May 8, 2010
The BMR Portfolio:
Gold Bullion Development (GBB, TSX-V)
Gold Bullion bucked the overall trend Friday with a half cent gain on impressive volume of 2.8 million shares…sellers are around but there are also plenty of buyers…what was interesting Friday was Jordan Capital’s buying spree…Jordan was the earliest player in the Gold Bullion market prior to the LONG Bars Zone discovery…they handled the December financing and since early November last year through yesterday they’ve bought 8,529,000 shares and sold only 1,816,000 for the highest net position of 6,713,000…Jordan picked up 929,000 additional GBB shares yesterday at an average price of 35 cents…that was a whopping 16% single-day increase in their net position…Jordan remains hugely bullish on GBB and that is a very positive sign…Gold Bullion closed at 36 cents yesterday, its first weekly drop in a month, and the stock’s 10-day moving average is declining for the first time since late January/early February…however, Gold Bullion is underpinned by very strong technical support between 33 and 35 cents…its 20, 50, 100 and 200-day moving averages are all in bullish alignment and 20,000 metres of new drilling is now underway at Granada…this is a tremendously resilient stock with great liquidity that will be a leader in a new CDNX uptrend which could be just around the corner…Gold Bullion has traded at least a million shares a day for 22 consecutive trading days…
