Resource Stock Roundup: Thursday, January 08th, 2009
Jan 8th, 2009 | By Doug Casey | Category: Financial NewsAfter making gains the last six sessions, the Canadian Markets fell victim to profit taking during Wednesday trading. For the tale of the tape, the TSX Exchange lost 3.70%, while the TSX Gold Index gave back 7.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 2.76% with the declining issuers beating out the advancers by a 467 to 307 margin on volume of 161 million shares traded.
Crosshair Exploration & Mining (AMEX:CXZ) and Target Exploration & Mining have agreed to merge in a transaction that would see Target shareholders get 1.2 Crosshair shares for each target share. The move gives Target access to Crosshair’s cash, while Crosshair gets Target’s Wyoming uranium assets. Crosshair ended the session down C$0.05 at C$0.25, while Target added C$0.045 at C$0.225.
It was a rough day for Shore Gold as the company announced a reduced 2009 exploration budget of C$17.9 million for its diamond projects in Saskatchewan. Shore ended the day down C$0.13 at C$0.36.
Max Resource added C$0.07 to C$0.17 after reporting a 0.3 metre intercept running 8.2 gram gold per tonne at the Indata property in British Columbia.
More weak employment data out of the United States sent investors running for cover, and moving forward there is no light at the end of the gloomy economic tunnel. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, January 08th, 2009
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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.