BullMarketRun.com

Gold has backed off on profit-taking after hitting a new all-time high of $1,432.50 this morning….as of 8:40 am Pacific, the yellow metal is down $10 an ounce to $1,414…Silver has also retreated, falling from nearly $31 an ounce to $30.14 but it’s up slightly for the day…the U.S. Dollar has recovered some of its earlier losses today and is now at  79.60, down just over one-tenth of a point…the CDNX, interestingly, hit 2150 in early trading this morning before pulling back…it’s currently off 1 point at 2127…yesterday, BMR’s technical analyst pointed out in a chart there is a weak band of resistance on the CDNX between 2150 and 2250, so a reaction this morning at the 2150 level was not surprising…however, 2150 to 2250 is not major resistance and the Index in our view should have no problem plowing through that this month…Gold Bullion Development (GBB, TSX-V) is down 2 pennies at 72 cents…GBB is showing very encouraging technical signs at the moment as was detailed in a chart we posted Sunday evening…Seafield Resources (SFF, TSX-V) dropped as low as 54 cents this morning…it has since strengthened and is currently at 59 cents, down 4 pennies…there are several factors that could influence the SFF share price over the near term, so there is likely to be continued volatility…one could try to trade this stock but that will probably prove  difficult and frustrating…we think the best approach with Seafield, if one is to invest in it, is to take a longer-term view – that’s been the successful strategy with SFF this year and requires patience…we see limited downside risk from current levels as there is strong technical support in the low 50’s…the company has an excellent chance of developing a multi-million ounce resource at Quinchia…the initial drill results from Miraflores are encouraging and even exciting but the property we believe has the most potential for Seafield at Quinchia is Dos Quebradas…Seafield’s current market cap of approximately $60 million is certainly not excessive in our view but  it’s important the company picks up the pace of exploration at Quinchia… Greencastle Resources (VGN, TSX-V) is going to benefit from the suddenly improved fortunes of Seafield as we stated in a separate article on Greencastle yesterday…Tony Roodenburg is President and CEO of both companies and we believe some of the “heavy hitters” he brought to the plate to build Seafield will follow him into Greencastle…Roodenburg has made it clear he’s going to get Greencastle much more active in the Gold exploration space…we see a strong possibility of VGN acquiring a fourth Gold project that could be classified as “advanced”…the company is armed with $6 million in working capital and has monthly cash flow in excess of $100,000 from an oil royalty valued at over $5 million by an independent engineering firm a year ago…Greencastle is off half a penny to 38 cents where it appears to have new technical support…Sidon International (SD, TSX-V) has commenced drilling at its Morogoro East Gold Property in Tanzania with good visual observations in the very first hole as reported by the company in a news release this morning…Sidon shot up to 26.5 cents in early trading and has since pulled back on profit-taking…it’s currently at 22 cents, up 1.5 cents from yesterday, on huge volume of 12 million shares…Sidon is now up 340% since we introduced this gem to BMR readers at a nickel last spring…we’re keeping a close eye on Colombian Mines (CMJ, TSX-V) which closed at 92 cents yesterday and is off 3 pennies at the moment at 89 cents…a close above 95 cents would constitute a significant technical breakout on CMJ…the company has a strong portfolio of advanced stage and grassroots exploration projects in Colombia…