BullMarketRun.com

Gold hit a record high for the fifth straight session today, climbing to $1,510…as of 8:35 am Pacific, the yellow metal is $4 higher at $1,506 an ounce…significant call buying between the $1,800 and $1,900 region in August and October contracts suggests prices could reach those levels within the next six months…in January, John laid out a strong technical case for Gold at $1,650 by June and that seems to be right on track…Silver keeps pushing higher…it’s currently up another 88 cents to $46.11, only about $4 below its January, 1980, all-time high, while the Gold-Silver ratio is now at its lowest level since 1983…the U.S. Dollar Index is trying to hang on to critical support…it’s off its lows of the day but still down over one-third of a point to 73.93…the U.S. Treasury Department projects the government could reach its debt ceiling limit of $14.3 trillion as soon as mid-May and run out of options for avoiding default by early July…the debt ceiling will need to be increased in a hurry…it’ll be very interesting to see how the wrangling in Washington unfolds over the coming months with regard to U.S. fiscal matters…new U.S. claims for unemployment benefits fell last week but held above the key 400,000 level according to a government report this morning…initial claims for state unemployment benefits fell 13,000 to a seasonally adjusted 403,000, the Labor Department said, unwinding some of the prior week’s quarter-end jump…economists polled by Reuters had forecast claims slipping to 392,000…the prior week’s figure was revised up to 416,000 from the previously reported 412,000…the four-week moving average of unemployment claims, a better measure of underlying trends, rose 2,250 to 399,000…we expect the Fed to continue its very accommodating monetary policy given the U.S. employment situation, the deepening housing crisis, major debt problems across every level of government, and Bernanke’s belief that inflation at the moment is not a concern…the CDNX enjoyed a strong day yesterday and the hope is that the 2200 level will hold as support…as of 8:35 am Pacific, the CDNX is up another 10 points to 2273…we’ve seen some wild swings and a lot of unpredictability in the CDNX since early March…we strongly urge our readers to stay focused on the “big picture”…we’re in the midst of a long-term CDNX bull market and the Gold/commodities bull market of a lifetime…you can either try and be a trader, which is very difficult for most individuals, or find some quality companies (we feature quite a few here) and stick with them…GoldQuest Mining (GQC, TSX-V) is just one of many examples…it got knocked down to 25 cents Tuesday on overall market weakness and a not so enthusiastic response to some good drill results from its very promising La Escandalosa Project in the DR…Escandalosa remains an outstanding property and a potential 100,000 ounce per year producer with much more drilling of course required…GoldQuest also has other attractive assets in the DR and a lead-zinc-Silver deposit in Spain with 8.7 million tonnes of indicated and inferred 43-101 resources totaling over 900 million pounds of lead, 1 billion pounds of zinc, and over 10 million ounces of Silver…GoldQuest, which is trading at 25 cents this morning, has excellent management and will be an exciting company to follow throughout this bull market…ditto for Visible Gold Mines (VGD, TSX-V) which is our pick to emerge as one of the top Gold plays in northwestern Quebec (see our story yesterday)…VGD is focused on four key projects (Joutel, Cadillac Break, Silidor and Stadacona-East) and has a top-notch geological team that has the ability to produce a major discovery (senior geologist Robert Sansfacon played a key role in uncovering Canadian Malartic)…VGD is currently off half a penny at 35.5 cents where it should be “load up” time for smart investors if you looked at John’s chart yesterday in addition to our overall analysis…what a day for Gold Canyon Resources (GCU, TSX-V) yesterday as it jumped 62 cents to $3.84 after announcing a $10 million bought deal private placement offering at $3.05 (hard cash) and $3.65 (flow-through)…GCU is developing its world class Springpole Gold Project just over 100 kilometres northeast of the Red Lake mining camp…the stock is off 12 cents this morning at $3.72 but expect buyers to step up to the plate and soak up any loose stock…GCU is a great looking situation…a couple of other companies with advanced projects we suggest investors perform due diligence on are Levon Resources (LVN, TSX-V) and Orko Silver Corp. (OK, TSX-V)…both are looking very promising…a reader brought up Kiska Metals Corp. yesterday (KSK, TSX-V) which has been beaten up recently but it too has an advanced project of merit (copper-Gold porphyry deposit north of Anchorage) and bargain hunters may wish to take a look…Currie Rose Resources (CUI, TSX-V) is giving positive technical signs…John has prepared a couple of charts that we will be posting shortly…with the rainy season just about over in northwest Tanzania, Currie Rose is expected to start its 2011 drill campaign possibly within a few weeks…the project we’re most excited about is Sekenke which runs in between and surrounds two former high grade Gold mines including one of Tanzania’s original producers…CUI is currently off half a penny at 16.5 cents…White Tiger Mining (WTC, TSX-V) released assay results yesterday from hole #21 at its Marshall Lake Property in northern Ontario that were decent but didn’t meet market expectations…from 132 to 190 metres, hole #21 returned 1% copper and 4.4 g/t Ag…assays are still pending for hole #23 which was collared 25 metres south of #21 and was drilled beneath #21…WTC fell 20 cents yesterday and is off another nickel at the moment to 50 cents…it’s a play that is still worth keeping an eye on but lower prices are possible…