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Gold has enjoyed a powerful day, dropping as low as $1,721 overnight but rebounding and pushing through the important $1,750 area…as of 9:20 am Pacific, the yellow metal is up $23 an ounce at $1,760…Silver is flat at $34.28, Copper is off a penny at $3.56, Crude Oil has gained $1.27 to $93.78 while the U.S. Dollar Index has fallen one-third of a point to 77.03…this is an abbreviated edition of Morning Musings due to family matters (Jon)…we apologize and appreciate your understanding…

The political/economic situation in Greece, albeit serious, is almost starting to turn comical as it changes by the minute…it’s very easy to see how this country got into such a financial mess…throwing more money at them won’t solve the problem…the nation simply may need to go bankrupt, leave the euro zone and figure things out on its own…the ECB has cut its main refinancing rate by 25 basis points to 1.25% as worries about the euro zone’s worsening debt crisis outweighed concerns over persistently high inflation…the pace of growth in the vast U.S. services sector slowed modestly in October to its lowest level in three months but new orders for U.S. factory goods unexpectedly rose in September, according to reports released today…

Markets are buoyant…the Dow and TSX are showing triple digit gains…the CDNX continues to power higher, though volumes are still sluggish…the Venture is up 10 points at 1632 and appears ready to test the top end of the resistance band around 1700…this is an advancing market for now but it’s also extremely selective…the Index is moving above its still-declining 50-day moving average (SMA) for the first time since the summer…

Prodigy Gold (PDG, TSX-V) has released an updated 43-101 resource estimate for its flagship Magino Mine Gold Project in northern Ontario, and the stock has responded favorably…the resource has more than doubled and now contains indicated resources of 2,176,000 ounces grading 1.00 g/t Au  (67.6 million tonnes) and 1,721,000 ounces of inferred resources grading 0.99 g/t Au (54.2 million tonnes)…PDG is currently up 7 cents to 71 cents after touching a day of 79 cents…

Canaco Resources (CAN, TSX-V) released a very positive exploration update this morning on its Handeni Project in Tanzania…this stock has excellent liquidity and has been gaining technical strength recently as John has pointed out…there’s also a huge gap between the current price and the 100 and 200-day SMA’s which are sitting just under $3.00 and $4.00, respectively – a gap that can be expected to narrow significantly, likely through a rising price given the chart patterns and the fundamentals…to reach 1700, this Index needs some heavy lifting from the likes of Canaco and Noront Resources (NOT, TSX-V)…Noront has been delivering, now it’s Canaco’s turn…CAN is currently off a penny at $1.87…this company has $120 million in cash and what’s believed to be a multi-million ounce deposit…they are drilling 11,000 metres a month with nine drill rigs at Magambazi…an initial NI-43-101 resource estimate is expected by the end of the first quarter of next year…

Richmont Mines (RIC, TSX) is looking stellar and we’re expecting a very strong third quarter earnings report from the company any day now plus a likely major increase in 43-101 resources for Wasamac by the end of next month…RIC is up 22 cents at $12.53…

Greencastle Resources (VGN, TSX-V) came out with news this morning on its Blackwater-area properties and the stock is up 2.5 cents to 17.5 cents on decent volume…for now it faces resistance at its declining 200-day SMA at 19 cents…