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.