Resource Stock Roundup:Tuesday, January 13th, 2009
Jan 13th, 2009 | By Doug Casey | Category: Financial NewsIt was a sea of red during Monday trading on the Canadian Markets with the oils and gold guys being the hardest hit. For the tale of the tape, the TSX Exchange fell 3.27%, while the TSX Gold Index dropped 4.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 3.36% with the declining issuers edging out the advancers by a 491 to 224 margin on volume of 108 million shares traded.
Colossus Minerals tagged an impressive 60.5 metres grading 14.37 grams gold per tonne, 1.81 grams platinum per tonne and 2.46 grams palladium per tonne at its Serra Pelada project in Brazil. Colossus ended the day up C$0.16 at C$1.43.
Happy Creek Minerals returned 177 metres of 0.366% copper at its Rateria property in British Columbia. Happy Creek ended the day up C$0.01 at C$0.06.
Partners Motapa Diamonds and Lucara Diamond recovered 642 diamonds weighing 277.13 carats from a 7,781 tonne sample at the Mothae bulk sample project in Lesotho. Motapa ended the day flat at C$0.195, while Lucara was also unchanged at C$0.60.
Shares of NovaGold Resources (AMEX:NG) fell C$0.23 to C$1.90 after the Toronto Stock Exchange said the company is being reviewed for possible delisting. NovaGold has been granted 210 days in which to comply with listing requirements.
With earnings season about to start, investors ran for the exits in anticipation of some nasty surprises. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup:Tuesday, January 13th, 2009
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.