Resource Stock Roundup: Friday, January 30th, 2009
Jan 30th, 2009 | By Doug Casey | Category: Financial NewsIt was gold’s turn to shine during Thursday trading on the Canadian markets with investors running for cover in a sea of weak economic data. For the tale of the tape, the TSX Exchange fell 1.61%, while the TSX Gold Index surged 6.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.22% with the advancing issuers beating out the decliners by a 396 to 318 margin on 120 million shares traded.
Iamgold (NYSE:IAG) produced 997,000 ounces of gold in 2008 at cash costs of between $455 to $470 per ounce. Production for 2009 is expected to hit 880,000 ounces of gold at an average cash cost of $470 to $480 per ounce. Iamgold closed up C$0.50 at C$8.42.
Bravo Venture tabled a 1.2 metre intercept running 1,672 grams silver and 2 grams gold per tonne at its Homestake Ridge project in northwestern British Columbia. Bravo ended the day flat at C$0.46.
Brilliant Mining reported record nickel metal production for the December 2008 Quarter from its 25% owned high-grade Lanfranchi Nickel Mine in Western Australia. Some 873,390 pounds of payable nickel went to the company. Brilliant ended the session down C$0.01 at C$0.175.
The rising price of bullion helped spark some trading activity in the beaten down junior resource space. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, January 30th, 2009
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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.