BullMarketRun.com

Gold has given up some of its gains from Friday but that still doesn’t change our view that an important bottom was put in last week just above $1,300…as of 8:15 am Pacific, the yellow metal is down $6 an ounce at $1,332…Silver has been volatile, dropping just below $27.60 this morning before snapping back…it’s currently up 14 cents at $28.15…the greenback continues to show major weakness…the Dollar Index is off two-thirds of a point at 77.68…the unrest in Egypt introduces a new and unpredictable dynamic into the markets…this has to be considered bullish for Gold even though we’re seeing a pullback today from Friday’s nearly $40 an ounce intra-day jump…the situation in Egypt also brings into focus a major economic story that will likely continue to grow throughout the year – global food inflation…U.S. consumer spending rose more than expected in December to post the sixth straight month of gains (0.7% vs. 0.3% in November)…consumer spending grew at a brisk 4.4% pace in the fourth quarter of 2010, the fastest in more than four years…there are major threats to this consumer-led American economic recovery, however, namely the debt problem across all levels of government in the United States… the CDNX is off 1 point at 2267 after Friday’s 34-point advance…all things considered, this has been a very positive month for the CDNX which has held up extremely well in the face of weakness in Gold…the CDNX took a healthy breather in January after a 10.4% upside move in December…we expect a stronger February for the CDNX especially if we get the anticipated strength in precious metals…Richfield Ventures (RVC, TSX-V), which got a buy recommendation Friday from GMP Securities, is up another 31 cents at $5.01, just 9 cents shy of its all-time high…Richfield’s Blackwater Project in central British Columbia is advancing consistently and impressively, clearly demonstrating multi-million ounce potential…this company is a potential takeover candidate down the road…GoldQuest Mining (GQC, TSX-V) is in another “sweet spot” at the moment from a technical standpoint…the stock’s 20-day moving average (SMA) reversed to the upside last week, the third time this has occurred since early September…on the previous two occasions, respectively, the stock then proceeded to climb a whopping 170% and 70%, respectively…we know the fundamentals with GoldQuest are strong…spotting situations like this is how you make good money in the junior resource market…GoldQuest is currently down a penny at 37  cents…Seafield Resources (SFF, TSX-V) is off half a penny at 47.5 cents…we suggest investors watch this one closely as the weakness in Seafield recently is related only to a lack of news…assays on nine more holes are pending from the Miraflores deposit and some holes have already been drilled at Dos Quebradas…both are high quality targets and there’s every reason to believe results will be solid…technically, Seafield is in oversold territory and the downside potential from here appears very limited especially with former resistance around 40 cents becoming new support…Gold Bullion Development (GBB, TSX-V) is unchanged at 74 cents…exploration news is also pending with GBB but we’re very confident Granada will continue to deliver…Gold Bullion bounced back sharply Friday after touching its 100-day SMA at 67 cents…other stocks that are currently trading around favorable technical support areas include Sidon International (SD, TSX-V), Currie Rose Resources (CUI, TSX-V), Cadillac Mining (CQX, TSX-V), and Greencastle Resources (VGN, TSX-V)…they’ve all been a little weak recently but that’s perfectly okay…jumping in at favorable support levels is how money is made…another situation we like that has traded down to strong support is Visible Gold (VGD, TSX-V), an aggressive new up-and-comer with an attractive portfolio of properties along the Cadillac Trend…we suggest investors do their due diligence on this one…VGD is in a strong cash position and has started its 40,000 metre 2011 drill campaign…the stock is currently up 1.5 cents at 36.5 cents…