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Gold went into reversal this morning after hitting a new all-time high of $1,250…Gold is currently at $1,223 (as of 8:20 Pacific time), down $10 an ounce…this kind of volatility, with a general upward bias, is likely to continue…a test of $1,200 is certainly possible but Gold’s primary direction is up…with weakness in Gold and the major markets this morning, the CDNX is off 21 points to 1589…it’s a good day to be a buyer…Gold Bullion Development (GBB, TSX-V) is off another half penny to 37.5 cents and should be aggressively accumulated on any weakness…GBB will find very strong technical support at current levels and activity in the stock this week suggests a new all-time high could be just around the corner…Seafield Resources (SFF, TSX-V) is down a penny at 21 cents on over a million shares…the stock has clearly woken up, coming out of a deep correction that sent it all the way down to 16 cents…Seafield has some overhead resistance between 22.5 and 24 cents which may force the stock to consolidate for a brief period but our outlook is very bullish on SFF and we wouldn’t be surprised to see it challenge its 52-week high of 35.5 cents within the next month…Kent Exploration (KEX, TSX-V) is quiet at 17.5 cents…we’re hoping to hear news very soon regarding its spin-off…weakness continues in Richfield Ventures (RVC, TSX-V) which is purely due to technical factors we believe…Richfield is currently at $1.51, a sharp drop from the $2.25 high we saw last month…Richfield can be volatile at times and has consistently proven to be a good buy during “down” periods such as this…all is well with Sidon International (SD, TSX-V) which is hugely attractive at 6 cents…Sidon has the potential to quickly move into double digits once its PP has been approved and plans are announced regarding Morogoro East…

We’ve been very carefully watching the action in Gold Bullion Development (GBB, TSX-V) recently and we can’t help but conclude this stock wants to go higher.  The clues are all there – Jordan’s heavy buying, the resiliency of GBB during the market pullback, and the 20,000 metre drill program that is now well underway.  With Gold continuing to power higher, and the clear possibility of a 5 million+ ounce deposit at Granada, there is only one direction for Gold Bullion to go and that is up.

Following this story so closely as we have for over half a year now, we’ve been fortunate to develop a really good “feel” for this stock.  Not only do we have a strong grasp of the fundamentals driving Gold Bullion, but our “intuition” with this stock has proven to be very accurate and helpful.  For what it’s worth, our intuition right now is that GBB is poised to finally bust through resistance in the low 40’s.

We’ll have more on Gold Bullion over the weekend.

It was an incredible and record day yesterday for Seafield Resources (SFF, TSX-V) which traded a whopping 10 million shares and rose 2.5 cents to 22 cents on no news.  So what’s happening?

1. New “players”, and likely very powerful ones given yesterday’s volume, have clearly entered the market with Seafield which has very bullish consequences.  The last time we saw real evidence of new players was back in December and within a month the stock doubled in price;

2. Technically, Seafield’s recent deep correction has come to an end.   The drop to 16 cents frightened a lot of investors but SFF’s chart shows how the stock did not break down from its overall upward long-term trend.  Seafield fell slightly below its 200-day moving average (SMA) which continues to rise strongly, and found support just above its 300-day SMA which also continues to rise strongly.  We believe there’s a good chance that Seafield today will test its 50 and 100-day SMA’s at 24 cents.  The stock’s 10-day SMA has swung positive and a turn in the 20-day SMA is imminent – bullish developments.  Seafield hit deeply oversold levels recently based on Stochastics and RSI, so there’s no question in our view that 16 cents was an important low that we’re likely not going to see again with this stock in this current cycle.  A re-test of the late February high of 35.5 cents can certainly be expected;

3. Fundamentally, and we’ve said this all along, Seafield has put together an impressive portfolio of properties in the Quinchia District of Colombia.  Exploration is ramping up this month with drilling almost ready to begin, we suspect, at Miraflores and/or Dos Quebradas.  Miraflores contains a 43-101 inferred resource of 800,000 ounces.  Dos Quebradas is an advanced target that holds a lot of blue sky potential.  Seafield has other landholdings as well at Quinchia that no doubt we’ll be hearing more about in the near future.  The company is represented with strong boots on the ground in Colombia who know the country extremely well and can maneuvre through the system.

It’s not hard to see why there’s a lot of interest in this stock.  BMR first brought Seafield to investors’ attention when it was sitting at just six cents last summer.  We believe the best is yet to come from this company in the weeks and months to come, especially with Gold at record highs.

The kind of activity witnessed today in Seafield Resources (SFF, TSX-V) is extremely bullish and suggests something big – perhaps very big – is in the works.  The stock traded 10 million shares today – smashing its previous all-time record of just over 3 million – and closed at its high of the day, 22 cents.  We are making some inquiries to try and determine exactly what caused this incredible volume surge.  It appears there was some major “positioning” in this play today which certainly has very bullish consequences.

Gold is taking a bit of a well deserved rest today – it’s essentially unchanged as of 7:55 am Pacific time at $1,238 an ounce…we believe the new floor on Gold is now $1,200 so strong buying is expected to come in on any significant pullback – if there is one…the CDNX is also taking a “breather” today after a big run-up the last three days…the CDNX is currently down 6 points to 1620…a slight pullback in the Venture to about 1600 seems reasonable with any weakness viewed as a favorable buying opportunity…a move to a new 52-week high (over 1700) in the near future is more probable in our view than looking at the last three days as merely a “bounce”…the technical patterns strongly suggest we’re in the midst of another upleg…Seafield Resources (SFF, TSX-V) has come out of its deep correction and can be expected to perform very well in the coming days and weeks…the company is armed with a 43-101 initial inferred resource of nearly a million ounces at Miraflores in the Quinchia District of Colombia, in addition to other properties at Quinchia with serious blue sky potential, as it prepares to commence a major drill program…we expect a lot of news flow out of Seafield beginning the second half of this month…the drill bit will ultimately dictate how high Seafield is going to go but at the very least we expect Seafield to make a run at its late February high of 35.5 cents…there are too many factors in its favor including a strong group that’s determined to make things happen with this company…Seafield is currently up a penny to 20.5 cents on 1.4 million shares…Gold Bullion Development (GBB, TSX-V) has softened this morning to 38.5 cents, a 2 cent drop from yesterday when the stock was clearly under accumulation with nearly 3 million shares changing hands…Sidon International (SD, TSX-V) is trading at 6.5 cents this morning where it is a strong buy in advance of news regarding the Morogoro East Gold Property in Tanzania which it has an option to acquire…the company has apparently completed its recent financing and is awaiting final approval from the CDNX…the jump in gold prices has us even more excited about the upcoming Kent Exploration spin-off and the trading of Archean Star Resources…Archean Star should commence trading prior to the receipt of assays from drilling at the Gnaweeda Turnberry Prospect…Archean Star could very easily be a quick and big winner…Turnberry is a high quality target…just eight miles away, Australian-listed Doray Minerals has hit two high grade zones at its Andy Well Property…Kent is unchanged at 18 cents this morning...Richfield Ventures (RVC, TSX-V) is off three cents to $1.62…BMR is going to explore Richfield in detail tomorrow as we have arranged a special interview…Richfield’s Blackwater Project has all the makings of a world class bulk tonnage deposit…North Arrow Minerals (NAR, TSX-V) is consolidating nicely around the 20 to 22 cent level where accumulation is recommended…investors should have a time horizon of at least 3-4 months with North Arrow which has incredible potential with its package of diamond and lithium properties…this is a company led by one of the great grass roots explorers of our time, Gren Thomas…

We watched in near disbelief recently as Seafield Resources (SFF, TSX-V) fell somewhat mysteriously to a low of 16 cents, a drop of more than half from its 35.5 cent high just over two months ago.  There were a number of contributing factors to this slide (we did warn traders to take profits in the mid-30’s though we didn’t expect a drop so severe) including the cheap private placement stock from late last year that became free trading, and the recent overall market pullback (the “overhang” from the PP we believe is no longer an issue).   The stock has now picked itself up from very oversold conditions and dusted itself off.  Mark our words – Seafield is ready to re-launch and this time it may not stop at 35.5 cents.  Some heavy hitters, including Scott Paterson, lined up behind Seafield last fall and they’re all still there  – and they’re all very determined to make this project succeed in a big way.

Seafield has turned the corner “technically” and closed up 1.5 cents today to its rising 200-day moving average of 19.5 cents.  Seafield’s renewed momentum should allow it to quickly get above the 200-day SMA and challenge the 50 and 100-day SMA of 24 cents.  Some resistance can certainly be expected there but should be overcome without too much difficulty as Seafield rolls out an aggressive exploration plan for its Quinchia properties any day now – at least that’s what we’re expecting after our recent interview with President and CEO Tony Roodenburg.

Drilling should commence shortly at Miraflores and/or Dos Quebradas, and we could also hear some encouraging news with regard to pre-drilling exploration work at Quinchia that Seafield started two months ago:

March 15, 2010 news release: “The company has commenced detailed soil geochemical surveys and magnetic survey follow-up as well as detailed geological surveys in this Dos Quebradas area. Geological mapping and sampling and soil sampling have also begun on the three additional porphyry targets outlined by the airborne magnetic survey.”

Seafield has an attractive package of properties in the Quinchia District of Colombia including Miraflores which has a 43-101 initial inferred resource of nearly 800,000 ounces.  The Miraflores deposit holds a lot of upside potential and is more attractive than ever with gold prices at record highs.  Dos Quebradas is an outstanding target that with further drilling could turn into a company-maker for Seafield.  In total at the moment, Seafield holds about 6,300 hectares at Quinchia and Roodenburg confirmed to us the company is examining additional opportunities in Colombia as well.  They have strong boots on the ground there who have a deep understanding of the Colombian system and all that is available and worth pursuing geologically.

From a risk-reward perspective, Seafield is considered a highly attractive opportunity at current prices.  The company has excellent projects in Mexico and Ontario as well but it’s main focus in the months ahead is going to be Colombia where Seafield has invested a large amount of time, effort and money over the past eight months to advance this significant project to the drill-ready stage.