Gold inched slightly past its August 23 all-time high overnight, for a new record price of $1,922.20 on the Spot Market, before backing off…as of 8:45 am Pacific, the yellow metal is down $28 an ounce at $1,872…the retreat coincided with technical resistance and the surprising news from the Swiss National Bank that it plans to set a minimum exchange rate for the franc against the euro…the franc, viewed by investors as a safe haven, has soared against the euro in recent months which is not good for Switzerland’s export-based economy…the statement from the SNB was decisive and aggressive…”With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20,” it said…”The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities”…the last time the SNB carried out a similar measure, in October 1978 when a floor for the now-defunct deutschmark against the franc was introduced, inflation soared, peaking at over 7% in 1981…the Swiss abandoned the policy in 1982…the move by the Swiss has to be considered long-term bullish for Gold though it has initially declined on the news…if the franc is no longer quite the safe haven it used to be, Gold has to be considered even more of a safe haven…Silver is off 80 cents to $42.07, Copper has declined 7 cents to $4.05, Crude Oil is off $1.94 a barrel to $84.51 while the U.S. Dollar Index has climbed one-third of a point to 75.64…the greenback is obviously still the best of a bad bunch…investors’ attention will be focused this week on growth concerns in the United States and Europe as well as the euro zone’s growing sovereign debt crisis…six out of the 10 biggest economies in the world are expected to show little or no growth during the third quarter…global gross domestic product is around $62 trillion with roughly $28 trillion of that coming from the United States, Japan, Germany, the UK, France and Italy…President Obama, who appears to be on track to eventually join the ranks of the unemployed, delivers a jobs speech to Congress Thursday but this is a President who has clearly lost the confidence of the business community…there won’t be a much-needed broad-based overhaul of the U.S. tax and regulatory system until after the 2012 elections when Obama’s smile and ability to deliver a scripted message, which fooled so many people in 2008, won’t save him…
The CDNX is faring slightly better than the Dow and the TSX today but is still down 24 points at 1786 as of 8:45 am Pacific…Spanish Mountain Gold (SPA, TSX-V), which has an advanced project we like a lot in central British Columbia, has finally broken through resistance around the 70-cent level…SPA is currently up 8 cents to 79 cents…it climbed as high as 84 cents this morning, a penny better than the previous all-time high where there is clearly some additional resistance…SPA should find new support in the low 70’s and that would likely be an attractive entry point for newcomers…Visible Gold Mines (VGD, TSX-V) is up a penny at 36.5 cents…VGD appears to be garnering much more attention in Europe as volume was 180,000 on the Frankfurt Exchange today with the stock trading up 6% the last time we checked…the average daily volume for VGD this year on Frankfurt has been around only 20,000, so the pick-up in volume recently on this Exchange is interesting and confirms that VGD is attracting fresh interest…John has prepared an updated chart on VGD this morning that is very revealing as his TA shows the stock appears to be preparing for a major move through resistance around 40 cents…
Goldex Resources (GDX, TSX-V) is performing well again this morning…GDX was the most active stock on the CDNX Friday (6+ million shares) and climbed as high as 12 cents this morning where there is resistance…it’s currently up half a penny to 10.5 cents on CDNX volume of 2.6 million shares…more assay results are pending from the company’s El Pato Property in Guatemala…initial results last month included 30.48 metres grading 5.04 g/t Au in hole #10…Adventure Gold (AGE, TSX-V) is up a penny at 52 cents…we’re very bullish on the company’s Pascalis-Colombiere Gold Property near Val-d’Or…it’s also immediately adjacent to Richmont’s (RIC, TSX) Beaufor Mine…Phase 2 drilling at Pascalis started more than three months ago and initial results are pending…Phase 1 drilling was highly encouraging and confirmed the existence of parallel zones with significant mineralization surrounding the former producing L.C. Beliveau Mine…Cambior mined nearly 170,000 ounces at L.C. Beliveau between 1989 and 1993 but missed the bigger picture that seems to exist there…
Thats some volume on GDX, I’m in!!!
Comment by dave — September 6, 2011 @ 8:01 am
EGM – cease trade order for failure to file…. JOn – are they toast??
Comment by Jeremy — September 6, 2011 @ 10:33 am
Hi Jeremy, I actually see this as a good thing for EGM. This will force a clean-up of the situation at Excel, and can be a time when the company makes a turnaround. GBB was born in a similar sort of way. One of the directors at EGM is Jacques Monette, he’s involved with Landdrill and also a GBB director. He’s a solid, honorable guy, and I’m hoping he’ll sort of take the bull by the horns here and make something happen. So yes, there is hope, and now maybe EGM really has a future. We’ll see. I know it looks bad right now but quite often out of something bad comes something good.
Comment by Jon - BMR — September 6, 2011 @ 12:24 pm
BER has come down as expected with low 18.5 cents and closed at 19 cents. As I mentioned earlier, this is my re-entry point. You may see it to go down a little bite but it will not be too far. GA – has no volume and you need to wait. I have bought some TYP at 83 cents and my sixth sense of this one will go to $1 to $1.05 range shortly. GBB has a better volume and is closed at 38 cents… my prediction is the mid 40s soon. GDX, it went to 12 cents but came back to 10.5 cents with 0.5 cent up… I did not get any as my buy price is around 9 – 9.5 cents. SFF has a disappointing day with low volume. CQX also has a low volume with closing 15.5 cents. I am holding GBB, BER, TYP, NAR and GA.
Comment by Theodore — September 6, 2011 @ 1:12 pm
Thx Jon… at this point we can only have hope:)
Comment by Jeremy — September 6, 2011 @ 2:22 pm
BMR
I apologize for jumping to conclusions, i could blame it on having a bad day, but that
wouldn’t be truthful. There’s no happy medium in being a poster anyway, you can please
all of the people some of the time, but you can’t please some of the people all the
time. Just referring to past experiences & not about today, nor am i referring specifically
to the folks on this site, so rather than annoy someone in the future, i will refrain from
posting, but i will continue to be a follower. R !
Comment by Bert — September 6, 2011 @ 4:45 pm
Bert, please…..we enjoy your postings and I’m sure I speak on behalf of everyone else here who also posts and reads the postings, please continue….your comments are always appreciated, they’re insightful and helpful…….
We have an automated system that controls whether a comment is posted automatically or not. That system has a brain of its own, and very occasionally it’s fooled that a comment is spam when in fact it’s not. Your two posts that weren’t automatically posted were lengthy pieces that were actually news releases, and that’s fine, but the system was fooled into thinking it may have been spam and held it back. When that happens, someone has to manually approve it, and that someone may not be available right away. So that’s what happened in your case.
Anyway, get a good night’s sleep and I’m sure you’ll feel better in the morning. Your VGD is on its way to .50 very soon IMHO.
Comment by Jon - BMR — September 6, 2011 @ 4:54 pm
Drill rigs available tomorrows at joutel!
Comment by Martin — September 6, 2011 @ 7:28 pm
Bert,
Your comments and writing style add colour. Please continue otherwise it’s up to poor writers like myself. I’d like to add value, but I’ve only been at this 6 months and have lots to learn. Lesson 1. Don’t do what everyone else is doing. Lesson #2. Diversify
Comment by Scotty C — September 6, 2011 @ 7:31 pm
why isnt bmr traking kar they have just changed their management own 30% of a zinc project along with votorium i understand they are looking for a producing gold mine to take over walter emond
Comment by walter emond — September 7, 2011 @ 3:17 am
Bert – stay thirsty my friend… be colorful.. its who you are.. and make your own decisions!! you would be missed here if you decided to bail!!
Comment by Jeremy — September 7, 2011 @ 3:40 am
Fabulous results from CSI this morning from their Serra Palada Property in Brazil…….74.40 metres grading 31 g/t Au plus platinum and palladium…..
Comment by Jon - BMR — September 7, 2011 @ 4:55 am
Announcment on NAR for those of you still holding and following this company … looks to be a significant alliance.
North Arrow Enters Option Agreement With Harry Winston for Lac De Gras Diamond Project
Press Release Source: North Arrow Minerals Inc. On Tuesday September 6, 2011, 6:36 pm EDT
VANCOUVER, BRITISH COLUMBIA–(Marketwire -09/06/11)- North Arrow Minerals Inc. (“North Arrow” or “the Company”) (TSX-V: NAR.V – News) is pleased to announce that the Company and Springbok Holdings Inc., (“Springbok”) have signed an Option Agreement with Harry Winston Diamond Mines Ltd. and its wholly owned subsidiary, 6355137 Canada Inc. (“Harry Winston”) in regards to their Lac de Gras property in the Northwest Territories. Harry Winston is a 40% owner of the adjoining Diavik diamond mine, which commenced production in 2003.
North Arrow’s Lac de Gras property covers over 81,000 acres and is contiguous with property held by Harry Winston that covers nearly 226,000 acres. Under the terms of the agreement, the two properties collectively will form a “joint venture property”. Harry Winston is to carry out exploration on North Arrow’s property concurrently with their own, making expenditures of at least $5,000,000 over a five year period in order for the option to vest. Upon vesting, a joint venture will be formed in which Harry Winston will hold a 55% interest and North Arrow and Springbok will equally share a 45% interest in the entire 307,000 acre joint venture property
Comment by Paul — September 7, 2011 @ 5:07 am
Bonjour Martin, I missed the Jay Taylor:VGD interview and can’t find the recording. You mention rigs (i.e more than one). Do you know if they have mobilised an additional rig from Wasa Creek (leaving just one rig) or is there a new rig available? Thanks for any info.
Comment by Andrew — September 7, 2011 @ 5:34 am
I heard the interview and I thought it was quite good. Martin talked about 4 rigs altogether on their projects with non-stop drilling thru the remainder of the year, and a near-term shift from Wasa Creek to Wasa East, and then I assume it’ll be back to Wasa Creek for follow-up. A rig has been mobilized at Joutel. I’ll be doing an interview with Martin next week as part of the northwest Quebec visit.
Comment by Jon - BMR — September 7, 2011 @ 5:52 am
Thanks Jon. Looking forward to your reports from NW Quebec.
Comment by Andrew — September 7, 2011 @ 6:00 am
Thanks, Andrew. It’s going to be interesting. The street hasn’t picked up yet on the significance of what’s unfolding at Richmont’s Wasamac deposit and the potential of the general area as a whole. It has been hugely under-explored over the last few decades and Richmont’s results at Wasamac are proving that out. I strongly believe there is something big going on in that general area, geologically, and this bodes well for Richmont, VGD, CQX, Globex and a few others.
Comment by Jon - BMR — September 7, 2011 @ 6:17 am
BMR
John was spot on with his charts, VGD closed at .405 with over 600k shares traded, where do we go from here?
thanks
Comment by GREG H — September 7, 2011 @ 12:36 pm
Higher, Greg. John is working on an updated VGD chart this evening – will post by tomorrow AM.
Comment by Jon - BMR — September 7, 2011 @ 1:18 pm
Alright can’t wait to see the chart, I like higher, Just wish I had bought more now.
thanks again BMR
Comment by GREG — September 7, 2011 @ 3:43 pm
The CQX chart is looking better as of late as well. According to stockcharts.ca CQX now has a rising 50 day moving average with alot more buying pressure. Volume needs to increase more but there has been alot more people buying then selling. I am thinking this one will be at 20 cents sooner rather than later. I am also thinking Victor and Andre will be coming out with a plan of attack soon which will give the share price a boost not to mention some outstanding drill results from Wasa Creek. Heres hoping……..
Comment by Ed — September 7, 2011 @ 4:17 pm
BMR
Is there a charting class you can take somewhere?, how does one go about learning how to read the charts anyway?
thx
Comment by GREG — September 7, 2011 @ 4:41 pm
traderslibrary.com
Comment by John - BMR — September 7, 2011 @ 5:10 pm
Thank you John
Comment by GREG H — September 7, 2011 @ 9:37 pm
Thank you Jon,
Your analysis and comments are usefull and really appreciated.
Keep on your amazing work
JR
Comment by Jean-Raymond — September 8, 2011 @ 3:57 am