BullMarketRun.ca

It was a case of deju vu yesterday as Gold did exactly what it did a week earlier, moving above $1,260 and then promptly selling off intra-day…Gold is down again this morning but off its lows of the day…as of 7:40 am it’s at $1,233, a $6 drop from yesterday…the U.S. dollar is sharply higher this morning and crude oil is off nearly $3 a barrel to $75.46…Asian markets were down significantly overnight including a 4.27% drop in China…North American markets are also under heavy selling pressure at the open with the Dow and the TSX each down over 200 points…the CDNX has fallen through important support at 1440, raising the likelihood of a test of the May low of 1393 if there is not a sudden and dramatic intra-day turnaround…the CDNX is down 30 points to 1422…we’ve been quiet with regard to Gold Bullion Development (GBB, TSX-V) recently as the market is waiting for drill results or an exploration update for its next signal…GBB also moved into technically overbought territory last week, suggesting the possibility of a minor pullback which is what we’re seeing with the weakness in the overall markets…we remain as bullish as ever on the Granada Gold Property which has the potential to be one of the top discoveries in Canada in 2010…Gold Bullion is down three pennies to 66 cents…Seafield Resources (SFF, TSX-V) made a significant move yesterday on big volume as the company announced the start of drilling at its Miraflores Property in Colombia…Seafield also provided for the first time, through its new web site, a detailed overview of its Quinchia Project which clearly shows the multi-million ounce potential of this 67 square kilometre land package just south of Medoro Resources’ (MRS, TSX-V) 9.7 million ounce Marmato Deposit…with $4 million in the bank and a strong portfolio of properties that also includes Elora in northwestern Ontario and Picachos in Mexico, Seafield is very attractive at current levels…the stock has pulled back slightly this morning in sympathy with the overall markets and is currently down 1.5 cents to 20.5 cents…bargain hunters should also keep an eye on North Arrow Minerals (NAR, TSX-V) which closed yesterday at 16 cents…Fire River Gold (FAU, TSX-V) is off a nickel to 59 cents…Fire River is in the process of completing a major financing at 50 cents for its promising Nixon gold mine project in Alaska…