Resource Stock Roundup: Saturday, July 12th, 2008
Jul 12th, 2008 | By Doug Casey | Category: Politics & EconomicsDespite oil hitting record highs and gold making a nice move, the resource-rich Canadian markets made little headway against the bears during Friday trading as financial concerns south of the border sparked a liquidation of equities.
For the tale of the tape, the TSX Exchange lost 0.25%, while the TSX Gold Index (TSE:XGD) surged 5.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 0.34% with the declining issuers continuing to swamp the advancers this time by a 536 to 414 margin on weak volume of only 125 million shares traded.
Shares of Noront Resources (CVE:NOT) surged C$0.40 to close at C$2.72. The company recently tabled initial resource calculations for its Eagle One project in Ontario’s James Bay Lowlands. Indicated resources tally 1.834 million tonnes running 1.96% nickel, 1.18% copper, 3.91 grams palladium, 1.12 grams platinum and 0.15 gram gold per tonne. The inferred resource came in at 1.087 million tonnes grading 2.39% nickel, 1.27% copper, 4.5 grams palladium, 1.37 grams platinum and 0.13 gram gold per tonne.
Newly minted Zinccorp Resources came out of the trading gate by announcing a silver discovery at its wholly owned Michelle property in the central Yukon. The hot hole returned 22.72% zinc, 17.38% lead and 510.7 grams silver per tonne over 7.94 metres. A 2,500 metre drill program is underway. Zinccorp ended the week up C$0.09 at C$0.32.
The big board gold miners posted a stellar day with Barrick Gold (NYSE:ABX) surging C$2.81 to close at C$50, Goldcorp (NYSE:GG) added C$2.66 to close at C$49, Kinross Gold (NYSE:KGC) ended the day up C$1.09 at C$23.77, Agnico Eagle (NYSE:AEM) added C$3.15 to close at C$77 and Yamana Gold (NYSE:AUY) tacked on C$1.04 to close at C$15.10.
The equities markets are looking ugly as we head into the middle of July. The gold producers got a lift on rising bullion prices but the exploration companies continue to struggle. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, July 12th, 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.