Gold powered higher this morning after a disappointing U.S. jobs report…as of 8:15 am Pacific, the yellow metal has surged $23 an ounce to $1,408…Silver is closing in on a new 30-year high, up 72 cents to $29.26…the U.S. Dollar has weakened, down nearly a full point to 79.33…new data from the World Gold Council (WGC) shows that Russia has been a strong buyer of Gold in recent months…Russia has added 65 tonnes for its official foreign exchange reserves since July (it now holds 775 tonnes) and has overtaken Japan for 8th place in the league table of national Gold holders…all told, central banks worldwide continued buying Gold totaling 91.5 tonnes between July and November…sovereign states turned net buyers in 2009, led by Asian and other emerging-economy banks, after 20 years of net selling…the CDNX is 10 points higher at 2106…Seafield Resources (SFF, TSX-V), which BMR uncovered at 6 cents in the summer of last year, is the most active trader on the CDNX this morning with a whopping 28 million shares having changed hands…the stock gapped up to 35 cents and has impressively held its gains and moved higher through the first 2 hours of trading (extremely bullish)…SFF is currently up 21 cents at 44 cents…the spectacular jump is the result of Hole #3 at the company’s Miraflores Property in Colombia which returned 449 metres grading 1.3 g/t Au (for more details please see our article last night)…this is a game-changing hole for Seafield at its Quinchia Project which includes another property we believe is an even better target than Miraflores, Dos Quebradas…the buying of Seafield has spilled over into Tony Roodenburg’s other company, Greencastle Resources (VGN, TSX-V), another BMR favorite, which has jumped 4.5 cents to 33 cents…Greencastle is up 136% since we added it to the BMR Portfolio in mid-October…after spectacular results from Seafield and Richfield Ventures (RVC, TSX-V) over the past two weeks, who’s next in the BMR stable?…Gold Bullion Development (GBB, TSX-V), of course, has more results due out soon from Granada…Adventure Gold (AGE, TSX-V) has activity on several very promising fronts…Currie Rose Resources (CUI, TSX-V) has initial drill results pending from its Sisu River Gold Property in northwest Tanzania…Sidon International (SD, TSX-V) is just starting a drill program at its Morogoro East Gold Property in east-central Tanzania…and GoldQuest Mining (GQC, TSX-V) is developing a potential major Gold deposit at its La Escandalosa Property in the Dominican Republic…these are all companies with outstanding properties and two others of course are Colombian Mines (CMJ, TSX-V), a large landholder in Colombia, and Excel Mining (EGM, TSX-V) which just recently started to drill its Montauban Project in Quebec…
December 3, 2010
2 Comments
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Hi Jon;
Would you buy sff at this price or wait for things to calm down- James West at the midas letter has an article today calling it the next ventana and saying any shares under $1.00 are a steal,etc.
Comment by dave — December 3, 2010 @ 9:54 am
Well, let’s put it this way….there’s a 43-101 out on Miraflores so that helps underpin SFF’s value….there’s no question in my mind that Dos Quebradas is the “blue sky” of Quinchia…….it is an exceptional porphyry target (an even better prospect than Miraflores) and has the potential to host a couple of million ounces or more….Chuscal is another excellent target…..it’s funny how the market’s perception can change so suddenly….we’ve been pounding the table for months on end about the geological possibilities of Quinchia and now finally things start to take off…..there’s a new market psychology with SFF at the moment, so who knows where this could go…..I do expect they’re receiving a lot of calls right now with regard to a financing…..so keep that in mind……….at 50 cents I do believe this still represents very good value, especially in current overall market conditions…..
Comment by Jon - BMR — December 3, 2010 @ 10:13 am