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Gold has hovered between $1,289 and $1,299 so far today…as of 8:00 am Pacific, bullion is down $3 an ounce at $1,292…Silver is unchanged at $19.82…Copper is off 1 cent at $3.02…Crude Oil is relatively flat at $101.45 while the U.S. Dollar Index has fallen one-tenth of a point to 80.08…

Indian Gold imports will rebound in the second half of this year as a new government eases trade curbs and festivals and weddings spur demand, according to billionaire Indian jeweler T.S. Kalyanaram (source: www.usfunds.com)…despite the curbs, India accounted for 25% of global demand in 2013 according to the World Gold Council, being surpassed by China as the largest Gold consumer…according to Kalyanaram, India’s demand is nearly 50% greater than China’s, once you take into consideration the amount of Gold that is being smuggled into the country…

Check out an excellent article from Mineweb’s Lawrence Williams this morning (“Is Chinese Gold Demand Really Falling? Probably Not” –  www.mineweb.com)…

Euro Zone Inflation At Lowest Level Since 2009

Something to watch out for in the near future – the increasing likelihood of QE from the ECB…as the Financial Times reported over the weekend, Germany’s powerful central bank has radically scaled back its opposition to the possibility of the ECB embarking on a government bond buying program…this morning it was reported that inflation in the euro zone came in below expectations at an annual rate of just 0.5% in March, slowing from 0.7% in February to its lowest level since 2009…this is stoking fears that the currency bloc is drifting toward a Japanese-style bout of deflation, a damaging period of falling prices…today’s new figures may heap pressure on policymakers in Frankfurt to vote for radical action an an ECB meeting later this week (Thursday), though most seasoned market watchers don’t expect the ECB to act as early as this week…the euro is actually trading slightly higher this morning…

Today’s Markets

Asia

China‘s Shanghai Composite fell 8 points overnight to close at 2033…meanwhile, Japan’s Nikkei climbed 132 points to finish at 14828, its highest level in three weeks, but the Nikkei was still the region’s worst-performing Index for the quarter with a loss of 9%…

Europe

European markets were slightly higher today with some investors anticipating stimulus measures to be announced by the ECB later this week…

North America

The Dow is up 122 points as of 8:00 am Pacific on “bullish” comments regarding Fed support for the economy from Janet Yellen this morning…the TSX is 60 points higher while the Venture has added 5 points to 995…

Venture 5-Year Weekly Chart

Below is an updated Venture 5-year weekly chart from John…as we showed over the weekend, the Index has several layers of superb technical support (Fib. and chart) between the rising 200-day moving average (SMA) at 946 through the mid-980’s…on this 5-year weekly, buy pressure remains strong and steady, RSI(14) at 52% is near support, and +DI on the ADX trend indicator remains above -DI which confirms a bullish overall direction…the pullback from the high of 1050 earlier this month is normal and healthy from a technical standpoint…

Fission Uranium Corp. (FCU, TSX-V) Update

Fission Uranium Corp. (FCU, TSX-V) has expanded the east-west strike length of its Patterson Lake South Discovery from 1.78 km to 2.24 km with the release of six new holes this morning that each encountered considerable mineralization…winter drilling at PLS has successfully merged four high-grade zones into one, and hole PLS-14-196 reported this morning (still in progress) intersected total composite mineralization of 30.5 m and marks a new zone 485 m east along strike…FCU is up 4 cents to $1.67 through the first 90 minutes of trading…

NexGenEnergy Ltd. (NXE, TSX-V) Update

NexGen Energy ltd. (NXE, TSX-V) reported more results this morning from its Arrow prospect uranium discovery at its Rook 1 Project, just over 2 km northeast of Fission’s PLS discovery…hole RK-14-30, a 215-m step-out from Arrow discovery hole RK-14- 21, intersected the widest and strongest radiometrically anomalous zones encountered to date (numerous zones totaling 47.2 meters, including numerous individual zones totaling 8.3 m greater than 10,000 cps)…RK-14-30 extends the strike length of the Arrow mineralized zone, open to the southwest, to 215 m…NXE is up 2 pennies at 46 cents as of 8:00 am Pacific…

Doubleview Capital Corp. (DBV, TSX-V) Update

Temperatures have warmed up significantly in the Sheslay Valley, and that has allowed Doubleview Capital (DBV, TSX-V) to commence an important new phase of drilling at the Hat Property to follow up on the company’s Cu-Au porphyry discovery announced in late January…in the very near future, as drilling at the Hat continues, we’ll be posting Part 2 of our feature on Doubleview, and of course we’ll also be looking at the bigger picture of the Sheslay Valley district in general…with a 22-km long mineralized NW/SE trending corridor from Garibaldi Resources Corp.’s (GGI, TSX-V) Grizzly West porphyry target through Prosper Gold Corp.’s (PGX, TSX-V) Sheslay Property to DBV’s Hat discovery, this is shaping up to be one of the most exciting exploration plays British Columbia has witnessed in many years…

Below is an updated DBV chart…a normal pullback has occurred this month after an all-time high of 33.5 cents March 14…support is strong near current levels with RSI(14) showing signs of reversing higher…DBV is up a penny at 22 cents on light trading as of 8:00 am Pacific…

Silver Wheaton Corp. (SLW, TSX)

Below is an interesting chart from John on Silver Wheaton Corp. (SLW, TSX) which appears to have found support in the immediate vicinity of its rising 100 and 200-day moving averages (SMA’s) just below $25…the main purpose of this chart is to show how strong this sector looks at the moment, technically, and why the recent sell-off should be viewed as an opportunity…

Specifically in terms of Silver Wheaton, it has a business model that is proven to work effectively at all stages of the commodity price cycle…SLW is the world’s largest precious metals streaming company…it has a number of agreements where, in exchange for an upfront payment, it has the right to purchase all or a portion of the Silver and/or Gold production, at a low fixed cost, from high-quality mines located in politically stable regions around the globe…as always, perform your own due diligence…

Short-Term Silver Chart

RSI(14) on this short-term Silver chart appears to have bottomed, suggesting the metal should stabilize around current levels after falling nearly 10% since mid-March…Silver will have plenty of resistance to fight through, though, between $20 and $22…

Long-Term Silver Chart

This 11-year monthly chart confirms that the metal has exceptional support just below $20…sell pressure has been dominant since early last year but is weak…if and when Silver breaks above the main downtrend line, watch out (there are two downtrend lines to take note of)…RSI(2) has unwound from above 80% to 38%…

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