Resource Stock Roundup: Thursday, December 4th, 2008
Dec 4th, 2008 | By Doug Casey | Category: Financial NewsThere was no rest for the sellers during Wednesday trading on the Canadian Markets with back door political moves creating government chaos in Ottawa. For the tale of the tape, the TSX Exchange dropped 0.37%, while the TSX Gold Index gave back 3.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.63% with the declining issuers outpacing the advancers by a 452 to 294 margin on volume of 160 million shares traded.
The big news of the day came from Freeport-McMoRan Copper & Gold (NYSE:FCX), which announced a reduction in copper production and sales for 2009 along with a 50% cut in estimated capital expenditures for 2009. The major eliminated its stock dividend. Oooch. Freeport ended the day at $18.05 down $3.77 in New York trading.
Duran Ventures tagged 146.75 metres running 0.93% copper and 0.04% molybdenum, within a broader zone of 458.1 averaging 0.497% copper and 0.05% molybdenum at the Aguila target in Peru. Duran ended the day up C$0.02 at C$0.17.
Shares of Garson Gold moved up a penny to C$0.03 after reporting that the No. 3 zone on its New Britannia Mine poeprty in Manitoba hosts an indicated esource of 394,000 tonnes grading 6.72 grams gold per tonne.
On the early stage front, Commander Resources reported surface channel samples grading up to 91.06 grams gold per tonne over 1.6 metres at its Hebert prospect on Baffin island in Nunavut. Commander added C$0.025 to close at C$0.06.
There appears to be no end to the onslaught of selling, with commodities taking the brunt of the hit. Based on the downside trading volumes, it looks like tax loss season is in full swing. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, December 4th, 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.