The power of the Gold market has been clearly on display the past 24 hours…after reaching a new all-time high early yesterday of $1,317, Gold went into quick retreat and fell $22 an ounce to $1,295…buyers however immediately stepped in on the weakness, taking the yellow metal right back up to $1,310…this morning, there’s another new all-time high with Gold reaching $1,321.80…as of 8:00 am Pacific, Gold is ahead $9 an ounce to $1,319…Copper has hit a two-year high and other commodites continue to push higher as well…the CDNX signalled all of this with its action in July and August…as we’ve mentioned many times here already, BMR believes we’re in the midst of an historic move in the CDNX and mining stocks in general…the CDNX seems to have gotten over its hesitation about 1700 and is charging higher…it’s currently up 26 points to 1734…it appears 1800 is now the next immediate target with 1700 the new support…Gold Bullion Development (GBB, TSX-V) is up a penny at 56 cents…we expect a major breakthrough for GBB this quarter as drill results pour in from the LONG Bars Zone and drilling intensifies…rumour has it GBB’s $6 million financing at 54 cents is fully allocated and could be oversubscribed…once that’s out of the way very soon, things should heat up nicely in the LONG Bars Zone with an even larger Phase 3 drill program and the possibility of additional rigs (hopefully RC)…we continue to keep a close eye on Adventure Gold (AGE, TSX-V) which now holds a small but strategic parcel of land at Granada…they are very active on numerous other fronts as well, however, in both Quebec and Ontario, and we believe a pure Gold exploration play like this has the potential to perform exceedingly well in the kind of market we see unfolding over the next 6 months and beyond…Adventure Gold is up a penny to 27 cents…Bellhaven Copper and Gold (BHV, TSX-V), which we mentioned last month, continues to perform well and has hit a new 52-week high this morning of 68 cents…Bellhaven is led by the very astute Paul Zweng and has excellent projects in Colombia and Panama…the company announced this morning it has arranged a $4.5 million financing at 60 cents…the stock is currently up 8 cents to 68 cents…another one of our favorites in Colombia is Seafield Resources (SFF, TSX-V) which has pulled back slightly from its 27 cent high earlier this week…Seafield is now at the low end of its current trading range of 22.5 to 27 cents…it’s down half a penny at 22.5 cents on light volume so far this morning…we’re expecting an exploration update from Seafield on its Quinchia Project in Colombia very soon…we believe “7” is a lucky number, so that should bode well for GoldQuest Mining Corporation (GQC, TSX-V) which yesterday became the 7th stock in the current BMR “Portfolio”…GoldQuest is up half a penny as of 8:00 am Pacific to 21 cents…it has broken out of a 2-year consolidation phase and has high quality gold and base metal projects in the Dominican Republic and Spain…
October 1, 2010
8 Comments
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Hi
Thanks as always for the great information and guidance. Sidon seems strangely quiet lately. I know they had the pp but other than that no information seems to be forth coming. The website has been blank for some time now and no updates for a while. Do you think this is cause for concern or growing pains?
Thanks,
Andrea
Comment by andrea — October 1, 2010 @ 9:47 am
Hi
I would like to share Andrea’s concerns as regards to SD. This website issue has now gone beyond a joke and they have to start taking both themselves and their shareholders seriously. Their chart is starting to look a bit messy and this is purely down to poor management. Thsy have an AGM on next Monday and if there is no clarification on this website debacle and a clear guideline as to results and future plans I will have to reascess my involvement. Perhaps BMR should give them a ring and tell them to behave like a company with a potentially fantastic asset. Mines are not found they are made and at the moment SD need to step up to the plate
Comment by patrick — October 1, 2010 @ 12:32 pm
Thanks, Patrick, and I’ll be forwarding your message to Kamal at Sidon. I sent an email to Kamal this week regarding SD’s web site and he said it’s being worked on and hopes to have an update on that very soon. I wouldn’t put too much emphasis on a company’s web site as long as they have plans to improve it. You should have seen Gold Bullion’s web site last January—-it was horrific. Same with Seafield up until just recently. It has been a tough couple of weeks for Sidon but the big picture here is still positive—–within a primary uptrend, it’s often a couple steps steps forward and one step back………current weakness in the stock presents opportunity IMHO. Patience required.
Comment by Jon - BMR — October 1, 2010 @ 1:25 pm
Yep, I dumped a big chunk of SD this week and I may dump more next week! Hope I don’t have to cause I HAD high hopes for SD. Right now they seem to be living up to their reputation (according to stockhouse blog so take it for what its worth) of being screw-ups.
Comment by geo — October 1, 2010 @ 3:20 pm
Hi
I am an owner of shares in Sidon. I have had great hopes for the stock.
I am concerned because the shares have been shorted by management.
I thought this was illegal.
Any comments?
Excuse my naivety but is there a reason other than manipulation of stock that would benefit the Souhail?
Latest Filings Over the Past 12 Months – Maximum 60
– Information that has been adjusted or estimated by INK – Amended filing
Transaction Shares/ Account
Date Insider Name Ownership Type Nature of Transaction Security Price ($) Units Change* Account Balance
Sep 15/10 Abi-Farrage, Souhail Direct Ownership Short sale Common Shares 0.135 -1,300,000 -25% 3,984,757
Sep 15/10 Abi-Farrage, Souhail Direct Ownership Exercise of options Common Shares 0.100 4,000,000 > 100% 5,284,757
Sep 15/10 Abi-Farrage, Souhail Direct Ownership Exercise of options Options 0.000 -4,000,000 -100% 0
Sep 14/10 Abi-Farrage, Souhail Direct Ownership Short sale Common Shares 0.140 -2,700,000 -68% 1,284,757
I would appreciate any insights.
Andrea
Comment by andrea — October 2, 2010 @ 9:12 am
Andrea, this was not a short sale in the normal sense—–what a Sidon insider was doing here was putting $400,000 into the company’s treasury (obviously that’s a good thing) by “swapping out” stock through his options….selling stock at .135-.14 and covering it with 10 cent options that were exercised from the proceeds of the “short sale”…..the optics might not be great, but this was perfectly legal and it beefed up the company’s treasury by $400,000…….nothing to worry about…by Exchange regulations this rather uncommon maneuver had to be reported as a “short sale”……….
Comment by Jon - BMR — October 2, 2010 @ 11:24 am
Maybe thats why they pulled the website- temporarely drive down the shares? thats OK as long as they go back up! (someday!??!)
Comment by dave — October 2, 2010 @ 1:44 pm
I like the fact there’s a lot of negativity on Sidon right now – excellent contrarian indicator. That’s usually a strong sign a stock has bottomed.
Comment by Jon - BMR — October 2, 2010 @ 2:13 pm