BullMarketRun.ca

Gold has hovered between $1,592 and $1,606 so far today…as of 8:45 am Pacific, the yellow metal is off $4 an ounce at $1,598…Silver has retreated 46 cents to $39.65…Crude Oil is closing in on $100 again…it’s up $1.38 to $99.78 after a draft EU summit conclusion eased anxiety about the European debt crisis and offset the negative impact of some weak manufacturing data out of China…the U.S. Dollar Index is down half a point to 74.17…new U.S. claims for unemployment benefits rose more than expected last week, the Labor Department reported this morning, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months…initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said…economists polled by Reuters had forecast claims rising to 410,000…Copper has pulled back 3 cents to $4.38 but Copper’s strength recently is a very positive sign for the global economy…in fact, all base metals are up 13% to 15% from their May lows…the CDNX appears determined to test resistance at 2050 rather quickly…the Index is currently up 15 points at 2033 after a strong day yesterday…a powerful move is clearly underway in our view and it should gain momentum next month and into September…look for the 10 and 20-day moving averages to provide support on any pullbacks…Galway Resources (GWY, TSX-V) is the volume leader so far this morning after releasing drill results from its California Gold-Silver Property in Colombia…a 26-metre section grading 129 g/t and 22.3 g/t Ag Au included 1-metre of 3,310 g/t Au and 454 g/t Ag…Galway gapped up this morning and the stock has strengthened technically…GWY got as high as $1.12 in early trading but has since backed off somewhat…it’s now up 11 cents at 99 cents…also in Colombia, of course, is Seafield Resources (SFF, TSX-V) which has fallen back down to very attractive area at 26 cents…Visible Gold Mines (VGD, TSX-V) fell 2.5 cents yesterday to 29 cents but its chart is looking very positive…the overbought RSI(14) condition has unwound significantly over the past few days, setting the stage for a potential move through resistance at 32 cents in the near future…this is a good looking situation going into the end of the month and August, especially with the amount of drilling VGD is doing and the fact the company will soon be tackling its highly prospective Joutel Project…Currie Rose Resources (CUI, TSX-V) is unchanged at 19.5 cents…we’re expecting an exciting summer for CUI given the extent of its drilling at Mabale Hills and Sekenke in Tanzania…Greencastle Resources (VGN, TSX-V) has been showing a little strength recently and is currently up another half penny at 20.5 cents…our expectation is that President and CEO Tony Roodenburg will get things going with Greencastle on the Gold front over the summer and may spin out the company’s oil assets...Probe Mines (PRB, TSX-V) continues to get solid results from its Borden Lake Gold Project  near Timmins which is showing excellent potential for developing into a large-tonnage, low-grade, open-pit deposit given the consistency, continuity and extent of mineralization…results released this morning include 140 .8 metres grading 0.80 g/t Au in BL-11-58…an initial 43-101 resource estimate is currently being prepared by Micon International and is expected later this summer…the Gold zone at Borden Lake has been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 340 metres and contains intersections up to 200 metres wide…drilling continues and is focused on expanding the limits of mineralization along strike and at depth as well as infilling the current 100-metre-spaced drill sections…Probe completed a $25 million financing in April and has approximately 57 million shares outstanding for a market cap of just under $100 million…PRB is currently up 14 cents at $1.61 – keep a close watch on PRB…Silver Quest Resources (SQI, TSX-V) has closed the first tranche of a private placement for $9.8 million…SQI is currently up a penny at $1.12…Golden Predator (GPD, TSX-V) is beefing up up its already strong cash reserves by selling its interest in the Tonkin Springs Project, a non-core asset, to U.S. Gold Corp. (UXG, TSX) for $5.85 million…Golden Predator will retain a 1.4% net smelter return royalty on all production from the claims sold in excess of the previously reported resources…GPD is quiet so far this morning, up a penny at $1.02…Kaminak Gold Corp. (KAM, TSX-V) continues to look strong and is up another 25 cents at $4.62…