Gold is off $6 an ounce to $1,654 as of 6:00 am Pacific…Silver is 4 cents lower at $31.57…Copper is up 2 pennies to $3.70…Crude Oil is 39 cents higher at $103.09 while the U.S. Dollar Index is off slightly at 79.58…
The disappointing performance of the U.S. labor market in March shows it’s too early to conclude the economy is out of the woods, despite months of encouraging data, New York Federal Reserve Bank President William Dudley said this morning…the Fed is gathering more data to determine whether last month’s non-farm payrolls report, which showed the economy added way fewer jobs than expected, was just a weather-related setback or a sign the recovery is losing momentum, Dudley said…an influential voting member of the U.S. central bank’s monetary policy committee, Dudley appeared to leave the door open to additional stimulus measures as he noted that the economic data also “looked brighter at this point in 2010 and again in 2011, only to fade later in those years”…
New claims for unemployment benefits in the U.S. rose last week to their highest level since January in statistics released by the Labor Department at 5:30 am Pacific…
Today’s Markets
Asian markets were strong overnight with China’s Shanghai Composite gaining nearly 2% or 42 points to close at 2351…that was the biggest one-day percentage rise in two months…the market was lifted by Shenzhen-related shares after local media reported that the southern Chinese city would soon unveil policies to support is economic development…
European markets were up slightly but have since reversed, while stock index futures in New York as of 6:00 am Pacific point to a flat open on Wall Street…
Venture Exchange
The CDNX got a lift yesterday when TomaGold (LOT, TSX-V) reported a discovery at its Monster Lake Project near Chibougamau, Quebec…drilling intersected 5.7 metres grading 237.6 g/t Au in hole M-12-60, between 69 and 74.7 metres downhole…mineralization is consistently high throughout the intercept (containing native Gold over its entire length) and the zone consists of a vein of black quartz hosted by a strongly sheared lapilli tuff with the surrounding tuff completely silicified…results from additional holes are pending with the company hoping to resume drilling in the coming weeks…TomaGold, with 40 million shares outstanding, rocketed as high as 96 cents yesterday before closing at 84 cents on volume of 1.6 million shares…Stellar Pacific (SPX, TSX-V) holds 22 million TomaGold shares and 16.5 million of them will be distributed to SPX shareholders at the end of the month (ex-dividend date is April 26)…
In an interview with Jack Stock of Globex Mining (GMX, TSX) last fall, we asked him what area of Quebec he thought had the most untapped geological potential and he said Chibougamau…Globex holds a strong land position there and its stock (a low volume trader) jumped 17 cents yesterday to $1.35…Visible Gold Mines (VGD, TSX-V) had a volume surge yesterday as it also holds some ground in the Chibougamau area…VGD was up half a penny to 9 cents on total volume (all exchanges) of 2.8 million shares…
Rainbow Resources (RBW, TSX-V) has commenced exploration at its recently-optioned Jewel Ridge Property in Nevada and some near-term results are expected which could be impressive given the past producing open-pits there...Rainbow has a fabulous prospecting tool which is their portable backpack drill, a device they may put to work at Jewel Ridge as mentioned in their news release yesterday…David A. Johnston gave an excellent demonstration of the backpack drill at the Rainbow event in Calgary a couple of weeks ago…Jewel Ridge, with many zones of mineralization, gives Rainbow a terrific opportunity for a major share price lift-off prior to the start of drilling at their flagship Big Strike Project in the Kootenays…could be a similar situation to what happened recently with Cadillac Mining (CQX, TSX-V) when it started exploration at its GoldStrike Project in Utah with numerous past producing open-pits…one hole propelled CQX more than five-fold in one day in January…
Speaking of Cadillac, the company announced yesterday that it has arranged a non-brokered private placement financing of up to $1 million at a price of 20 cents per unit to allow the company to resume drilling at GoldStrike…CQX closed yesterday at 23 cents, and below is an updated chart from John…
Note: John, Jon and Terry do not hold positions in CQX.
Focus Metals (FMS, TSX-V)
It was a strong day for Focus Metals (FMS, TSX-V) yesterday which gained 12 cents to $1.18 after announcing positive metallurgical results for its Lac Knife Graphite Property in Quebec…the FMS chart continues to look strong as John shows below…
Note: John., Jon and Terry do not hold positions in FMS.
Argex Mining (RGX, TSX-V) Chart Update
GBB is now at the rim of 12 cents…. likely to close at this price today…. I do not recommend to buy at this price as it will slide further to 10 cents level…. very soon… Do not bet…
Comment by Theodore — April 12, 2012 @ 7:16 am
@Theodore – AGM going well then?
Comment by Hugh — April 12, 2012 @ 9:02 am
TODAYS SMILE.A FRIEND OF A 95 YEAR OLD LADY ASKED HER WHY SHE WOULD GET UP SO EARLY EVERY MORNING AT 4 OCLOCK TO READ HER BIBLE AND PRAY FOR 2 OR 3 HOURS .SHE SAID IAM CRAMMING FOR THE FINAL
Comment by gil — April 12, 2012 @ 9:44 am
Time for next upleg in RBW?
Looks like that on the chart. Could go back to 29 cents quite fast. RBW has manoeuvred through the pull-back excellent and are now ready for the next attack on 30 cents.
Comment by Steve — April 12, 2012 @ 9:48 am
GBB is in the toilet because the market can see they don’t have the cash needed to bring this project online! Dilution city, we need a gold mania to kick off and that’s not happening either right now – ugh!
Comment by Hugh — April 12, 2012 @ 2:09 pm
VGN – just makes money for its crook CEO and his cronies.
Comment by Hugh — April 12, 2012 @ 2:09 pm
Hugh – I think you’re dead right. The worst pair that David Johnston could have jumped into bed with and I think we will now see RBW suffer. I think it shows inexperience and poor judgement from D. Johnston. The other mistake RBW is making is their poor NRs, although they do seem to have the timing of the releases better now. We were waiting for Big Strike to get underway with strong news flow but the latest NRs seem to put precedence on Nevada (including the possible second property). Who cares, we got into RBW for International etc. the other properties could have come later. I couldn’t care less if they have a backpack drill, its just part of a prospectors toolbox but it gives visions of an Action Man doll! 🙂 I fear we may see the gap at .13c close. Bert was the smart one when he sold on the unexpected NR. Volume on the Venture is dismal as with Gold and D. Johnston needs to do a better job of promoting Rainbow and in a hurry. They’re not making use of social media as lots of Juniors are – take a look at their Facebook page – or rather don’t.
Comment by Andrew — April 12, 2012 @ 3:11 pm
Talk of the devil – Rainbow Resources Inc. (TSXV: RBW) News Alert
investmentpitch.com/media/1257/Rainbow_Resources_Inc._TSXV:_RBW_News_Alert/
Not sure that the timing is good on this one – hopefully a press release around 8:30am tomorrow/
Comment by Andrew — April 12, 2012 @ 3:45 pm
No – that was the NR at 7:27EDT. Nothing new in the pitch, but better than nothing.:)
Comment by Andrew — April 12, 2012 @ 3:52 pm
AGM… I do not like this one … Perhaps, AGE is much better…
Comment by Theodore — April 12, 2012 @ 5:47 pm
Andrew, I agree on RBW and stated 2 weeks ago it was going to start a downtrend.
Focus on the graphies for now. I am currently in ZEN and SRK.
Comment by dave — April 12, 2012 @ 7:33 pm
Andrew
My gosh, take a prozac. I never seen a junior company move forward as fast as RBW and the truth is it has been one of the best performers among the junior gold and silver companies, especially during this latest correction. You beginning to sound as a basher, not a place you want to be in to have any credibility. RBW is moving the company fast forward and if you think this is a poor performance of a junior, think again. Don’t make this into a Stockhouse board, please.
Comment by Steve — April 12, 2012 @ 8:50 pm
Steve – thanks for your comments, we’re usually on the same wavelength. I don’t visit Stockhouse so no worries there! I’m positive and optimistic but also realistic. I don’t think this is the time to be too heavily invested in silver and gold juniors. RBW has not performed as anticipated and that’s due, in my opinion, to the NRs not meeting expectations and a declining volume in the markets. If the NRs had come out with better prospecting results from Big Strike and Rainbow had been actively promoted we may not be in a downtrend. But we are and no matter whether you look at the daily, weekly or monthly chart we can’t escape the downtrend. I don’t know when it will reverse but I hope it’s very soon. I think investors, current and potential, have digested the news flow and perhaps see RBW spreading their resources too thinly across too many properties. Big Strike is huge and needs an aggressive exploration programme. The VGN deal will not sit well with many investors – I’m pretty sure that’s a fact. In any event, I hold RBW and like you will look forward to encouraging initial assays later this Spring/Summer.
Comment by Andrew — April 13, 2012 @ 5:27 am
BMR
Whats your view on the RBW and VGN partnership, you have been very quiet lately on RBW, are you still buying? or have you now sold? You were so bullish and now we hear nothing at all?
Comment by Greg — April 13, 2012 @ 5:59 am
What are you talking about Greg? BMR talks of RBW almost every day. READ THE ABOVE morning musing as 1 example
Comment by pete — April 13, 2012 @ 6:28 am
“You were so bullish and now we hear nothing at all”
If you lift your eyes a couple of centimetres you will see that they have commented on RBW.
Let me guess, you don’t even read their morning musing, right?
Comment by Steve — April 13, 2012 @ 8:08 am