... closing at 1.25, down 0.17 on the day. So what? The important thing here is, there was almost no volume on the downdraft! In fact, 1,000 shares traded at $1.40, and only 300 at $1.25. There was even a "bottom-fishing" bid at $1.19 late morning - but the asking price was still $1.40. And also note: the closing bid for only 600 shares, had moved up to 1.32, while asking price was still $1.40. Someone trying to round out his/her portfolio to an even '000 shares, I'll bet! By the way, I get the specific volume trades from my broker.
The reason UKH tanked again is because silver bullion plopped down to U$5.14 over the weekend, and, lacking production, UKH pretty well follows the price of silver, for now. Anyways, now that silver closed up 9 cents, the stock should reverse upwards again. Now, if you check out the chart for UKH on canada-stockwatch.com, (just type in UKH in the rectangle above where it says Chart, and hit return), you'll notice that this low-volume low (a good sign) of $1.25, is higher than the lowest low of $1.10, reached towards the end of the first half of January 1997. The chart is developing into a pattern like a ball, bouncing UP a hill! Very good, steady climb, back-filling every two months or so. A nice, civilized progression upwards.
If you check the kitco.com chart for silver bullion, you'll see it has turned around late December, 1996. As silver goes up, so will Keno. And when Keno announces a resumption in production, it SHOULD spike up for a few days, perhaps $1 or $2, then settle back into its up-hill bouncing ball pattern. This will continue until silver's fortunes turn down someday - hopefully not for several years!! Then the pattern will reverse.
And no, I don't have their '96 proposed prospectus yet, but I'm on their mailing list, so mine should arrive shortly. Anything new in it? How're their reserves? The same? Bigger?? (They'll grow with the price of silver, as marginal ore becomes good ore!!). Any hints on the production resumption date?
Chin up, old boy! Have a bubbly!! It'll get better.
Harry K. |
