Resource Stock Round Up Tuesday, September 17th, 2008
Sep 16th, 2008 | By Doug Casey | Category: Financial News, Gold MarketAfter a winning session on Friday, the Canadian markets reverted to the minus column during Monday trading as financial turmoil and falling oil prices dragged down equities.
For the tale of the tape, the TSX Exchange plunged 4.04%, while the TSX Gold Index fell 5.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 4.52% with the declining issuers swamping the advancers by a 616 to 243 margin on volume of 130 million shares traded.
On the plus side, Freewest Resources Canada (FRW) cut 100 metres of chromite on its wholly-owned McFaulds property in Ontario’s James Bay Lowlands. Freewest ended the day up C$0.015 at C$0.26.
Shares of Augen Gold (AUJ) got slammed on no particular news closing at C$0.20 for a C$0.19 loss. The company has been working the Jerome gold property in Ontario.
Sticking to that theme, Formation Capital (FCO) came out and stated that is not aware of any material reason for the decline in its share price. The company, which is advancing the Idaho cobalt project, lost C$0.04 to close at C$0.32.
San Gold reported a 2.7 metre intercept running 51.4 grams gold per tonne at its Rice Lake gold mine in Manitoba. Not good enough in a bad market, as San Gold ended the day down C$0.06 at C$1.06.
The junior board hit yet another new three-year low and is showing no signs of bottoming just yet. The five year low is rapidly approaching so we will see what Tuesday trading has in store.
Source: Resource Stock Round Up Tuesday, September 17th, 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.