Resource Stock Roundup: Saturday, August 16th, 2008
Aug 16th, 2008 | By Doug Casey | Category: Gold MarketIt was more of the same during Friday trading on the Canadian markets as a stronger United States dollar put pressure on the price of commodities and investors continued to rotate out of resource stocks.
For the tale of the tape, the TSX Exchange fell 1.88%, while the TSX Gold Index gave back 4.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 2.7% with the declining issuers beating out the advancers by a 569 to 281 margin on volume of 109 million shares traded.
Shares of Blue Note Mining (TSE:BN) added C$0.01 to close at C$0.05 after Jaguar Financial (TSE:JFC) reported that it had acquired over 30 million shares of the company and now holds an 11.3% equity stake.
Macusani Yellowcake (CVE:YEL) reported a 6.45 metre intercept running 0.203% U308 at its Colibri II property in southeastern Peru. Nobody cared, as Macusani ended the day unchanged at C$0.40.
Minera Andes (TSE:MAI) posted a second quarter profit of $8.9 million, or $0.05 per share thanks to its 49% owned San Jose mine in southern Argentina. Minera ended the day up C$0.01 at C$1.19.
It was another painful day for those investors with a steadfast belief that the commodity stocks will eventually recover. The sell-off is clearly testing the fortitude of even the seasoned optimist. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, August 16th, 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.