Resource Stock Roundup Thursday September 18, 2008
Sep 18th, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was all about the gold miners during Wednesday trading on the Canadian markets as the global financial meltdown had investors running for the safety of bullion.
For the tale of the tape, the TSX Exchange fell 2.86%, while the TSX Gold Index surged 11.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rode the gold price higher by adding 0.72% with the declining issuers edging out the advancers by a 494 to 426 margin on volume of 149.5 million shares traded.
The big board gold miners rallied with Barrick Gold (ABX) adding C$4.44 to close at C$35.31, Goldcorp (GG) gained C$3.16 to close at C$32.80, Agnico Eagle (AEM) added C$6.37 to close at C$62.99 and Yamana Gold (YRI) tacked on C$0.69 to close at C$9.99.
On the Silver front, shares of Silver Standard Resource rode the gold-silver wave by adding C$3.26 to close at C$19.56.
Investors bid up shares in International Barytex Resources (IBX) as the company recently tabled a feasibility study for its Shituru copper project in the Democratic Republic of the Congo. Barytex closed at C$0.50 for a C$0.20 gain.
The latest junior to announce a share buyback was Stealth Ventures. The company says it can buy back up to 6.5 million of its shares. That sent its share price up C$0.05 at C$0.30.
Despite the big jump in the price of gold, the junior bourse is having trouble finding any traction because investors remain fearful of any paper asset. We will see what Thursday trading has in store.
Source: Resource Stock Roundup Thursday September 18, 2008
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