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Gold is moving higher ahead of today’s Fed statement, set for 9:30 am Pacific, and Chairman Ben Bernanke’s second-ever news conference scheduled for 11:15 am Pacific…as of 8:00 am Pacific, the yellow metal is up $9 an ounce at $1,556…Silver is 26 cents higher at $36.66…crude oil has reversed and is now up 85 cents at $95.02 while the U.S. Dollar Index is off one-fifth of a point at 74.53…we expect Bernanke to give the market some encouragement with regard to the outlook for second half U.S. economic growth…Greece’s parliament backed Prime Minister George Papandreou’s new cabinet in a vote of confidence last night, an important hurdle toward approving the country’s austerity package and restarting the flow of bailout funds that are staving off default…there is, however, a growing disconnect in Greece between the people and their government…that will not only make it tough to get the measures through parliament in the coming days, but actual implementation of the plan could be even more difficult…needless to say, it’ll be fascinating to see how this Greek tragedy continues to unfold…Reuters reported this morning that the head of PIMCO, the world’s biggest bond fund, predicts that Greece and other European economies will default on their debts to resolve their problems…”For the next three years, we’re going to see different economies work out different problems…for European economies, especially Greece, it would be through default,” Mohamed El-Erian, chief executive of PIMCO, told reporters in Taipei this morning via a video conference…Greece’s debt of 340 billion euros, a staggering 150% of the country’s annual economic output, works out to more than 30,000 euros for every man, woman and child in the country given Greece’s population of 11.3 million…that’s about $43,000 U.S., just shy of the U.S. outstanding public debt per person of $46,201…of course the U.S. has a stronger economy and higher per capita income than Greece but the comparison is still interesting…the United States clearly has its own major debt problems…summer has gotten off to a good start for the CDNX which shot up 30 points yesterday on improved volume with some follow through this morning…as of 8:00 am Pacific, the Venture is up another 13 points at 1925…Golden Predator (GPD, TSX-V) and Seabridge Gold (SEA, TSX) have executed a letter of intent pursuant to which the two companies will contribute a portfolio of U.S. Gold assets into newly-created Wolfpack Gold Corp. would would trade on the TSX…Golden Predator will focus on the Yukon where it is extremely active…GPD is up 3 pennies on the news this morning to $1.01…Silver Quest Resources (SQI, TSX-V), powered by its Yukon projects and a 25% interest in the northern portion of New Gold Inc.’s (NGD, TSX) rich Blackwater deposit, has hit a new all-time high of $1.08….a strong summer appears to be in the works for SQI…Gold Canyon Resources (GCU, TSX-V), another one of our favorites, is trying to break above its 50-day moving average (SMA) this morning…it’s currently 13 cents higher at $3.05 after dropping as low as $2.35 during the recent market weakness…as the saying goes, buy good stocks on the dips…Richmont Mines (RIC, TSX) released more positive drill results from its Monique Gold Property near Val d’Or this morning…the company is looking at developing a small open-pit operation there and assays included 4.77 g/t Au over 15.28, 2.81 g/t Au over 17.54 metres, and 3.31 g/t Au over 17.92 metres (true width intersections)…Richmont should have stellar second quarter earnings and the company is aggressively working on growing its production profile with continued exploration at Wasamac a major focus…RIC climbed 48 cents yesterday and is up another 32 cents this morning to $7.18…it appears to have ended a 3-wave correction as John’s chart below outlines…

Adventure Gold (AGE, TSX-V) is up three pennies at 55 cents…with positive developments on several fronts, AGE is well positioned to blast through resistance in the upper 50’s…this stock has outperformed the market this year and we’re convinced it’ll be a top performer through the summer which is why we’ll soon be interviewing President and CEO Marco Gagnon…Visible Gold Mines (VGD, TSX-V) has been showing new signs of life since last Friday when it staged a reversal after hitting a yearly low of 20 cents…the company should command the market’s attention this summer with its Joutel Project, a former significant Gold-Silver producer 150 kilometres north of Rouyn-Noranda…high priority drill targets are being finalized with a major exploration program to begin next month…it’s a massive land package with three zones that were mined by Agnico-Eagle over two decades beginning in the early 1970’s…GoldQuest Mining (GQC, TSX) broke through a down trendline yesterday, closing up 3 pennies at 22 cents…a turnaround appears to be brewing in GQC which fell by over 60% after reaching a two-and-a-half year of high of 48.5 cents in early February…John updates the GQC chart below…