Gold was as high as $1,579 overnight but has slipped to $1,563 as of 6:15 am Pacific, a loss of $11 an ounce…Silver is 17 cents lower at $26.77…Copper is flat at $3.37…Crude Oil is ahead 30 cents at $80.51 while the U.S. Dollar Index is up one-fifth of a point at 82.72..
Today’s Markets
Stock index futures in New York as of 6:15 am Pacific are pointing toward a modestly lower open on Wall Street…European leaders start a two-day summit in Brussels today with German Chancellor Angela Merkel already stating they must concentrate on fundamental reforms rather than emergency proposals put forward by Italy and Spain to help alleviate their cost of borrowing on the markets…Merkel has also refused to discuss the issue of debt burden sharing unless national budget controls across the euro zone are introduced first…an auction of Italian five and 10-year bonds held ahead of the summit saw yields spike to their highest level since December, 2011…Italy’s benchmark 10-year borrowing costs hit 6.19% while the 5-year rose to 5.84%…
A potential market-moving event could come at approximately 7:00 am Pacific when the U.S. Supreme Court will publish its ruling on whether President Obama’s health care reforms, or parts or them, are unconstitutional…
CRB Index – Encouraging Signs?
The CRB Index took a beating in the second quarter but John sees the possibility of a bottoming formation at the moment…
Prodigy Gold (PDG, TSX-V)
Prodigy Gold has released results from just over 15,000 metres of diamond drilling at its Magino Gold Mine Project in northern Ontario…many of the 66 drill holes reported this morning are shallow in-fill holes designed to increase drill hole density in near-surface portions of the deposit and establish continuity of higher grade geologic domains…highlights include 153 metres grading 1.05 g/t Au…83 metres grading 1.65 g/t Au…and 39 metres grading 3.4 g/t Au…a resource update for Magino is expected within a few weeks…this is a solid project that Prodigy is consistently advancing…the stock closed at 54 cents yesterday…
Strike Graphite (SRK, TSX-V)
Bottom-fishers may wish to take a look at Strike Graphite (SRK, TSX-V) which appears to be in the early stages of a rebound after falling as low as 9.5 cents recently…back in early April, it was trading in the mid-40’s…SRK closed yesterday at 12.5 cents…
Note: John, Jon and Terry do not hold positions in PDG or SRK.
GBB almost at the bottom now…. it is buying time at 6-7 cents… I am there now
Comment by Theodore — June 28, 2012 @ 8:02 am
I scooped 30,000 shares at 7 cents…
Comment by Theodore — June 28, 2012 @ 8:31 am
First major correction for GQC…. no panic…. probably 44 cents will have some strong support. RBW still in a low volume… up or down one or two pennies means nothing … nice pictures posted by BMR and I am still on it.
Comment by Theodore — June 28, 2012 @ 9:17 am
7c WTF!!! What’s going on with this set of clowns.
Shocking mismanagement – last chance Frank, pull your f-ing finger out
and show some value.
Comment by Rosco — June 28, 2012 @ 10:11 am
If you can get GBB at 7 cents… it cannot go wrong…. Otherwise, I will be very wrong.. . Still a lot of people holding stocks above 50 cents …. small investors. Rosco… I agree with your comments… we are all disappointed.
Comment by Theodore — June 28, 2012 @ 10:53 am
Theo – ignore the haters, I like your comments.
Comment by Hugh — June 28, 2012 @ 11:00 am
Cqx- nice lil push up today. low volume today though
Comment by db — June 28, 2012 @ 1:04 pm