Gold’s intra-day reversal yesterday was very significant in our view, and we believe gold is now very close to breaking through resistance at $1,130 – a development we suspect is going to occur sometime next week…gold is up $7 an ounce as of 9:30 Pacific time this morning to $1,113…the CDNX, which had one final fling with 1,500 yesterday, is powering ahead this morning, currently up 6 points at 1,524…the CDNX 20-day moving average has swung positive, so all moving averages with the Venture are back in bullish alignment…this market could explode in March…we also believe Gold Bullion Development (GBB, TSX-V) could soon explode…we issued an alert on GBB this morning after further review of recent trading activity and this stock’s incredible-looking chart…from a technical standpoint, Gold Bullion is poised for a MASSIVE break-out through resistance at .125…from a fundamental standpoint, our belief and theory is that the Granada Gold Property is shaping up to be a “Golden Highway” and could quite potentially host a multi-million ounce open-pit, bulk tonnage deposit or series of deposits…only a very small portion of this highly prospective property has been explored, and it stretches a full 7 kilometres to the east in the direction of Osisko’s 10 million+ ounce Canadian Malartic Deposit…with a market cap of only $9 million, Gold Bullion has incredible blue sky potential…Seafield Resources (SFF, TSX-V), which is up nearly 500% from when we initiated coverage last summer, is trading higher at 32.5 cents this morning on lighter volume of just over 400,000 shares…any weakness in Seafield should be considered a buying opportunity…
we are watching Kent Exploration (KEX, TSX-V) as it has been driven down recently and is heavily oversold on a technical basis…with drill campaigns imminent in both Australia and New Zealand, we expect Kent to have a very strong month of March – at 15 cents this stock is clearly an aggressive buy…
February 26, 2010
BMR Morning Market Musings…
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