Gold continues to be under pressure…as of 6:05 am Pacific, the yellow metal is down $28 an ounce at $1,678…Silver is $1.08 lower at $32.92…Copper is off 6 pennies to $3.78…Crude Oil has slipped $1.12 to $105.60 while the U.S. Dollar Index is up nearly half a point at 79.77…
John’s updated Gold chart this morning shows solid support at $1,672…the recently overbought RSI(14) condition has unwound and potentially could drop further though a bullish “W” formation could also be in the works right now…the overall “big picture” is still very bullish for Gold and this drop needs to be viewed simply in the context of a normal and healthy retracement…
China Fears Overblown
Fears of a slowdown in China appear, after comments yesterday by Chinese premier Wen Jiabao, appear to have been overblown by the mainstream media in our view…investors focused on Jiabao’s “7.5%” GDP growth target for 2012 but government targets in China typically are very conservative so they can comfortably exceed them…Jiabao also stated, “Expanding domestic demand, particularly consumer demand, which is essential to ensuring China’s long-term, steady and robust economic development, is the focus of our economic work this year“…those are very bullish comments…here at PDAC, Patricia Mohr – vice-president and commodity market specialist at Scotiabank – believes China will have no problem engineering a “soft landing” and expects GDP to come in at a very robust 8.6% for 2012 and rise to 8.9% in 2013…stimulative measures should be helpful with inflation no longer the government’s major concern…expansion of China’s social housing program, a roll-over of municipal debts and government-led infrastructure projects will all aid the Chinese economy in 2012…
Today’s Markets
North American markets will open lower this morning following weakness overnight in Asia and lower European markets today…the so-called “PDAC Curse” (the Venture Exchange traditionally drops around PDAC) is really a blessing as far as we’re concerned….March 2012 is not going to be a repeat of March 2011…the Venture Exchange is on a stronger technical footing and the primary trend is now up, not down…so this is an excellent time in our view to take advantage of some bargains that are popping up….John’s latest CDNX chart shows strong support at 1625…for now the Index is trading between its 50 and 200-day moving averages (not shown in the chart) which provides support just above 1600 (rising 50-day) and resistance at 1700 (declining 200-day)…
Miocene Metals (MII, TSX-V)
A company we’ve come across at PDAC that has caught our attention, as it’s drawing little interest at the moment, is Miocene Metals (MII, TSX-V) which has assembled an attractive 1,400 sq. kilometre land package (Cu, Au, Mo along the Cascade Magmatic Arc) in southwest British Columbia approximately 80 kilometres northwest of Pemberton…this belt of rocks has produced some giant deposits in Alaska and Washington State but no major discoveries have yet been made in the Canadian segment of the Cascade Arc even though the geology and subduction processes are the same on both sides of the border…Miocene was a spin-out of Wallbridge Mining (WM, TSX) last year and began trading on the Venture in August after raising $5 million in an IPO during a tough market at the time…that money was raised at 36 and 40 cents and yesterday the stock closed at 11 cents…(67 million shares outstanding)…it’s a sure candidate, we believe, to bounce back strongly by late spring or early summer…company geologists have made a strong case that the Copper-Gold mineralization discovered at the flagship Mackenzie Property (higher grade surface exposures) is possibly related to a buried porphyry system…MII has six additional properties along this belt (Rogers Creek and Salal are the other more advanced ones with significant surface exposures)…this is not a stock to chase at the moment but it’s worth keeping a close eye on with a view of perhaps building a position gradually prior to the start of drilling…as always, perform your own due diligence…
Fasten your seat belts, the Venture opened up around 25 pts. down.
Comment by Bert — March 6, 2012 @ 6:32 am
RT … 1611 down 44….. ouchy
Comment by Jeremy — March 6, 2012 @ 6:54 am
I have stated before & i will state again, throw away the charts
when things are troublesome, because FEAR trumps everything.
Comment by Bert — March 6, 2012 @ 6:59 am
It looks as if we may be turning around, good morning for deals.
This morning, i have added to my positions in CEV, SGC & RBW. Good
luck Bert !
Comment by Bert — March 6, 2012 @ 7:47 am
Last fall, many analists where calling for a first quarter market crash. Wonder if this is the start. TSX-V under 1600
Comment by dave — March 6, 2012 @ 9:56 am
Martin – the next 30 minutes should be interesting on the Venture; are you still holding RBW or did you cash out first thing this morning?
Comment by Andrew — March 6, 2012 @ 9:59 am
Je t’envoi ca sur ton mail Andrew,
Comment by Martin — March 6, 2012 @ 10:02 am
Ok, merci beaucoup, Martin
Comment by Andrew — March 6, 2012 @ 10:05 am
Martin .. thats not nice…. you should share with everyone..:)
Comment by Jeremy — March 6, 2012 @ 10:30 am
Jeremy – just watch Time and Sales L2 – I see a poster/contributor purchased around 10:10 – 10:13 🙂
Comment by Andrew — March 6, 2012 @ 10:59 am
Sorry, 10:13:10 only!
Comment by Andrew — March 6, 2012 @ 11:01 am
Andrew ..:) while I wish L2 for the venture I dont.. but thx for the ‘observation’ 🙂 so ‘someone’ picked it off at .245:) nicely done!!! seems someone else participated:) just now:)
Comment by Jeremy — March 6, 2012 @ 11:09 am
Surely no one would sell RBW today, this is the time for buying.
This is all about something other than RBW, Their story hasn’t
finished yet, in fact it is just starting.. The selling today
is about the lack of world growth & that darn Greek situation.
We will overcome..
Comment by Bert — March 6, 2012 @ 11:37 am
Jeremy
while I wish L2 for the venture I dont..
You can get real time quotes and Depth/LII and setup a portfolio list
vantagewire.com
…you will have to register first,but it is free
Comment by Charles — March 6, 2012 @ 11:49 am
Thx Charles… funny I had already done that… and then forgot (really!!!!:)) that I had to log in!!! and yes it has been a very intersting and unfocused year…. wow…
thx for the poke and the ‘reminder’:) cant get Lii on the bid tho yes?? or am I missing something…
Market-By-Price
not available in
delayed format.
this shows… appreciate everyones patience…
Comment by Jeremy — March 6, 2012 @ 12:52 pm
HI
cant get Lii on the bid tho yes?? or am I missing something…
Vantagewire only shows the market
Time & Sales REALTIME
Price Size Exch Time Buy Sell
sorry that’s the best they will offer
Comment by Charles — March 6, 2012 @ 1:09 pm
Bert- we seem to be on different wave lengths! I sold some RBW today to buy some CEV. When I saw Cap-X down near a dollar I had to move some funds into it. Ive never been good at following peoples advice to always have some money on the side for a rainy day. Still have a nice position in RBW for sure but CEV shares under 1.05 are too good to pass up. Hopefully RBW puts out some news here soon. I was told news last week and now we are just about half way through the next week….still waiting. From what IR told me they just are making sure everything is concise so they dont have to file it more than once like they had to with the closing of the pp. Anyone going to the RBW PDAC party tonight? If so , please give us westcoasters some details when you get home! thx
db
Comment by db — March 6, 2012 @ 1:32 pm
ps I noticed you bought more CEV to day too…cant go wrong. CEV mostly seems to be a sell on news type stock for some reason. Todays %s werent great, but near surface and lots of it. DSO assays still pending…
Comment by db — March 6, 2012 @ 1:52 pm
Charles – thx.. with my head in the clouds, I’m never sure if I am having a brain cramp or not:) thx mate
re CEV… there is a nadq stock … tfer.. iron ore… looks very very promising… has had good liquidity…. just as a BTW:)
Comment by Jeremy — March 6, 2012 @ 2:40 pm
DB
I don’t know about us being on the same wave length or not, but we both are making moves
which we feel will help us down the road. The only thing about selling RBW for CEV, you
may be losing leverage over the short term, that is if RBW moves first, but who knows,,
for sure i don’t. I have been waiting for promised moves to be on time, since i started
this game. Anyway my buddy, i wish you the best. R !
Comment by Bert — March 6, 2012 @ 2:50 pm
CEV – next serious move will be on dso results.
Comment by dave — March 7, 2012 @ 5:20 am
Ive heard through the grapevine that DSO results will be out before the beginning of April…
Comment by db — March 7, 2012 @ 5:29 am
dave – this the same ‘CJC’ dave?????? just asking….
Comment by Jeremy — March 7, 2012 @ 6:09 am
I was there last night at the RBW event……it was very professionally done and management was extremely up-beat……there were also some powerful brokers there……I’ve stated this before, I believe March will be a breakthrough month for RBW with all the property information about to come out……the impression I got last night is that news is imminent….I’m guessing maybe tomorrow or Monday, something seems to be up……nice results from Abcourt this morning……..
Comment by Jon - BMR — March 7, 2012 @ 7:08 am