Resource Stock Roundup: Wednesday, December 3rd, 2008
Dec 3rd, 2008 | By Doug Casey | Category: Financial NewsComing off the second worst one-day sell off since 1987, the Canadian Markets continued to freefall during Tuesday trading with slumping commodity prices and political uncertainty sparking a renewed bout of uncertainty. For the tale of the tape, the TSX Exchange dropped 0.93%, while the TSX Gold Index bucked the down trend by adding 7.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 1.08% with the declining issuers outpacing the advancers by a 423 to 309 margin on volume of 153 million shares traded.
Esperanza Silver and partner Silver Standard (NASDAQ:SSRI) tabled a 31% jump in measured and indicated gold resources at their San Luis project in Peru. The new tally is 347,000 ounces of gold running 22.3 grams gold and nearly 9 million ounces of silver grading 578 grams silver per tonne. Esperanza ended the day up C$0.01 at C$0.50, while Silver Standard closed at C$11.05, for a C$0.04 gain.
As we mentioned on Monday, Mag Silver announced that a subsidiary of Fresnillo PLC, intends to make a formal offer to Mag Silver shareholders for all of the outstanding shares of Mag for $4.54 in cash. Mag closed at C$5.79, up C$0.83 on the day.
Evolving Gold cut 2.74 grams gold per tonne over 131 metres at its Rattlesnake Hills project in Wyoming. The junior ended the day up C$0.02 at C$0.24.
As if the falling economic activity is not enough for Canadians to worry about, the Federal opposition parties have joined forces in an effort to unseat the current minority Conservative government. The vote is set to go to the House of Commons on Monday. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, December 3rd, 2008
Advertisement
They've led you to believe that investors who want outsized gains must take on ridiculous risks.
Click here to learn how a Small One-Time Investment Could Grow Until It's Larger Than All of Your Other Investments Combined.
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.