Aided by a variety of factors, including fresh violence in the Middle East, Gold is making an important move this morning, pushing through the mid-$1,330’s and climbing as high as $1,346. As of 7:30 am Pacific, Gold is up $12 an ounce at $1,339 while equity markets are under pressure. The Venture, down 7 points at 1026, is holding up well and is underpinned by exceptional support between 1000 and 1020.
As a guide, below is a re-post of John’s Gold chart from Monday (prior to this move). The significance of today’s action (the weekly close tomorrow will be critical) – is that Gold is finally above a long-term downtrend line on this 2-year weekly chart – something it failed to do in March – though this does require confirmation.
Chart resistance is at $1,350 and $1,400. We’ll have much more on Gold Monday (or prior to with special updates if necessary) when Morning Musings resumes as we are currently on special assignment travel.
Silver is up 29 cents at $21.39 as of 7:30 am Pacific. The next major resistance is $22. Silver has confirmed a breakout above a short-term downtrend line going back to 2013, a significant development.
Can you please give us an update on Dynasty Gold “DYG”. I understand that they have 1.2 million available for drilling. Thank you…
Comment by Jim — July 10, 2014 @ 7:34 am
GBB… 2 million shares up a penny, at 0830 pacific!
Comment by mike — July 10, 2014 @ 7:40 am
Hi Jim, we’re working on it, trying to get an update on DYG for early next week.
Comment by Jon - BMR — July 10, 2014 @ 7:53 am
Hey guys – what are your thoughts on DBV’s looming results? It sure has been quiet up there. Hearing rumours of continued drilling and added cash to the coffers…5 weeks gone by now, you’d think some results would be around the corner.
Comment by Steve S. — July 10, 2014 @ 11:20 am
Hi Steve, communication IMHO was poor in the release of DBV’s results in mid-May, which I believe contributed to a steeper sell-off than was warranted given the results and the importance of the newly discovered Sheslay Red Stock. Expectations at that time were also much higher than they are now, so I believe there’s a better chance this time of an upside surprise on drill results, provided they deliver the message effectively. What I suspect they have been following up on is the immediate area around Hole #12, looking for higher grade, and I like their chances. One has to have a lot of confidence in DBV’s technical team – I have great respect for Farshad’s ability to model a deposit; in John Buckle in his ability to interpret geophysics; and in Eric Ostensoe and Tom Lisle, who have such a great feel for the area. So this is a quality team and they’ve taken this project a long way on a limited # of holes so far. It’s also my intuition that what we’re looking at with the Hat is a Gold-Copper porphyry, as opposed to a Copper-Gold porphyry. It would be really significant if they could cut into some even higher grade Gold mineralization, not to mention Copper of course. The extent of this system, and the potential for large tonnage, is very evident – they need to get into some higher grade, however, and sometimes that’s just a matter of more drill holes and the knowledge they provide.
Comment by Jon - BMR — July 10, 2014 @ 12:59 pm
Steve, I have heard the same rumour regarding new cash. Do you know where/who it is coming from and under what terms and conditions? He obviously won’t be diluting at these low levels with results looming.
Comment by Tom — July 10, 2014 @ 1:05 pm
For sure after 5 weeks of drilling DBV need money for continuous ! the rumors said he has money !
Comment by Guy Delisle — July 10, 2014 @ 1:50 pm
Thanks for the input Jon, I agree with your thoughts on the lack-luster release of results in mid-May. I too have faith in Farshad and believe they have the technical team in play to find what they are looking for. As you stated, market expectations this time around are more grounded which should help with a potential ‘up-swing’ should results be favourable. Regardless, lots of people are anxiously awaiting news.
Comment by Steve S. — July 10, 2014 @ 1:50 pm
Tom, I’ve heard mixed rumours about the source of the cash but nothing confirmed. If the rumours are true, it sure would help with continued drilling to find the source of that Red Stock. I totally agree that no dilution would happen at these levels, and would not even be required if the piggy bank has been topped up now.
Comment by Steve S. — July 10, 2014 @ 3:44 pm
GBB may be another one day shine. If there is no volume in next few days, it will go back to 3 – 3.5 cents. DBV..not a good sign … 15 cents mark is in danger! DYG … they have 1.2 millions… where comes this news? Better dump it if there is one cent buyer… Beware!
Comment by Theodore — July 10, 2014 @ 5:51 pm
GBB currently trading at .065c / over 1 Million sh volume.
Turn around time!
Comment by bob — July 11, 2014 @ 8:45 am
0-2 Theodore.. DBV trading at .19, GBB trading at .065
Comment by Jessie — July 11, 2014 @ 10:38 am
Have a feeling next week is going to be phenominal for
Garibaldi.
Comment by Tran — July 11, 2014 @ 11:36 am
Here is an interesting report on Mexico. People who are invested in silver companies in Mexico should take a look at “Silver’s Monetary Rise” video on Youtube.
BTW, I sent an e-mail to DBV regarding the current drilling campaign. If I receive a response I’ll post it on this site for everybody to read. If I don’t, I’ll try and call them next week if, if time permits on my end. Happy weekend.
Comment by chris — July 11, 2014 @ 1:52 pm
🙂 Jessie…. watch the slow down….. DBV… too little volume… GBB… check a couple more days ….. volume too low . No big players… maybe only me and you are playing
Comment by Theodore — July 11, 2014 @ 6:10 pm
regarding gbb……”Sooner or later the share price had to start moving up toward a market value pricing consistent with the assets we have documented to date. We have also been diligent behind the scenes in meetings during 2014 working on many administrative details to complete planning for this next stage. This ongoing activity has exposed even more individuals, companies and so forth to exactly what we have now and the potential for GBB as we continue moving ahead.”
per/F. Basa
Deal with Iam gold should be released in the next week or so…..huge opportunity, huge potential becoming reality!!
Comment by natalie — July 12, 2014 @ 11:57 am
I hope the volume of GBB can be consistent … minimum over 1 million shares turnover daily….
Comment by Theodore — July 13, 2014 @ 6:40 pm
Did BMR take the weekend off?? Hot out in BC?!
Comment by STEVEN1 — July 13, 2014 @ 8:11 pm
Hi Steven, as we indicated Wednesday, a four-day break to accommodate some special assignment travel, though we provided a short Gold-Silver update Thursday. Back to business as usual Monday morning, when we’ll also provide much of the material we normally do as part of our regular Week In Review And A Look Ahead which was interrupted this weekend. Yes, it’s hot in B.C. – weather-wise, and in certain market situations. Should be an interesting week.
Comment by Jon - BMR — July 13, 2014 @ 8:16 pm
Gold down 32 dollars…Venture fights back from -6 to -1 now????
Comment by STEVEN1 — July 14, 2014 @ 6:05 am
Gold Bullion to process ore at Iamgold’s Westwood mill
2014-07-14 10:13 ET – News Release
Also News Release (C-IMG) Iamgold Corp
Mr. Frank Basa reports
GOLD BULLION ANNOUNCES SIGNING OF CUSTOM MILLING AGREEMENT WITH IAMGOLD A?? WESTWOOD MILL AND THE FILING OF ITS REQUEST FOR CERTIFICATE OF AUTHORIZATION
Gold Bullion Development Corp. has signed a custom milling agreement with Iamgold Corp. to process ore from the Granada gold property at its Westwood mill facilities. The officers of both companies have approved this agreement.
This agreement is a win-win situation for both companies where Gold Bullion will be able to minimize its initial capital investment and IAMGOLD will be able to utilize some of the excess mill capacity at Westwood, which is expected to reduce its overall processing costs.
The signing of this agreement is a significant milestone for the Company and its shareholders as an efficient, direct, well-defined path to commercial gold production using Granada ore via implementation of the “rolling start” concept.
The agreement provides for and delineates the terms as follows:
-Receipt of Gold Bullion ore from the Granada project to be processed in 50,000 to 70,000 tonne batches three times per calendar year at the Westwood site. The annual target is set at 192,000 tonnes. The agreement anticipates that gold dore bars will be poured at the IAMGOLD mill, then transported by secure service to the Royal Canadian Mint for refining, with the finished product then sold as bullion to Scotia Mocatta, a division of Scotiabank Global Banking and Markets (Bank of Nova Scotia).-An initial three-year term with access to additional milling years subject to CAPEX investment in the mill by Gold Bullion.-Contract commencement is subject to the following:-Gold Bullion obtaining its Certificate of Authorization from the proper Quebec authorities for open pit mining operations at Granada;-IAMGOLD obtaining its Certificate of Authorization from the proper Quebec authorities for the processing of Gold Bullion’s ore at their Westwood site;-Certain CAPEX and OPEX deposit payments prepaid by Gold Bullion due when both Certificates of Authorization have been granted.-The Gold Bullion Operations team first goal is to ship a trial-milling batch of 30,000 tonnes for milling in October 2014 prior to winter freeze up. Subsequent milling will continue in April 2015.The gold produced will be sold at Royal Canadian Mint spot pricing in place at the time of delivery. The estimated time frames from shipping ore to cash in the Gold Bullion account could be shortened if Gold Bullion determines the best option is to sell the unrefined gold dore bars. Based on current information, the estimated time period for funds being deposited in Gold Bullion’s account after the ore leaves the Granada property is one month.
Gold Bullion also announces the Certificate of Authorization request was formally submitted to the appropriate Quebec authorities on June 20, 2014. It is anticipated the Certificate will be awarded by mid to late September 2014.
Frank J. Basa, President and Chief Executive Officer, ”As we advance towards gold production the Company begins the transition into an explorer producer. This is a huge positive for the Company since anticipated cash flow from the “rolling start” will give us greater control over our ability to expand the resource and efficiently increase gold production as opportunities to do so present themselves.”
Qualified Person
Claude Duplessis, P. Eng., consultant for SGS, is responsible for validating the information described herein and has reviewed and approved the contents of this news release as a Qualified Person independent of Gold Bullion within the meaning of NI 43-101 regulations.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd. All rights reserved.
Comment by natalie — July 14, 2014 @ 6:23 am
Those new drillhole photos of Garibaldi look very very promising.
Comment by Tran — July 14, 2014 @ 6:33 am