Resource Stock Roundup: Wednesday, August 20th, 2008
Aug 20th, 2008 | By Doug Casey | Category: Gold MarketA decent showing by the gold guys helped trim the losses on the big board but the junior bourse continued to face a barrage of selling during Tuesday trading on the Canadian markets.
For the tale of the tape, the TSX Exchange fell 0.42%, while the TSX Gold Index was the big winner by jumping 2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 1.14% with the declining issuers beating out the advancers by a 570 to 302 margin on volume of 111 million shares traded.
It was a rough day for shareholders of Goldsource Mines (CVE:GXS) after the company reported that one hole returned 41.1 metres of coal, while another hit 6.7 metres and a third had no coal at the Border Property near Hudson Bay, Saskatchewan. Drilling is now complete until after freeze up. Goldsource ended the day at C$4.50, down C$1.38.
Shares of ATAC Resources (CVE:ATC) managed to gain C$0.02 to close at C$0.34 after reporting a 78.54 metre intercept running 1.71 grams gold per tonne at its wholly owned Rau property in the Keno Hill district of central Yukon.
Gateway Gold (TSE:GTQ) and Victoria Gold (CVE:VIT) are looking to merge in a transaction that would see Victoria acquire Gateway for 0.5 Victoria share for each Gateway share. At the end of the day, Victoria would have nearly 113 million shares outstanding. Gateway ended the day up C$0.01 at C$0.18, while Victoria added C$0.02 at C$0.36.
Anatolia Minerals Development (TSE:ANO) has been granted the forestry permit for its Copler gold mine project in Turkey. The permit is the final preconstruction permit needed. Anatolia ended the session up C$0.16 at C$2.32.
A notable lack of buyers is driving to junior bourse to new multi-year lows. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, August 20th, 2008
Advertisement
The global derivatives market has soared from just over $1 trillion to a staggering $272 trillion, according to the Bank of International Settlements.
What's more disturbing, is that nearly 1/3 of these derivatives are concentrated in the hands of just 3 American banks.
The scamble to deleverage has blown these banks' delicately balanced derivatives portfolios off their axis. World markets are now teetering on the brink of an unprecedented collapse.
But you can protect your portfolio - and potentially reap huge gains - by accessing "secret" financial opportunities that are set to soar when the derivatives bubble bursts...Click here to read more.
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.