Resource Stock Roundup Tuesday, September 23, 2008
Sep 23rd, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe Canadian markets started the trading week off mixed with a falling United States currency helping the gold miners, while the financials and metal miners gave back ground. For the tale of the tape, the TSX Exchange fell 2.13%, while the TSX Gold Index surged 7.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.73% with the advancing issuers inching past the decliners by a 426 to 422 margin on volume of 135 million shares traded.
Rockwell Diamonds (RDI) came out swinging against the hostile takeover offer by Pala Investments Holdings Limited. According to management, the C$0.36 per share offer is simply too low. Rockwell ended the session up C$0.005 at C$0.295.
Shares of International Tower Hill Mines (ITC) added C$0.05 to close at C$1.48 on 1.5 million shares traded. The Alaska and Nevada gold explorer has been the subject of some fund selling of late and perhaps the worst is now over.
West Timmins Mining (WTM) cut 7.07 grams gold per tonne over 2.6 metres at its Thorne property in Ontario. The result was good enough for a C$0.065 gain to C$0.38.
High River Gold (HRG) rebounded from Friday’s selloff after announcing the sell pressure came as a result of being dropped from the S&P/TSX Composite, Global Gold, Global Mining, and SmallCap indices. High River closed up C$0.29 at C$0.64.
Looks like the big gains seen on Friday was more of a short covering rally than sustainable buying. For now it looks like gold will be the big benefactor of the proposed bailout of the financials. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, September 23, 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.