BullMarketRun.com

Gold has traded in a range of $1,452 to $1,472 so far today…as of 8:45 am Pacific, the yellow metal is up $10 an ounce at $1,467…Silver is 63 cents higher at $41.29 while the U.S. Dollar Index is down slightly at 74.81…Oil has reversed to the upside, gaining 29 cents to $107.40…U.S. jobless claims rose more than expected last week, bouncing back above the key 400,000 level…economists polled by Reuters had forecast claims slipping to 380,000…the four-week moving average of unemployment claims, a better measure of underlying trends, climbed 5,500 to 395,750…meanwhile, U.S. wholesale prices rose a seasonally adjusted 0.7% in March, slightly below expectations but continuing an upward trajectory…the core rate, which excludes the volatile food and energy categories, rose 0.3% which was above the 0.2% rate most economists were expecting…first quarter U.S. economic growth will be lower than most people expect because of continued problems in the housing market – that’s the view of Pimco Chief Executive Mohamed El-Erian who was interviewed by CNBC this morning…if the Pimco chief is proven correct, Fed Chairman Ben Bernanke may see the need to extend quantitative easing measures beyond June which of course would be bullish for commodities…the CDNX is down 4 points at 2298…over the last few days it has erased all the gains of last week (91 points or 4%)…the 20-day moving average (SMA) continues to rise, however, and there is a line of strong support at 2280 which is also just above the rising 100-day SMA…so we see no reason for panic, even though the extent of the pullback this week has been surprising…Gold Canyon Resources (GCU, TSX-V) released more stellar results this morning from its Springpole Project, 110 kilometres northeast of the Red Lake Mining camp…four of the five holes released this morning showed 100+ metre intervals grading better than 1 g/t Au near-surface including 132 metres of 1.37 g/t Au in #49, a vertical infill hole testing the southeastern part of the Portage Zone…hole #46, a step-out hole to the south, did not intersect the core of the Portage Zone as hoped but likely passed over the top…the best interval was 68.5 metres grading 0.81 g/t Au (from 238 to 306.5 metres depth)…this area to the south will be tested at deeper levels as there does seem to be something going on at depth…results from 10 more holes from the winter program are still pending and the first hole in a series of deep holes is now underway to test the Portage Zone at vertical depths of 500 to 600 metres…this is shaping up to be a major deposit with the mining analyst at Fraser McKenzie projecting at least 5.5 million ounces of Gold…GCU also reported appreciable values of Silver in numerous holes this morning…GCU is currently off 18 cents at $3.52 in a typical “sell on news” reaction…it has strong support…Osisko Mining (OSK, TSX) has poured its first Gold bar at Canadian Malartic and is on track to achieve commercial production by the end of next month, six years after the company drilled its first hole at the property…global measured and indicated resources above a cut-off grade of 0.3 g/t Au at Malartic have increased to 11.8 million ounces…about an hour’s drive west down the Golden Highway, drilling continues in the LONG Bars Zone of Gold Bullion Development’s (GBB, TSX-V) Granada Gold Property which is another major open-pit deposit in the making along the Cadillac Trend – and for only 53 cents a share…GBB is currently up 2 pennies from yesterday…the weakness the last few days in Visible Gold Mines (VGD, TSX-V) has been surprising with the stock off another 1.5 cents this morning to 37.5 cents…VGD is in a strong zone of technical support, however, so we’re not expecting it to hover around these levels for very long…we’ve spent a lot of time in northwestern Quebec over the past year and we can state with a high level of confidence that Visible Gold Mines is going to emerge as one of the most exciting exploration companies in the area…all the ingredients are there for this company to become a major success…White Tiger Mining (WTC, TSX-V) is holding steady at 75 cents on relatively light volume as investors eagerly wait for assay results from holes #21 and #23 at the Marshall Lake Property (copper-Silver-Gold) in northern Ontario…the sensible low-risk approach is to wait for these assays to be reported and if they’re outstanding, which is possible, it won’t be too late to join the party…WTC’s current market cap is $11.5 million…it has an opportunity to earn up to 75% in Marshall Lake…Spanish Mountain Gold (SPA, TSX-V), which we haven’t mentioned for quite some time, has been showing strength recently and is up 8 cents this morning to 68 cents on over 2 million shares…SPA got a buy recommendation on CNBC this morning (“cheapest in-the-ground Gold in the world”) as it continues to build an impressive resource (low grade but high tonnage) at its Gold property in British Columbia…SPA’s 50-day SMA has reversed to the upside today, so this is suddenly looking much better from a technical perspective…