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Gold is under pressure this morning…as of 7:45 am Pacific, the yellow metal is down $41 an ounce at $1,287 (a 7-week low) after trading as high as $1,339 overnight…important Fib. support is in the $1,270’s…Silver is off $1 an ounce at $20.70…Copper has fallen 4 cents to $3.25…Crude Oil is down 85 cents at $101.48 while the U.S. Dollar Index is off slightly at 80.22…

India’s finance ministry said today that official Gold imports into that country were 58.37 tons between July 1 and September 25, compared with 335.31 tons in the 3 months ended June 30…of course no one knows for sure how much Gold is being smuggled into India, but those numbers must have increased substantially in recent months in conjunction with government measures including higher taxes and tighter rules on financing imports…

Demand for U.S. Gold coins fell 81% in September on a year-over-year basis, according to fresh data on the U.S. Mint web site…total sales of American Eagle Gold bullion coins for investors were 13,000 ounces versus 68,500 in September 2012…this compares with the monthly average of almost 90,000 ounces for the first 8 months of this year…sales of the American Eagle Silver bullion coins totaled 3,013,000 ounces, down 7% from 3,255,000 ounces in September 2012…

Canada’s mining and energy industries are facing a looming worker shortage caused by the pending retirement of large numbers of baby-boomer employees, according to Vancouver-based executive search firm MRG (Mining Recruitment Group)…only 61% of top managers interviewed indicated that they had no intentions of retiring or reducing their workloads over the next 5 years, which mean 39% of those in the boardrooms are planning their departure in one form or another…what makes things more alarming is that only 22% of executives stated that their companies had any sort of succession plan in place…“In the grand scheme of things, five years is a blink of an eye and we will likely see the cascading effects of this start to pick up in steam in a very noticeable way within the next year or two,” stated MRG’s president, Andrew Pollard…

Today’s Markets

Japan’s Nikkei average was up slightly overnight, gaining 28 points…Chinese markets are shut until next Monday for the week-long Golden Week holiday, but the government still released the official purchasing manager’s index (PMI) for September today..the index edged up to 51.1 in September, missing expectations for a 51.5 figure…still, the data was better than the August reading of 51…European shares were mixed today…

In New York, the Dow is up 61 points as of 7:45 am Pacific amid the first partial U.S. government shutdown in 17 years…the TSX has gained 37 points while the Venture is up a point at 942, an achievement considering the hammering Gold is taking this morning…

Prosper Gold Corp. (PGX, TSX-V)

Prosper Gold is off to a solid start at its Sheslay Cu-Au Porphyry Project…the first 3 holes intersected 312 m grading 0.37% Cu and 0.24 g/t Au (S024); 269 m grading 0.42% Cu and 0.20 g/t Au (S025); and 263 m grading 0.35% Cu and 0.15 g/t Au…more importantly, PGX has demonstrated that mineralization at the Star target (one of 5 Cu-Au bearing porphyry targets identified to date at the Sheslay) goes to depth – Firesteel Resources‘ (FTR, TSX-V) 23 holes drilled between 2004 and 2007 were almost all relatively shallow (the average length of those holes was about 175 metres)..results from 3 additional Phase 1 holes are still pending, including S027 which intersected mineralization from surface to the bottom of the hole (598 metres)…

To put things into perspective, reserve grades at Imperial Metals‘ (III, TSX) Red Chris deposit – slated to go into production next year with robust economics – are 0.36% Cu and 0.27 g/t Au (over 300 million tonnes)…Red Chris also has 1.2 billion tonnes of measured and indicated resources grading 0.33% Cu and 0.33 g/t Au…

Overseeing the geological program at the Sheslay is Prosper Gold director Dr. Dirk Tempelman-Kluit who’s after his 2nd major discovery in British Columbia, following his success at Blackwater…Tempelman-Kluit sees plenty of evidence in the early going of a system at Sheslay with impressive size and strength potential (to listen, click on the forward arrow below – requires Adobe Flash Player, version 9 or above)…

[audio:https://bullmarketrun.com/wp-content/uploads/2013/09/Dirk-PGX-Clip-3.mp3|titles=Dirk PGX Clip 3]

PGX opened up a nickel at 55 cents this morning and is now down 4 pennies at 46 cents on light volume – given the initial results, and the strong possibility of even better numbers later this month, we can’t help but think PGX is a steal given its current market cap of just $11.5 million, the leadership team it features and the obvious potential of the Sheslay – regardless of the market’s ho-hum response this morning…

Garibaldi Resources Corp. (GGI, TSX-V)

Interesting news from Garibaldi following yesterday’s close – GGI has expanded an immediate reconnaissance and sampling program at the Grizzly after receiving highly encouraging preliminary results from a recently conducted airborne survey over northwestern portions of the Grizzly…below is an exact quote from their news release (emphasis is ours):

“A preliminary review of the combined data confirms that the rock units underlying the Grizzly extend north on to the Sheslay property, and shows two parallel faults (extending 15 kilometres from Grizzly West, to Grizzly Central) that appear to be related to porphyry Copper-Gold occurrences on Sheslay and Grizzly West. Additional processing of the data is continuing, and results will be announced as they become available.”

Mineralization knows no borders, and it’s clear that there have been significant geological forces at work on the Grizzly that have contributed to mineralization over a very wide area in the Sheslay Valley…

We’re going to be conducting what should prove to be a fascinating interview with GGI President and CEO Steve Regoci later this week…between the Grizzly and its properties in Mexico, there’s a lot happening with Garibaldi at the moment – and GGI is trading just modestly above its working capital position of nearly $4 million…drill results are pending from Mexico, more drilling is planned for this quarter, the company is receiving a monthly royalty from a pilot coal program on its Tonichi claims, and results are due shortly from a graphite discovery along those coal seams…plus a team is on the ground at the Grizzly…if an investor wants action, excitement and results (and who wouldn’t?), they’re going to get from GGI…

Colorado Resources Ltd. (CXO, TSX-V)

Disappointing results from Colorado Resources (CXO, TSX-V) this morning, further underscoring the fact that the Sheslay is now clearly the top exploration play in that general area…CXO released results from 5 additional holes this morning…NR13-017 from the Mabon zone returned an interval of 177 metres grading 0.30% Cu and 0.39 g/t Au…NR13-016, also from Mabon, intersected 2 intervals – 40 m of 0.17% Cu and 0.34 g/t Au, and 53.5 m of .23% Cu and 0.29 g/t Au…3 holes from the Edon zone so the south, however, failed to return any significant results…drilling continues with 2 rigs on the property, and CXO needs to hit another sweet hole in a hurry…CXO is unchanged at 35 cents on light volume as of 7:45 am Pacific…

Terrax Minerals Inc. (TXR, TSX-V)

Without much fanfare, Terrax Minerals (TXR, TSX-V) has jumped 4-fold since the end of July, from the mid-teens to last Thursday’s intra-day high of 69 cents…TXR closed yesterday at 61 cents, down 3 pennies…what’s driving this is the company’s Northbelt Gold property encompassing 3,500 hectares on the prolific Yellowknife belt and covering 13 km of strike on the northern extension of the geology that contained the Giant (7.6 million ounces) and Con (5.5 million ounces) Gold mines…the property is host to multiple shears that are the recognized hosts for Gold deposits in the Yellowknife camp and it contains innumerable Gold showings…the company has released some encouraging surface sample results, from work completed over the summer, and has also started the process of re-logging and re-assaying historical drill core from Northbelt…Terrax is currently analyzing core from more than 175 Northbelt drill holes previously stored in the core yard at the Giant mine site in Yellowknife, the assay results from the majority of which have never been reported by prior operators…results from 22 historical holes were reported last Wednesday and included 20.66 g/t Au over 5 metres in hole 85-187 (from 81 to 86 metres)…

This will likely be an interesting story to follow…be careful about jumping in now, however, as the chart shows very overbought conditions at the moment…RSI(14), at 83% on this 13-month weekly chart, is starting to unwind…take note of the Fibonacci retracement levels which are 48 cents (61.8%), 41 cents (50%) and 34 cents (38.2%)…

Aldrin Resource Corp. (ALN, TSX-V) and Azincourt Uranium Inc. (AAZ, TSX-V) Updated Charts

Below are updated charts for 2 companies we’re following closely in the Saskatchewan uranium play…both are bouncing up from support – they should be interesting to watch in the coming months…

Aldrin Resource Corp. (ALN, TSX-V)

Azincourt Uranium Inc. (AAZ, TSX-V)

Note: John and Jon both hold share positions in GGI.  Jon also holds a share position in PGX.