Gold has traded in a range of $1,607 to $1,615 today as wrangling continues in Washington over the U.S. debt ceiling…as of 7:45 am Pacific, Gold is down $4 an ounce at $1,611…Silver is off 27 cents at $40.12…Copper’s strength continues which is a good sign – it’s up 6 cents at $4.44 a pound…Crude Oil has reversed and is now down 97 cents to $98.23 while the U.S. Dollar Index has slid half a point to 73.60…the greenback is looking ugly as John’s Dollar-Gold chart comparison shows…
U.S. consumer confidence actually edged higher in July according to a private sector report this morning…the Conference Board’s index of consumer attitudes rose to 59.5 from a downwardly revised 57.6 the month before…economists had expected a reading of 56.0, according to a Reuters poll…this is month-end settlement day…the CDNX is off 6 points at 2031…the 10-day moving average (SMA), currently at 2020, should provide excellent support during this new uptrend with plenty of secondary support between 1980 (the 20-day SMA) and the 2000 level…Currie Rose Resources (CUI, TSX-V) continues to show momentum…all major moving averages are in bullish alignment and from a technical perspective the stock appears ready to make an assault on resistance in the 22 to 23 cent area…CUI gained a penny yesterday on strong volume and is currently up another half penny to 21.5 cents through the first 75 minutes of trading on volume of nearly 200,000 shares…Visible Gold Mines (VGD, TSX-V) is down a penny at 34 cents…the company is drilling aggressively in the vicinity of Richmont Mines’ (RIC, TSX) Wasamac deposit with three drill rigs currently on the Wasa Creek Property which has raised a few eyebrows…the entire Wasamac area holds strong geological potential given the major and secondary faults that run through it, and of course Richmont has already outlined an all-category 43-101 resource of 1.4 million ounces at Wasamac…the Wasa shear, host of that mineralization, runs through the centre of the property with an east-west trend and a northern dip between 50 to 55 degrees… no doubt Richmont will be keeping a close eye on results from VGD which is drilling to the immediate south (1200 to 1500 metres from the Main Zone according to our calculations) and also to the west of Wasamac…Richmont itself is off 9 cents at $7.88…Goldex Resources (GDX, TSX-V), which John featured in a chart July 15 when it was trading at 8 cents, enjoyed its biggest volume day ever yesterday as 19 million shares traded on all exchanges…the stock gained 2 pennies in the process to close at 10 cents…the company’s projects in Guatemala and Mexico have good potential in our view and the high trading volumes in this stock over the past couple of months are helping to tighten up the market in GDX as loose stock from a 5-cent private placement early this year (nearly 47 million shares) is being absorbed, paving the way for potentially higher prices…John likes the GDX technicals as outlined below..GDX is currently up half a penny at 10.5 cents…
2 Comments
When reading the weekend update for Sidon on Sunday, I failed to notice how much it is up since BMR 1st recommended it to your readers. Anyhoo, just a few more days to go until VGN releases the flow rates from the 2 Viking pool oil wells, and then the continuos release of news to follow will propell VGN to the next level.
BER may face lawsuits as many investors might have sold BER and bought some other stocks. Those trades were being cancelled leaving the investors account out of position. This announcement of the wrong report is totally unacceptable and the CEO should resign from the company. It may also tell us how bad the management of the company and the price will not stay at current level. It probably goes further down to 12 cents. That is my sixth sense. You may be caught if you want to invest in this stock. BEWARE guys…. . GBB is coming close to my target 37 cents … the US economy is so bad … traders will hold their money and will not invest in these stocks… However, SD results are coming… I collected another lot at 35 cents. Thanks for dumping.