Resource Stock Roundup Friday, September 5th, 2008
Sep 5th, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was more of the same during Thursday trading on the Canadian markets as investors continued to unwind their resource trade positions and the subsequent panic selling drove the junior board to fresh three year lows.
For the tale of the tape, the TSX Exchange lost 2.46%, while the TSX Gold Index lost another 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.42% with the declining issuers swamping the advancers by a 621 to 251 margin on volume of 120 million shares traded.
VMS Ventures continued to make the grade at its Reed Lake Discovery zone in Manitoba with the latest results including 97.21 metres grading 2.08% copper. Not good enough in a bad market as VMS ended the day down C$0.015 at C$0.485.
B2Gold (BTO) reported the discovery of a new gold find at the Trinidad zone on the Gramalote property in Colombia. Drill results included 109.4 metres grading 1.13 grams gold per tonne and 101.85 metres running 1.24 grams gold per tonne. B2Gold, which holds a 51% stake in the project, closed at C$0.60, unchanged on the day.
Moving to Argentina, Exeter Resource (XRC) hit more bonanza grades at its Escondida vein system at its Cerro Moro project. Highlights include 302.4 grams gold and 6,623 grams silver over 5.55 metres. Exeter ended the day down C$0.02 at C$2.70.
The wicked selling of resource stocks is showing no signs of abating any time soon with the 1800 point mark now looming. With all the pessimism it may be prudent to remember that it is always darkest before the dawn. We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, September 5th, 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.