Resource Stock Roundup Tuesday, August 19, 2008
Aug 19th, 2008 | By Doug Casey | Category: Financial News, Gold MarketA strong uptick in the price of bullion failed to ignite the broader bourse as the more speculative resource stocks continued to face a lack of investor interest during Monday trading on the Canadian markets.
For the tale of the tape, the TSX Exchange added 0.20%, while the TSX Gold Index was the big winner by jumping 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 0.71% with the declining issuers beating out the advancers by a 504 to 350 margin on pathetic volume of 84 million shares traded.
Shares of Yukon-Nevada Gold (YNG) got hammered for the second time in as many weeks as the company faces a liquidity issue at its Jerritt Canyon gold mine in Nevada. On August 8 Yukon Nevada Gold suspended underground mining. The junior ended the session down C$0.15 at C$0.13.
Aquila Resources (AQA) moved higher thanks to results from its Back Forty Project in Michigan. Highlights included 14.6 grams gold and 285.8 grams silver per tonne over 2.1 metres. Aquila ended the day up C$0.01 at C$0.28.
Longview Capital Partners (LV) lost C$3.9 million or C$0.04 per share in the three-month period ended June 30, compared to a loss of C$17.1 million or C$0.16 per share in the same period of 2007. The investor in junior exploration plays held stock valued at C$72.6 million, down from C$105.6 million at the end of 2007. Longview ended the session at C$0.155, down C$0.005
A stock to watch is ATAC Resources (ATC). The junior was halted from trading pending news at C$0.32. The news is that all the holes reported to date at its wholly owned Rau property in the Keno Hill district of central Yukon have hit the goodies. The latest includes 78.54 metres grading 1.71 grams gold per tonne. The discovery drill hole returned 1.24 grams gold per tonne over 68.69 metres.
Most of the junior companies appear to be keeping their heads down on the news front these days because even good results are getting treated with distaste. This is often the sign of a bottom but we will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, August 19, 2008
Advertisement
You can't turn on the news today without hearing about another bank that has been sold or needs to be bailed out by the government. Why put your money at risk when you could open an account and let the Swiss government refill it every morning with stable and rising francs…and withdraw it whenever you want using your ATM card?
Billionaire television analyst Peter Schiff will show you exactly how to save your cash, and add to it too – by as much as 5 times over the next 9 months. Click here to get started.
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.