BullMarketRun.com

Gold is down $5 an ounce to $1,591 as of 5:55 am Pacific…Silver is down 4 cents to $28.54…Copper is flat at $3.35…Crude Oil has slipped 11 cents to $82.59 while the U.S. Dollar Index is relatively unchanged at 82.53…

China produced 109.6 tons of Gold in the first four months of this year, up 6.3 tons or 6.13% year-on-year…according to China’s Ministry of Industry and Information Technology, the country’s production hit 28.8 tons in April alone…China remained the world’s top Gold producer for a fifth straight year in 2011 with total output of 360.9 tons…

Today’s Markets

Asian markets were lower overnight with China’s Shanghai Composite Index falling 16 points to 2290…European markets, meanwhile, are slightly higher this morning in choppy trading while stock index futures in New York are pointing to a positive open on Wall Street after yesterday’s sell-off…the market yesterday clearly indicated its continuing unease with the situation in the euro zone following the announcement over the weekend of a bailout for Spain’s banks…a lot of questions remain unanswered about that, and attention is also turning toward Italy while elections in Greece take place Sunday…

Shanghai Composite Index

Interest rate cuts historically have been positive for China’s stock market but the immediate reaction to last week’s rate announcement has not been bullish, perhaps due to various global factors…we’ll see how the Index responds as the week progresses, but the chart below from John shows the Shanghai Composite has broken down from a basing triangle…there is obviously strong support at the December low around 2150…the Chinese do appear to be on track to engineer a soft landing given the most recent economic data and the country’s capacity for continued monetary and fiscal stimulus, a situation that should be market-bullish during the second half of 2012…

Euro Chart

The euro became quite oversold by the end of May and is trying hard to stabilize and gain some traction here in June…below is John’s updated euro chart which we’ll continue to monitor closely in the days ahead…

RBC Has Rosy Outlook For Canada

A new report from the Royal Bank of Canada, to be released today, offers a positive outlook for the Canadian economy, predicting the country will miss the economic storm hammering Europe and other parts of the world, and make significant advances…CTV News reports this morning that RBC predicts Canada’s economy will grow a fairly robust 3.1% this quarter, up from just 1.9% in the first quarter of 2012…for both 2012 and 2013, RBC predicts the economy will record a very respectable 2.6% GDP gain…RBC economists attribute the soft first quarter growth to temporary factors, such as mining and energy shutdowns and reduced demand on utilities due to mild weather…

GoldQuest Mining (GQC, TSX-V)

The second part of our June 4 interview with GoldQuest Mining (GQC, TSX-V) Chairman Bill Fisher will be posted this morning at approximately 8 am Pacific…the second part has been divided into two separate audio files (“A” and “B”) for easier downloading which run about 6 minutes each…below is an interesting excerpt from Part 2-B which tells us that visuals from the core during the step-out drilling phase that started last week will become important…

“There are a whole series of analysts going to see the property next week (the week of June 11), and they’ll see the core coming out of the ground…if there’s anything significant in there, we will be posting it – photographs of the core – on the web site so that we are evenly disclosing this material to the whole market rather than just the selected analysts who have gone to the site…I think we want to keep that open book going…we’ve been very open in terms of our publicity” (Bill Fisher)…

Calibre Mining (CXB, TSX-V)

At the request of some readers, below is a 1-year weekly chart from John on Calibre Mining (CXB, TSX-V) which is working on some very prospective Gold, Silver and Copper projects in northeastern Nicaragua…as always, perform your own due diligence…