BullMarketRun.com

Gold has bounced around today, climbing as high as $1,515 overnight and finding support at $1,500…as of 8:45 am Pacific, the yellow metal is off $6 an ounce at $1,506…Silver is down a dime to $34.78…Crude Oil is up 78 cents at $95.55 while the U.S. Dollar Index has fallen one-fifth of a point to 74.34…the greenback has been under some pressure after hawkish comments from European Central Bank president Trichet, suggesting another ECB interest rate hike is forthcoming (the ECB’s monthly policy meeting is next week)…the euro has hit a fresh three-week high against the U.S. Dollar in response…the Greek crisis seems to have stabilized which is giving the markets comfort…Prime Minister George Papandreou has just won a parliamentary majority in favor of an implementation law for a five-year austerity plan required under an EU/IMF bailout package…the number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling U.S. economy isn’t generating many jobs…the Labor Department reported this morning that unemployment benefit applications ticked down 1,000 to a seasonally adjusted 428,000…applications have topped 400,000 for 12 straight weeks…they had fallen in February to 375,000, a level that signals sustainable job growth…they stayed below 400,000 for seven of nine weeks…however, applications then surged to an eight-month high of 478,000 in April and have shown only modest improvement since that time…the four-week average, a less volatile measure, has been stuck at about 426,000 for a month…China’s economy is expected to grow a robust 9.5% in the first half of 2011 and retain much of the momentum the rest of the year with little chance of a hard landing, a government think-tank stated in a report published today…the State Information Centre (SIC), in the research report published in the official China Securities Journal, forecast that annual inflation would be 5.3% in the first half and 4.9% for the whole of 2011, overshooting Beijing’s target of capping full-year inflation at 4%…but that does imply that inflation levels in China may have peaked for the moment or are about to peak, consistent with views expressed recently by the country’s premier…China’s annual inflation rose to a nearly three-year high of 5.5% in May and is expected to hit 6% for June…the CDNX is trying to finish a rough month of June on a positive note…the Index is up 9 points to 1901 and a close above 1900 would be nice to see…for the first half of this year the CDNX was down 17% entering this morning’s trading…we do expect a much better second half, perhaps similar to the recovery in 2004 after the market was in the doldrums from April through the end of July…Silver Quest Resources (SQI, TSX-V) has recovered as we expected it would after announcing a $12 million financing the other day…SQI, which is very active in the Yukon at the moment and also holds a valuable 25% interest in the northern portion of New Gold’s (NGD, TSX) Blackwater deposit, gained 9 cents yesterday and is up another 7 pennies this morning at a new 52-week high of $1.15…SQI should be one of the go-to plays on the Venture this summer…Currie Rose Resources (CUI, TSX-V) is up half a penny at 16.5 cents…we’re expecting news soon from CUI with regard to the start of its summer drill program in Tanzania…many highly prospective targets are going to be tested during the company’s most extensive exploration campaign ever…Adventure Gold (AGE, TSX-V) released its third quarter financials last night (ending April 30) and they show the company’s working capital has actually increased since the end of January (the end of its second quarter) to $3.5 million from $3 million, thanks in part to the Quebec exploration tax credit…this is a company that knows how to optimize every dollar it has…AGE is also extremely effective at leveraging its large property portfolio…drill programs are in progress at three of AGE’s properties at the moment including Pascalis-Colombiere which is rapidly developing into a very valuable asset…we’ll be focusing more on this property in the near future which will include comments from AGE President and CEO Marco Gagnon from an exclusive interview with BMR…Pascalis-Colombiere is a gem that the market hasn’t discovered yet and we believe it could propel AGE to new all-time highs over the summer…we suspect joint venture partner Agnico-Eagle Mines (AEM, TSX) has now completed 4,000 metres of drilling at AGE’s promising Dubuisson Property that straddles a five-kilometre segment of the prolific Cadillac-Larder Lake Gold break contiguous to the Goldex Mine Property…drilling commenced in April and results should be coming out over the summer…as of 8:45 am Pacific, AGE is unchanged at 57 cents…Spanish Mountain Gold (SPA, TSX-V) has announced this morning that it’s undertaking a $15 million private placement at 60 cents per share (each of the 25 million units includes a half warrant exercisable at 70 cents per share)…director Ian Watson is expected to take down 20% of that offering…Spanish Mountain is advancing a potential multi-million ounce deposit 70 kilometres northeast of Williams Lake in the B.C. interior…SPA is up a penny at 61 cents…it has shown strong support in the 60-cent area…current Gold prices make that project look extremely attractive…iSign Media Solutions (ISD, TSX-V) seems to have found a bottom just below its 100-day moving average (SMA)…it fell as low as 35 cents this morning but has rebounded to 39 cents, up two-and-a-half pennies on the day…