October 1, 2010
The power of the Gold market has been clearly on display the past 24 hours…after reaching a new all-time high early yesterday of $1,317, Gold went into quick retreat and fell $22 an ounce to $1,295…buyers however immediately stepped in on the weakness, taking the yellow metal right back up to $1,310…this morning, there’s another new all-time high with Gold reaching $1,321.80…as of 8:00 am Pacific, Gold is ahead $9 an ounce to $1,319…Copper has hit a two-year high and other commodites continue to push higher as well…the CDNX signalled all of this with its action in July and August…as we’ve mentioned many times here already, BMR believes we’re in the midst of an historic move in the CDNX and mining stocks in general…the CDNX seems to have gotten over its hesitation about 1700 and is charging higher…it’s currently up 26 points to 1734…it appears 1800 is now the next immediate target with 1700 the new support…Gold Bullion Development (GBB, TSX-V) is up a penny at 56 cents…we expect a major breakthrough for GBB this quarter as drill results pour in from the LONG Bars Zone and drilling intensifies…rumour has it GBB’s $6 million financing at 54 cents is fully allocated and could be oversubscribed…once that’s out of the way very soon, things should heat up nicely in the LONG Bars Zone with an even larger Phase 3 drill program and the possibility of additional rigs (hopefully RC)…we continue to keep a close eye on Adventure Gold (AGE, TSX-V) which now holds a small but strategic parcel of land at Granada…they are very active on numerous other fronts as well, however, in both Quebec and Ontario, and we believe a pure Gold exploration play like this has the potential to perform exceedingly well in the kind of market we see unfolding over the next 6 months and beyond…Adventure Gold is up a penny to 27 cents…
