Resource Stock Roundup: Saturday, July 19th, 2008
Jul 19th, 2008 | By Doug Casey | Category: Gold MarketIt was a very quiet session for the resource-rich Canadian markets during Friday trading as investors once again elected to nibble on select issues after Thursday’s sell-off.
For the tale of the tape, the TSX Exchange added 0.41%, while the TSX Gold Index (TSE:XGD)dropped 0.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 0.68% with the advancing issuers edging out the decliners by a 459 to 458 margin on volume of 116 million shares traded.
Korea’s Golden Oil Corporation offered up C$0.66 per share in cash for all the shares of Kootenay Energy (CVE:KTY). The junior oil & gas players added C$0.12 to close at C$0.52.
It was a good day for Southampton Ventures, which added C$0.09 to close at C$0.24 despite no new developments. The company recently completed an 18,000-metre drill program on its 95% owned Horden Lake copper-nickel-PGE property in Quebec.
Volatility remains the name of the game for the equity markets with several pundits now calling for $100 a barrel oil, while others say $200 per barrel is in the wind. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, July 19th, 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.