Currency wars begin in a condition of too much debt and not enough growth. Countries steal growth from their trading partners by cheapening their currencies to promote exports, discourage imports, import inflation and increase their GDP.

This works in the short run but always fails in the long run because of retaliation when trading partners respond to devaluation by devaluing their own currencies.

The currency wars are eventually followed by trade wars in which countries try to improve GDP by raising tariffs on imports from trading partners.

Trade wars fail for the same reasons as currency wars — retaliation. Tariffs are met with countertariffs until world trade contracts and the entire world is worse off.

Trade wars are not limited to tariffs and reduced trade. As with any war, there is a lot of collateral damage.

Finally come the shooting wars, which actually do improve growth through war manufacturing and post-war rebuilding but at a very high cost in death, destruction and war debt.

This pattern occurred in the 1920s and 1930s and seems to be happening again.

The currency wars began in 2010. The trade wars began in 2018, and the shooting wars may not be far behind. From the South China Sea to the Persian Gulf, tensions are already simmering.

In the case of the China-U.S. trade war, this collateral damage consists of reductions in direct foreign investment, deferred capital spending, reduced merger-and-acquisition activity and supply chain disruptions.

The China-U.S. trade war is not a short-term bit of posturing. It is serious, dangerous and will get worse before it gets better. Let’s hope that the historical segue into shooting wars does not occur this time.

But a trade war does not have to lead to a shooting war to be devastating. A financial crisis is a distinct possibility.

Financial crises occur on a regular basis including 1987, 1994, 1998, 2000, 2007 and 2008. That’s about once every five years for the past 30 years. There has not been a financial crisis for 10 years so the world seems overdue.

It’s also the case that each crisis is bigger than the one before and requires more intervention by the central banks. In the next crisis, possibly soon, the central banks themselves will need to be bailed out, probably by the IMF.

Knowing this economic history is useful, but can investors actually see the next crisis coming in time to react? The answer is “yes” if you’re looking in the right places and listening to the right voices. Right now, the voices warning of financial collapse are no longer from the fringe — they’re from the heart of the global power elite.

The chancellor of Germany, Angela Merkel, part of the G-20 and G-7 leaders’ summits, has warned that current trade disputes are “taking on the contours of a trade conflict,” and says, “It’s worth every effort to try to defuse this so that this conflict doesn’t become a war.” Merkel is not alone.

Global financial elites, including the IMF’s Christine Lagarde and financial guru Mohamed El-Erian, have also warned about the potential for another financial crisis if currency war and trade war issues are not soon resolved.

Merkel, Lagarde and El-Erian are not fringe player or bloggers. They are the global financial elite. If they’re concerned about financial stability, maybe you should be concerned also.

Preparation means 10% percent of your investable assets in gold or silver and another 30% in cash. That allocation will preserve wealth and provide dry powder for bottom-fishing in the crisis to come.

Regards,

Jim Rickards
for The Daily Reckoning

The post The Tragic Logic of Mercantilism appeared first on Daily Reckoning.

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From:: Daily Reckoning

GoGold reports parral production and sales for Quarter ending June 30, 2018

By GoGold Resources Inc.

Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) announces sales of 382,150 silver equivalent ounces for the quarter ended June 30, 2018, which was an increase of 34% over the previous year. The Company produced 163,991 ounces of silver and 1,630 ounces of gold for 292,273 silver equivalent ounces at the Parral project during the quarter, a 2% decrease from the prior year.

During the quarter, the Company began irrigating the second lift on a non-compacted first lift to test whether compaction of the first lift is required. The results of this test concluded that compaction of the first lift will be required as without compaction, there is a delay in the recovery of metal from the material processed above on the second lift. The first lift will now be compacted with drainage pipes on top before the second lift is placed. This will replicate single lift leaching, which has been proven to perform well.

“It was necessary to complete this test to determine if compaction of the first lift was required. The results indicated that compaction is required and this affected production this quarter. Now that we are stacking on the first lift again the heap is performing well,” said Brad Langille, President and CEO.

The Company stacked a total of 447,193 tonnes of material during the quarter, an average of 4,914 per day, of which the majority were fresh tailings. This is an increase of 24% over the average stacking rate from the previous year and was the result, in part, of the purchase and application of a new stacker.

In June, the Company returned to stacking on the first lift, with recovery beginning very quickly as had been previously experienced. The Company will continue stacking on the first lift or above a compacted lower lift with additional drainage between lifts in the future, which will cause production to increase back to normal levels.

The commissioning of the SART (sulfidization, acidification, recycling, and thickening) plant at Parral has been delayed as more filtration was required to achieve throughput targets. The additional filter was purchased and delivered to site and will be installed during the current quarter. Once the current bottlenecks are worked out, the SART will reduce cyanide consumption and generate a saleable copper sulfide product that will contribute to revenue and cost savings.

Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company’s Parral Tailings project is one of the lowest cash cost silver producers in the world. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

For further information please contact:
Steve Low
Corporate Development
GoGold Resources
T: 416 855 0435
E: steve@gogoldresources.com

CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Santa Gertrudis project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral and Santa Gertrudis projects. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

The post GoGold reports parral production and sales for Quarter ending June 30, 2018 appeared first on MINING.com.

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From:: Mining.com

Anglo Asian’s Azerbaijan gold output up 43% in first half of 2018

By Reuters

BAKU, July 17 (Reuters) – Azerbaijan’s top gold producer, Anglo Asian Mining, said on Tuesday it had increased its gold production by 43 percent year-on-year in the first half of 2018 to 33,255 ounces from 23,218 ounces in the same period last year.

The London-listed firm said its total production of gold-equivalent ounces (GEO) rose by 22 percent to 37,349 GEO from 30,561 GEO.

Gold is produced at Gedabek and other Azeri mines under a production venture in which Anglo Asian holds 51 percent and the state the remainder.

The company said copper production declined to 587 tonnes from 1,322 tonnes in January-June 2017, and silver output declined to 84,785 ounces from 85,087 ounces.

Anglo Asian said in February its gold output would rise to 64,000-70,000 ounces in 2018, from 59,617 ounces last year, and it expected its total metal production to increase to 78,000-84,000 GEO in 2018, from 71,461 GEO last year.

The company said on Tuesday it was “well positioned to achieve forecast production for 2018 of between 78,000 to 84,000 GEO.”

Anglo Asian began production at Gedabek, the bigger of two mines it operates, in July 2009 with plans to extract 22 tonnes of gold. It eventually plans to develop seven mines in western Azerbaijan, including Gedabek, with estimated gold reserves of 430 tonnes in total.

The company started a significant exploration programme at the end of 2016 after making a new gold discovery at Ugur, 3 km (2 miles) from its Gedabek processing facilities.

Gold bullion sales in the first half of 2018 totalled 25,778 ounces at an average price of $1,319 per ounce, up from 15,689 ounces sold in January-June 2017 at an average of $1,238 per ounce.

Net debt totalled $2.9 million by June 30, down from $10.4 million at the end of the first quarter of 2018 and $18.3 million at the end of 2017.

(Reporting by Margarita Antidze; Editing by Alexandra Hudson)

The post Anglo Asian’s Azerbaijan gold output up 43% in first half of 2018 appeared first on MINING.com.

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From:: Mining.com

R.J. O’Brien joins LCH’s EquityClear as clearing member

R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced that its London-based affiliate, R.J. O’Brien Limited (RJO Limited), is now approved as a general clearing member of EquityClear, the UK-based equities clearing service of LCH Limited, a leading global clearinghouse.

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From:: Resource Investor

Futures flat ahead of Powell testimony

It’s been an interesting start to trading on Tuesday, although markets are so far relatively unmoved with European indices mixed and US futures relatively flat ahead of the open. While U.S. President Donald Trump has come under intense criticism for his comments after his meeting with Russian president Vladimir Putin, in which he appeared to side with the Russian President on claims of interfering in the 2016 election that he won over the country’s own intelligence services, it hasn’t been a big market story.

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From:: Resource Investor