Resource Stock Roundup: Tuesday, January 06th, 2009
Jan 6th, 2009 | By Doug Casey | Category: Financial NewsThe Canadian Markets started the first full trading week of 2009 in a festive mode with buyers continuing to step up to the plate during Monday’s session. For the tale of the tape, the TSX Exchange added 0.56%, while the TSX Gold Index got hammered to the tune of 7.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 3.28% with the advancing issuers beating out the decliners by a 515 to 264 margin on volume of 159 million shares traded.
A new resource estimate for the Raven deposit in Saskatchewan helped shares of UEX Corporation add C$0.17 to close at C$1.08. The resource tallied 3.97 million tonnes grading 0.105% U308 in the indicated category and 0.49 million tonnes grading 0.104% U308 in the inferred camp.
It was also a good day for Mercator Minerals. The company reported that it has begun the shipping of copper concentrates from its Mineral Park Mine in Arizona. Mercator ended the day up C$0.30 at C$0.85.
Shares of Teck Cominco (NYSE:TCK) continued to rebound adding C$1.18 to close at C$8.20.
The junior market continues to attract buyers even as the price of bullion lost ground. This bodes well for a sustained rally in January. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Tuesday, January 06th, 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.