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Gold is on fire and has hit a new all-time high…as of 8:15 am Pacific, the yellow metal is up $20 an ounce at $1,587…Silver has shot up $1.94 to $38.09…Crude Oil is $1.09 higher at $98.52 while the U.S. Dollar Index is down sharply at 75.15…Fed Chairman Ben Bernanke, in testimony before Congress this morning, has stated that a new stimulus program is in the works which will entail more asset purchases, so here we go again…as far as Gold is concerned, it has obviously broken out which makes John look like a genius as he was calling for Gold back in January to hit $1,650 by the end of June…as you can see from John’s updated 1-year weekly chart below, Gold’s RSI has plenty of room to move higher now unlike the situation when Gold hit its previous high recently of $1,575…an unwinding of that overbought condition has set the stage for Gold to make a significant move now after clearing resistance at $1,575…

The CDNX staged a strong reversal yesterday, finding support between its 10 and 20-day moving averages (SMA) and closing at its high of the day, 1952, for a gain of 6.66 points…we’ll avoid comment on the “666” number but we do see great things in store for this market over the summer as we’ve been stating repeatedly in recent weeks…the “Big Picture” CDNX chart is extremely powerful, indeed, and if John’s Fibonacci target of 2853 comes true, those who were brave enough to buy into the 24% correction from early March to late June stand to make a fortune over the next year…this market is going to rock…much of our focus through July, August and September is going to be on northwest Quebec, British Columbia and the Yukon plus selected other spots around the globe including Tanzania where we’re keeping a close eye on Currie Rose Resources (CUI, TSX-V) and others…we have confirmed a visit to Quebec in August where there is a plethora of opportunities…as of 8:15 am Pacific, the CDNX is up 32 points to 1984…before we look at some individual situations on the Venture, a quick comment concerning Richmont Mines (RIC, TSX) which is now in a very bullish new uptrend…Richmont is our favorite small producer (both Jon and John are long on this one) and we were delighted to see it got a nice plug on BNN yesterday…at BMR we have our ears very close to the ground in northwest Quebec, and Richmont is truly a special situation given its earnings momentum, growing production profile, and developments at Wasamac which the market just hasn’t caught on to yet…Richmont is conducting nearly 100,000 metres of exploration drilling this year, it has $50 million in the bank, no debt, with estimated 2011 production of 80,000 to 85,000 ounces…that number should jump by about 40% next year with the Francoeur Mine 10 kilometres west of Wasamac expected to be in commercial production by Q1 of 2012…Wasamac is a “company maker” for Richmont and could ultimately triple RIC’s annual production from where it is now…Richmont should be reporting its second quarter earnings next month and at its current price of $7.93 (up 45 cents), RIC is still trading conservatively at only 10 times anticipated 2011 earnings…RIC is a keeper for the long haul in this bull market and its 50-day moving average (SMA) has just reversed to the upside…Gold Bullion Development (GBB, TSX-V) released assay results from another 32 holes at Granada this morning…much of the same and no major breakthroughs…Hole #165, however, collared approximately 50 metres northeast of hole #108, offers encouragement with regard to the very promising northern portion of the Eastern Extension…#165 returned 141.50 metres grading 0.31 g/t Au with no high-grade intervals…it included a 20.5-metre section grading 1.20 g/t Au…assays have yet to be reported on 8 more important holes drilled in this general area (168, 178, 183, 241, 243, 246, 254, 257) according to GBB’s most recent drill map…along with additional results, GBB’s 43-101 resource estimate is going to be critical along with potential discoveries in LONG Bars Zone 2 and the Castle spin-off..infill drilling is GBB’s focus at the moment with drill hole spacing tightening (which could help to improve grade) in preparation for a resource calculation…GBB is off half a penny but looking good at 43.5 cents…Levon Resources (LVN, TSX-V), which we’ve been very bullish on the last few months, appears to be breaking out above resistance at $2 this morning which is obviously a bullish sign…LVN is currently up 11cents at $2.06…John updates the LVN chart below…

Silver Quest Resources (SQI, TSX-V) is one of our favorites for this new market uptrend…not only does the company hold a valuable 25% interest in the northern portion of New Gold’s (NGD, TSX) Blackwater deposit, but it’s very active in the White Gold District where it has just increased its exploration budget for this summer to $7 million…SQI should be one of the go-to plays on the Venture over the next couple of months at least…it’s currently up a penny to $1.12 after backing off from a high of $1.18…Kaminak Gold (KAM, TSX-V) is looking very strong, down 3 pennies at the moment to $4.47, while Golden Predator (GPD, TSX-V) has broken above its 50 and 100-day moving averages (SMA) and appears to be gaining momentum…GPD is up 4 pennies at $1.04…Visible Gold Mines (VGD, TSX-V) has major upside potential with its Joutel Project in northwest Quebec (there are several former significant Gold and copper mines in the immediate area where VGD will be drilling) and of course the company is also aggressively drilling a 20-km long stretch of the Cadillac Trend west of Rouyn-Noranda including claims that are within 1500-2000 metres of Richmont’s Wasamac deposit…VGD is currently up 2 pennies at 30.5 cents…