Gold dipped as low as $1,759 this morning but has since rebounded…as of 8 am Pacific, the yellow metal is down $1 an ounce at $1,779…Silver is 20 cents higher at $34.44…Copper is up a penny to $3.50…Crude Oil is 84 cents higher at $98.98 while the U.S. Dollar Index has gained more than one-third of a point to 77.91…
U.S. retail sales rose broadly in October, suggesting the American economy started the fourth quarter with some vigor, and the first drop in wholesale prices in four months pointed to subsiding inflation pressures…
The euro zone economy managed only modest growth in the third quarter of this year, with a rebound in Germany and France failing to dispel fears of a looming recession across the 17-country region…euro zone gross domestic product expanded by 0.2% compared with the previous three months – the same pace as in the second quarter, according to Eurostat, the European Union’s statistical unit…but economists warn that the effects of the escalating euro zone debt crisis, and sweeping fiscal austerity measures across the continent, had yet to feed through and growth would soon go into reverse…there is little doubt the euro zone is facing a recession – the only question is just how severe of a downturn that will be..
John continues to see some encouraging signs in the Copper chart, though the metal faces strong resistance at $3.70…
The CDNX is up 10 points at 1649…the Index is stubbornly holding its ground in the face of considerable overhead resistance…Adventure Gold (AGE, TSX-V) released strong results this morning from Phase 2 drilling at its Pascalis-Colombiere Property near Val-d’Or including 65.1 metres grading 2.7 g/t Au near-surface (hole PC-11-30) in the northernmost extension of the Gold system…other near-surface results included 1.5 g/t Au over 85 metres in PC-11-32 (northernmost extension), 6 metres of 10.9 g/t Au in PC-11-24 (westernmost extension), and 10.1 metres grading 3.3 g/t Au in the southernmost extension…mineralization generally consists of disseminated pyrite in quartz-tourmaline veins and in altered host rocks…this morning’s results certainly confirm and expand the exploration potential of the Pascalis-Colombiere system…Phase 3 drilling will commence once the ground is frozen and the company is also working on a 43-101 resource estimate…we’ll have more on Pascalis-Colombiere this week including pictures from a recent site visit…AGE is up a nickel to 51 cents on light volume…refer to John’s chart in yesterday for a technical update on the stock…Richmont Mines (RIC, TSX) holds the producing Beaufor Mine immediately adjacent to Pascalis-Colombiere and is keeping a close eye on AGE’s exploration results…
RIC at the moment continues to find technical support around the $12 area…a potential opportunity to watch for over the next few weeks is any weakness in the markets that could briefly take Richmont down into the $10 to $11 range…we’re expecting a very bullish updated 43-101 resource estimate for Wasamac in the next month or so that should add additional value to this growth play…even at $12, RIC is a bargain for long-term investors given the company’s robust earnings and production profile…
Spanish Mountain Gold (SPA, TSX-V) has just released a positive updated resource estimate for its Spanish Mountain Gold Property in central British Colombia, and we’ll comment more on that tomorrow…SPA is currently up 2 pennies at 85 cents…
VGD is coming alive. R!
Comment by Bert — November 15, 2011 @ 8:29 am
Is it short covering, Bert?
Comment by Andrew — November 15, 2011 @ 8:48 am
Bert, coming alive?? The VGD chart looks HORRIBLE!! Just like EVERY single BMR pick…LOL GBB??? The ” next ” BIG WINNER?? WHEN?? 2020?? I will LOOAD up on GBB WHEN it hits .145, next 2 weeks I imagine. And don’t worry about VGN Bert, Tony is FINALLY getting off his ass and getting to work, news will be out on a strategic partner on the Blackwater assets in a few weeks, wink WINK!! BMR is probably heavily invested in BXI also… OOPS!
Comment by John — November 15, 2011 @ 8:53 am
GBB – The market doesnt like excuses. The delay in the 43-101 has disappointed along with the castle distraction. The crowd have moved on. They will be back when they see the 43-101, until then yawn but the long term story looks good and intact, just sloppy delivery. Frank needs to get down the Gym and start acting like a CEO. Roger is not the best communicator neither good at writing emails rubbish at PRs. Lets hope they up their game after the RE comes out becuase a resource of this size cant go on mismanaged with the upcoming phase in the gold bull. Right now the market has them priced at 1m oz or less. VGN need to prove that they have something that New Gold would want for the market to get interested. Look at PPP.V for clues.
Comment by Hugh — November 15, 2011 @ 9:21 am
Johnny
I take exception to the fact that you are winking at me, isn’t
that some sort of illicit sexual behavior.. Anyway, as for VGN,
you should join their team as an IR person, you have all the
qualifications, promises ! promises ! promises ! R !
Comment by Bert — November 15, 2011 @ 9:25 am
Hugh, have a little looksie at NWI, Nuinsco, READ the News Release from today, that stock could get REALLY interesting REALLY soon.
Cheers.
Comment by John — November 15, 2011 @ 9:25 am
A stellar day, so far, for AGE and VGD. If only AGE’s nr was yesterday we would have had the second white candle. A lot of By-Pass Trades with AGE, this stock would seem to have great potential. Not sure what’s driving VGD but as long it heads North that’s great – just hard to accept that further drill assays aren’t available, Christmas is coming! 🙂 Have the BMR special alerts been terminated?
Comment by Andrew — November 15, 2011 @ 12:17 pm
I must say that GBB is looking very IMPRESSIVE today!!! NOT!!! Like I said, here comes .145, BANK on it
Comment by John — November 15, 2011 @ 12:48 pm
So does anyone have any interest with what has and will happen to Sidon Resources? Has any one contacted them? or is it time to just wipe our u know whats and throw away 50K? as in my case !! What bull!! Was it all a scam?
Comment by nikolay — November 15, 2011 @ 1:38 pm
businessinsider.com/john-kaiser-gold-as-a-positive-economic-indicator-2011-11
Comment by Hugh — November 15, 2011 @ 2:32 pm
BMR,
Can you watch and provide an update on the Shanghai Index continuation triangle pattern that has been forming since 2005 to present. Stocktiming was kind enough to provide a chart showing this….here is what they wrote:
Keep an Eye on what is Happening in China …
Something big is close to happening on China’s Shanghai Composite Index.
Take a look at today’s Shanghai chart and you will see that there is a huge triangular pattern going back to 2005.
The support and resistance lines both have 3 touch points and the triangular pattern is VERY close to its apex. The apex is the convergence point of its support and resistance lines, and that is where a triangular breakout will occur.
This pattern is huge due to its time duration in forming, and the rule is … the longer the time period in a pattern, the bigger the breakout that occurs.
This pattern is so large, that its breakout should affect other international indexes, and the Shanghai’s proximity to the apex is suggesting that an important event is very close at hand.
stocktiming.com/Tuesday-DailyMarketUpdate.htm
Comment by Andrew M — November 15, 2011 @ 5:48 pm
For those who expressed interest. CEV has not corrected to a point I was hoping for around the mid 50’s. She could go over a buck this week and then correct. She is a little risky at this point if your trying to get in at a low. CJC, assays should be end of Nov. early Dec. A note of interest. CEV is in a uptrend and has been the last month. CJC could make that ground up in 3 trading days. CJC should have the parabolic rise like CBJ had recently. Reading all of the GBB stuff on this site, I am sorta shocked it dropped this low. I guess .14 would be a good entrty point.
Comment by dave — November 15, 2011 @ 8:20 pm
Dave
I lucked in yesterday, when i added to my position at 0.70. Although i was willing
to pay a little more, my bid ,along with others, moved down as someone showed more
than a willingness to sell, by matching the bids at 0.70. I have had a position in
CEV for a period of time & became interested, in particular, because it’s in my neck
of the woods. Another takeover i would suggest & because it was up 0.10 yesterday, on
over a million shares, tells me all is not doom & gloom out there. Good luck to holders.
R !
Bert
PS – Johnny, wink, wink.
Comment by Bert — November 16, 2011 @ 4:24 am
Thanks for your comments, Dave – I had my alert set on CEV and thought I would get in yesterday but it reversed and took off on me! I’ll wait to see if it pulls back. VGD is a little hairy scary for me at present so I’ll probably switch some holdings to CEV if the opportunity arises. CJC holding well and I’m just waiting for the assays like everyone else.
Comment by Andrew — November 16, 2011 @ 6:17 am
Andrew
My buddy, my friend, time waits for no man. My strategy is, if i believe
in a stock, i buy a small position & if it falls back, i add to my
position, but if it continues up, i still have a small position to
multiply by a profit. The truth is, i can give advice, but sometimes
i don’t practice what i preach, anyway, it gives me something to talk
about. CEV is one of the better speculative stocks out there, so keep
an eye out. R !
Bert
Comment by bert — November 16, 2011 @ 8:02 am
GBB a good buy? or a bad buy? 17 cents seems pretty cheap for a potential 2.5 million plus ounce deposit.
Comment by Ed — November 16, 2011 @ 8:11 am
I’m keeping an eye out, Bert – and it’s flying now! Maybe a little correction later today to let me in. 🙂
Comment by Andrew — November 16, 2011 @ 8:17 am
Andrew
I noticed recently that there’s always a correction at the end
of the day, day traders no doubt.. The year high for CEV is
around $1.62, so we have lot’s of room to move. R !
Bert
Comment by bert — November 16, 2011 @ 8:41 am