Gold is slightly weaker this morning…as of 5:20 am Pacific, the yellow metal is down $10 an ounce at $1,632…Silver is 24 cents lower at $31.39…Copper is off a penny at $3.65…Crude Oil is flat at $102.66 while the U.S. Dollar Index is up nearly one-fifth of a point at 79.76…
Today’s Markets
U.S. stock index futures as of 5:20 am Pacific are pointing to a higher open after a better-than-expected Spanish bond auction lifted investor sentiment about peripheral Europe, and more solid earnings contributed to the notion that the American banking system is on the rise…Spain’s 2.5 billion euro ($3.3 billion) auction of 2- and 10-year sovereign bonds early in the European trading session met with solid demand…yields rose on the 10-year debt to 5.74%, but fell on the 2-year debt to 3.46%…
European markets are mixed while Asian markets were also mixed overnight…
More Stimulus In Brazil
Brazil’s central bank cut its benchmark interest rate to the lowest level in two years yesterday in an attempt to revive sluggish growth and restore the country to the ranks of fast-growing emerging markets…in its sixth consecutive cut, the bank’s monetary policy committee reduced Brazil’s Selic rate by 75 basis points to 9 %, in line with the majority of analysts’ estimates…after expanding at a China-like rate of 7.5 per cent in 2010, Brazil eked out growth of only 2.7 per cent last year, lower than any of the so-called Brics group or even some developed countries such as Germany…
Venture Exchange
The CDNX appears headed for its eighth consecutive weekly loss which only reinforces how oversold this market is…what we’ve seen since the beginning of March is certainly painful not unusual by historical standards, and there’s a strong probability that within a few months investors will look back at this period as an incredible buying opportunity…that’s hard for some to fathom at the moment but the situation now, in terms of bearish overall sentiment, is similar to that seen at or near the bottom of previous corrections…below is an updated CDNX chart from John with some hope that the end to this sharp pullback is in sight…the Index closed yesterday at 1412, 13 points off its December low…
Argex Mining (RGX, TSX-V)
Argex Mining (RGX, TSX-V), a specialty situation, has jumped as much as nearly 50% this month but showed signs of exhaustion yesterday after climbing as high as $1.25 and closing at $1.12…John’s chart shows RGX is probably in need of a rest for a period of time…
Note: John, Jon and Terry do not hold positions in RGX.
Roxgold (ROG, TSX-V)
Another solid performer on the Venture so far this year has been Roxgold (ROG, TSX-V) which is developing a number of large mineral concessions in Burkina Faso, West Africa...John’s 2-year weekly chart shows ROG has touched an important RSI(14) support level…the stock declined 8 cents yesterday to close at $1.56…
Note: John, Jon and Terry do not hold positions in ROG.
Northern Gold Increases Garrcon Deposit Resource Estimate 77%
Northern Gold Increases Garrcon Deposit Resource Estimate 77%
TORONTO, ONTARIO–(Marketwire – April 19, 2012) – Northern Gold Mining Inc. (TSX VENTURE:NGM) –
UPDATED GARRCON DEPOSIT GOLD RESOURCE ESTIMATE:
MEASURED 604,000 OZ AVERAGING 1.06 G/TONNE,
INDICATED 668,000 OZ AVERAGING 1.00 G/TONNE,
INFERRED 367,000 OZ AVERAGING 0.72 G/TONNE
FIRST MEASURED RESOURCE
RESOURCE QUALITY CONTINUES TO INCREASE
INFERRED TO INDICATED AND INDICATED TO MEASURED
AVERAGE BLOCK MODEL GRADE ALSO INCREASED
DEPOSIT REMAINS OPEN TO THE NORTH, EAST, WEST AND AT DEPTH
DRILLING CONTINUES (BOTH IN-FILL AND STEP-OUT)
25,000 METERS COMPLETED SINCE DATA CUTOFF FOR THIS RESOURCE
CONTINUED FOCUS ON COMPLETION OF ENVIRONMENTAL AND METALLURGICAL WORK IN SUPPORT OF FEASIBILITY STUDY
Comment by Dan — April 19, 2012 @ 4:26 am
Job numbers going in the wrong direction, not that exciting.
It now appears to me that we may have a soft opening with the
possibility of getting better as the day progresses, but who
knows for sure, not me. R !
Comment by Bert — April 19, 2012 @ 4:40 am
Driven Capital Corp (DVV:TSXV) – News Alert
Tarsis Options White River Gold-Copper-Silver Project to Driven Capital Corp.
Tarsis Resources Ltd. (TSX VENTURE:TCC) (“Tarsis” and “the Company”) is pleased to announce that it has signed a definitive option agreement on its White River Property, Yukon, with Driven Capital Corp. (TSX VETNURE:DVV) (“Driven”).
Under the terms of the option agreement, Driven can earn a 60% interest in the White River property by completing the following commitments before January 15, 2016:
— Making cash payments to Tarsis of $400,000
— Issuing two million Driven shares to Tarsis
— Completing $4.25 million in exploration expenditures on the Project
Tarsis will retain a 2% NSR royalty on any minerals produced from the property, half of which may be purchased for $2 million by Driven.
Upon exchange approval, Driven will issue 250,000 shares and pay $50,000 to Tarsis and the first year’s work commitment is $500,000, including not less than 1,500 meters of drilling. Tarsis is assisting Driven with planning its 2012 exploration program.
Once earn in obligations have been completed, a joint venture will be formed to operate the project.
President & CEO, Marc Blythe stated, “We are very pleased to have optioned the White River project to Driven, which intends to explore it aggressively. Driven has adequate financing to complete the first year’s exploration commitment.”
Comment by Bert — April 19, 2012 @ 5:19 am
Every report from the U.S. this morning is less than expected,
and there’s been 3 or 4, so we can’t win for losing. Keep the faith. R !
Comment by Bert — April 19, 2012 @ 6:08 am
An analyst rating from Fraser through BMO Investorline out this a.m.
STRONG BUY for CEV with a target price of $1.25. R !
Comment by Bert — April 19, 2012 @ 6:14 am
GBB – the 11 cents lot will be filled soon……. TYP is too low to close at 27 cents and will rebounce back to mid 30s soon.
Comment by Theodore — April 19, 2012 @ 6:26 am
CEV
For those who have CEV or may be looking, i would
like to able to bring forward Fraser MacKenzie’s
full report, but because of the program used, i am
unable to copy & paste, therefore a highlight will
have to do:
Quote
We envision a target price closer to $2.00 if the initial
reserve meets our more optimistic of 3 BT.
Unquote
Comment by Bert — April 19, 2012 @ 7:17 am
London Trader – Fed’s Global War Against Gold Escalating
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/5_London_Trader_-_Feds_Global_War_Against_Gold_Escalating.html
Comment by Andrew — April 19, 2012 @ 8:22 am
Bert, in due time CEV going much higher than $2. What I can’t do at this time is predict a time frame.
Comment by dave — April 19, 2012 @ 8:30 am
Sorry – that blog post was outdated!
Comment by Andrew — April 19, 2012 @ 8:42 am
Well ! we are at support. What’s next ?
How contrary can this darn market be, it’s
been a VENTURE alright, on the Venture that is.
Good night ! R !
Comment by Bert — April 19, 2012 @ 9:27 am
Looks like we’re going to July 2010 low anyway?
Comment by Andrew — April 19, 2012 @ 9:30 am
Before anyone panics look who the sellers are. Anon. and Jitney that should tell you a lot.
Comment by John - BMR — April 19, 2012 @ 10:37 am
Sorry, in Post #13 I was referring to RBW.
Comment by John - BMR — April 19, 2012 @ 10:39 am
Yawnnnn, had a snooze
John – Re: RBW, Before anyone panics, look who the sellers are. Anon.
and Jitney, that should tell you a lot.
Bert – For goodness sake, Anon = John, Jitney = Jon…
Comment by Bert — April 19, 2012 @ 10:45 am
mmmmm how did you guess Bert?
Comment by John - BMR — April 19, 2012 @ 10:49 am
John – BMR
I thought it might be, i was sure it was you,
but doubtful about Jon, since i have been
buying back my shares, that he has been holding
for me for awhile now…. Yesterday i caught a
low of 0.175. R !
Comment by Bert — April 19, 2012 @ 10:57 am
John – “Panic” we don’t know the meaning of the word! 🙂 Bert just lifted RBW to .185 – I pretty much know who buys and sells from the BMR group and I know Jon hasn’t sold today. Smart Alex and Heath Robinson haven’t bought either 🙂
Comment by Andrew — April 19, 2012 @ 11:06 am
John, why post this when you think people are going to start panicking?
Comment by Kalkan - Sweden — April 19, 2012 @ 11:09 am
Smart money is starting to pour into the CDNX. Some selective stocks like PDQ, CAN are starting their reversal.
Comment by Andrew M — April 19, 2012 @ 11:24 am
This one’s current: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/19_Leeb__QE3_Is_Now_80_-_90_%26_Im_Going_All-In_Gold_If_It_Dips.html
Comment by Andrew — April 19, 2012 @ 11:33 am
Kalkan
I suggest you read the statements in some previous reader’s posts.
Comment by John - BMR — April 19, 2012 @ 11:41 am
My GBB prediction is correct again, 11 cents lot has been dumped – it hit 10 cents mark today and future trend is in poor state. I will not recommend a BUY as it is a weak stock now. Even though it is oversold but you do not know the bottom. It probably will test the 9.5 cents mark.
Comment by Theodore — April 19, 2012 @ 12:37 pm
Starting to scale back into RBW at these levels. I’m actually quite happy that BMR does all the hard work of pumping up the stock and then when the newbies panic I get the opportunity of grabbing some nice undervalued shares. There’s more downside probably in RBW, but I don’t mind buying at these levels.
Investors should start looking at LVN, MAY, WS, RGT and PRB.
Starting to see a bottom. Might be some additional downside to 1300 through the summer.
Comment by Andrew M — April 19, 2012 @ 1:35 pm
Closed below 1400 – is it halloween
Comment by dave — April 19, 2012 @ 7:23 pm
I will give it another try !
I will again try to predict today’s market. It should be an up day all over,
based on the Dow futures, the European markets & realizing there are no
U.S. reports out today, which should rub off on the Canadian markets.
As for the Venture, we need something to happen in a dramatic fashion,
something to grab everyone’s attention. The drill’s in the Yukon & in
Newfoundland & Labrador should soon start churning. Spring is here my
friends, the birds’ are buzzing around, chirping their melodies. The
leaves are about to start forming & as i look out of my window ,I am
reminded of the darn market, as i view the vast mountains facing me,
which clearly shows a chart formation, the ups & the downs. Have a
good day. R!
Comment by Bert — April 20, 2012 @ 2:49 am