From Rouyn-Noranda, Quebec (10:30 eastern time):
August Comex Gold hit a new record high this morning, reaching $1,254.50…as of 10:30 am eastern time Gold has pulled back to $1,248, a $8 increase for the day…we’ll be posting an updated Gold chart from our technical analyst within the next hour…the CDNX is unchanged at 1453…Gold Bullion Development (GBB, TSX-V) hit a new all-time high this morning of 51 cents…it’s currently at 49.5 cents, up 3 cents on the day…Jordan has been a strong buyer this morning which is significant and a positive sign…as attractive as GBB is, however, our general approach to the market at BMR is that it’s never wise to “chase” a stock…accumulating on weakness or pullbacks is always a safer strategy but difficult for a lot of investors to do…we’re in Rouyn-Noranda again today where we’ll be doing some additional research on the Abitibi region in general…Seafield Resources (SFF, TSX-V) is down a penny at 17 cents…we expect news shortly regarding Seafield’s recently announced proposed private placement of $2.5 million…BMR spoke with Kent Exploration (KEX, TSX-V) President and CEO Graeme O’Neill yesterday who is understandably distraught with the Australian government’s proposed “super tax” for mining companies which has affected the value of Kent’s stock…we’ll be posting a separate piece on Kent later today…Richfield Ventures (RVC, TSX-V) has come out with drill results this morning which we are still reviewing…BW-62, collared 117 metres northwest of discovery hole BW-59, graded 0.88 g/t Au over 175 metres…within that hole was a 123 metre section grading 1.09 g/t Au between 102 and 125 metres depth…the stock is currently off 19 cents to $1.12 on volume of 141,000 shares…
