Resource Stock Roundup: Monday, December 1st, 2008
Dec 1st, 2008 | By Doug Casey | Category: Financial NewsThe Canadian Markets finished out the trading week in fine form with buyers jumping back into equities with a vengeance. For the tale of the tape, the TSX Exchange added 5.9%, while the TSX Gold Index tacked on 2.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 2.42% with the advancing issuers outpacing the decliners by a 478 to 353 margin on volume of 139 million shares traded.
Cameco (NYSE:CCJ) is temporarily suspending uranium-processing at its Port Hope plant in Ontario because of a dispute over supplies of hydrofluoric acid used in the production of nuclear fuel. The world’s largest uranium producer closed down C$0.24 at C$21.41.
Stornoway Diamond and partner Shear Minerals recovered 54 diamonds from a 2.95 kilogram sample from the Kahuna Breccia and 176 diamonds from a 29.9 kilogram sample of the Killiq kimberlite both on the Churchill diamond project in Nunavut. Stornoway ended the day down C$0.005 at C$0.095, while Shear closed at C$0.09 for a C$0.025 gain.
In a unique move, High Desert Gold is offering to buy back up to 36 million of its common shares at a price of C$0.27. This is essentially all the cash in the company’s till. High Desert closed up C$0.05 at C$0.24.
It was yet another terrible month for equity investors but the last trading week of November brought back some hope that a Santa Clause rally is underway. We will see what Monday trading has in store.
Resource Stock Roundup: Monday, December 1st, 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.