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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
 Posted - 08/03/2010 : 10:44:17
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SAN FRANCISCO (MarketWatch) -- Canadian stocks were sharply higher Tuesday, the first day of trading following a three-day weekend, mirroring Monday's rally in the U.S. equities markets. The benchmark S&P/TSX Composite Index /quotes/comstock/11t!i:isptx (CA:$ISPTX 11,861, +147.80, +1.26%) jumped 111 points, or 1%, to 11,824. Shares of Kinross Gold /quotes/comstock/11t!k (CA:K 15.88, -0.99, -5.87%) /quotes/comstock/13*!kgc/quotes/nls/kgc (KGC 15.51, -0.83, -5.08%) were down about 5.4% in both Toronto and New York. Late Monday, Kinross said it agreed to buy Red Back Mining Inc. in a merger valued at $7.1 billion. Red Back
Well, you're supposed to buy on weakness (easier said than done), so I picked up a couple hundred shares at $15.50 
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Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
Edited by - beauanderos on 08/03/2010 10:46:59 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 08/03/2010 : 11:30:15
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| I don't get it.... am I missing something? |
"May your percentages ever increase!" |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/03/2010 : 11:43:48
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| Kinross is regularly touted as one of the stronger goldminers. This merger will give them more reserves, but the stock is down today because the market feels they overpaid for the Red Back position. The stock will likely rebound to it's previous trading levels within a week for a quick five or six percent gain. You're going to see more and more mergers in the mining industry as stated reserves plummet. Eventually, there will be just a few superminers... all the little guys will have been gobbled up. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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fb101
Administrator
USA
2856 Posts |
Posted - 08/04/2010 : 07:32:47
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Check the chart. - Shorts have now covered- Check out the volume spike! That's like 3 weeks of trading. Doesn't mean a long term hold since this is in a long term downtrend, but maybe a trading play?
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/04/2010 : 08:52:53
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ABX GG and AEM are all up over 2% today. While not keeping up with them, Kinross is doing better than Newmont. So far, this year, the miners aren't doing as well as bullion itself (DGP) but only time will tell. Keep in mind... only play the equities when you feel you have enough physical bullion, stocks are more speculative and can get pulled down by the broader markets... bullion to a lesser extent  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Cheap Gold Miner?
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