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Gold surged to a new record high this morning thanks to European debt worries and the continuing political stalemate in the U.S. on the budget and debt ceiling…as of 7:15 am Pacific, the yellow metal is up $15 an ounce at $1,615…it has been as high as $1,623…Silver is 40 cents higher at $40.47…Copper is off a penny at $4.38 a pound…Crude Oil is down 95 cents at $98.92 while the U.S. Dollar Index is essentially unchanged at 74.19…the second bailout of Greece will weaken the credit ratings of Europe’s strongest countries as well as resulting in a default for Athens, Moody’s said this morning…the U.S. rating agency downgraded Greece by three notches to Ca, Athens’ lowest rating and one that implies the country is already in default…but it also warned that, in spite of reducing contagion in some ways, last week’s set of measures to shore up the euro zone could lead to downgrades of the creditor countries because of the precedent for future bailouts…that would spell bad news for the likes of Germany and especially France, which some investors had already worried could be downgraded from its triple-A status…the CDNX is pulling back slightly after a 2.6% advance last week…the Venture is currently off 8 points at 2052…the 10 and 20-day moving averages (SMA) can be expected to provide strong technical support during this new uptrend…Friday’s high-flyer, BE Resources (BER, TSX-V) has been halted this morning pending clarification of the company’s news Friday…the stock jumped 8-fold after the company announced the remaining assay results from its drilling program to date at its Warm Springs Beryllium and Rare Earth Project in southwest New Mexico...strength continues in Visible Gold Mines (VGD, TSX-V)…VGD announced last week that three rigs are busy drilling at the company’s Wasa Creek Property immediately south and west of Richmont Mines’ (RIC, TSX) Wasamac deposit, 15 kilometers west of Rouyn-Noranda…VGD is also learning more about its Joutel Project, 150 kilometres north of Rouyn-Noranda, where drilling will start soon…the Joutel Eastern Extension has a 6-kilometre strike length and exhibits similar geological signatures to the previously mined deposits at Joutel immediately to the northwest of the Eastern Extension…we like Visible Gold Mines‘ aggressive exploration approach and the quality of its geological team which is led by Robert Sansfacon who was with Lac Minerals for many years and played an important role in the discovery of Osisko’s (OSK, TSX) Canadian Malartic deposit….VGD is currently up 2 pennies at 37 cents…technically, as John outlined in chart posted Saturday, VGD appears to be in a powerful new uptrend…Probe Mines (PRB, TSX-V) has received encouraging geophysical results from an IP survey just north of its Borden Lake Gold discovery near Chapleau, Ontario…the results from the Nose Target area 3 kilometres north of the discovery closely resemble those obtained for the Borden Lake Gold zone through a previous IP survey, which showed a distinctive signature over the Gold mineralization…although very similar, the new IP anomaly is also slightly stronger, and possibly thicker, than the one obtained over the Borden Lake Gold Zone…in addition, an unexpected, second parallel anomaly, showing the same signature, was also identified in the Nose area and has become another priority target…both new targets are on Probe’s 100%-owned claims…Probe gained 17 cents last week on solid new drill results from Borden Lake and it’s up another nickel to $1.70 in early trading today…an initial NI-43-101 resource estimate for Borden Lake is expected later this summer…Seafield Resources (SFF, TSX-V) released drill results from the final 10 holes of a Phase 1 program at Dos Quebradas this morning but the numbers were generally disappointing…however, a promising area 250 metres wide and 300 metres long is the focus of a 5,600-metre Phase 2 program that has already started with two rigs…Seafield has a large package at Quinchia and the prospect of discovering additional deposits besides Miraflores has to be considered very good…Seafield has been driven down below its rising 500-day SMA this morning where it has proven to be a smart buy this year…the stock is currently off 4 pennies at 24 cents…Seafield’s new management seems to be quite aggressive and very focused on building shareholder value, so we remain very optimistic regarding this play over the balance of the year…also in Colombia, Galway Resources (GWY, TSX-V) is having another good day…it broke out last week, closing Friday at $1,23, after releasing solid results from its California Gold-Silver Project…GWY is up another nickel to $1.28 through the first 45 minutes of trading this morning…