BullMarketRun.com

All markets are on the negative side so far today with gold now trying to stabilize around $1,130…gold dropped as much as $14 an ounce this morning to $1,125 but has recovered slightly and is currently off $11 at $1,130 as of 9:00 am Pacific time…with a rising 14-day moving average, and with the TSX Gold Index technically very oversold at 334, we see little chance of a plunge in gold prices at the moment, so this current weakness clearly presents some excellent buying opportunities and a safe entry point in our view…there is very strong technical support for gold at $1,120, and strong technical support for the TSX Gold Index at its 200-day moving average just below 330…the Venture Exchange is off 11 points to 1,585 (its 10-day moving average)…Gold Bullion Development Corporation (GBB, TSX-V) is even so far today at 11 cents…we are extremely bullish on the exploration potential of Gold Bullion’s Granada Gold Property near Rouyn-Noranda, Quebec, and it wouldn’t surprise us if the company released a drilling update sometime today (perhaps even after the market close) prior to the World Resource Conference in Vancouver which it will be attending Sunday and Monday…normally, we’re a little nervous holding on to a stock prior to the release of assay results but in this particular case, given the encouraging clues we saw in Gold Bullion’s December 29 news release, we’re expecting positive results from Granada which could propel this stock significantly higher…the rest of our portfolio is holding up well with Seafield Resources (SFF, TSX-V) up 1.5 cents to .265…Colombian Mines (CMJ, TSX-V) came out with news this morning with some sample results from its El Dovio project in west-central Colombia…the company also reported that the environmental regulator for the Department of Antioquia has visited CMJ’s Yarumalito Gold Property and verbally approved the company’s drill plan…Colombian Mines is now awaiting the written permits to begin site construction and drilling…CMJ is currently up a penny to 93 cents…

Gold Bullion Development Corporation (GBB, TSX-V) has pulled back on light volume to .105 this morning, just above its rising 20-day moving average, and appears poised from a technical standpoint to break higher again…from a fundamental perspective, we’re going on a hunch that the company may release a drilling update on Granada by tomorrow in advance of the World Resource Investment Conference Sunday and Monday in Vancouver…

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An important component of this site is going to be original research on small and undiscovered junior resource companies that offer very real and significant upside potential. We are extremely selective in the companies we feature and put forward to investors – we prefer quality over quantity. Management is the first thing we look at – it’s our #1 criteria – because without superb or solid management, a company with the best properties in the world is either going to underperform or flat-out fail. As simple as that. So we look for superior management guided by strong business ethics and integrity, followed by an outstanding portfolio of projects.

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Gold is down slightly this morning (off $4.00 at $1,133 as of 8:25 am Pacific Time) after staging a nice intra-day reversal yesterday…clearly, there is very strong technical support for gold at $1,120…the TSX Gold Index continues to be at very oversold levels and is surprisingly off seven points this morning to 340…the CDNX is off just one point to 1,592…the markets appear to be taking a breather now to digest the recent strong gains, so this is a good time to look for attractive entry points on weakness in certain stocks…Gold Bullion Development Corporation (GBB, TSX-V) is one such example – it has backed off to .105 this morning…we are speculating, but we wouldn’t be surprised if Gold Bullion delivers an update on its Granada drill program by tomorrow in advance of the World Resource Investment Conference in Vancouver which it will be attending Sunday and Monday…some initial assay results from last month’s phase 1 drill program should be close to being ready…Seafield Resources (SFF, TSX-V) has found strong support in the mid-20’s as expected…all is generally quiet with our portfolio and the markets overall this morning…

Gold is recovering slightly (up $3.00 an ounce to $1,131 as of 7:00 a.m. Pacific time) after yesterday’s sharp sell-off that may have taken some investors by surprise…it’s important to point out, however, that gold’s 14-day moving average – a very reliable technical indicator – swung positive just recently and continues to rise, so we believe gold will find strong support at current levels ($1,120 and above) and resume its uptrend…the TSX Gold Index is still in very oversold territory where major moves have started from before…the CDNX is up five points this morning to 1,582 after yesterday’s 31-point drop…we’ve seen pullbacks of a few percent to as much as about 10 per cent in the Venture over the past year, and each time that weakness has been a great buying opportunity…the CDNX is down about 3.5% from its 1,629 high Monday which quite possibly could be the extent of this pullback…we’ve added Greencastle Resources (VGN, TSX-V) to our portfolio and the company is now drilling its first well in the Boggy Lake-Cabri area of southwestern Saskatchewan…we expect good things out of Greencastle in the days and weeks ahead…Kent Exploration (KEX, TSX-V) released encouraging trench assays from its Alexander River gold project in New Zealand yesterday and the stock closed at a new 52-week high of .245, a 50% gain from when we initiated coverage last October…Gold Bullion Development Corporation (GBB, TSX-V) is off half a cent this morning to .11…any weakness must be viewed as a buying opportunity with GBB given our assessment of that situation…

We are no stranger to Greencastle Resources (VGN, TSX-V). Over the past year-and-a-half, we have done extremely well with this stock with an astonishing 14 winning trades out of 15. In our Morning Market Musings yesterday we alerted readers to the fact we have been keeping a close eye on Greencastle and we felt it was an “immediate buy” on a minor pullback from Monday’s .195 close. Greencastle closed yesterday at .175 and our good fortune with this stock continued as the company announced (following the close) that it has started drilling its first well in the Boggy Lake-Cabri area of southwestern Saskatchewan.

We will have much more on Greencastle in the coming few days. From a technical perspective, this stock is clearly in an uptrend with all its moving averages in bullish alignment. At .175, this company is barely trading above its cash value so the risk-reward ratio here is extremely attractive. Fundamentally, we believe Greencastle has an excellent chance of hitting on at least some of these wells in Saskatchewan where they have a highly prospective land package (12 square miles in total) with “several potentially productive stratigraphic horizons,” according to President/CEO Tony Roodenburg. The last time Greencastle drilled in Saskatchewan they discovered the Primate oil field which has been a cash cow for them. Will the oil start gushing from Boggy Lake-Cabri and become Primate 2? The next few days and few weeks are going to be very interesting with Greencastle.

Seafield Resources (SFF, TSX-V) has pulled back from 30 cents as predicted into a zone of strong support around 24 cents (as of 11:00 am Pacific time) where we suggest traders re-enter the market. We consider this morning’s weakness in gold and the CDNX as a classic buying opportunity with the primary short-term trends remaining positive.

Gold is off its lows of the day (found support just above $1,140) and at 8 am Pacific time is trading up $1.00 an ounce to $1,151.00…crude oil futures are off nearly a dollar a barrel to $81.64…some profit-taking in the Venture Exchange this morning – and that’s all it is – with the CDNX down 15 points to 1,594…its 11-day winning streak is in serious danger if we don’t see an abrupt turnaround…Kent Exploration (KEX, TSX-V) made some noise yesterday, hitting 24 cents on just over 1.5 million shares…it closed at .21 and is unchanged so far this morning on lighter volume…from a technical standpoint, this stock looks like it wants to go higher and potentially break out very soon…current market cap of $6 million is still very cheap in our view, and the company is expected to be releasing some exploration news soon on its Alexander River gold project in New Zealand which we are very bullish on…we are keeping a close watch on Greencastle Resources (VGN, TSX-V), which is down two cents this morning to .175 and in our “immediate buy” zone…this company is trading at just above cash value, has monthly revenue from oil and gas royalties, and will soon be drilling for new oil wells in what we believe is a highly prospective area in Saskatchewan…Greencastle also has a coal property in Manitoba, a short distance from a discovery last year by Westcore Energy (WTR, TSX-V), and some attractive gold exploration properties in Nevada…Gold Bullion Development Corporation (GBB, TSX-V) traded as high as .125 this morning but is currently off half a cent to .115 on 340,000 shares…major accumulation continues in GBB and for good reason as we have stated here repeatedly over the past few weeks…an intriguing situation is unfolding with Richfield Ventures (RVC, TSX-V) which we’re accumulating on weakness…we will explain more in a separate posting later today…