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Gold has traded between $1,368 and $1,380 so far today…as of 7:00 am Pacific, bullion is unchanged at $1,376…Silver is off a penny at $23.18…Silver jewelery from India continues to be a major draw with consumers in Europe, Middle East and Hong Kong…Mineweb reports that according to the Gems and Jewelery Export Promotion Council, Silver jewellery exports from India surged 184% to $109.69 million in July…Copper is up 2 pennies to $3.31…premiums for imported Copper remain near an all-time high in China as the domestic output has slumped on tight supplies of scrap metal, according to a Bloomberg report…Copper imports by China rose for a 3rd straight month in July, touching a 10-month high…according to Europe’s biggest Copper producer Aurbuis, imports by China are expected to be robust in the coming months…Platinum is set for a 7th straight weekly gain, the best run since May 2006…demand for the metal will outpace supply for a 2nd year in 2013, partly as labor strikes and rising mining costs in top producer South Africa curb output, according to Barclays Plc…Crude Oil is off slightly at $104.75 while the U.S. Dollar Index is up one-tenth of a point to 81.61…

Gold exchange-traded product holdings fell 1 metric ton to 1,947.3 tons yesterday, data compiled by Bloomberg show…Gold, which has likely already taken into account any imminent slow scaling back of the Fed’s $85 billion a month bond buying program, is currently benefiting from a variety of factors including a drying up of ETP selling, short-covering, impressive Asian demand, and strong Oil prices…historically, September has also been Gold’s best month of the year…2 other factors could also positively impact Gold prices in the weeks ahead – the upcoming showdown in Washington over the debt ceiling, and a possible escalation of violence and political upheaval in parts of the Middle East…how the United States and the West may respond to the situation in Syria will be interesting indeed given the seemingly strong evidence that the Syrian government this week carried out what some experts are calling the world’s worst chemical weapons massacre in 2 decades…the Assad regime, of course, has denied allegations it gassed its own people, amid an ongoing government assault on rebel-held areas around Damascus, and allies Iran and Russia are accusing Assad’s international foes of conspiring against him…the world remains a very dangerous place, especially with a resurgent al Qaeda, and Gold could benefit from these geopolitical dynamics through the remainder of the year…

Today’s Markets

The Dow is up 6 points through the first 30 minutes of trading after snapping a 6-session losing streak yesterday…new homes sales in the U.S. plunged 13.4% in July, far below expectations, in data just released, which should be bullish for Gold…the world’s top central bankers are meeting in Jackson Hole…the annual event discusses important economic issues facing the U.S. and world economies, though Fed Chairman Ben Bernanke and ECB Chairman Mario Draghi are not in attendance this year…the TSX has gained 43 points as of 7:00 am Pacific to 12713 while the Venture is unchanged at 935, its 100-day moving average (SMA) where there has been resistance…however, the Venture’s 50-day SMA is just now beginning to reverse to the upside after a long decline…that’s a very bullish development which should bring fresh technical strength into the market…we’re anticipating a strong close today and then strong momentum going into the final week of the month…

Japan’s Nikkei Average surged 295 points or 2.2% overnight to finish the week at 13660…China’s Shanghai Composite fell points to 2057…more encouraging economic data out of China showed foreign direct investment for the first 7 months of 2013 increased at an annual rate of 7%…European markets are up modestly in late trading overseas…

TSX Gold Index Chart Update

The TSX Gold Index appears poised for a breakout through important resistance at 210 in the very near future, according to John’s latest chart, which suggests to us that Gold is gearing up for a move through $1,400…the Gold Index, though still down over 30% for the year, has gained 33% over the last 2 months (39 trading sessions) since touching an intra-day low of 154 June 27…during that same period, Gold itself is up nearly 17% while the Venture Exchange has climbed 8.8%…it’s not only Gold producers and the top junior explorers who have experienced significant gains, but some owners of large undeveloped Gold deposits have performed extremely well…interest in northwest British Columbia is intense, and Seabridge Gold Inc. (KSM Project, SEA, TSX) has surged 88% to $16.39 since its June 27 low while Pretium Resources (Brucejack Project, PVG, TSX) has climbed 54% during the same period…another reason we expect Pete Bernier’s Prosper Gold (PGX.H, TSX-V) to immediately emerge as a market leader on the Venture with its Sheslay Cu-Au Porphyry Property, an advanced-stage exploration project with major upside potential as we’ve been reporting…Prosper Gold is expected to start trading during the 1st week of September…

Below is 6-month daily TSX Gold Index chart…among other positive indicators, the 50-day SMA has swung positive after being in continuous decline since November of last year…

Garibaldi Resources (GGI, TSX-V) Chart Update – An Eye-Opener

A picture tells a thousand words…on Tuesday, we posted an exclusive map showing Prosper Gold’s Sheslay Project and Garibaldi Resources’ (GGI, TSX-V) adjoining Grizzly Property, along with important features including mineralized zones and targets on the combined 240 sq. km area…this morning, John has a 10-year monthly GGI chart that is a huge eye-opener…there are few stocks on the Venture with a chart as strong as this one…GGI’s bullish technicals include a critical +DI/-DI crossover (the 1st time this has occurred in GGI since late 2009 prior to a major upside move in the stock) and 200 and 300-day moving averages that have just reversed to the upside…RSI(14) has broken above 50, shows strong up momentum and has plenty of room to move higher…GGI has also staged a key breakout above 12 cents which has been resistance for about 14 months…the company has no warrant overhang (zero warrants outstanding) as it hasn’t done a financing in more than 4 years…the GGI runway, so to speak, is clear for take-off, given all these factors including a very healthy working capital position (nearly $5 million as per the latest financials ending April 30)…we’ll have more on the Grizzly and the Sheslay Monday, plus an overview of Garibaldi’s attractive Mexican assets that provide a rock-sold foundation for this company’s short-term and long-term growth…GGI’s management team, a critical component in any assessment of a Venture company, is talented and driven…as of 7:00 am Pacific, GGI is unchanged at 13.5 cents…

True Gold Mining Inc. (TGM, TSX-V)

Mark O’Dea’s True Gold Mining (TGM, TSX-V) has certainly bucked the trend of companies in this sector struggling to raise money…in May, TGM closed a $10 million financing with Teck Resources (TCK, TSX) at 33 cents and then just recently completed a $17.4 million private placement with Liberty Metals and Mining Holdings, a subsidiary of Boston-based Mutual Insurance, as part of a broader strategic investment by Liberty into TGM…

True Gold is developing 2 key projects in Burkina Faso, West Africa, where mining contributes 12% of GDP…8 Gold mines have been permitted there over the last 7 years…TGM’s 856 sq. km Karma Project includes 5 closely spaced deposits – Rambo, Nami, Kao, Goulagou I and Goulagou II – with a proposed central processing facility…the Karma project is currently undergoing a feasibility study, which entails the development of a fully engineered construction and operating plan for a proposed low-cap-ex, open-pit, heap leach mine…

We initially brought True Gold to our readers’ attention after the announcement of its financing with Teck…below is an updated 2.5-year weekly chart from John…this chart isn’t as explosive at the moment as Garibaldi’s, but it’s very promising nonetheless…notice how TGM has broken above resistance at 35 cents and is now is up against a down trendline in place since late last year…the stock closed yesterday at 38.5 cents, just half a penny below its still-declining 200-day SMA…the 100-day SMA has flattened out at 30 cents and should reverse to the upside soon…this is definitely a situation to continue watching closely given both the improving technicals and the solid fundamentals…as always, perform your own due diligence…as of 7:00 am Pacific, TGM is up a penny at 39 cents…

Macro Enterprises Inc. (MCR, TSX-V)

At BMR, we focus primarily on Gold, Copper and Silver and promising juniors, plus general economic and market trends, but occasionally a company comes along that really grabs our attention if it’s serving a niche market and performing very efficiently…Macro Enterprises (MCR, TSX-V) is a great example as the company specializes in construction and maintenance of pipelines in Alberta and British Columbia…we 1st introduced MCR to our readers in May given its earnings growth and momentum, and the stock has climbed more than 75% since that time…it closed yesterday at $5.29, up 16 cents on volume of nearly 1 million shares…this is a situation we will continue to monitor closely, but keep in mind that MCR has risen in Zenyatta-like fashion and came within 7 cents yesterday of John’s $5.61 Fib. level…of course it could eclipse that Fib. level in the coming days but John has proven to be very accurate with his use of this particular technical indicator…the probability of some consolidation in MCR in the immediate future has risen considerably, so please be aware of that as John points out in this 1-year weekly chart…as always, perform your own due diligence…after 30 minutes of trading, MCR has gained 16 cents to $5.45…

Have a great weekend, everyone…we’ll return with our popular Week In Review And A Look Ahead by approximately mid-afternoon tomorrow Pacific time…

Note: Both John and Jon hold share positions in GGI.