I like the way the POG bounced off $440 twice in intraday trading, and managed to close off the lows for the day. I have noticed most of this year that Thursdays and Fridays are usually strong days for the PM sector. I think we will see good trading tomorrow. I am sure some of the investors that want to own PM stocks were waiting to see if a USD rally / counterattack in gold would cause the juniors to tumble. I think given the action of the day, things look pretty good, and we may have some buyers show up tomorrow unless the sector gets hammered overseas tonight. With such strong buying support all week, I expect the POG to open higher tomorrow, BWTFDIK?
I was expecting ORM to start selling off, but it made a move up today. I wonder if some of the weakness earlier this month was a result of covered shorting from the insiders with the seed capital shares that were released from escrow today? If so then we may have already seen the worst of the impact from that.
FR looks very good to me. It closed at the high of the day, something that is rare for a PM junior on the day of a major NR. The property they picked up looks very good to me, one of just a few bulk tonnage silver targets with open pit mining potential. I suspect since the last operation of the mine was in 1966, that substantial additional resource potential remains to be discovered with the application of modern exploration technology. Buying a large deposit of silver in the ground for about 10 cents an ounce is nearly theft, and it brings FR closer to critical mass in terms of a gold for 4 million ounces anual silver production. By 2006 they could potentialy have 3 properties in production, and I would bet on additional acquisitions in the future. The similarities of FR to WRM earlier last year are there to be made, with the exception that FR is debt free and has a much stronger share structure. If silver makes a strong move above $10, FR goes to $10 IMVHO...
Dave if you open your bar, I will do my best to replace the revenue from the disgruntled smokers that are turned away at the door! (By the way, if one is disgruntled when they are pissed off, what do they become when they cheer up? Gruntled? Hmm, but I digress...) I always wonder why people assume a bar folded because of a city wide no smoking ban. If all bars are preventing smoking, maybe the place just folded due to bad management. Do people just assume that all smokers stay home and watch late-night television? I tend to avoid smoky bars and have gone out alot more often in Toronto now that smoking is removed. Nothing makes a woman look skanky more than a lit cigarette in her hands either, but again, I digress...
cheers!
COACH247 |
