Resource Stock Roundup Tuesday, October 7, 2008
Oct 7th, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe massive liquidation of equities resumed with a vengeance during Monday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange lost 5.30%, while the TSX Gold Index fell 6.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 12.78% with the declining issuers swamping the advancers by a 1,008 to 129 margin on big volume of 235 million shares traded.
Shares of Pacific Iron Ore (POC) dropped C$0.20 to close at C$0.29. The junior recently tabled the results from seven diamond drill holes from its Pearson project on Vancouver Island, British Columbia.
Formation Capital (FCO) reported that the record of decision on its Idaho cobalt project has been remanded by the U.S. Forest Service. Formation closed down C$0.125 at C$0.24.
On a rare positive note, Oro Gold Resources (OGR) cut 61.1 metres running 8.5 grams gold per tonne at its Trinidad property some 110 kilometre east of Mazatlan, Mexico. Oro ended the day up C$0.09 at C$0.38.
ATW Venture (ATW) hit 23.7 metres grading 16 grams gold at its Burnakura gold mine in Western Australia. ATW ended the day up C$0.01 at C$0.445.
The market meltdown is continuing, with the junior bourse marking the hardest hit. The TSX Ventures is now within striking distance of its 2002 low of 890. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, October 7, 2008
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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.