Resource Stock Roundup:Friday, May 08th, 2009
May 8th, 2009 | By Doug Casey | Category: Gold MarketProfit taking was the name of the game during Thursday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange gave back 1.74%, while the TSX Gold Index lost 0.60% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, kept the drive alive by adding 0.50% with the advancers edging out the decliners by a 454 to 424 margin on 193 million shares traded.
Goldcorp (NYSE:GG) saw its first-quarter profit rise by 27 percent to $290.9 million or $0.40 per share from $229.5 million or $0.32 per share in the same period a year earlier. Gold production rang in at 616,500 ounces marking an 18 percent increase. The major expects to produce about 2.3 million ounces of gold this year at costs of $365 to $400 per ounce. Goldcorp ended the day up C$0.87 at C$36.34.
Lundin Mining posted a first quarter loss of $8.6 million or $0.02 per share with operating earnings plunging to $38.2 million from $182.9 million in the first quarter of 2008. Lower metal prices resulted in a 60 percent drop in sales to $123.4 million. Lundin ended the day down C$0.18 at C$2.57.
Great Panther Resources is reporting some nice numbers along the Recompensa vein at its Topia mine in Mexico. Channel sampling has indicated that 133 metres of strike length averages 16.87 grams gold per tonne, 175 grams silver per tonne, 3.8 per cent lead, and 3.17 per cent zinc across an average width of 0.24 metres. Great Panther ended the session at C$0.49 for a C$0.025 gain.
After posting stellar gains, taking a little money off the table is probably a prudent move. With the job numbers for the United States due out, it could be an interesting session on Friday. We shall see.
Source: Resource Stock Roundup:Friday, May 08th, 2009
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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.