Gold has traded between $1,607 and $1,617 so far today, after a significant jump yesterday which was a combination of short covering, bargain hunting, technical buying and safe-haven investment demand…Gold appears poised to head much higher as we have been suggesting recently…as of 5:30 am Pacific, the yellow metal is up $1 an ounce at $1,611…Silver is 19 cents lower at $28.78…Copper is up a penny at $3.35…Crude Oil is down 40 cents at $82.92 while the U.S. Dollar Index is down one-tenth of a point at 82.32…
Today’s Markets
Asian markets were strong overnight with China’s Shanghai Composite gaining 29 points to 2319…European shares are a bit lower this morning while stock index futures in New York as of 5:20 am Pacific are pointing toward a slightly lower open on Wall Street after yesterday’s impressive rally…
As The Euro Zone Turns
Spain’s borrowing costs hit a euro-era high yesterday amid sagging investor confidence that Europe can prevent its debt crisis from worsening and wrangling among policy makers over how to implement cross-border banking supervision…the yield on Spanish benchmark 10-year debt hit 6.8% just days after euro zone finance ministers agreed on a 100 billion euro bailout package for the country’s banks…the move was accompanied by rising bond yields in countries deemed less risky, such as Germany and the UK, where market interest rates have been at record lows…it seems investors have concluded that Spain bank rescue is potentially a much better deal for the banks and their shareholders than for the government, its taxpayers and bondholders…even though the money will be funneled to the banks, the government in Madrid will ultimately be responsible for guaranteeing that $125 billion, adding to the Spanish government’s already rising debt load…Gold likes that…
Greeks continue to pull their cash out of banks and are stocking up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro (can we be so lucky?)…bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election…the last published opinion polls showed the conservative New Democracy Party, which backs the 130 billion euro ($160 billion) bailout that is keeping Greece afloat, running neck and neck with the leftist Syriza Party which wants to cancel the rescue deal…
Plenty of Cash On The Sidelines – Good Sign
With the threat of European debt contagion wafting through the air, American investors are heading for cover, taking their most conservative positions since the depths of the financial crisis…cash now makes up an average 5.3% of portfolios, the most since January, 2009, according to the closely watched Bank of America Merrill Lynch Survey of Fund Managers for June…from a contrarian point of view, this is actually a positive sign for the equity markets – fear was rampant in early, 2009, which turned out to be a fabulous time to invest in the markets…
ATAC Resources (ATC, TSX-V), Calibre Mining (CXB, TSX-V) and Probe Mines (PRB, TSX-V)
John has chart updates on three situations that are looking quite strong at the moment. As always, perform your own due diligence.
ATAC Resources (ATC, TSX-V)
The action in ATAC Resources (ATC, TSX-V) recently is particularly encouraging as it can be considered a Venture Exchange “bellwether”…and what a great buy it was last month when it dipped as low as $1.90 May 16 when the CDNX plunged to 1215…since then, ATC has jumped by more than 50% as it closed yesterday at $3.15…ATC’s 10, 20, 50 and 100-day moving averages are now advancing which is certainly a positive sign for the Venture as a whole…this is additional convincing evidence that the Venture did indeed bottom out in mid-May…
Calibre Mining (CXB, TSX-V)
Calibre Mining (CXB, TSX-V) made another small but nice move yesterday as it closed up 3 pennies at 22.5 cents on total volume (all exchanges) of 1.3 million shares…keep in mind there is a resistance band between 20 and 24 cents on CXB – a move through 24 cents on high volume would certainly be an interesting and bullish development…the stock still has a rising 200-day moving average (SMA) at 26 cents while the 100-day is now declining and sits at 36 cents…
Probe Mines (PRB, TSX-V)
Probe Mines (PRB, TSX-V) continues to make progress with its multi-million ounce Borden Lake Gold Project in northern Ontario…four drills are currently turning on the property, a geochemical orientation survey is in progress, local and regional geological mapping programs are being initiated, advanced metallurgical testing is underway, and environmental testing continues…Probe gained 14 cents yesterday to close at $1.20 for a market cap of approximately $80 million (about $15 for each indicated and inferred ounce in the global NI-43-101 resource)…
Note: John holds a share position in CXB. He does not hold a share position in ATC or PRB. Jon and Terry do not hold share positions in ATC, CXB or PRB.
RBW… still collecting by me… thanks for dumping. Eric, I got some too!
Comment by Theodore — June 13, 2012 @ 6:09 am
Gold’s up, that’s good. RBW has now broken a strong support at .16-.165. Hope some kind of news or updates are going to be released soon.
Comment by Kalkan - Sweden — June 13, 2012 @ 6:13 am
Jon … any update on AGE???? thx mate… also BNC.V biopharm…. phase 3 trials and stock has been trounced just like al the rest.. big volume and a steady SP… for your DD’ing pleasure:)
Comment by Jeremy — June 13, 2012 @ 7:22 am
Let me guess, bullish signs?
Kalkan
No news will lift RBW. They are far from any potential stock lifting news like drill results for ex.
Comment by Don — June 13, 2012 @ 7:34 am
On ATAC from the chart above “increasing volume” – are you kidding me?? Do we look at the same chart. I see downward move on high volume and up on soft volume AND the volume change between the last two up trading days are almost not visible.
Comment by Don — June 13, 2012 @ 7:37 am
RBW – no drill permits yet, and drilling not starting until first week of July at the earliest. New PP with FT.
Comment by Andrew — June 13, 2012 @ 7:38 am
I haven’t heard anything recently with regard to AGE, but I’d be shocked if the next results from Pascalis aren’t really, really good given what has come out of there so far….the fact AGE is down at 20 cents is a reflection of the overall market, that’s all, IMHO……..
Comment by Jon - BMR — June 13, 2012 @ 7:55 am
BMR. IHAVE BEEN BUYING RBW ON WEAKNESS .YOU HAVE STATED THAT THIS STOCK COULD BE A TEN BAGGER AND MAYBE A FIVE BAGGER NEAR TERM.I KNOW THERES NO SUCH THING AS A SURE THING WHEN INVESTING BUT WHAT KIND OF RESULTS WOULD WE HAVE TO SEE TO MAKE THE STOCK POP TO THESE LEVELS. PLEASE DO NOT PUT ME ON IGNORE .
Comment by gil — June 13, 2012 @ 8:31 am
gil – I’m interested in your question too. I think market sentiment is going to be a very important factor to move RBW on any pre-drill news. Hugh had a good question the other day about unloading VGN and GBB, I think for RBW. Many of us are in the same situation, its difficult to make a decision with current turmoil. I’m hanging on to my AGE but prepared to let the balance of my CEV holdings go if it comes up a penny or two and I can add at an attractive SP to GR, ASW or RBW. I hope those stocks will move before CEV. Good luck 🙂
Comment by Andrew — June 13, 2012 @ 8:39 am
Ouch! BMR has once again incorrectly predicted a bull market run and a lot of bag holders are down their life savings/credit lines. Hint…hint…RBW and company.
This is down 50% + from its highs and not looking to stop because it’s now being played like a fiddle right back down to it’s lows.
Ventures to retest the 1217 low and say hello to the 1100’s. This market is rigged and will continue heading south no matter what gold, silver, copper and every other commodity does. If you are too stupid to notice, these stocks don’t follow the greater market and there is no bull market run.
And for the record, RBW has joined all the other plays on the ventures and is officially DOWN for the year, so that rebuttal is null and void now.
Put a sock in it BMR – you’re pumping a market that is clearly broken.
Good luck,
Comment by Alan — June 13, 2012 @ 8:41 am
Even in this market, investors will reward discoveries, and that’s the set-up that I believe we’re looking at for RBW with regard to the International and Gold Viking which have never been drilled before……the International in particular could get really interesting given the high grade structures (massive galena) that are known there (near-surface)……a 40 or 50 metre intersection with some nice grades would get the market very excited IMHO…..I imagine they would be testing near-surface first with shallower holes to test the system before going to depth……
Comment by Jon - BMR — June 13, 2012 @ 8:42 am
Thx Jon.. appreciated… we are in an environment that Alan gives credence to…. OMG we are going to crap out.. sell now…. attitude of most… nothing personal Alan… your level of sentiment is consistent with the market ….
check this out… and then tell anyone that Thompson Creek is a bust… not likely!!
http://1.bp.blogspot.com/-p9Y1-pmjkBg/T9ZCnLHnd-I/AAAAAAAACJ4/lEbjIdeEBIo/s1600/TCbuy-6-11-12-335.png
Comment by Jeremy — June 13, 2012 @ 8:50 am
OK maybe I was too early … just checked the fiancials on TCM.to … seems they had production issues and a 50% cut in moly production … consistent with the global slowdown… sorry guys…
still not a bust, but the SP drop may have warranted… still overdone,. but hey!
Comment by Jeremy — June 13, 2012 @ 8:59 am
I think you’re little harsh there Alan. And for those who have put all their life savings on any information provided by bmr without doing their own dd has to be foolish. This is a game we’re playing. There is up n downs. I like what bmr is doing. Keep up the good work guys!
Comment by Kalkan - Sweden — June 13, 2012 @ 9:04 am
Jon – newsletter write ups after the two day site visit to the West Kootenays, could bring some life back to RBW if they coincide with euro optimism or strong rumours of stimulus! The long term outlook is promising in any event, I think.
Comment by Andrew — June 13, 2012 @ 9:07 am
bert – if you are ‘lurking’ pls send me a msg at [email protected] ok??? have some info for ya!
jeremy!!
Comment by Jeremy — June 13, 2012 @ 9:49 am
RGX – Argex announces CTL process breakthrough
Comment by Andrew — June 13, 2012 @ 12:06 pm
We have to do our own due diligence on every stocks we are buying. RBW is slided to 15 cents level but selling pressure is weak. The buyers are not in a rush to scoop the stock and 15 cents level is quite solid. The next challenge level will be 19 cents but I am sure that it will go beyond 20s in July. I will continue to collect if the price is right! Probably sell them at 50s. Hopefully, the dream will come true soon. GQC is still a hot stock and you can make money for sure in the daily high/ low. I will not keep holdings overnight.
Comment by Theodore — June 13, 2012 @ 12:40 pm
Alright I’m liking rbw and their great potential. I’ve done my DD and everyone here should too. In at @ .15!
Comment by Trevor — June 13, 2012 @ 5:44 pm
Trevor – that’s a really good entry point, you should do well. Good luck. I like the way RBW holds up even when the Venture drops 2%. I don’t think we’ve seen the bottom yet, I would not be surprised to see a double bottom or lower. I think RGX may have a good move up at the open. I’m adding to my holdings if ASW and GR drop and I’ll add to RBW if the gap at .135 closes. I have no fear 🙂
Comment by Andrew — June 13, 2012 @ 6:01 pm
Patience is the key, look at cadillac and goldquest, both of which i did not have the patience with and sold too soon to buy rbw, so I will wait this out this time.
We have to be close to the bottom with all of the negative sentiment everywhere and the cheap shots at BMR, while I agree BMR is pretty bullish right now on RBW and I did lose on VGN , but the way things have been going I will probably see VGN make some huge discovery and they will be the next one to run that I sold,lol, then Seafield after that…oh well, cant take it with me…
next thing you know BMR will pull a Bert and disappear and then all of the naysayers will not have anyone to blame when they are losing money…
sorry for the rambling just noticing how up tight everyone is these days and had to comment..
Comment by Greg — June 13, 2012 @ 9:33 pm
Don
My chart statement “increasing volume” referred to the post reversal days only as identified by the mauve loop. Sure the increase was small but it was an increase, and a completely different scenario from the previous 4 days which was a sell-off.
Comment by John - BMR — June 14, 2012 @ 3:09 am
Is the cxb run over?
Comment by db — June 14, 2012 @ 4:21 am
db – CXB touched the top of the resistance band but just lacked buying pressure to break through. Like so many stocks that’s all it needs to break out. I’m also watching IAE, that seems to be coming off recent lows with a hammer yesterday but needs more volume. Chart is also looking good on INA. Good luck 🙂
Comment by Andrew — June 14, 2012 @ 5:08 am
Thx Andrew
Comment by dennis — June 14, 2012 @ 5:19 am