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Gold has traded between $1,274 and $1,284 so far today…as of 8:00 am Pacific, bullion is up $1 an ounce at $1,277 after yesterday’s weakness that took the metal to a 2-month low…Silver is down 7 cents at $19.34…Copper has rallied another 2 pennies to $3.20…Crude Oil is 70 cents lower at $93.26 while the U.S. Dollar Index is up one-fifth of a point at 82.42…

Gold posted its steepest decline in over a month yesterday as investors left the market ahead of this morning’s speech by Federal Reserve Chairwoman Janet Yellen at a gathering of central bankers in Jackson Hole, Wyoming…most investors aren’t expecting a rate increase until mid-2015 at the earliest…however, some Fed officials argued for accelerating that timetable during their July policy meeting, according to minutes released Wednesday, and that put some immediate pressure on Gold…

Later in the day, ECB President Mario Draghi will also speak at Jackson Hole, as the conference dominates a day with no major U.S. data or corporate earnings due for release…

Regardless of where interest rates are going, our view is that geopolitical events, including war declared on the United States and the West by the ISIS terrorist group, will provide a critical floor of support for Gold and may in fact drive it beyond levels anyone is predicting over the next 12 months…though this doesn’t fit with President Obama’s current world view, the U.S. may have to reverse course and dramatically increase military expenditures before his term is over…ISIS makes al-Qaeda look soft…this new wave of jihadists is likely the most sophisticated and well-funded terrorist organization the world has ever seen…the West also has a belligerent Russia to deal with…tensions between Ukraine and Russia have heightened once again, as Reuters has reported that around 70 Russian “aid” trucks have entered Ukraine without permission from Kiev…

Today’s Equity Markets

Asia

China’s Shanghai Composite gained 10 points overnight to close the week at 2241…meanwhile, a 9-session winning streak for Japan’s Nikkei average came to an end as the Nikkei slipped 47 points…

Europe

European markets are down slightly in late trading overseas…

North America

The Dow is off 34 points as of 8:00 am Pacific…yesterday, the Dow returned to its perch above 17,000 for the first time since July 29 while the S&P 500 hit yet another new all-time high…the TSX is off 51 points while the Venture is down 2 points at 1000 through the first 90 minutes of trading…

Venture 6-Month Daily Chart Update 

Earlier this week we pointed out how the Venture’s RSI(14) on the 6-month daily chart had broken out above a downtrend line in place since early July…in addition, buy pressure was picking up as confirmed by the CMF…those were key technical developments, and yesterday was also important as the Venture staged a late day reversal and closed at its highest level of the month on a day when Gold experienced its worst day in a month…

Today or in the next few trading sessions, we’ll see if the Venture can climb above its short-term downtrend line and also confirm a breakout above Fib. resistance at 1001…it’s increasingly looking like 990 was the bottom of a mini-pullback that started in early July with the Index now preparing to finally accelerate to the upside…

Garibaldi Resources Corp. (GGI, TSX-V) Update:  Discovery of “New Mineral Camp” For GGI?

The potential scale and importance of Garibaldi Resources‘ (GGI, TSX-V) shallow high-grade discovery at its Rodadero North Project in central Sonora State, Mexico, is becoming increasingly apparent after fresh information this morning…as Phase 2 drilling continues, more high-grade surface sample results from Rodadero point to the distinct possibility of a significant extension of the Silver Eagle discovery to the south…while surface samples obviously aren’t necessarily representative of mineralization over a broad area, these ones are supported by GGI’s hyperspectral ‘hot spot’ signatures…in fact, it was the hyperspectral data followed by high-grade sampling numbers that led to the drilling discovery at Silver Eagle…assays from drill core ran even higher…

Now, GGI has reported that surface sampling from two separate areas up to 3 km south of SE-14-01 has returned high-grade Silver assays consistent with those seen at Silver Eagle, in addition to increasing base metal values including lead grades as high as a whopping 15% (average values from nearly two dozen samples were 114 g/t Ag and 4.9% Pb)…this is a significant development, so it’s not surprising that GGI also stated this morning that the exploration program at Rodadero is being expanded…

High-grade surface samples and hyperspectral data at Silver Eagle ultimately led to high-grade drill results…it would be reasonable to expect the same as Garibaldi tracks the Silver Eagle discovery further to the south…Phase 1 drilling also indicated that the mineralized system at Silver Eagle, while open in all directions, is actually widening to the south…

East and southeast of Silver Eagle is a Gold-Silver environment with encouraging hyperspectral signatures and many high-grade values from surface sampling that need to be followed up with drilling…

Garibaldi to date has identified 11 targets along a 10-km distance at Rodadero North, with a discovery at the first target drilled…the market has a hunger for a major new discovery somewhere, and Garibaldi clearly has a chance to deliver one at Rodadero which is being considered a “new mineral camp” by President & CEO Steve Regoci as you’ll see him comment in Part 5 of our interview – simply click on the arrow to view this segment (less than 90 seconds)…

GGI Chart Update

Technically, GGI appears to be gearing up for a major breakout above a bullish downsloping flag that started to form last month as you can see on this 6-month daily chart…RSI(14) at 53% continues to climb a trendline and has room to move much higher…GGI is up half a penny at 29 cents as of 8:00 am Pacific…

Endeavor Mining Corp. (EDV, TSX)

The chart for Endeavor Mining Corp. (EDV, TSX) is another excellent illustration of how the Gold stock sector has really turned the corner, from a technical perspective, and is positioned to do exceptionally well over both the short and longer-term after a horrendous 2013…

Below you’ll see a bullish cup-with-handle pattern in EDV…the ultimate outcome in such a scenario is often a breakout above the cup resistance which in this case is the $1 level…EDV’s 200-day moving average (SMA), currently at 75 cents, reversed to the upside earlier this year, confirming an important trend change…

The 50-day SMA (87 cents) is providing strong support…EDV is up a penny at 92 cents as of 8:00 am Pacific…

Fjordland Exploration Inc. (FEX, TSX-V)

Yesterday, we wrote about an opportunity that may exist with Sego Resources (SGZ, TSX-V)…another overlooked exploration story in the British Columbia southern interior is the Dillard Copper-Gold Porphyry Project located between Merritt and Princeton…Fjordland Exploration (FEX, TSX-V) and Sumac Mines Ltd., a subsidiary of Sumitomo Metal Mining Co. Ltd. of Japan, have (interestingly) increased their planned diamond drilling program for 2014 to 4,500 m from the originally planned 2,500 m as announced yesterday…

As of the middle of this month, 2,500 m of drilling was completed at Dillard West (assays pending)…in addition, over 2,000 m of trenching was carried out at Dillard East where the additional drilling will test anomalous zones…

Below is a 5-year weekly FEX chart from John…over the past two years, the stock has traded in a horizontal basing pattern between 1 cent and 4 cents…strong support appears to have formed at 2 cents where FEX closed yesterday…as always, perform your own due diligence…

Note:  John and Jon both hold share positions in GGI.