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Gold has traded between $1,291 and $1,299 so far today…as of 8:30 am Pacific, bullion is down $2 an ounce at $1,293…Silver is up 8 cents to $19.48…Copper has climbed 4 pennies to $3.17…Crude Oil has rallied 67 cents to $95.15 while the U.S. Dollar Index has jumped more than one-tenth of a point to 82.02, reaching its highest level in nearly a year…Gold is holding up surprisingly well given the current robustness of the greenback…

Gold could be impacted by fresh insight into the direction of U.S. monetary policy over the next couple of days…traders will be scrutinizing minutes of the latest FMOC meeting when they’re made available later today…a potential negative for bullion would be a rosy assessment of the economy, which would reinvigorate fears of interest rate increases…meanwhile, central bank leaders from around the world gather in Jackson Hole, Wyoming, beginning tomorrow with Fed Chair Janet Yellen and ECB leader Mario Draghi both scheduled to speak Friday…in the past, Jackson Hole has yielded important U.S. monetary speeches…

Holdings in Silver-backed exchange-traded products rose 91.2 metric tons yesterday, the most since May, to a two-month high of 19,719.8 tons, according to data compiled by Bloomberg…

The Market Vectors Gold Miners ETF (GDXJ, NYSE Arca) has been a strong performer this year, and its current top five holdings are Torex Resources (TXG, TSX), SEMAFO (SMF, TSX), Northern Star Resources (NST, ASX), OceanaGold (OGC, TSX) and Primero Mining (P, TSX)…

Today’s Markets

Asia

Japan’s Nikkei average closed slightly higher today, extending gains to an eighth session, as a weak yen offset negative news of a widening trade deficit for July…China’s Shanghai Composite slipped 5 points to finish at 2240…

Europe

European markets were down moderately today…German factory gate prices fell more than expected in July with the country’s PPI slipping 0.1% compared from the month before and falling 0.8% from the same period last year…this comes as the Bundesbank on Monday warned of slow growth in the country which raised expectations that the ECB could unveil new stimulus measures…

North America

The Dow is up 31 points as of 8:30 am Pacific…the TSX is 32 points higher while the Venture is off a point at 997…

Venture 6-Month Daily Chart Update

Two very encouraging signs in this fresh 6-month daily Venture chart from John – RSI(14) has broken above a downtrend line in place since early last month, while buy pressure continues to increase as shown by the CMF…the Index has made a series of higher lows this year – around 940 in early February, 970 in mid-May, and 990 last week…

Some “Smoke” South of Sheslay District

Boxxer Gold Corp. (BXX, TSX-V) & Continental Precious Metals Inc. (CZQ, TSX)

One thing’s for certain – Boxxer Gold (BXX, TSX-V) and Continental Precious Metals (CZQ, TSX) have some very interesting core in the lab from the first hole drilled at the DOK Property immediately south of the Sheslay District – specifically, 30 miles from Garibaldi Resources Corp.’s (GGI, TSX-V) Grizzly Property which is also about to be drilled for the first time…

It’s important to emphasize that visual analysis of drill core is a tricky business – it’s certainly not unusual for great-looking core to fail to translate into good assay results – but rather than wait for the numbers, BXX and CZQ released a detailed description Monday of mineralization observed in DOK-2014-01 over a total core length of 410 meters…BXX jumped from 3 cents to an intra-day high of 7 cents yesterday, while CZQ, which has an option to earn up to a 75% interest in DOK, surged from 42.5 cents to 75 cents…

The geology, alteration, host rocks and style of mineralization on the DOK property certainly exhibit many similarities with other known large alkalic porphyry Copper-Gold deposits in northwest B.C., but whether BXX and CZQ have something possibly significant in their hands remains to be seen…a second drill hole is in progress and is testing the same target about 400 along strike and 100 m to the west of the first hole…

Continental has the option to earn a 60% interest within four years by incurring total property expenditures of $2-million (U.S.) and making total cash payments of $200,000…upon CZQ earning a 60% interest, the company shall have the option to increase its interest in the DOK Property by an additional 15% to 75% by spending an additional $3-million (U.S.) within three years…

Boxxer President Jason Riley stated:  “The reported visible Copper mineralization, and strong potassic and phyllic alteration from this drill hole is encouraging. These, combined with the large surface dimensions of the mineralization, alteration, geophysical signatures and historical exploration results, are encouraging and suggest the presence of a porphyry Copper system on the DOK project. The final assays for the samples from this drill hole will be required before any assessment of the significance of the reported mineralization in the drill hole can be completed.”

Boxxer, which has about 300 million shares outstanding, announced its intention yesterday to raise $250,000 through a 4-cent financing…we asked John to give us his technical perspective on BXX, and what’s interesting is that the stock has broken above a long-term downtrend line on high volume…a band of resistance exists between a nickel and 7 cents…this is certainly worth watching closely…results from the lab will dictate the next major move…

A new discovery south of the Sheslay district would not be surprising given the regional geology and how under-explored this area is…Teck Resources Ltd. (TCK, TSX) holds large land positions on either side of the DOK Property including the Eagle Project contiguous to the southern border of the Grizzly…speaking of the Grizzly and the Sheslay district, later today we’ll be posting the next excerpt of our interview with GGI President and CEO Steve Regoci…

Discovery Ventures Inc. (DVN, TSX-V) Update

Yesterday we touched on several interesting B.C. plays…one of our favorites remains Discovery Ventures (DVN, TSX-V) which has very impressively tied together the high-grade Willa Copper-Gold deposit near Castlegar with the nearby Max mill…the potential powerful synergy created by combining the Willa and the Max is reflected in DVN’s highly encouraging PEA for the project released near the end of May…in business, you set yourself up to make a lot of money when you’re able to acquire a valuable asset for an exceptional price – that’s what DVN has accomplished with the Max…it’s a perfect fit for the Willa which is open for expansion with a total current resource in the measured and indicated categories of 758,000 tonnes grading 6.67 g/t Au, 0.85% Cu and 12.54 g/t Ag…

As the company continues to make the necessary steps to advance this project, the DVN chart shows plenty of technical strength as shown below…note the series of higher lows since late last year and the confirmed breakout above the triangle resistance at 23 cents that John highlighted back in early June…DVN is up 2 cents at 31.5 cents as of 8:30 am Pacific…

Kaminak Gold Corp. (KAM, TSX-V) Update

Even though Kaminak Gold (KAM, TSX-V) has closed slightly above the $1 level for the past six sessions, a breakout above the neckline on the 2.5-year weekly chart we’ve been using is still not confirmed…patience is critical…this is a very interesting technical set-up with the potential for a sudden and rapid move to the upside…fundamentally, KAM has a lot going for it including of course Ross Beatty who just recently took half of a $13.5 million private placement at 80 cents for a 9.98% interest in the company…

KAM is off 3 pennies at $1.03 as of 8:30 am Pacific…

Constantine Metal Resources Ltd. (CEM, TSX-V) Update

Constantine Metal Resources (CEM, TSX-V) announced yesterday that its partner in the Palmer VMS Project in Alaska (Dowa Metals & Mining Ltd. of Japan) has signed an equity agreement with Japan Oil, Gas and Metals National Corp. (JOGMEC)…JOGMEC can finance up to a maximum of 45% of Dowa’s earn-in expenditures on the Palmer project to earn a maximum of 45% of Dowa’s interest…Constantine’s right to retain majority 51% interest in Palmer remains unchanged…JOGMEC is a government organization with a mandate to secure a stable supply of natural resources for Japan…

Late last month, CEM released results from the first two holes of a 10,000-m drill program at the Palmer Project…initial drilling intersected a thick lens of massive sulphides 150 m down dip of the lower edge of the South Wall zone, a major expansion of the zone to depth…hole CMR14-54 returned 22.1 m grading 2.48% Cu, 4% Zn, 24 g/t Ag and 0.39 g/t Au…if additional holes can return even better grades, then CEM could quickly gain a lot more attention…

The current drilling is part of a $6.2-million (U.S.) budget for 2014…at this early stage, Palmer hosts a 4.75-million-tonne inferred resource grading 1.84% Cu, 4.6% Zn, 0.28 g/t Au and 29 g/t Ag…

Below is an updated 2.5-year weekly chart from John…CEM is trading at levels not since seen 2011, a very bullish sign…note that there is measured Fib. resistance at 21 cents, followed by 31 cents (not shown on this chart), so the recent narrow trading range in the low 20′s is not surprising – especially considering the high RSI(14) which may need to moderate somewhat…the 20-day SMA, currently at 22 cents, has been providing rock-solid support since the beginning of June…good potential as the summer progresses…CEM closed at 23.5 cents yesterday…

Note:  John and Jon both hold share positions in GGI.  Jon also holds a share position in DVN.