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Some minor profit-taking in Gold has pushed the yellow metal down slightly this morning…as of 7:30 am Pacific, Gold is off $6 an ounce at $1,599 after hitting a new all-time high of $1,611 overnight…it has dipped as low as $1,597…Silver has declined 36 cents to $40.19, Copper, now at a three-month high, is up 6 cents to $4.45, Crude Oil has gained $2.13 to $98.06 while the U.S. Dollar Index is off more than one-third of a point at 74.95…Copper’s strength continues to be a very positive sign for the global economy as well as the Venture Exchange…Bank of Canada Governor Mark Carney held his benchmark interest rate at 1% this morning, pointing to global threats on both sides of the Atlantic and weaker-than-expected exports, while also signalling that the domestic economy’s strength will lead to higher rates beginning in the near future…Carney and his rate-setting panel said financial conditions in Canada “remain very stimulative” and the growth of private credit is strong despite global developments…U.S. housing starts rose more than expected in June to touch a six-month high and permits for future construction unexpectedly increased, according to figures released this morning by the Commerce Department…housing starts jumped 14.6% to a seasonally adjusted annual rate of 629,000 units, the highest level since January…European leaders will meet this week for the second time in a month as they strive to agree on funding a second Greek bailout and step up their efforts to stem rising bond yields in the region…all is quiet in the United States today but talks continue in an attempt to avoid a debt default and create a deficit and debt reduction plan by early next month…the CDNX is  down 6 points at 1999…Wildcat Silver, now trading on the TSX but under the same symbol (WS), reported more encouraging drill results this morning from its Hermosa Property in Arizona…five rigs are operating at the property and a new resource estimate is expected during the fourth quarter…23 new holes were reported this morning, 21 of which were step-outs, and included 51.8 metres of 368.6 g/t Ag, 6.32% manganese, 2.89% lead and 1.37% zinc in Hole #162, drilled in a sparsely drilled area at the edge of the current resource…Wildcat, which we first mentioned several months ago when it was trading around $1.35, continues to look strong and has a good chance at breaking out to a new high over the second half of the year if strong results from Hermosa continue…WS has pulled back 21 cents to $2.19 through the first hour of trading after posting strong gains in recent days…GoldQuest Mining (GQC, TSX-V) has been granted the Lago exploration concession in the eastern part of Galicia, Spain…the Lago property is the first permit granted of three applications by GoldQuest…the Lago permit is located approximately 50 kilometers to the northeast of the Toral Lead-Zinc-Silver Property where a significant 43-101 resource estimate was outlined by GQC four months ago…Toral is a valuable property and securing an exploration concession for Lago, where mineralization is similar to that of Toral, is another important step for GoldQuest in building its assets in that region…a comprehensive mapping, geochemical sampling and ground geophysical program will be initiated at Lago to define both infill drilling and new targets that may warrant drilling in the vicinity of the known hydrothermal lead and zinc mineralization that remains open along strike and at depth…GQC is off a penny at 18 cents…Trueclaim Exploration (TRM, TSX-V) released more results this morning from the North Zone (one of five zones) at its Scadding Gold Property near Sudbury…nothing eye-popping in terms of numbers (the best intercept was 3.3 metres grading 5.81 g/t Au), but drilling in the North Zone has been successful in defining the geometry of the mineralization and has extended the modeled envelope in the direction of the southeast and at depth…tighter-spaced drilling in the area is the next step…Trueclaim has earned a 51% working interest in Scadding from Currie Rose Resources (CUI, TSX-V) and holds an option to earn a 100% interest…TRM is unchanged at 13 cents this morning…the company also holds a Silver project in Arizona that is becoming more interesting…Seafield Resources (SFF, TSX-V) has shown great liquidity in a slow market these last few months…the stock has run into resistance at 35 cents but a recent reversal to the upside in the 50-day moving average (SMA) is a sign that SFF could gain momentum in the weeks ahead…new President and CEO Carlos Lopez has purchased 750,000 shares in the open market over the last two months according to insider trading reports…there is no doubting the potential of Seafield’s Quinchia District properties in Colombia, so we will continue to keep a close eye on this one…the company is also in a strong cash position with nearly $20 million in the bank…John updates the SFF chart below – investors need to watch for a potential move above resistance which does appear likely – the only question is when…SFF is unchanged as of 7:30 am Pacific at 29 cents…

Pacific Ridge Exploration (PEX, TSX-V), which John highlighted in a chart last Friday when it was trading below 40 cents, rocketed as high as 55 cents yesterday, closing up a dime at 54 cents on its highest volume of the year (1.5 million shares on all exchanges)…John correctly called a move to the top of a weekly trading channel (mid-50’s) where resistance can be expected…the company, which had $4.5 million in working capital at the end of March, is in the midst of a 4,000 metre drill program at its Mariposa Property in the White Gold District…the program is testing the Skookum Jim and Hackly zones, two of five gold-in-soils geochemical anomalies defined last year within the 262-square-kilometre property…PEX is currently off a penny at 53 cents…Golden Predator (GPD, TSX-V) has pulled back to $1.03 after climbing as high as $1.13 yesterday…there is strong techncial support for GPD at $1.00 which is also where its 20-day SMA is at…