Resource Stock Roundup Wednesday July 16, 2008
Jul 16th, 2008 | By Doug Casey | Category: Gold MarketInvestors in the resource-rich Canadian markets felt considerable pain during Tuesday trading as equities essentially fell off a cliff in a barrage of selling.
For the tale of the tape, the TSX Exchange plunged 2.79%, while the TSX Gold Index dropped 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.87% with the declining issuers continuing to swamp the advancers this time by a 704 to 302 margin on volume of 142 million shares traded.
Western Prospector Group (WNP) is looking to go private after Tinpo Holdings Industrial Company inked a deal to acquire all the outstanding common shares of Western for C$1.34 per share in cash. This offer will surely thwart the unsolicited takeover bid by Khan Resources (KRI). Western ended the day up C$0.58 at C$1.30, while Khan gained C$0.24 to close at C$1.09.
Great Panther Resources (GPR) posted a record 436,072 silver equivalent ounces in the second quarter with 275,515 of those ounces coming from its Guanajuato operation. The Mexican miner ended the session up C$0.07 at C$1.14.
The Bank of Canada left interest rates unchanged but the lack of liquidity continues to punish equities with the more speculative stocks the hardest hit. We will see what Wednesday trading has in store
Source: Resource Stock Roundup Wednesday July 16, 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.