Resource Stock Round Up Tuesday July 22, 2008
Jul 22nd, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was more of the same during Monday trading on the resource-rich Canadian markets as the big board stocks continued to recover, while the junior bourse continued to sink. For the tale of the tape, the TSX Exchange added 1.19%, while the TSX Gold Index added 1.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.48% with the declining issuers beating out the advancers by a 552 to 356 margin on volume of 156 million shares traded.
It was a rough day for high flying Goldsource (GXS) as the diamond explorer turned accidental coal finder released results of its first drill hole following the April discovery of coal in Saskatchewan. Having rocketed from around C$0.20 to over C$19 bucks a share on two drill holes perhaps a correction was warranted. The latest result was collared 1.3-km south of the initial holes and essentially duded. Goldsource ended the day down C$6.75 to close at C$6 even.
The area players also sold off, with Bitterroot Resources dropping C$0.175 to close at C$0.405.
On the takeover front, TransAlta (TA) received a C$39 per share takeover offer from LS Power Equity Partners and Global Infrastructure Partners. TransAlta ended the day up C$4.87 at C$37.12.
Western Copper (WRN) completed the first permitting step for its Carmacks copper project in the Yukon with the Environmental and Socio-economic Assessment Board final screening report and recommendation. Western ended the day up C$0.03 at C$1.29.
The junior board has lost ground for six consecutive weeks and based on the start of this trading week it looks like its losing streak could well remain intact. We will see what Tuesday trading has in store.
Source: Resource Stock Round Up Tuesday July 22, 2008
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.