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Gold is rebounding today after its sharpest drop in 3 months yesterday…as of 9:25 am Pacific, the yellow metal is up $9 an ounce to $1,344…Silver has jumped 47 cents to $23.84…the U.S. Dollar is getting pounded again with the Dollar Index off by more than a full cent at 77.15… if you look at the bull market in Gold over the last decade, the biggest single-day moves have consistently been to the downside…yesterday was another healthy shakeout and savvy investors will keep focused on the big picture which is an extremely bullish one for precious metals and commodities in general…Gold is underpinned by a number of factors including the “power shift” to emerging markets and strong investment demand as players diversify from fiat currencies…while much was made of China’s rate hike yesterday (the country raised its benchmark lending and deposit rates by a quarter point after inflation accelerated to the fastest pace in 22 months), the fact is that a very modest increase in Chinese rates is not going to put an appreciable damper on growth in that country…there also continues to be a negative real interest rate in China (inflation is significantly higher than interest rates) which means there is no “opportunity cost” there for Gold…the action in the CDNX yesterday was very bullish given Gold’s sharp sell-off…the CDNX, our leading indicator, shed less than the TSX Gold Index and bounced off its 10-day moving average just like it did in late August and in late September…this morning the CDNX has hit a new 52-week high…as of 9:25 am Pacific, the Venture is ahead a whopping 41 points to 1856…the “China” factor is keeping interest high in a number of rare element plays, just one example being Rare Element Resources (RES, TSX-V) which has more than doubled since late September and is now nearly $14 per share…Gold Bullion Development (GBB, TSX-V) is up a penny at 57 cents with the closing of the company’s $8 million financing expected very soon…Richfield Ventures (RVC, TSX-V) released more positive drill results from Blackwater this morning including 171 metres grading 1.04 g/t Au in BW-81…results from the 6 holes were pretty much in line with market expectations as evidenced by the fact the stock is unchanged at $2.75…the company will continue to drill aggressively throughout the rest of the fall and winter as it attempts to define a multi-million ounce deposit…Seafield Resources (SFF, TSX-V) is showing signs of life this morning…it’s currently up 2 pennies to 24 cents on volume of over 900,000 shares…BMR is attempting to arrange an interview with Seafield President and CEO Tony Roodenburg for an update on the company…