Resource Stock Roundup: Monday, January 19th, 2009
Jan 19th, 2009 | By Doug Casey | Category: Financial NewsIt was another choppy trading day on the Canadian Markets, with investors taking the financials woes of Citibank (NYSE:C) and Bank of America (NYSE:BAC) in stride. For the tale of the tape, the TSX Exchange added a modest 0.46%, while the TSX Gold Index popped another 3.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 2.53% with the advancing issuers swamping the decliners by a 430 to 235 margin on 125 million shares traded.
Minera Andes says that its 49 per cent owned San Jose mine in Southern Argentina will crank out 95,000 ounces of gold and 7.5 million ounces of silver in 2009 thanks to a doubling of the processing capacity. Minera ended the session up C$0.005 at C$0.385.
News that drilling returned 42.08% Cr2O3 over 34.8 metres at the Big Daddy Chromite Deposit in the James Bay Lowlands of northern Ontario helped partners Spider Resources add C$0.01 to C$0.05, KWG Resources climb C$0.005 at C$0.035 and Freewest Resources Canada tack on C$0.01 at C$0.24.
SilverCrest Mines has increased the gold and silver resources at its Santa Elena project in Sonora, Mexico to 2.16 million tonnes grading 2.75 grams gold per tonne and 170.2 grams silver per tonne in the indicated camp and 3.26 million tonnes grading 1.11 grams gold and 76.2 grams silver in the inferred section. SilverCrest ended the session up C$0.01 at C$0.45.
Despite extreme volatility, the broader markets appear to want to move higher. Earnings season hits full stride over the next few week so we will see what Monday trading has in store.
Source: Resource Stock Roundup: Monday, January 19th, 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.