Gold suddenly turned south this morning after climbing as high as $1,546 an ounce…the only reason we can think of for that is profit-taking…as of 9:05 am Pacific, the yellow metal is off $13 an ounce at $1,526…Silver is down 94 cents at $35.88…crude oil has slipped $1.57 to $98.72 on economic slowdown concerns while weakness continues in the U.S. Dollar Index…it hit a fresh 3-week low this morning and is currently off one-fifth of a point at 74.59…yesterday’s ADP jobs report along with some other weak U.S. economic data drove the Dow down nearly 300 points to its rising 100-day moving average (SMA) yesterday…despite the heavy sell-off in both the Dow (down 2.2%) and the TSX (down 2%), it’s important to point out the CDNX fall was much more muted…it dropped only half as much as the Dow, the TSX and the Nasdaq and we consider that to be significant…for more than two weeks now the CDNX has been outperforming the major markets and even Gold and that is a major change of trend…amid all the doom and gloom right now, it’s a very bullish sign that the world’s most speculative market is behaving as it is after leading the way lower in March…the Dow may not have quite bottomed out yet – it’s off another 80 points this morning – but we’re convinced the CDNX has, and that’s entirely consistent with the CDNX being the very reliable leading indicator it is…coming out of the 2005 correction, which had an almost identical footprint to this year’s CDNX correction, the market initially popped up strongly and then pulled back slightly below its 10-day moving average (SMA)…so far we’re seeing the same thing now with the CDNX…we were asked by a reader this morning to “tone down” our bullishness on the markets because of the problems in Greece (“huge cascading impacts”) and everything else going on in the world…folks, with all due respect to that particular reader (we welcome everyone’s opinion), a major reason a lot of people don’t make the kind of money they would like to make in the markets is because they succumb to their emotions…when everyone is selling, they get scared and sell…when everyone is buying and situations become overbought, they get excited and buy too…this is why technical analysis is so important because it helps to take emotion out of trading and investing – I’m sure John would concur with that…it takes nerves of steel to be bullish when the crowd is bearish but that’s when big profits are born…anyhow, the CDNX is off 13 points at 2054, its 20-day SMA, as of 9:05 am Pacific…the 20-day SMA has flattened out and potentially could reverse to the upside sometime next week which would be another bullish development…the action in the CRB Index also continues to be supportive of our view of a CDNX turnaround…John updates the CRB chart below…
There are no major movers on the CDNX so far today…Gold Bullion Development’s (GBB, TSX-V) 10, 20 and 50-day moving averages are now all in bullish alignment…the stock also appears to be in the process of completing a bullish “cup with handle” formation as John pointed out yesterday…that must occur in order for GBB to break to the upside past resistance at 54 cents…we saw the same sort of formation with Currie Rose Resources (CUI, TSX-V) a while back prior to its recent move…GBB is currently up half a penny at 48 cents…CUI is down a penny at 19 cents…Adventure Gold (AGE, TSX-V) has announced the start of a 5,000 metre Phase 2 program at its Pascalis-Colombiere Gold Property near Val d’Or…the intent of this program is to further define the Gold system, leading to a resource calculation which is already being worked on…AGE released very positive results yesterday from this property which encompasses the past producing L.C. Beliveau mine (Richmont’s Beaufor Mine is just a few kilomeres away)…we found a comment from AGE President and CEO Marco Gagnon in this morning news release quite interesting…”Following positive drill results and the permitting process, an open-pit or an underground operation could be producing in the near future“…earlier this year we met with AGE’s Jules Riopel, VP Exploration, regarding the company’s strong portfolio of properties…he was very keen at that time on Pascalis and given the drill results, his bullishness on this property appears to have been justified…the former L.C. Beliveau Mine was a very profitable operation between 1989 and 1993, producing nearly 170,000 ounces of Gold for Cambior…AGE is ahead 1 penny at the moment at 52 cents…we’ve lost a company in the BMR model portfolio but that’s actually a good thing…Richfield Ventures (RVC, TSX-V) will be trading no more as it has been swallowed up by New Gold Inc. (NGD, TSX)…we introduced RVC to our readers in December, 2009, when it was trading at $1.20…its last trade Monday was $9.03…we will be keeping a close eye on NGD as we believe this producer has terrific prospects…the Blackwater deposit should be a nice fit for NGD…the company already has an established presence in central British Columbia through the continuing development of its New Afton Project which remains on budget and on time for a mid-2012 production start…meanwhile, numerous exploration companies are focusing on the Blackwater area and we’ll be reporting on them in the weeks and months to come…Richmont Mines (RIC, TSX) has touched its supporting 50-day SMA this morning…given how Richmont has performed this year, that could be a sign the markets are close to reversing again to the upside…
BMR has lost RVC., but SQI still remains with 25% of the property, leaving New Gold with the big
decision, do we want a cling on, or do we take them out. The stock is presently trading at around
0.95, but Scotia Capital says, quote SQI āWith Approval of NGDās Takeover of RVC, Keep an Eye on SQI
for Possible Blackwater Consolidation ā Could be worth $1.50/shā., unquote. Also keep in mind, they
are one of the largest land owners in the Yukon & i could go on & on.
R !
Bert
Comment by Bert Coish — June 2, 2011 @ 8:40 am
I take it that you are not good with a constructive criticism. I was saying be cautious and you spin that into āfearā. Well, with what you wrote today you may end up putting your foot into your mouth.
Like I said, I do my own DD and donāt put blame on you for any of my loss. For many people, they may not know how to do DD and may rely on you solely. Iām going to put it bluntly. Some of your writing is bordering on irresponsible.
For what itās worth, letās look at the examples with SFF and GBB. I got into SFF at 0.30 after watching it fall from the .70s. I got into GBB in the mid .30s last year and did not like the rollercoaster ride. So itās not like I was buying when those were high and selling when those were low.
You mentioned that one should never take a 60% loss. I agree to that. May be you sold your holding already. And if sold your shares and if you put bullish spin on things continuously then thatās irresponsible.
For what I know, you have been ābullishā on SFF and GBB all the way from their highs in .70s and .80s respectively. And yet you tell your readers not to take 60% loss.
I have never seen you reveal how you are doing with your own portfolio. So I donāt know your situation and your motivation.
I donāt know if you are holding loser and praying for the market to go up OR irresponsibly telling the readers to buy when you sold.
I read your site to get the overall market update and any new stock findings. And I like those. Iām pointing out what I donāt like. If you donāt like my comments then so be it, I donāt really care.
Comment by Bruce — June 2, 2011 @ 9:29 am
Good for you Bruce, I agreee with you.And when things do not pan out exactly the way BMR thinks it will, they simply change the dead line for WHEN they think things will happen. A prime example is VGN. Last year, BMR stated that they thought VGN would make a move and that the share price would HIT NEW HIGHER HIGHS in the FIRST QUARTER of THIS year, when that didn’t happen, BMR states that they ” expect VGN to make a move ” sometime” in the SECOND quarter of this year. Now that Q2 is about to expire, what will BMR say now? It is curious how BMR manages to put a positive spin on things all the time. We like this, we like that, if it goes down it creates a buying opportunity, one must be patient with so and so’s company, this will benefit this company because this is happening….SO, I ask BMR SPECIFICALLY ( because it looks like they are dodging me)WHAT is VGN management doing? Are they going to drill? Is BMR still confident that VGN will spin out it’s gold portfolio? Why doesn’t BMR invite VGN management back for an interview? Lord knows you cannot contact the company, they are too busy doing NOTHING to call back concerned share holders. And if you read the Weekend Review of BMR, week after week, month after month they say the SAME thing about VGN. So what if Mr. Rottenburg hasn’t sold any shares, WHY would he, they are DOWN!!!! BMR keeps claiming that PineTree Capital is continually buying??? Where do you see this? Where is the VOLUME for them to be buying? I also do my own DD, and I do enjoy reading BMR’s comments, SOMETIMES, as long as they don’t sound to be pumping. And ofcourse BMR really enjoys reminding the readers that we are UP this much on this stock, and that much on that stock!!!!!!!!! I will patiently await a response from BMR, with an answer to see if they can get Mr.Rottenburg back for an interview.
PS: Does even BMR know WHY VGN has called a SPECIAL MEETING of share holders, IF in fact BMR is still holding the stock.
John.
Comment by john — June 2, 2011 @ 9:48 am
Hello jon, I would love to hear of any activity coming from the sidon camp. I myself have e-mailed many times without a response. My faith in this company has been waivering for sometime now but i feel i am down too much to sell at this point. Any information on your part would be very helpful.
Thank you. David
Comment by David — June 2, 2011 @ 10:03 am
WAIT!! LOOK!! That MUST be Sheldon at PineTree buying up all those VGN shares today…LOL What volume… Now up to .20 cents, lets call it a RALLY!! The ONLY way VGN will do well is for Mr. Rottenburg to fall off a balcony!! Perhaps with a little encouragement?
Comment by john — June 2, 2011 @ 10:26 am
Hello David, I agree an update on SD would be timely. I know they are working on an option agreement on land adjacent to Canaco (Handeni) but they also extended the drilling programme on the property that had very poor results. So, I’m wondering, from the information available, if they have drilled the whole extent of the known ridge and its a dud is there much prospect here i.e. does the downside potential clearly outweigh the upside? š
Comment by Andrew — June 2, 2011 @ 12:23 pm
I have to agree with Bruce also.
Comment by Dan — June 2, 2011 @ 3:49 pm
I take it that you are not good with a constructive criticism. I was saying be cautious and you spin that into āfearā. Well, with what you wrote today you may end up putting your foot into your mouth.
YOUR OPINION WHICH IS ALWAYS WORTHWHILE BUT ARE WHAT IS IT THAT YOU ARE TRYING TO DO????
Like I said, I do my own DD and donāt put blame on you for any of my loss. For many people, they may not know how to do DD and may rely on you solely. Iām going to put it bluntly. Some of your writing is bordering on irresponsible.
AGAIN YOUR OPINION.. AND YOUR DD IS BETTER THAN SOMEONE ELSES?? PROVE IT
For what itās worth, letās look at the examples with SFF and GBB. I got into SFF at 0.30 after watching it fall from the .70s. I got into GBB in the mid .30s last year and did not like the rollercoaster ride. So itās not like I was buying when those were high and selling when those were low.
WHO CARES WHAT YOU DO???? I BOUGHT ‘XXX’ AT 12 AND SOLD AT 70.. WHAT DOES THAT REALLY MEAN?
You mentioned that one should never take a 60% loss. I agree to that. May be you sold your holding already. And if sold your shares and if you put bullish spin on things continuously then thatās irresponsible.
WHAT ANYONE DOES IS THEIR OWN BIZ.. LIKE YOURS SHOULD BE…
For what I know, you have been ābullishā on SFF and GBB all the way from their highs in .70s and .80s respectively. And yet you tell your readers not to take 60% loss.
IF YOU MAKE SOME DOUGH ON SOMEONES RECOMMENDATION THAEN THEY ARE GOLDEN.. WHEN YOU DONT WELL YOU TAKE THEM TO THE WOODSHED AS IF IT IS THEIR RESPONSIBILITY TO TAKE THE HIT FOR YOU. TAKE RESPONSIBILITY FOR YOUR OWN CRAP.. DONT BE A STUPID SOCIALIST, BE A SMART ONE
I have never seen you reveal how you are doing with your own portfolio. So I donāt know your situation and your motivation.
DOESNT MATTER… IF I STARTED A SITE AND TOLD YOU TO BUY ‘XXX’, AND YOU DID AND IT WENT UP, AND YOU SOLD, I’M A HERO… IF YOU DIDNT THEN I’M A CHUMP.. IF I BOUGHT AT THE SAME TIME AND SOLD B4 YOU, THEN WHAT..??? DONT LOSE SIGHT OF REALITY
I donāt know if you are holding loser and praying for the market to go up OR irresponsibly telling the readers to buy when you sold.
THEIR PEROGATIVE IOF THEY DID…. REFER TO ABOVE
I read your site to get the overall market update and any new stock findings. And I like those. Iām pointing out what I donāt like. If you donāt like my comments then so be it, I donāt really care
IF YOU DONT LIKE IT DONT READ IT AND FOR GODS SAKE DONT SPEND THE TIME TELLING OTHERS WHAT YOU THINK ABOUT IT… WHAT YOU LIKE OR DONT LIKE IS IRRELEVANT…. GET THAT????
TAKE YOUR CRAP TO SH.. WHERE IT BELONGS BRUCE… AND JOHN TOO… WHAT OTHERS DO IS IRRELEVANT WHAT YOU DO ISNT.. IN YOUR OWN WORLD… YOU MUST WORK FOR GOVERNMENT OR SOMETHING …. NEVER YOUR RESPONSIBILITY ….
SOMEONE OPENS A DOOR FOR YOU AND YOU COMPLAIN BECA– USE THEY OPENED THE WRONG DOOR….
GROW UP… AND YES I’VE HAD A BAD DAY AND YOU GOT IT DUDE.. BUT YOU DESERVED IT AS WELL….
AND JOHN… LOOK AT ANY DOCUMENT YOU GET FROM ANY COMPANY ABOUT SHAREHOLDERS MEETINGS AND THEY ARE ALLLLLLLLLLLLLLL SPECIAL MEETINGS… DONT SLAG THOSE WHO ARE TRYING TO HELP… IF YOU DONT WANT THE FLOAT, THEN DROWN…
IT IS NOT ANYONES RESPONSIBILITY TO HAVE INTERVIEWS WITH ANYONE… IF THEY DO WE ALL BENEFIT.. WOULD BE NICE YES.. BUT TO RAG ON SOMEONE BECA– USE THEY HAVENT IS WRONG… UNLESS YOU WERE PAYING FOR THE PRIVELEDGE TO HEAR THAT INTERVIEW….
THIS SITE IS AN OPINION SITE AND NOTHING MORE… ALBIET A GOOD ONE .. YOU TAKE OR LEAVE IT… BUT SHUT UP WITH THE JUDGEMENTS .. THEY HAVE NO RESPONSIBILITIES HERE… YET…
MAN I FEEL BETTER NOW…..
Comment by Jeremy — June 2, 2011 @ 4:47 pm
BMR’s disclaimer in part reads as follows quote BullMarketRun.com (BMR) is completely independent from any companies it covers. BMR accepts no compensation of any kind from any groups, individuals or corporations for coverage of any company mentioned on this site. We accept no advertising either. Our stock coverage is for informational purposes only and must not be viewed or interpreted as ābuyā, āsellā or āholdā recommendations. unquote
My question is as follows : Why would you folks spend so much time charting & bringing forward stocks, etc., etc., without
being compensated. I am just curious & my question is not meant as a slur. If indeed you are not being compensated & are doing it as a gesture of goodwill to your readers, you folks should be nominated for the ORDER OF CANADA.
R !
Bert
Comment by Bert Coish — June 2, 2011 @ 4:52 pm
Jeremy – TAKE YOUR CRAP TO SH.. WHERE IT BELONGS BRUCEā¦ AND JOHN TOOā¦
Bert – Folks i may be lost, i think i have reached the Stockhouse site, would someone be
so kind as to direct me to the BMR site. Thanks ! R !
(Joking !)
Comment by Bert Coish — June 2, 2011 @ 5:01 pm
Hi Bert, this has been a developing project that started out in very humble fashion in the summer of 2009…….we’ve stated this here before – the long-term goal is to turn this site into a paid service, but that’s a major step and it’s one we’re just not ready for at the moment…in the meantime, we will continue to work on building a loyal following……..so there is a potential pay-off down the road but not now…..an investment, so to speak, in the future…….
Comment by Jon - BMR — June 2, 2011 @ 6:25 pm
Thank you for the insight Andrew. I always appreciate the prompt feedback here. LetĀ“s all hope for brighter days
Comment by David — June 2, 2011 @ 7:05 pm
My apologies to all … it was not a good nite, and the Bruce crap sent me over the edge… I just get riled when people slag people who are trying to do good things… sorry again to all..
Comment by Jeremy — June 3, 2011 @ 6:26 am
Jeremy, do you even have a money to invest? You seem like a fella who just reads the posts as you seem like incurring no gain nor loss. And writing all in caps makes you look like you were YELLED at alot when you were a kid.
Comment by Bruce — June 3, 2011 @ 6:42 am