Gold is up slightly this morning after another sharp fall yesterday that brought it down to a six-week low and a strong support area….as of 5:55 am Pacific, the yellow metal is ahead $3 an ounce to $1,678…Silver is 24 cents higher at $33.19…Crude Oil is up 41 cents at $105.1…Copper is unchanged at $3.73 while the U.S. Dollar Index is flat at 79.77…
We’re not concerned by the drop in Gold as this pullback has all the signatures of previous mild corrections, and there are powerful fundamental forces supporting this market…so this is a buying opportunity in Gold like many we’ve seen over the last several years… very strong support exists around the $1,670 area as John`s 6-month daily chart below indicates…
Equity markets got hammered yesterday as the Dow`s longest streak without a triple digit loss since 2006 came to an end…the Venture Exchange, meanwhile, plunged 51 points to 1605 but not on huge volume…the 100-point correction since February 29 works out to 6%, precisely within the range of the type of pullback (5-7%) that has to be expected on occasion as this bull market moves forward…this is the “pause that refreshes” and we expect March to finish on a much different note…the CDNX has fallen through a support band between 1625 and 1675, but with yesterday’s close of 1604 the Index is resting above other strong support…the 50 and 100-day moving averages are also advancing with the 100-day right around the Fibonacci support level of 1582…so the downside, in our view, is only another 20 or 30 points which would turn this into a 7% correction…have faith and embrace this dip for what it is – a mild and healthy correction within the context of a powerful bull market…
Below is a 2012 performance chart through yesterday which is highly encouraging as the Venture Exchange continues to out-perform both Gold and the TSX Gold Index…that’s always a bullish sign, and Copper’s strength is also important as it’s a barometer of course of the global economy…Silver is up nearly 15% for the year so far, a fantastic performance and a sign of things to come…
PDAC is wrapping up this afternoon, so this is an abbreviated version of Morning Musings as a result…a couple of quick notes…we’ve checked into a number of companies while we’ve been here, and we look forward to sharing some interesting information in the week ahead…over the next few days we’ll also be looking at the best immediate opportunities among the stocks on our “Strong Play”, “Watch” and “Sleeper” lists thanks to the gift of this mini-correction…
“Below is a 2012 performance chart through yesterday which is highly encouraging as the Venture Exchange continues to out-perform both Gold and the TSX Gold Index”
Depends on the time frame your looking at. If you go back to the beginning of 2011, gold has significantly outperforming the venture. Days like yesterday can throw charting out the window.
Comment by Seamus — March 7, 2012 @ 6:08 am
Abcourt Intersects More Good Silver Values on the Abcourt-Barvue Property
Comment by Andrew — March 7, 2012 @ 6:36 am
There has been a change of trend from 2011, that’s the point……….this isn’t about just the last week or two……..
Comment by Jon - BMR — March 7, 2012 @ 7:04 am
Jon – how was the Rainbow party last night? Any news in sight (this week)?
Comment by Andrew — March 7, 2012 @ 7:06 am
The Rainbow party was great – they served skittles and everyone touched the rainbow. Obviously.
Sorry had to throw in some comic relief.
RBW will do very well everyone don’t worry – it’s still in its infantile stages and lots of news should be imminent.
Why don’t you call them and ask? How is Jon going to know the timing of news releases?
Comment by Alex — March 7, 2012 @ 7:38 am
For the same reason that IR said “expect news” the week of 20th February and also the week of 27th February. We’re now into the third week and all we’re waiting for is data. I’m not the least bit worried; there are lots of stocks at attractive prices. 🙂
Comment by Andrew — March 7, 2012 @ 7:56 am
Thats my one concern. We are supposed to have top notch mgt in RBW. So why are they telling ppl “news this week” and then not delivering? Again, Im not overly concerned but I hope this doesnt become common practice.
Comment by db — March 7, 2012 @ 8:14 am
I agree with you completely Andrew, a promise is a promise, followed
by silence, makes one wonder, if RBW is just another promise & nothing
else. It is BMR’s # 1 pick, but i don’t think it was mentioned once in
their reports’ from the PDAC. Disappointed about that, i sure am.
Comment by Bert — March 7, 2012 @ 8:14 am
It’s probably not entirely up to RBW when news comes, but I agree they should stop giving promises then can’t hold. It’s better to not promise a date than to promise and not deliver on it.
But I’m pretty sure news are imminent now.
Why don’t you just call them? Pretty sure you will get an answer.
Comment by Steve — March 7, 2012 @ 8:49 am
I called IR twice last week and both times was told news is imminent.
Comment by db — March 7, 2012 @ 8:52 am
LIke I said a couple days ago. They r making sure they dont make the same mistake they made with the closing of the PP. They dont want to have to refile it twice and there is alot of data to go thru from moose mtn.
Comment by db — March 7, 2012 @ 9:05 am
db
That even makes it worse, uncertainty about their facts & figures & the
market don’t like uncertainty.
Comment by Bert — March 7, 2012 @ 9:14 am
“That even makes it worse, uncertainty about their facts & figures & the
market don’t like uncertainty.”
That is YOUR words Bert and not the reality. All of us that knows how these technical reports are made up knows that it is a LOT of data to be processed.
It has nothing to do with “uncertainty”. It is just plain caution. Better to be certain to be right.
Comment by Steve — March 7, 2012 @ 9:48 am
A little birdie just told me that I might have a hard time sleeping tonight as there might be a surprise in my inbox tomorrow morning… get what you can today…
Comment by db — March 7, 2012 @ 9:51 am
db
Tell me brotha…
Comment by Steve — March 7, 2012 @ 9:57 am
I think that there is too much manufactured hype surrounding RBW.
Comment by Seamus — March 7, 2012 @ 10:08 am
NR THURSDAY
Comment by db — March 7, 2012 @ 10:09 am
Steve
I appreciate your reply, but until it’s happens,
we have no choice but to judge it by past experiences.
Your words, “better to be certain to be right”…
My words, they have to clear the uncertainty before
they are certain (joking). R !
Comment by Bert — March 7, 2012 @ 10:17 am
Seamus- I’d have to disagree. Besides BMR, which honestly doesnt have a huge following (no offense guys) this is the only site really talking about RBW. On Stockhouse and there is barely any following. Im sure after the MMR comes out there will be LOTS of hype…
Comment by db — March 7, 2012 @ 10:18 am
Bert
Looks like tomorrow is the day! Finally!
Comment by Steve — March 7, 2012 @ 10:59 am
I agree with DB. Rainbow seems to be in a special position with their land package and all the work previously done. I have a feeling BMR are on the money on this one. As regards what day the release comes out on who really cares. The important thing is what it contains and I am hoping for some big stuff on this one.
Comment by Patrick — March 7, 2012 @ 11:42 am
db
It appears that someone wanted out of CEV this afternoon & they were
accommodated at around $1.00 & hopefully we will rebound tomorrow. That’s
the way i see the game being played & you and I would be lucky to have
cash left to participate in their game. I managed to get 3k at 0.99. R !
Comment by Bert — March 7, 2012 @ 1:45 pm
I saw that and was quite jealous of ppl getting their 99s filled. DSO by end of month I’m told…
Comment by db — March 7, 2012 @ 2:27 pm
CEV: Anon, Union, TD & Jitney all wanted out. “DSO by end of month” but which month and another sell on news? 🙂
RBW: News tomorrow morning? But what if there’s not and investor’s believe news is coming- there’s not much on the bid to hold it up for much longer. RBW have made the mistake twice of promising news and not delivering. If you don’t care when news comes, that’s fine but no news and late news is not good news. I wonder if Jon and John still hold a position after meeting with David Johnston at PDAC (even though they didn’t,to my knowledge, even have a booth)? No second part of the interview or interpretation of the BC Mines and Energy report as promised, all of a sudden the rainbow seems to be shades of grey! 🙂 Fingers crossed that markets around the world are good, Greece and PSI not an issue, gold and silver still clawing back and we maybe okay for another day! 🙂
Comment by Andrew — March 7, 2012 @ 2:50 pm
Andrew:
You can’t even belive this yourself, right?
“I wonder if Jon and John still hold a position after meeting with David Johnston at PDAC (even though they didn’t,to my knowledge, even have a booth)? No second part of the interview or interpretation of the BC Mines and Energy report as promised, all of a sudden the rainbow seems to be shades of grey!”
Of course they will come with som extensive coverage on RBW soon. It’s obvious that they have waited for the BR to come.
Can’t really see what you are complaining about. Not many stocks have held up som well the last week as RBW.
Comment by Marky — March 7, 2012 @ 10:55 pm
Back to the Greek Debt crisis. Today is D day, they need 75% participation by bond holders to take
a 50% haircut, so far they have 50%, but the market is behaving as if it’s a done deal. If things
remain as is, we are in for a very positive day in the markets, including gold, BUT we have 3 hours
left before market opens, so anything can happen. I have my fingers crossed.
As for RBW, i still remain positive, but i anxiously await today’s BMR report, surely they will
address our concerns.
Comment by Bert — March 8, 2012 @ 3:44 am
Marky, not only do I still hold a position but I have been steadily increasing my position over the last number of weeks. When you start paying a subscription fee, you can start putting demands on my time. I have been extremely busy lately (just ask my finance who has hardly seen me recently!) and I will be posting the 2nd part of that report as soon as possible. No, RBW did not have a booth at PDAC but they had a nice event at a popular local restaurant Tuesday evening. I’m in RBW for the long haul as a potential 10-bagger or better, plain and simple. Their properties in southeast BC are first-rate and I saw one of them with my own eyes as part of my due diligence late last year. There is so much I like with this situation and that’s why we have been putting it forward so aggressively with our readers. Relax and watch this one fly over the coming months.
Comment by Jon - BMR — March 8, 2012 @ 4:00 am
Jon, that was ment for Andrew I hope… I was ony citing him.
Best
Let’s hope for news today!
Comment by Marky — March 8, 2012 @ 4:17 am
Jon
You have to overlook our weaknesses, but you must also realize that
we have been through troubling times, with many down on picks, such
as vgd & vgn. As for this site being free or paid, it really doesn’t
matter & don’t take away from folks acting normal, that is, nervous
& almost in a panic about losing their cash. It appears to me that
folks, who use the pen to take away from frustrations, don’t seem to
be blaming BMR, instead show they are relying on BMR. Being a paid
site shouldn’t give us the right to place demands on you, but because
we have different writing skills or lack of, it may seem that we may
be doing just that. Believe it or not, you folks have created a family
of many different personalities & you have to look at each & every one
of us as being ordinary Joes’, but part of your family. To our step
brothers, Jon, John & Terry, make us some cash please. R !
Comment by Bert — March 8, 2012 @ 4:42 am
Marky – Yes, Jon’s comments were meant for me, sorry! All I was trying to point out without causing any offence to anyone was that late news or absence of news is not, by the average investor, perceived as good. CEV DSO assays were at one time going to be available in January, or so I understood. RBW is holding up well but for how much longer, the absence of news and a ‘bad day’ could be too much? Many BMR readers have asked when part two of the RBW interview will be available but their comments/posts were not acknowledged – that would leave some readers/investors to wonder why? I appreciate everything Jon and John put forward but we were teased with the prospect of part two (David Johnston interview), so a note stating that time and work constraints have delayed the posting may have addressed the question for many. I’m very patient, I’m still waiting or looking for the AGE interview because I missed it or can’t find it (that’s a joke)! 🙂
Comment by Andrew — March 8, 2012 @ 5:39 am
Sorry to be so grouchy, gentlemen…..PDAC tired me out…
Comment by Jon - BMR — March 8, 2012 @ 6:08 am
Hey, Jon, no problem! Hope you had a pleasant flight home. None of BMR’s dedicated followers will intentionally be unkind. Some readers may feel threatened by posts and respond accordingly but they will be the readers who rarely, if ever, participate in the discussions. Your comments did the trick anyway, RBW off to a good start – thank you! Can you do a repeat with CEV? 🙂
Comment by Andrew — March 8, 2012 @ 7:12 am
Bert
no matter what you say about yourself you are very good with words, what you said above about us ordinary Joes was right on, somedays I am as nervous as a …. shoot I can’t remember how that goes but you get the point.
Comment by Greg — March 8, 2012 @ 11:02 pm