April 30, 2010
Gold continues its ascent and is up $13 an ounce to $1,180 as of 8:55 am Pacific time…silver is also strong, closing in on $19 while crude oil futures are also firmer at just under $86 per barrel…the CDNX is enjoying a strong final trading day of the month and is currently at 1672, up 12 points…the TSX Gold Index is ahead 11 more points this morning to 362 where it may meet some resistance…this is also the 8th consecutive day the Index has posted a gain, so a near-term pullback is clearly a high risk at this point…we don’t recommend chasing the senior golds at the moment…from a technical perspective, the CDNX continues to look very strong but we’d like to see a breakout to a new 52-week high very soon for a momentum jolt and added confidence that Gold may hit a new all-time high…Gold Bullion Development (GBB, TSX-V) is strong again this morning, up 2 pennies to 40.5 cents on nearly 1.5 million shares through the first 2.5 hours of trading…the stock is clearly tightening up, which means much of that 7 cent private placement stock that became free trading recently has been largely absorbed by the market…drilling is expected to resume next week at the LONG Bars Zone…
