Resource Stock Roundup: Thursday, March 19th, 2009
Mar 19th, 2009 | By Doug Casey | Category: Financial NewsA late-day rally helped keep the winning streak alive for equities during Wednesday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange gained 0.81%, while the TSX Gold Index surged 8.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.48% with the advancers edging out the decliners by a 353 to 349 margin on volume of 114 million shares traded.
Shares of Titan Uranium got a boost after the company announced that Mega Uranium had purchased 13.5 million Titan shares from Dejour Enterprises (AMEX:DEJ). That represents 15.5 per cent of Titan. Titan ended the day up C$0.045 at C$0.215, while Mega closed down C$0.09 at C$1.46.
Skygold Ventures tabled an updated resource of 102.26 million tonnes grading 0.785 grams per tonne gold and an inferred resource of 11.65 million tonnes running 0.787 grams gold per tonne at its Main zone on its wholly owned Spanish Mountain project in central British Columbia. Skygold ended the day down C$0.02 at C$0.195.
In a case of will they pay or not, Cardero Resource (AMEX:CDY)extended the $10 million payment due from the Nanjinzhao Group Co. in regards to the purchase of Cardero’s Pampa de Pongo iron ore project in Peru. The new date is the earlier of May 17, 2009, or within five business days after Nanjinzhao receives federal approvals. Cardero ended the day up C$0.13 at C$1.60.
The rally was all thanks to the United States Federal Reserve, which said it will buy long-term Treasury bonds for the first time in four decades in an effort to revive the recession-hit economy. That sparked a big jump in the price of bullion. But remember, a little profit taking never hurt anyone and after posting solid gains of late, a little selling would probably be a welcome sight. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, March 19th, 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.