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Gold has been relatively quiet so far today, brushing off Greece’s deepening debt crisis…the yellow metal has traded between $1,162 and $1,170 despite yesterday’s referendum in Greece which resulted in a resounding rejection of lenders’ terms…as of 9:30 am Pacific, bullion is up $1 at $1,167…Silver has added 3 pennies to $15.71…Copper has tumbled 6 cents to $2.54…Crude Oil has slipped $2.85 a barrel to a 3-month low of $54.08 on worries about China and the possibility that more Oil from Iran could hit the market…nuclear talks are to be completed this week…The Wall Street Journal reported that Iran wants to double Oil exports to 2.3 million barrels a day if a deal is reached and sanctions are lifted…the U.S. Dollar Index is relatively unchanged at 96.13…

Greece’s outspoken Finance Minister Yanis Varoufakis resigned today under pressure from his government and his country’s creditors, who identified him as an obstacle to productive talks about a potential new bailout deal…Varoufakis, a far-left economist who irritated euro zone partners with his unconventional style and constant lecturing, had campaigned vigorously for yesterday’s sweeping ‘No’ vote, accusing Greece’s creditors of “terrorism”…that was clearly over-the-top rhetoric – it worked well on the streets of Greece but the country’s euro zone partners decided they had enough of this avowed “erratic Marxist”…

Euro zone leaders will meet at an emergency summit on Greece tomorrow…yesterday’s vote has put Greece in unknown political and economic territory, with a potential exit from the single currency now more possible than ever…last week, it became the first developed nation to default on a major loan from the IMF…banks in Greece will remain closed through at least Wednesday…

Today’s Equity Markets

Asia

China’s Shanghai Composite bucked the regional trend overnight, climbing 89 points or 2.4% to close at 3776…however, that modest gain took a raft of support measures over the weekend (some of them very unusual) that were aimed to calm jittery sentiment which sparked a 30% correction over the past 2 weeks…

This can’t be viewed as good – China’s central bank is indirectly helping investors borrow to buy shares in a market that had already seen a rapid buildup in debt from margin financing…in a statement late yesterday, the top securities regulator said the People’s Bank of China will “provide liquidity assistance” to China Securities Finance Corp., a company owned by the stock regulator…the company will use the money to lend to brokerages, which could then make loans to investors to buy stocks…this is the first time that funds from the central bank will be directed to institutions other than banks, a dramatic move that indicates leaders’ deep concern over a brewing stock market crisis…

Shanghai 2-Year Weekly Chart

The parabolic move in the Shanghai ended at the 5132 Fib. level, and this market has now broken below its upsloping channel in place since last summer…nearest Fib. support is 3400, a level that seems increasingly likely to be tested no matter what Chinese authorities attempt to do…

Europe

No panic in European markets today which declined modestly…the euro is relatively stable, holding just below 1.11…

North America

The Dow opened 150 points lower on a knee-jerk reaction from the vote in Greece…it has overcome that early weakness and is now down just 27 points as of 9:30 am Pacific…

In Toronto, the TSX is off 59 points, though the Gold Index is showing strength…the Venture has slipped 5 points to 666 through the first 3 hours of trading…

Volatility Index (VIX) 3-Year Weekly Chart 

The VIX continues to make higher lows and is showing increased up momentum…this suggests we can expect more volatility in equity markets in the weeks ahead…John has also plotted the S&P 500 on this chart…notice how it’s starting to struggle…the trend points toward a higher VIX and a further slump in the S&P, a dynamic that could be Gold-bullish…

Doubleview Capital Corp. (DBV, TSX-V) Update

As we’ll explore in more detail this week, Doubleview Capital’s (DBV, TSX-V) bold step-out from H-23 and the Lisle Discovery Zone at the Hat Project in the Sheslay district has a strong probability of success given a much greater understanding of the geometry of this growing deposit and the controls on mineralization…

This Gold-rich Copper porphyry system covers a footprint of 3 km x 2 km from the Lisle Zone north and northwest through anomalies “A” (A-1, A-2, & A-3) and “E” (E-1 & E-2)…

The volume potential within those confines is enormous, and that doesn’t include 2 newly discovered target areas north of the “A” and “E” zones, plus anomalies “C”, “D”, and the Hoey and Gossan Creek prospects southeast of the Lisle Zone…

This has “world class” written all over it if DBV can confirm through drilling that the Lisle Zone, where 18 holes have been completed, is indeed just a southeastern expression of a much larger single alkalic system that begins a few kilometers to the northwest – and if grades continue to improve as they have in each round of drilling so far…

Geologists like the odds, considering the following:

• The host rock is exactly the same in each and every anomaly
• Strong correlation of geochem anomalies as well as NW-SE oriented dykes with the linear magnetic anomalies
• Systematic pattern of NW-SE structures and shear zones have provided pathways for mineralizing fluids
• Abundant hydrothermal magnetite points toward a Gold-rich porphyry system
• Similar alteration footprint throughout the Hat Complex
• Early-stage sulphide mineralization is associated with intense calc-potassic alteration and shear zones
• Late-stage sulphides appear as a series of sub-parallel sheeted veins along the contact and shear zones
• Geochem signatures intensify to the north and west of the Lisle Discovery Zone

DBV 2.5-Year Weekly Chart

Technically, Doubleview is looking strong both on the ground and in the market…note the change that occurred in late April when buy pressure (CMF) increased and DBV broke above a downsloping channel in place since last year on this 2.5-year weekly chart…RSI(14) has formed a bullish “W”…the Fib. resistance band between 19 and 23 cents appears ready to be tested…

DBV is up half a penny at 17.5 cents as of 9:30 am Pacific…

Niogold Mining Corp. (NOX, TSX-V) Update

With Sean Roosen and Robert Wares at the helm, it’s hard to believe that Niogold Mining (NOX, TSX-V) won’t remain a leader in this market…drilling continues to uncover high-grade shoots surrounded by lower-grade halos that characterize the wider, mineralized shear zones at Niogold’s 100%-owned Marban deposit in northwest Quebec…this morning, the company announced preliminary leach test results showing average recoveries around 88% to 89%, comparable to Canadian Malartic ore under similar leach times and cyanide consumption levels…

Technically, NOX has performed exceptionally well in turbulent markets since the beginning of last year…look at the steady uptrend in the 2+ yearly chart below…consistently, NOX has found strong support at its rising 200-day moving average (SMA), currently 33 cents…

Excellent possibilities here for the balance of 2015 – likely just a matter of time before NOX overcomes resistance at 44 cents as a more robust resource model for Marban appears to be on track for later this year…

NOX is up a penny at 40 cents as of 9:30 am Pacific…

Silver Short-Term Chart

As expected, Silver has been testing new support at a downtrend line (dotted blue) where it broke out from in mid-May…

Silver is about to enter a traditionally strong period of the year, so it’s reasonable to expect the downtrend line support and chart support in the mid-$15.50‘s to hold…

Silver Long-Term Chart

An explosive push higher (eventually) – is this actually a scenario that could unfold in Silver over the next couple of years?…quite possibly, given the look of this 34-year monthly chart, though at the moment it’s hard to understand all the factors that could come into play to generate the kind of “Wave 5” move that appears to be in the works here…

It seems quite possible that the bottom of “Wave 4” came late last year when Silver briefly plunged to just above $14 an ounce…RSI(14) has managed to hold support which goes back to 2001…

Sell pressure continues to remain strong, however, as shown by the CMF – amazingly, at levels not seen in nearly 25 years since the low of $3.51…this intense sell pressure at the moment, which could continue for a while yet, should therefore be viewed in a larger context as a bullish contrarian indicator…

Several fundamental factors are currently in Silver’s favor…industrial demand for the metal is growing, and global supplies are poised for a deficit of 57.7 million ounces this year, according to Thomson Reuters…

Note:  John and Jon both hold share positions in DBV.