Gold got as high as $1,211 overnight but has sold off over the last hour…as of 8:05 am Pacific time Gold is down $13 an ounce to $1,198…it has strong support on the downside at $1,185 and resistance on the upside around $1,230…Gold may trade within that range for a while…the CDNX is up 3 points to 1373…a move back up to 1,400 or a little better this week is certainly within the realm of possibility for the CDNX which has stabilized after the drop early last week to a new yearly low of 1343…Gold Bullion Development (GBB, TSX-V) is firm again this morning…it got as high as 51 cents and is currently up half a penny to 50 cents…all things considered, we have every reason to remain extremely bullish on Gold Bullion – especially with the stock 30% lower than it was just a couple of weeks ago – with Phase 2 drill results just around the corner….the multi-million ounce potential of the LONG Bars Zone makes the risk-reward ratio here very attractive at 50 cents…Canaco Resources (CAN, TSX-V) is the volume leader on the CDNX so far this morning with over three million shares changing hands…the stock is up 14 cents to $1.07…Canaco reported a terrific intercept this morning from Handeni of 37 metres grading 12.45 g/t Au…we’ve mentioned Canaco here before at BMR as it’s developing the very promising Handeni Gold Project in Tanzania, not far from Sidon International’s (SD, TSX-V) proposed Morogoro East Gold Property acquisition…Sidon is up half a penny to 6.5 cents…Colombian Mines Corporation (CMJ, TSX-V) reported encouraging but not breakthrough drill results from its Yaramalito Property in Colombia this morning…the stock is quiet, down a penny to 79 cents on light volume…Yarumalito will take time to develop but it is an excellent target, one of several in CMJ’s large Colombian portfolio…
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