{"id":22601,"date":"2020-11-15T19:54:22","date_gmt":"2020-11-16T00:54:22","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=22601"},"modified":"2020-11-26T09:41:19","modified_gmt":"2020-11-26T14:41:19","slug":"market-metals-navigator-november-15-2020","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/market-metals-navigator-november-15-2020\/","title":{"rendered":"Market &#038; Metals Navigator (November 15, 2020)"},"content":{"rendered":"<h2>Pfizer&#8217;s Coronavirus Vaccine Lifts Old Economy Stocks<\/h2>\n<p>Last Monday&#8217;s news that Pfizer&#8217;s vaccine maybe 90% effective at preventing COVID-19 gave the old economy stocks a big boost. The Dow Jones Industrial Average finished the week up 4% while the tech heavy Nasdaq ended the week down -1.3%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22619\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart.png\" alt=\"\" width=\"2000\" height=\"1429\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart.png 1433w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-300x214.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-1024x732.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-768x549.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-1536x1097.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-696x497.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-1392x995.png 1392w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/^SPX_^NDX_GLD_SLV_IBTCUSD_DIA_chart-100x70.png 100w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<p>The 90% effective rate for Pfizer&#8217;s coronavirus vaccine is significant when compared to other successful vaccines like polio and chickenpox.\u00a0 The flu shot in comparison is only 45% effective.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22621\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/flu-vaccine-effectiveness.jpg\" alt=\"\" width=\"1024\" height=\"539\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/flu-vaccine-effectiveness.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/flu-vaccine-effectiveness-300x158.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/flu-vaccine-effectiveness-768x404.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/flu-vaccine-effectiveness-696x366.jpg 696w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Any good news on the vaccine front is much needed given the surge in coronavirus cases globally.<\/p>\n<p>The situation in the U.S. is very acute, COVID-19 hospitalizations are above the previous April peak, while new positives tests per week have gone parabolic at over 150K.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22620\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/us-coronavirus-cases-vs-hospitalizations.jpg\" alt=\"\" width=\"530\" height=\"385\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/us-coronavirus-cases-vs-hospitalizations.jpg 530w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/us-coronavirus-cases-vs-hospitalizations-300x218.jpg 300w\" sizes=\"auto, (max-width: 530px) 100vw, 530px\" \/><\/p>\n<p>Economies will continue to be hampered through the fall and winter as business shut downs reemerge. The graph below highlights the crash in economic activity throughout Europe.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22625\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data.jpg\" alt=\"\" width=\"2176\" height=\"1365\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data.jpg 1632w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-300x188.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-1024x642.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-768x482.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-1536x964.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-2048x1285.jpg 2048w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-696x437.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/economic-data-1392x873.jpg 1392w\" sizes=\"auto, (max-width: 2176px) 100vw, 2176px\" \/><\/p>\n<p>Governments will continue to spend to cushion the economic damage, while central banks will continue to print money.<\/p>\n<p>This is a very bullish backdrop for gold, silver and bitcoin. However it seems that only Bitcoin got the memo!<\/p>\n<p>Bitcoin rose 8% last week, breaking through $16K as it marches again towards $20K.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22622\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart.png\" alt=\"\" width=\"2000\" height=\"1231\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart.png 1664w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-300x185.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-1024x630.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-768x473.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-1536x945.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-696x428.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-1392x857.png 1392w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/GBTC_IBTCUSD_chart-356x220.png 356w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<h2>Copper Surge to 2-Year High on Chinese Economic Data<\/h2>\n<p>Late Sunday evening copper rose over 2%, surging to a 2-year high on the back of strong Chinese economic data. Industrial output (+6.9% in October) and fixed-asset investment (+1.8% for the first 10 months of 2020) both beat consensus expectations.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22624\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/copper-price-nov-15.png\" alt=\"\" width=\"966\" height=\"616\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/copper-price-nov-15.png 966w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/copper-price-nov-15-300x191.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/copper-price-nov-15-768x490.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/copper-price-nov-15-696x444.png 696w\" sizes=\"auto, (max-width: 966px) 100vw, 966px\" \/><\/p>\n<h2>Sierra Metals Delivers Record Setting Q3 2020 Results<\/h2>\n<p><iframe loading=\"lazy\" title=\"Sierra Metals Delivers Record Setting Q3 2020 Results\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/XJ0srHckG_c?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Copper miner Sierra Metals (NYSE:SMTS, TSX:SMT) <a href=\"https:\/\/capital10x.com\/old\/sierra-metals-smt-smts-q3-2020\/\">released stellar Q3-2020 results<\/a> on November 9th.<\/p>\n<p>The company delivered record-setting production and profitability results in Q3 despite the volatile COVID-19 operational environment.<\/p>\n<ul>\n<li>Record quarterly production of 35.2 million pounds of copper equivalent production (up +9% y\/y)<\/li>\n<li>Record EBITDA of $37.2 million (up +73% y\/y)<\/li>\n<li>Cash costs falling -23% year-over-year to $0.92\/lb (copper eq. pounds)<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22598\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results.jpg\" alt=\"\" width=\"900\" height=\"423\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-300x141.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-768x361.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-696x327.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>On a valuation basis, Sierra Metals trades at a very attractive multiple versus its commodity peers (copper, silver and gold) at 1.0x forward price-to-sales (analyst consensus).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22575\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers.jpg\" alt=\"\" width=\"1600\" height=\"773\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers.jpg 1600w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-300x145.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-1024x495.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-768x371.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-1536x742.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-696x336.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/sierra-deep-discount-vs-commodity-peers-1392x673.jpg 1392w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<h2>Vanadium: Largo Resources Posts Strong Q3 2020<\/h2>\n<p><iframe loading=\"lazy\" title=\"Vanadium Producer Largo Resources (TSX:LGO) Announces Strong Q3 2020 Results\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/U9M0u26OPeo?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Vanadium producer Largo Resources (TSX:LGO) also <a href=\"https:\/\/capital10x.com\/old\/largo-resources-lgo-announces-strong-q3-2020\/\">delivered strong Q3 2020 results<\/a> last week and setting a record for vanadium produced in a quarter.<\/p>\n<ul>\n<li>Revenue increased +14% year-on-year to $27.5 million.<\/li>\n<li>Record vanadium<sub>\u00a0<\/sub>production in the quarter to 3,092 tonnes, an increase of +5% year-on year.<\/li>\n<li>Net income for Q3 2020 swung positive to $2.6 million from a loss of $6 million the previous year.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22598\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results.jpg\" alt=\"\" width=\"900\" height=\"423\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-300x141.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-768x361.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-strong-results-696x327.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Largo Resources sits firmly in the 1st quartile of the vanadium cost curve and has the highest grade among its global peers.<\/p>\n<p>The company noted the demand outlook for vanadium remains bright, driven by stimulus driven infrastructure spending and the development of clean energy applications.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22599\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-vanadium-outlook.jpg\" alt=\"\" width=\"900\" height=\"501\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-vanadium-outlook.jpg 900w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-vanadium-outlook-300x167.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-vanadium-outlook-768x428.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/largo-q3-vanadium-outlook-696x387.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2>A Tale of Two Pot Stocks: Trulieve vs. Aurora<\/h2>\n<p>As we highlighted in <a href=\"https:\/\/capital10x.com\/old\/markets-metals-navigator-november-8th-2020\/\">last week&#8217;s Navigator<\/a>, Aurora Cannabis (TSX:ACB) was the most bid up stock last week on the back of Biden&#8217;s victory. The stock rose a whopping +137%, a head scratcher to say the least given the company has zero business exposure to the U.S.<\/p>\n<p>Like clockwork, Aurora&#8217;s management team always issues shares whenever there&#8217;s a surge in Aurora&#8217;s stock price, this time was no different.<\/p>\n<p>On Tuesday the company announced a $150 million share offering which sent the shares into a nose dive for the remainder of the week. Aurora ended the week down -28%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22628\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart.png\" alt=\"\" width=\"2000\" height=\"1269\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart.png 1614w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-300x190.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-1024x650.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-768x487.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-1536x975.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-696x442.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/TRUL.CX_ACB_chart-1392x883.png 1392w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<p>Trulieve (CSE:TRUL) on the other hand had another strong week up 7%, no rollercoaster here, a strong U.S. cannabis that is poised to keep delivering exceptional results.<\/p>\n<p>The company is set to announce Q3 results on Tuesday November 17th before market open.\u00a0 Analysts estimate revenue to come in at $131 million, Trulieve has a stellar track record of beating consensus &#8211; the surprise on average has been 8%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22629\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/trulieve-analyst-estimates.png\" alt=\"\" width=\"612\" height=\"227\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/trulieve-analyst-estimates.png 612w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2020\/11\/trulieve-analyst-estimates-300x111.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A weekly review of the most important news impacting the metals and global stock markets. This week: Pfizer&#8217;s COVID vaccine, Bitcoin&#8217;s ascent, copper hits 2-year high, Sierra Metals record Q3, Largo Resources strong vanadium quarter, Aurora cannabis falls back to earth and Trulieve continues to deliver.<\/p>\n","protected":false},"author":7,"featured_media":22617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1755,59],"tags":[76,1537,1712,1714,846,847,1734,1747,1746,893],"class_list":{"0":"post-22601","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-growth_navigator","8":"category-metals","9":"tag-copper","10":"tag-coronavirus","11":"tag-largo-resources","12":"tag-lgo","13":"tag-sierra-metals","14":"tag-smt","15":"tag-tsxlgo","16":"tag-tsxsmt","17":"tag-vaccine","18":"tag-vanadium"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market &amp; Metals Navigator (November 15, 2020) | Capital 10X<\/title>\n<meta name=\"description\" content=\"A weekly review of the most important news impacting the metals and global stock markets. 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