Resources Stock Roundup Wednesday July 23, 2008
Jul 23rd, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe commodity bears continued to rule the day on the Canadian markets during Tuesday trading. For the tale of the tape, the TSX Exchange lost 0.20%, while the TSX Gold Index plunged 2.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 1.05% with the declining issuers beating out the advancers by a 555 to 355 margin on volume of 115 million shares traded.
QGX inked a deal that would pave the way for Kerry Holdings Limited, MCS Holding LLC and Mongolia Holdings Corp. to buy all the shares of QGX for C$5 per share in cash. QGX ended the day up C$0.38 at C$4.88.
A big winner during a down day was Northern Gold Mining (NGM). The junior reported surface samples running up to 2,305 grams gold per tonne at its Kirana project in Ontario. Northern ended the day up C$0.175 at C$0.295.
A drill intercept averaging 2,131 grams silver per tonne over 7.62 metres at the Real de Catorce project in Mexico helped shares of Normabec Mining Resources (NMB) add C$0.02 to C$0.33.
Shares of Goldquest Mining (CVE) sold off after the company tabled the latest results for its Las Animas project in the Dominican Republic. Highlights included 4.33 grams gold per tonne over 9.1 metres. Goldquest ended the session down C$0.115 at C$0.365.
Kootenay Gold (KTN) cut 56.18 grams of silver equivalent per tonne over 419.88 metres at its Promontorio silver project in Sonora state, Mexico. Kootenay ended the day up C$0.09 at C$1.80.
The summertime run on junior resource stocks is taking firm hold and one has to wonder if the 2,200 point support level will be taken out. We will see what Wednesday trading has in store.
Source: Resources Stock Roundup Wednesday July 23, 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.