Resource Stock Roundup…Thursday, November 06th, 2008
Nov 6th, 2008 | By Doug Casey | Category: Financial NewsThe much anticipated presidential rally failed to materialize as profit taking was the story of the day during Wednesday trading on the Canadian markets. For the tale of the tape, the TSX Exchange gave back 2.27%, while the TSX Gold Index fell back 1.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 2.44% with the declining issuers outpacing the advancers by a 484 to 322 margin on volume of 130 million shares traded.
Venezuela has finally come out and stated that it is taking over (TSE:CRY) Crystallex’s Las Cristinas gold project. The Venezuelan government aims to have it up and running next year. Crystallex fell C$0.13 to close at C$0.38.
Shares of Pure Nickel (TSE:NIC) added C$0.03 to close at C$0.10 after the company granted a Japanese firm the right to earn up to 75% of the Man property in Alaska by spending $40 million.
Atac Resources (CVE:ATC) hit 46.42 metres running 2.92 grams gold per tonne at its Rau property in the Keno Hill district of the Yukon. Atac ended the session up C$0.015 at C$0.125.
Upstart Gold Wheaton(CVE:GLW) tabled a third quarter loss of $2.3 million on the sale of 10,804 ounces of gold. At the end of the quarter the company had some $67 million in cash. Gold Wheaton ended the day unchanged at C$0.38.
The election of a historical new president in the United States was not reason enough for a stock market rally. The winning streak for the junior bourse ended at six but there still appears to be more buy side interest then we have seen in several months. We will see what Thursday trading has in store.
Source: Resource Stock Roundup…Thursday, November 06th, 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.