Resource Stock Roundup:Monday, May 18th, 2009
May 18th, 2009 | By Doug Casey | Category: Gold MarketThe schizophrenic nature of investors once again ruled the day during Friday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange fell 0.92%, while the TSX Gold Index dropped 1.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.21%, with the decliners edging out the advancers by a 408 to 363 margin on 165 million shares traded.
Trevali Resources added C$0.11 to close at C$1.16 after the company announced that it signed a memorandum of understanding with Glencore International AG of Switzerland to help develop and obtain the metal concentrate from the Santander silver-lead-zinc mine project in Peru.
Endeavour Silver (AMEX:EXK) tabled a first quarter loss of US$1.9 million but cash costs fell to $7.56 per ounce of silver. Silver production came in at 572,785 ounces and gold production hit 2,335 ounces. Endeavour closed at C$1.99 for a C$0.01 loss.
Luna Gold inked a deal to sell 17 percent of its gold production from the Aurizona project in Brazil to Sandstorm Resources for US$17.8 million and continuing payments of US$400 per ounce of gold delivered. Sandstorm ended the day flat at C$0.50, while Luna closed unchanged at C$0.38.
The day to day trading gyrations are great for the day traders but are making the longer term holders a wee bit nervous. Given the volatility, it is probably a good thing that the Canadian Markets will be closed Monday for Victoria Day. We shall see what Tuesday trading has in store.
Source: Resource Stock Roundup:Monday, May 18th, 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.