Resource Stock Roundup: Saturday, August 2nd, 2008
Aug 2nd, 2008 | By Doug Casey | Category: Gold MarketThe junior bourse once again out performed its bigger brother during a quiet day of trading on the Canadian Markets.
For the tail of the tape; the TSX Exchange dropped 0.71%, while the TSX Gold Index (TSE:XGD) lost 3.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.63% with the advancing issuers beating out the decliners by a 419 to 404 margin on a pathetic volume of 103 million shares traded.
Eldorado Gold (TSE:ELD) posted a second quarter profit of C$25.2 million, or C$0.07 per share, down from the C$26.7 million, or C$0.08 per share, tallied in the same quarter of 2007. The company produced 87,340 ounces of gold at an average cash cost of $229 an ounce, most of which was produced at its Kisladag project in Turkey. Eldorado ended the day up C$0.22 at C$8.58.
The re-logging of historic drill cores helped shares of Augen Gold (CVE:AUJ) add C$0.09, to move to C$0.44. The junior reported that re-assaying of a historic interval returned 30.23 grams gold per tonne over 1.77 metres at the Jerome gold property in northern Ontario.
Monday is a holiday for the Canadians and as such the stocks markets are closed. With interest in the more speculative stocks starting to gain traction, we will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Saturday, August 2nd, 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.