More great news from VEN.TO – Ventana Gold. They came out with new decent drill results and guess what. Yes, that Brazilian billionaire is at it again. He bought more shares yet again. I did compute the numbers and he paid 10.04 CDN$ for the last 2.155.300 shares he bought. So if my assumption these guys don’t buy into stocks for 20% returns is correct and they are instead typically looking for much higher returns, with today’s news I would now expect more of a 20 CDN$ price target. In any case, the fact he bought again above 10$ is more than enough reason for me to hold on to my shares until VEN.TO – Ventana Gold is taken out. They added another 4 drill rigs for a total of 9 drill rigs. In my opinion this is the mad rush before the buyout. I know I am being repetitive here: Do not look at your profits. Do not sell your shares. Be patient.
RES.V – Rare Element Resources today displayed more weakness than I expected. Considering the overall gains within the REE sector though I do not think the REE bull market is over anytime soon. So I still feel comfortable holding on to both RES.V and AVL.TO – Avalon Rare Metals. Another winner, QUC.V – Quest Uranium, is hitting support in the 2.30 range. That’s the price the recently announced private placement is being done at. RES.V is hitting technical support here as well. I have updated the chart on my public list. The next bounce will separate the wheat from the chaff. The charts will tell me what to do. Ultimately my plan is to end up owning the 3 of them. That’s because I consider those 3 to be the real deal.
Up-to-date RES.V – Rare Element Resources Chart on my public list.
Crude Oil had a great day today. We have possibly witnessed a bear trap in the daily chart. More importantly though is the bear trap in the weekly chart I wrote about a while back. It now looks like we are headed towards the 100USD$ level.
Up-to-date USO – United States Oil Fund Chart on my public list.
Have a great evening!