Gold found support at $1,550 overnight…as of 5:55 am Pacific, the yellow metal is up $4 an ounce at $1,562…Silver is 13 cents lower at $28.19…Copper is 2 pennies higher at $3.47…Crude Oil is flat at $90.72 while the U.S. Dollar Index is up slightly at 82.35…
Gold is down for the week but the chart action in the yellow metal in recent days has been encouraging, and Gold stocks have been responding well – moving ahead of the metal which is a bullish sign…the Venture Exchange has climbed 4% this week while the TSX Gold Index is up 7%…they have advanced 6% and 15%, respectively, since their mid-May lows when Gold touched the $1,525 area…the set-up for the end of the month and June looks promising, and we’re convinced central banks will soon have to print money faster than rabbits can make bunnies…such a scenario could produce a spectacular move in the markets…
Today’s Markets
The euro is bouncing off a 22-month low against the U.S. Dollar after Italian Prime Minister Mario Monti said Greece will probably stay in the euro, and Germany can be persuaded to support Europe’s “common good”…European markets are down modestly this morning while Asian markets were mixed overnight…Japan’s Nikkei Index suffered its eighth consecutive weekly loss, its longest weekly losing streak in 20 years…stock index futures in New York as of 5:55 am Pacific are pointing toward to a slightly lower open on Wall Street…volumes will likely taper off today in advance of the Memorial Day long weekend in the United States (U.S. markets are closed Monday)…
GoldQuest Mining (GQC, TSX-V)
As expected, GoldQuest exploded yesterday with a gain of 320% after reporting a spectacular drill result from its Las Tres Palmas Project in the Dominican Republic…additional drilling of course will determine this, but has GoldQuest perhaps hit only the edge of a potentially massive porphyry system?…initial small step-outs should help to answer that question…there’s enough substance and speculation here to keep the market enthused about GQC for a considerable period of time yet, so rest assured this is not going to be a one-day wonder…there has to be a heat engine for Romero and if GoldQuest finds it, the stock will soar much higher…
Below is a chart from John on just yesterday’s activity for GQC with the stock trading a total of 20.3 million shares (all exchanges) and closing at 31 cents, an important Fibonacci level as we pointed out yesterday…
Note: Jon holds a position in GQC (John and Terry do not)…
Greenlight Resources (GR, TSX-V)
We’ve mentioned Greenlight a few times over the past couple of months as it’s a company whose stock has performed well this year (it’s up nearly 50% to 12.5 cents) due to the energy, leadership and strategic planning of President and CEO Chris Anderson…we view him as a very bright up-and-comer in the industry…Greenlight is using a project-generation model to build shareholder value, covering a wide range of specialty and traditional minerals…its properties are in Atlantic Canada (New Brunswick, recently ranked by the Fraser Institute as the world’s #1 mining jurisdiction)…
Below is an updated GR chart from John (2.5-year weekly chart) that shows plenty of promise…this is definitely a company worth performing considerable due diligence on…
Note: John and Jon both hold share positions in GR (Terry does not)…
As we close the trading week, our thoughts and prayers go out to John’s son David and his family, and all those in the Kirkland Lake area, who are threatened by major forest fires at the moment…below are a couple of pictures that John received from his son yesterday…
Forest fire near Kirkland Lake, Ontario
Forest fire near Kirkland Lake
and to all those in areas around Timmins who have been evacuated and/or lost their homes….
Watch this video taken last week from hwg 11 between South Porcupine and Schumacher… 9 mins long and it jumps a 4 lane hwg…
Comment by Don — May 25, 2012 @ 5:38 am
Sorry the video…
facebook.com/photo.php?v=10150854831583785
Comment by Don — May 25, 2012 @ 5:39 am
If your a day trader keep your eyes on HRN. Money to be made on that one…
Comment by db — May 25, 2012 @ 6:28 am
Hey Bmr what do you think of Cev at current prices,thanks
Comment by Gerry — May 25, 2012 @ 7:28 am
Sorry to hear bout the fires up there, hope everyone is ok. I was out of town Tuesday and Wednesday and did not get a chance to read the Musings. I would have looked at GQC chart and found it attractive and probably nibbled some money in it at .06 or .07. I got back in town yesterday morning and did not want to play one with a gap like that, oh well. RBW, I don’t know about this one at the moment, if she closes below .17, she will drop further. Whatever the case with RBW, I don’t see it going up 400% on news, unless it was a .06 cent stock too. It will be interesting to see the developements with RBW. If it gets low enough, I may nibble. Everyone have a wonderful weekend. It’s a 3 dayer for me.
Comment by dave — May 25, 2012 @ 7:32 am
I still have not recieved the phone call saying it’s time to get back in, but CEV is making a nice looking “W” in its chart.
Comment by dave — May 25, 2012 @ 7:41 am
Cheers Dave – you have a good weekend too. A long weekend in Europe too, I think, and in UK the following week.
Comment by Andrew — May 25, 2012 @ 7:44 am
Here’s one thing that irritates me a bit about BMR. I’ll give them credit that they brought up GQC but overall really haven’t been pushing the story as hard as RBW as of recently. Once GQC’s stock fell into the toilet we never heard much about it. Then since it become extremely oversold and bounced a bit BMR took that positive news and spun it. To their luck GQC hit a huge hole and the news release followed the next day. This was a pure luck call. Good thing I held onto it for over a year waiting for this pop even though it was trading at near pennies.
Where was the advance notice and confidence in the stock on the watch lists while it was trading a historic lows? Why wasn’t GQC on the A-Watch list with RBW?
This was pure luck. There were no follow interview with GQC to understand the story better and no follow up on their drilling campaign. Totall speculative in nature and BMR gets the credit? I dunno.
BMR only gets partial marks from me. Perhaps not a fail but definitely not an A. C+
Comment by Andrew M — May 25, 2012 @ 1:41 pm
Andrew M you are being incredibly unfair. What do you want/ We give you everything we have….it is never enough. I suggest you find a site that suits you this one DOES NOT.
over and out
Comment by John - BMR — May 25, 2012 @ 2:05 pm
@Andrew
“Where was the advance notice”
I want to know of a website that has this feature so I know when stocks are going to go up, that way I can become rich
Thank You!
Comment by Ackman — May 25, 2012 @ 2:26 pm
Andrew I sold 50000 Gqc yesterday at 33c. I didn’t need to contact BMR or anyone else because I am an adult and I take full responsibility for my own investments. Time to grow up and take some more personal responsibility.
Comment by Patrick — May 25, 2012 @ 2:37 pm
Hello Andrew – Some readers had asked about GQC when the sp was around .09 – .10 and Jon’s comments reflected that he thought it was a safe play and excellent value. He mentioned that some changes the company had made were positive. BMR presented the current review and chart before the discovery hole NR so we had all the relevant information that day. After the NR BMR immediately did a follow up announcement as well as an e-Alert. Even if not a share holder there were opportunities to buy in at the open and sell for a really nice gain in just an hour! I, of course missed that opportunity! Again today, we had an updated chart and there was another opportunity for a quick flip. I don’t think it should have been on the A-Play list with RBW, maybe that will change in due course? Things change all the time, I’m currently into RBW, ASW & GR. I’ve been watching GR for a while and I think its underrated – they’re also in my backyard so I kinda like that and I want exposure to graphite.
Anyway, the Venture did really well again today, even though we need more volume so I think our turn will come in due course! Enjoy the weekend. 🙂
Comment by Andrew — May 25, 2012 @ 2:38 pm
Andrew M
I have a much different feeling about BMR/GQC. Why should they bring forward a falling stock, even
occasionally. They did bring it forward at 0.06, before news became public, giving followers a chance
to get in, but i doubt if anyone was interested, considering the price & where it dropped from, nor would
anyone have noticed, if it was brought forward at even higher prices. I held the stock & considered it a
dog, but felt i had a chance, once news came out & felt much better after noticing that BMR were trying to
be of assistance, with their daily GQC narratives & charts. Instead of having a big loss, i made a profit
as i sold my last share this evening. I would have liked to have held it a little longer, those type of
stocks usually run for 3 days, but with world conditions as they are, i wouldn’t take a chance. I can check
things out pre-market monday & maybe try a day trade, but this evening i am a happy camper. 2 so called
dogs have treated me well lately, (CQX & GQC) & now i don’t have to look at them in my portfolio any
longer. BMR may have been responsible for getting me into this stock in the beginning, but my memory has
failed me, but if not, i am still willing to give them a big ”thank you” for their most recent assistance.
Sorry Andrew M, but credit must be given when credit is due & i would do the same for you if & when you are
deserving of such credit. Respectfully !
Comment by Bert — May 25, 2012 @ 2:47 pm
Patrick
This is not meant to gloat just tormenting, but i managed to get 0.395 this afternoon.
When the price jumped up a penny or two yesterday, i felt i would do better today. Call
it luck my buddy. No doubt, Monday may also be a good day, as the chart should look
good. R !
Comment by Bert — May 25, 2012 @ 2:57 pm
Hi Andrew, something to keep in mind about GQC……..we’ve never doubted the tremendous potential of their properties……however, GQC if you remember went a little off track last fall when they proposed a merger with another company……we made it very clear in a BMR piece that we were opposed to this merger, that it made no sense, and that GQC should go it alone on their DR package and make something of it……as it turned out, helped I think by our campaign against it, GQC dropped the merger idea……….the stock however suffered badly because of the whole ordeal……they raised some money and then got back on track by deciding to drill Escandalosa……as a result, WE PUT GQC #1 ON OUR “SLEEPER” LIST at the end of February, and we’ve occasionally run some charts and have mentioned it…..now they’re obviously very much back on track and we’ll be covering GQC more intensely……our timing this week on GQC was right on the money and John’s charts have been very accurate……
Comment by Jon - BMR — May 25, 2012 @ 3:18 pm
The chart for GQC is in o/b territory, i don’t know how long it will last before reversing.
CEV’s chart is looking good & it indicates the uptick will continue.
CEV & SGC are my favourite stocks. Although i am a little disappointed in how the market
treated them, no way am i discouraged. Full speed ahead. R !
Comment by Bert — May 25, 2012 @ 4:38 pm
Cap-Ex reaches exploration deal for Itum’s properties
2012-05-25 19:12 PT – News Release
Mr. Francois Laurin reports
CAP-EX AND Itum ENTER INTO DEFINITIVE EXPLORATION AGREEMENT
Cap-Ex Ventures Ltd. has entered in a definitive exploration agreement with Innu Takuaikan Uashat Mak Mani-Utenam, which replaces the letter agreement between the company and Itum dated Nov. 30, 2011 (see the news release issued by the company on Dec. 1, 2011).
Pursuant to the terms of the exploration agreement, the company will issue 300,000 common shares to Itum upon receiving final approval of the exploration agreement from the TSX Venture Exchange. In addition, the company has agreed to make annual payments to Itum conditional upon the company completing certain levels of exploration activities on its properties during the previous year.
The company has also agreed to work with Itum to monitor environmental and other impacts of the company’s exploration activities and will make an annual payment to Itum to finance such monitoring by Itum.
In consideration for the benefits received by Itum under the exploration agreement, Itum has given its consent to the company’s exploration activities on its properties.
The exploration agreement is to be for the duration of the company’s exploration activities in the future.
We seek Safe Harbor.
Comment by db — May 25, 2012 @ 6:15 pm
DB
Thanks for that. A very important environmental move with the Innu. A hurdle they/we don’t have
to now worry about. A company on the move. R !
Comment by Bert — May 26, 2012 @ 1:36 am
Well done Bert. I like to see people with patience make good profits. I still have some left but might just hang for some more drilling. Congrats.
Comment by Patrick — May 26, 2012 @ 9:04 am
A group of Newfies went moose hunting and split up into pairs for the day. That night, one
of the hunters, Garge, returned alone, staggering under the weight of a large bull moose.
The others asked “Where’s Ted?”
“Ted had a stroke or some thing and died. I left him a couple of miles back up the trail.”
“You left Ted laying out there and carried the moose back?!!”
“It was a tough call,” nodded Garge, “but I figured no one is going to steal Ted.”
Comment by bert — May 26, 2012 @ 11:00 am
Patrick
I certainly don’t want to try to influence you, as it would please me, if you & every other
soul on this board did well. As for GQC ,this stock is running on one news release, although
good news & a good close friday, we now await additional drilling. Because the chart now
shows it as being overbought & because monday is a holiday in the U.S., i would watch it
carefully. If you believe in this play long term, an ideal situation would be to sell at
it’s high or near & buy it back much lower, which is more money in your pocket, especially
if the next results are positive, if not, you have cut your loss. Anyway, you may know more
about this game than me, so look at this as a cyber friend trying to be of assistance. Good
luck ! R !
Comment by bert — May 26, 2012 @ 1:14 pm
Looking forward to reading more. Great blog.Much thanks again. Really Great.
Comment by Jayden Rickman — October 4, 2012 @ 10:11 am