Spot gold had a rough ride over the last 24 hours, but ended up only a little below where it started. The week's trading got off on a plummet, which saw gold shoot down to a little below US925/oz. That same level was where the price hung around until about 3 AM ET, when it crept up to about 928 in two climbs. This rally proved abortive, as gold slid below 925 and, after an even more abortive attempt at a second rally, below 920. This final plummet marked the bottom of the day, at about 9:30 AM ET. The next rally proved to be more durable, but left gold at about 920 after a partial retrenchment. By 11-130, gold began to dawdle upwards, but without much conviction. At the end of the regular trading day, it came to rest at US$923.10, down $6.30 on the day. The AMEX Gold Bugs Index fell along in stride, ending the day down 1.11% at 284.34.
News was a relatively light, and the stocks followed on this blog today performed as might be expected given the Index and gold itself. The one with the greatest point gain was First Quantum, and its news was the appointment of Troy Hayden as interim CEO. Regardless of cause, the stock's performance today gave him a good welcome: it closed at $37.60, up $1.51 or 4.2% on the day. Current bid-ask is $37.60 - $37.69.
The largest gainer on a percentage basis was X-Cal Resources, which closed up a penny at six cents for a gain of 20%. Before trading opened, X-Cal announced a private placement of up to $500,000 with no warrants as part of the deal. Like the above item, it's hard to make a case for a link between news and performance...although the lack of the usual units-with-warrants might give grist. Current bid - ask for X-Cal is 5 - 6.5 cents, suggesting that "large spread" would fly better as an explanation.
The second-largest gainer on a point basis has a little closer tie to its item today. Nautilis Mining put out a release saying that it has more than US$1.50/share, or US$231 million, in cash as of the end of 2008. It gained 6 cents to close at $1.09, up 6 cents on the day with very light volume. The cash is earmarked for burning, of course, and the news release sketches out some of Nautilis' plans.
The largest dropper today was Hawthorne Gold, which issued a release saying that it had drilled a 2.20 m interval of 11.04 g/t gold in its best of fifteen holes on its Cassiar Gold Camp property. Evidently, the market didn't take to the numbers all that well: Hawthorne closed at 25 cents for a drop of 5 cents or 16.7% on very heavy volume. Current bid-ask is 24 -25 cents.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by; the days are long away until AIG pays out bonuses in gold.
Stocks Mentioned: First Quantum Minerals Ltd., X-Cal Resources Ltd., Nautilis Minerals Inc., Hawthorne Gold Corp.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Showing posts with label daily. Show all posts
Showing posts with label daily. Show all posts
Monday, March 16, 2009
Saturday, March 14, 2009
Daily Roundup - March 13, 2009
Spot gold on Friday managed to eke out a gain, for the third day in a row, even if this day's gain was tepid compared to the last two's. Thursday night's price action was basically flat, with a slight downward bias settling in as night turned into early morning. The downdrift stopped when gold hit US$920, where it stayed at for close to an hour. Then, it began to rally. After a pause, it continued to shoot up at the about the same time it was dropping Thursday. By about 8:20 AM ET, gold hit its daily peak of about 938. The upspurt then turned into a roller-coasterish downturn, with lullifying drift turning into sickening plummet. This one, though, stopped a a higher level than the early morning's lows: 925. By 10 AM, when the drop stopped, gold was preparing for a remount, which fizzled. The rest of the day saw a range, between about 927 and 930. Gold closed the week at the higher end of the range: US$929.40, for a gain of $2.30. The Amex Gold Bugs Index was also up, also more modestly than in the last two days: +1.18%.
The top point gainer amongst the gold stocks blogged here on Friday was Detour Gold Corp, which gained 65 cents to close at $9.24 on moderately heavy volume. The news item affecting Detour was released at about 2 PM ET; by that time, some of the rise in the stock had already taken place. However, the recommendation that the merger with PDX Resources, Inc. be voted for by shareholders preceded a further 50 cent-or-so leap in the stock price. PDX itself didn't fare as well, but it gained 10 cents to close at $2.30 on moderate volume.
The top gainer on a percentage basis was a small stock with a seemingly innocuous item. Golconda Resources, Inc. hadn't traded at all when it announced it was applying for permission to trench sample its Mitchell Creek placer property. Right after the news hit, though, the stock took off after an initial drop was shaken off. Four trades in quick succession pushed the price from 8 to 10.5 cents. About ten minutes later, 11- and 10.5-cent trades were quickly followed by a 12-cent'er; within an hour, the stock had hit 15 cents for a gain of 6 cents on heavy volume. At that point, trading stopped; the bid and ask hardened into their present 11 and 14 cents. Although the ending bid-ask pair makes the gain look overstated, it nevertheless was the best performer on an official percentage basis.
Not far behind it was Darnley Bay Resources, even if the news item itself showed up after the trading in the stock was largely done for the day. By the time it was revealed that Darnley had cut a deal with a Russian exploration firm, the stock had gained four cents to reach 10. The final trade, taking place after the news was disseminated, bought the price down a penny to 9 cents. The stock was left with a three-cent, or 50%, gain on light-moderate volume. Unlike Golconda, though, the bid - ask for Darney was almost at the closing price: 8.5 cents - 9 cents.
The worst dropper on a percentage basis was Ivanhoe Mines, down 89 cents to close at $5.30 on heavy volume. The item in question was an optimistic one, which said that the Mongolian parliament was making an Oyu Togio project approval a pressing priority. Its dissemination at about 10:45 ET seemed to induce a halt in an earlier drop in Ivanhoe, but a last-minute plummet broke throught the $5.50 floor set at that time.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early Monday morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by; try to have a safe weekend if you're trenching.
Stocks Mentioned: Detour Gold Corp., PDX Resources Inc., Golconda Resources Inc., Darnley Bay Resources, Ltd., Ivanhoe Mines, Ltd.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
The top point gainer amongst the gold stocks blogged here on Friday was Detour Gold Corp, which gained 65 cents to close at $9.24 on moderately heavy volume. The news item affecting Detour was released at about 2 PM ET; by that time, some of the rise in the stock had already taken place. However, the recommendation that the merger with PDX Resources, Inc. be voted for by shareholders preceded a further 50 cent-or-so leap in the stock price. PDX itself didn't fare as well, but it gained 10 cents to close at $2.30 on moderate volume.
The top gainer on a percentage basis was a small stock with a seemingly innocuous item. Golconda Resources, Inc. hadn't traded at all when it announced it was applying for permission to trench sample its Mitchell Creek placer property. Right after the news hit, though, the stock took off after an initial drop was shaken off. Four trades in quick succession pushed the price from 8 to 10.5 cents. About ten minutes later, 11- and 10.5-cent trades were quickly followed by a 12-cent'er; within an hour, the stock had hit 15 cents for a gain of 6 cents on heavy volume. At that point, trading stopped; the bid and ask hardened into their present 11 and 14 cents. Although the ending bid-ask pair makes the gain look overstated, it nevertheless was the best performer on an official percentage basis.
Not far behind it was Darnley Bay Resources, even if the news item itself showed up after the trading in the stock was largely done for the day. By the time it was revealed that Darnley had cut a deal with a Russian exploration firm, the stock had gained four cents to reach 10. The final trade, taking place after the news was disseminated, bought the price down a penny to 9 cents. The stock was left with a three-cent, or 50%, gain on light-moderate volume. Unlike Golconda, though, the bid - ask for Darney was almost at the closing price: 8.5 cents - 9 cents.
The worst dropper on a percentage basis was Ivanhoe Mines, down 89 cents to close at $5.30 on heavy volume. The item in question was an optimistic one, which said that the Mongolian parliament was making an Oyu Togio project approval a pressing priority. Its dissemination at about 10:45 ET seemed to induce a halt in an earlier drop in Ivanhoe, but a last-minute plummet broke throught the $5.50 floor set at that time.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early Monday morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by; try to have a safe weekend if you're trenching.
Stocks Mentioned: Detour Gold Corp., PDX Resources Inc., Golconda Resources Inc., Darnley Bay Resources, Ltd., Ivanhoe Mines, Ltd.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Thursday, March 12, 2009
Daily Roundup - March 12, 2009
Spot gold had a mild upsurge today, building on yesterday's more modest gain. After flatlining late last evening, gold rose above US$910 at about 8:30 PM ET. A saucer-like descent ended with a reversal and continuance of the uptrend, which stopped by midnight ET at about 915. From then until about 7, gold churned between 915 and 910, followed by an aborted rise above 915; the reaction took gold down below 910 briefly. Right after 9 AM ET, though, gold went on a tear right up to 930, its high in the last 24-hour period. Another, downward-inclining churn followed between 930 and 924, followed by a brief breakdown that came to a stop above 920. After a double bottom, made after 2 PM ET, gold inched upwards and flattened to close at US$927.10 for a gain of $19.20. The Amex Gold Bugs Index joined in, rising 4.48%.
The biggest point gainer, of all gold stocks this blog has followed today, was a new gold producer, Minefinders, Inc. The item that set it off was its 2008 annual results, released before market open, with the news that the company is finally cash-flow positive. Most of its gain came in the morning, as consistent with the price of gold itself, but there was some gain left for the afternoon too. Minefinders closed at $7.67, up 62 cents on the day for a rise of 8.8%.
The biggest percentage gainer today was a company that completed a preliminary assessment study, or scoping study, for its project down in Sierra Leone. AXMIN Inc. announced that the scoping study projected a 50,000 oz/year underground mine for its Komahun project. It also said that the net present value of the mine, if a 5% discount were used and if no further reserves were eventually unearthed, would be about 29 cents per share. The news was good for a 2.5 cent jump in the stock, for a close at 12 cents, giving a gain of 26.3% on the day.
Third largest in point gain, and second in percentage terms, was AuEx Ventures, Inc. AuEx was the beneficiary of a major investment by major producer Aginco-Eagle, which acquired 1 million shares of AuEx in exchange for a $2.15 million injection on a private-placement basis. The associated warrants were a hybrid of the standard one-year and more generous two-year term: once the first year turns into the second, the exercise price changes from $2.75 to $3.25. From a down day yesterday, AuEx had a 25-cent up day today to close at $2.45.
Optimistic news didn't save First Gold Exploration Inc. from being the biggest dropper today. Although it expressed hope for its Matchi-Manitou project, and an electromagnetic anomaly therein, the stock still fell 2 cents on the day, although it recovered somewhat from its early morning 3-cent plunge. First Gold closed at 14 cents, and was left with a bid of 13 cents and ask of 15 cents. Evidently, not all optimistic news is taken as good news (at first, anyway.)
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and take comfort in the fact that physical gold can't be Ponzi'd, only debased.
Stocks Mentioned: Minefinders, Inc., AXMIN, Inc., AuEx Ventures, Inc., Agnico-Eagle Mines Ltd., First Gold Explorations, Inc.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
The biggest point gainer, of all gold stocks this blog has followed today, was a new gold producer, Minefinders, Inc. The item that set it off was its 2008 annual results, released before market open, with the news that the company is finally cash-flow positive. Most of its gain came in the morning, as consistent with the price of gold itself, but there was some gain left for the afternoon too. Minefinders closed at $7.67, up 62 cents on the day for a rise of 8.8%.
The biggest percentage gainer today was a company that completed a preliminary assessment study, or scoping study, for its project down in Sierra Leone. AXMIN Inc. announced that the scoping study projected a 50,000 oz/year underground mine for its Komahun project. It also said that the net present value of the mine, if a 5% discount were used and if no further reserves were eventually unearthed, would be about 29 cents per share. The news was good for a 2.5 cent jump in the stock, for a close at 12 cents, giving a gain of 26.3% on the day.
Third largest in point gain, and second in percentage terms, was AuEx Ventures, Inc. AuEx was the beneficiary of a major investment by major producer Aginco-Eagle, which acquired 1 million shares of AuEx in exchange for a $2.15 million injection on a private-placement basis. The associated warrants were a hybrid of the standard one-year and more generous two-year term: once the first year turns into the second, the exercise price changes from $2.75 to $3.25. From a down day yesterday, AuEx had a 25-cent up day today to close at $2.45.
Optimistic news didn't save First Gold Exploration Inc. from being the biggest dropper today. Although it expressed hope for its Matchi-Manitou project, and an electromagnetic anomaly therein, the stock still fell 2 cents on the day, although it recovered somewhat from its early morning 3-cent plunge. First Gold closed at 14 cents, and was left with a bid of 13 cents and ask of 15 cents. Evidently, not all optimistic news is taken as good news (at first, anyway.)
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and take comfort in the fact that physical gold can't be Ponzi'd, only debased.
Stocks Mentioned: Minefinders, Inc., AXMIN, Inc., AuEx Ventures, Inc., Agnico-Eagle Mines Ltd., First Gold Explorations, Inc.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Wednesday, March 11, 2009
Daily Roundup - March 11, 2009
Spot gold had a bit of a respite today from the previous two days' declines. Late last night and the earliest part of the morning was spent in a US$893-900 range, with the price inching upwards to the ceiling starting at 9 PM ET. The range was edged through on the upside as of 4 AM ET, and subsequent early-morning action re-established 900 as the floor. Although breaking down after 8 AM ET, gold still centred around 900 in mid-late morning. By 11, 900 was re-established as a floor as gold re-climbed up, reaching over 910 by 1 PM ET. The rally then fizzled down to about 904 before resuming in late afternoon. By the end of the regular trading day, gold had closed at US$907.90, up $10.60. The AMEX Gold Bugs Index followed suit, closing up 4.75% on the day.
The biggest point gainer of all the Canadian gold stocks followed on today's blog was a major in a joint venture, Barrick, whose gain was comparable to the HUI's. Barrick finalized a joint venture with Midway Gold Corp, which didn't trade at all today. The only change in Midway was a rise in the bid from 52 to 58 cents; the ask stayed unchanged at 65 cents. Barrick, on the other hand, traded briskly if moderately; it gained $2.04 to close at $35.34. Its 6.1% gain slightly bettered the HUI's.
The second-biggest point gainer was also the biggest percentage gainer: Alamos Gold, which reported its earnings before the opening of trading today. Alamos earned 31 cents per share, a record for the company, and also reported a 42% increase in production and an 80% increase in revenue. The stock closed at $8.05, for a gain of 66 cents, or 8.9%, in moderate-to-heavy trading.
One stock with a run that partially fizzled was Seabridge, which reported an 89% increase in estimated resources (measured and indicated) for the Mitchell zone on its 100%-owned KSM project. This item also hit the Web before trading opened, and the stock got a real boost right from the open. The day's high, $23.22, was within $1.25 of its 52-week high. Its gain partially evaporated as the day wore on, though, and Seabridge closed at $22.58 for a day's gain of 63 cents on heavy trading.
The biggest fizzler of the day was Rusaro Mining, Inc. Last night, Rusaro issued a statement clarifying/redacting some remarks made by its CEO, which had jumped the gun a bit. After opening at 59 cents, also its high of the day, it slid down to 50 cents. A one-trade spill at 45 cents was quickly reversed, leaving Rusaro to close at 50 cents for a drop of 6 cents on the day in heavy trading.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and watch out for the financials.
Stocks Mentioned: Barrick Inc., Midway Gold Corp., Alamos Gold, Inc., Seabridge Gold, Inc., Rusaro Mining, Inc.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
The biggest point gainer of all the Canadian gold stocks followed on today's blog was a major in a joint venture, Barrick, whose gain was comparable to the HUI's. Barrick finalized a joint venture with Midway Gold Corp, which didn't trade at all today. The only change in Midway was a rise in the bid from 52 to 58 cents; the ask stayed unchanged at 65 cents. Barrick, on the other hand, traded briskly if moderately; it gained $2.04 to close at $35.34. Its 6.1% gain slightly bettered the HUI's.
The second-biggest point gainer was also the biggest percentage gainer: Alamos Gold, which reported its earnings before the opening of trading today. Alamos earned 31 cents per share, a record for the company, and also reported a 42% increase in production and an 80% increase in revenue. The stock closed at $8.05, for a gain of 66 cents, or 8.9%, in moderate-to-heavy trading.
One stock with a run that partially fizzled was Seabridge, which reported an 89% increase in estimated resources (measured and indicated) for the Mitchell zone on its 100%-owned KSM project. This item also hit the Web before trading opened, and the stock got a real boost right from the open. The day's high, $23.22, was within $1.25 of its 52-week high. Its gain partially evaporated as the day wore on, though, and Seabridge closed at $22.58 for a day's gain of 63 cents on heavy trading.
The biggest fizzler of the day was Rusaro Mining, Inc. Last night, Rusaro issued a statement clarifying/redacting some remarks made by its CEO, which had jumped the gun a bit. After opening at 59 cents, also its high of the day, it slid down to 50 cents. A one-trade spill at 45 cents was quickly reversed, leaving Rusaro to close at 50 cents for a drop of 6 cents on the day in heavy trading.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and watch out for the financials.
Stocks Mentioned: Barrick Inc., Midway Gold Corp., Alamos Gold, Inc., Seabridge Gold, Inc., Rusaro Mining, Inc.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Tuesday, March 10, 2009
Daily Roundup - March 10, 2009
Spot gold had another rough day today. After remaining flat overnight, it sunk to about US$910 early this morning and stayed in the 910-915 range until a little after 9:30 AM ET. Then, it broke the bottom of the range and sunk to a little below 900 by about 10:15. The 900 resistance level holding, it bounced between 900 and 905 until about 11:30, when the 900 level was breached. The next range was between 893 and 897, and even that range was poked through just before 2 PM ET. Gold then trundled back up to about 900, and spent the rest of the regular trading day stuck between 896 and 900. It closed the regular trading day at US$897.30, for a loss of $24.20. Again, the Amex Gold Bugs Index was down - this day, by more than 5%.
Many of the Canadian gold stocks with news items today were down too, but not all of them. The biggest gainer, both in percentage and point terms, was a takeover target. Southwestern Resources shot right up to 43 cents at the open, and stayed between 42 and 43 for most of the first hour. After briefly touching 44, it drifted down to 42, dawdled awhile, and sunk down to 40 by noon ET. It quickly rebounded to a range of 41-41.5, closing at a straight 41 cents for an exact double on the day. Trading was extremely heavy, and no wonder: before the market opened, Hochschild plc bid 50 cents a share for the company. That bid got okayed by Southwestern's board.
The next biggest gainer on a percentage basis was Alexandria Minerals, which picked up after it announced that it is pursuing an NI 43-101 compliant resource estimate for its Orenada and Sleepy properties in its Cadillac Break property group. The stock had picked up a little before the news hit the Net, but the announcement gave it a little extra kick. Alexandria closed at 4.5 cents, up a penny on the day, in moderate trading. This gain, though, put the stock back in the middle of a trading range that was cut to the downside yesterday.
In point terms, the next biggest gainer behind Southwestern was Amex Exploration, Inc. Amex announced that it had landed $250,000 of a planned $500,000 financing: Visible Gold, Inc. committed to take the entire tranche. Visible Gold is the same company which optioned Amex's Cameron property. Amex closed at 23.5 cents, up 1.5 cents on somewhat heavy trading. Visible Gold itself closed unchanged at 8 cents, on moderate trading.
An unchanged close could be considered pretty good, given how the typical gold stock fared today. The stock that was the worst performer in the posts below was IAMGOLD. The company announced that its planned secondary offering, increased to $300 million gross proceeds, was to be priced at $8.75. That pricing made it a bargain at yesterday's close of $9.43, but not at today's close at $8.30.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For some reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and best chances through the gold slump.
Stocks Mentioned: Southwestern Resources, Alexandria Minerals Corp., Amex Exploration, Inc., Visible Gold Mines, Inc., IAMGOLD.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Many of the Canadian gold stocks with news items today were down too, but not all of them. The biggest gainer, both in percentage and point terms, was a takeover target. Southwestern Resources shot right up to 43 cents at the open, and stayed between 42 and 43 for most of the first hour. After briefly touching 44, it drifted down to 42, dawdled awhile, and sunk down to 40 by noon ET. It quickly rebounded to a range of 41-41.5, closing at a straight 41 cents for an exact double on the day. Trading was extremely heavy, and no wonder: before the market opened, Hochschild plc bid 50 cents a share for the company. That bid got okayed by Southwestern's board.
The next biggest gainer on a percentage basis was Alexandria Minerals, which picked up after it announced that it is pursuing an NI 43-101 compliant resource estimate for its Orenada and Sleepy properties in its Cadillac Break property group. The stock had picked up a little before the news hit the Net, but the announcement gave it a little extra kick. Alexandria closed at 4.5 cents, up a penny on the day, in moderate trading. This gain, though, put the stock back in the middle of a trading range that was cut to the downside yesterday.
In point terms, the next biggest gainer behind Southwestern was Amex Exploration, Inc. Amex announced that it had landed $250,000 of a planned $500,000 financing: Visible Gold, Inc. committed to take the entire tranche. Visible Gold is the same company which optioned Amex's Cameron property. Amex closed at 23.5 cents, up 1.5 cents on somewhat heavy trading. Visible Gold itself closed unchanged at 8 cents, on moderate trading.
An unchanged close could be considered pretty good, given how the typical gold stock fared today. The stock that was the worst performer in the posts below was IAMGOLD. The company announced that its planned secondary offering, increased to $300 million gross proceeds, was to be priced at $8.75. That pricing made it a bargain at yesterday's close of $9.43, but not at today's close at $8.30.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For some reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and best chances through the gold slump.
Stocks Mentioned: Southwestern Resources, Alexandria Minerals Corp., Amex Exploration, Inc., Visible Gold Mines, Inc., IAMGOLD.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Monday, March 9, 2009
Daily Roundup - March 9, 2009
Today was not a good day for gold. After hovering around the US$935-40 level, gold plummeted at about 9 AM ET. 935 was definitively broken through, and gold spent late morning at around 925. Early afternoon was worse: 920 was broken right after noon ET, and the next range was itself broken at about 2. The low of the day was about 911. After that final drop, though, gold began to recover. It was back above 920 by 4 PM ET, at which it dawdled until the end of regular trading saw it at about US$922/oz. No wonder why the AMEX Gold Bugs Index plopped today.
Given the stormy market conditions, the performance of the fifteen Canadian gold stocks with news releases, before the market closed, wasn't that bad. In terms of point gain, the best performer was Ivanhoe. The news on it came before market open: Ivanhoe's Oyu-Tougou Project goes before Mongloian Parliament for final approval. Ivanhoe spent the entire day up from Friday's close, and closed today at $5.60 for a gain of 33 cents. Not bad in the midst of a mostly down day for gold.
Up far less on a point basis, but similarly on a percentage basis, was Cypress Development Corp. Cypress was up 1.5 cents, closing at 29 cents. Before market open, it and Skyharbour announced that their mother drill hole in their jointly-owned Broulan Reef was being braced for the drilling of daughter holes. The drill-core rock from the mother hole was being prepared for analysis and assaying. Unlike Cypress, Skyharbour didn't fare that well today; it closed unchanged at 9.5 cents.
The stock that was up the most on a percentage basis was Hawk Uranium, up 1 cent to close at 4.5 cents to re-nestle into a trading range. This leap started before Hawk's news release, which announced that Noront Resources chairman emeritus Richard Nemis had joined Hawk's board. Given that Hawk had abandoned its McFaulds property on Feb. 25th, there was a certain irony in this announcement: Noront had been the star of the McFaulds Lake "amazing race."
Not all the stocks went up or stayed unchanged, of course. Far West Mining was down before it announced its acquisition of the Iris properties, containing some areas that look good for gold and molybdenum. The spread of this news accompanied a halt in its decline. Far West closed at 86 cents, down 4 cents on the day.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Until that time, thanks for stopping by - and best chances, as it's still stormy out there.
Stocks Mentioned: Ivanhoe Mines, Cypress Development, Skyharbour Resources, Hawk Uranium, Far West Mining.
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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
Given the stormy market conditions, the performance of the fifteen Canadian gold stocks with news releases, before the market closed, wasn't that bad. In terms of point gain, the best performer was Ivanhoe. The news on it came before market open: Ivanhoe's Oyu-Tougou Project goes before Mongloian Parliament for final approval. Ivanhoe spent the entire day up from Friday's close, and closed today at $5.60 for a gain of 33 cents. Not bad in the midst of a mostly down day for gold.
Up far less on a point basis, but similarly on a percentage basis, was Cypress Development Corp. Cypress was up 1.5 cents, closing at 29 cents. Before market open, it and Skyharbour announced that their mother drill hole in their jointly-owned Broulan Reef was being braced for the drilling of daughter holes. The drill-core rock from the mother hole was being prepared for analysis and assaying. Unlike Cypress, Skyharbour didn't fare that well today; it closed unchanged at 9.5 cents.
The stock that was up the most on a percentage basis was Hawk Uranium, up 1 cent to close at 4.5 cents to re-nestle into a trading range. This leap started before Hawk's news release, which announced that Noront Resources chairman emeritus Richard Nemis had joined Hawk's board. Given that Hawk had abandoned its McFaulds property on Feb. 25th, there was a certain irony in this announcement: Noront had been the star of the McFaulds Lake "amazing race."
Not all the stocks went up or stayed unchanged, of course. Far West Mining was down before it announced its acquisition of the Iris properties, containing some areas that look good for gold and molybdenum. The spread of this news accompanied a halt in its decline. Far West closed at 86 cents, down 4 cents on the day.
That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Until that time, thanks for stopping by - and best chances, as it's still stormy out there.
Stocks Mentioned: Ivanhoe Mines, Cypress Development, Skyharbour Resources, Hawk Uranium, Far West Mining.
----------
NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.
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