BullMarketRun.com

Gold is stabilizing this morning after yesterday’s sell-off…the yellow metal has traded in a range of $1,157 to $1,167 so far today…as of 8:40 am Pacific time, Gold is down $1 an ounce to $1,161…physical demand and very strong technical support at $1,140, near the 200-day moving average, should limit Gold’s downside from here…a very encouraging factor is that the CDNX has essentially shrugged off Gold’s weakness over the past few weeks and has moved in the opposite direction…the CDNX is a very reliable leading indicator and this development suggests Gold is indeed nearing a bottom…a World Gold Council report indicates that the Council anticipates India Gold demand will likely pick up toward the end of the summer and that there is evidence to suggest jewelery demand in China may have started to pick-up in July…the CDNX is ahead 6 points this morning to 1402…Gold Bullion Development (GBB, TSX-V) dropped to 53 cents this morning (after reaching an intra-day high of 57 cents yesterday) but is currently unchanged at 54 cents…accumulating this stock on weakness has certainly been the winning strategy since March when the company first announced a significant discovery in the LONG Bars Zone at Granada…BMR’s technical analyst made some very interesting observations regarding Gold Bullion in a piece posted Sunday evening…while the stock clearly has some resistance at 57 cents at the moment, some bullish signs have appeared that are similar to what was observed in mid-May…a reversal in the stock’s 20-day moving average, which went into decline this month for the first time since March, also appears imminent…all technical considerations aside, we love the fundamentals with GBB as the Granada Gold Property is a very compelling geological story with immense potential…speaking of “blue sky”, we continue to keep a close watch on North Arrow Minerals (NAR, TSX-V) which closed at 20 cents yesterday…NAR recently broke out of a 2-month range of 15 to 18.5 cents…upon approval of a drill permit, the company is preparing to commence a 1,500 metre program in early September at its very promising Lac de Gras diamond property in the Northwest Territories…we added NAR to the BMR Portfolio in April at 18 cents in anticipation of exploration at Lac de Gras in addition to other interesting situations in its portfolio including the Beaverdam Lithium Project in North Carolina…North Arrow is led by one of the very best in the business at grassroots exploration who is also a member of the Canadian Mining Hall of Fame, Gren Thomas…we met with Gren again last week in Vancouver and he is extremely upbeat with how things are progressing with North Arrow…we’ll have more on the company next week…for those who are intrigued with old-fashioned grassroots exploration, and the blue sky potential that offers, North Arrow is certainly a company worth doing due diligence on…