BullMarketRun.ca

Gold has traded in a range of $1,607 to $1,615 today as wrangling continues in Washington over the U.S. debt ceiling…as of 7:45 am Pacific, Gold is down $4 an ounce at $1,611…Silver is off 27 cents at $40.12…Copper’s strength continues which is a good sign – it’s up 6 cents at $4.44 a pound…Crude Oil has reversed and is now down 97 cents to $98.23 while the U.S. Dollar Index has slid half a point to 73.60…the greenback is looking ugly as John’s Dollar-Gold chart comparison shows…

U.S. consumer confidence actually edged higher in July according to a private sector report this morning…the Conference Board’s index of consumer attitudes rose to 59.5 from a downwardly revised 57.6 the month before…economists had expected a reading of 56.0, according to a Reuters poll…this is month-end settlement day…the CDNX is off 6 points at 2031…the 10-day moving average (SMA), currently at 2020, should provide excellent support during this new uptrend with plenty of secondary support between 1980 (the 20-day SMA) and the 2000 level…Currie Rose Resources (CUI, TSX-V) continues to show momentum…all major moving averages are in bullish alignment and from a technical perspective the stock appears ready to make an assault on resistance in the 22 to 23 cent area…CUI gained a penny yesterday on strong volume and is currently up another half penny to 21.5 cents through the first 75 minutes of trading on volume of nearly 200,000 shares…Visible Gold Mines (VGD, TSX-V) is down a penny at 34 cents…the company is drilling aggressively in the vicinity of Richmont Mines’ (RIC, TSX) Wasamac deposit with three drill rigs currently on the Wasa Creek Property which has raised a few eyebrows…the entire Wasamac area holds strong geological potential given the major and secondary faults that run through it, and of course Richmont has already outlined an all-category 43-101 resource of 1.4 million ounces at Wasamac…the Wasa shear, host of that mineralization, runs through the centre of the property with an east-west trend and a northern dip between 50 to 55 degrees… no doubt Richmont will be keeping a close eye on results from VGD which is drilling to the immediate south (1200 to 1500 metres from the Main Zone according to our calculations) and also to the west of Wasamac…Richmont itself is off 9 cents at $7.88…Goldex Resources (GDX, TSX-V), which John featured in a chart July 15 when it was trading at 8 cents, enjoyed its biggest volume day ever yesterday as 19 million shares traded on all exchanges…the stock gained 2 pennies in the process to close at 10 cents…the company’s projects in Guatemala and Mexico have good potential in our view and the high trading volumes in this stock over the past couple of months are helping to tighten up the market in GDX as loose stock from a 5-cent private placement early this year (nearly 47 million shares) is being absorbed, paving the way for potentially higher prices…John likes the GDX technicals as outlined below..GDX is currently up half a penny at 10.5 cents…

Shareholders in BE Resources (BER, TSX-V), especially those who bought or sold Friday, went back in time this morning…in an absolutely bizarre situation, not to mention extremely embarrassing for those involved, BE President and CEO David Tognoni had to issue a major correction to assay results that his company released Friday when the stock jumped 8-fold to close at 75 cents…”The rare earth assay results set out in the company’s news release of Friday, July 22, 2011, contained mathematical errors that occurred in the process of totalling a large volume of the assay results of 15 individual rare earth elements into total rare earth oxides (TREO)…the totalled TREO values were calculated by an independent consulting geologist”…some of the revised results from holes 1, 2, 3 and 19 were dramatically lower…our understanding is that all trades Friday have been cancelled by the regulators, and rightly so…results were still encouraging but BE is currently trading at 27 cents, well below its Friday high of 77 cents but significantly above last Thursday’s close of 8.5 cents…