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 Show printable version of 'Bottom-Fish Action Report for Month of April 2006' in a New WindowEmail 'Bottom-Fish Action Report for Month of April 2006' to a friendWed May 3, 2006
Bottom-Fish Action Report for Month of April 2006
    Publisher: Kaiser Research Online
    Author: Copyright 2006 John A Kaiser

 

Bottom-Fish Action Report for Month of April 2006

The TSXV had its second busiest month ever, trading 4.2 billion shares at an average price of $0.95 during April 2006, a tad below the volume record set in March. More importantly, the TSXV did set a new value traded record at $4.0 billion compared to $3.8 billion in March. And on April 18 the TSXV set a new volume record of 281.9 million shares traded, not far from the 300-400 million share days I expect the TSXV to witness in 2006. Nevertheless, the strong bullish market sentiment in March that peaked on March 31 when an astonishing $345 million worth of stock traded on the TSXV, weakened during April as speculators anxiously waited for the parabolic uptrend in metal prices to flame out and for the old maxim "sell in May come back in September" to assert itself. Incidentally, that record value day on March 31 when the average traded share price spiked from its $0.90-$1.00 range to $1.48 appears to have been a blip created by end of quarter institutional portfolio shuffling. On the following Monday the average share price traded was back to normal at $0.93. By the second week of April declining issues were regularly outnumbering gainers, and although daily new lows stayed below 15, daily new highs, after kicking off April with 99, fell below 40 by the end of the month. (The new highs record of 134 was set on March 6, 2000 at the peak of the dot-com bubble). Although gold, silver, base metals and oil are doing what bulls want them to do, namely making new highs, the market mood with regard to juniors has become decidedly cautious. In fact, speculators are behaving with such remarkable restraint that I suspect we will not see a serious sell-off during the second quarter of 2006 and will in fact experience the busiest summer on record. Although the volume chart above and the new high-lows chart below are festooned with a "bear", that represents my assessment of the prevailing sentiment, not my outlook, which is very bullish.

There is an old saying that still waters run deep while frothy water runs shallow, and I suggest that the "froth-less" market action of April is evidence that this junior bull cycle is developing a strong undercurrent. Since early 2004 I have been fretting about the Wall of Paper that the juniors have created through an unprecedented binge of private placement financing activity. There has been an imbalance between smart money pouring into corporate treasuries and the not-so-smart "retail" money that is supposed to provide an after-market for placee paper. Since July 2003 through March 2006 TSXV listings have issued 25.2 billion shares at an average price of $0.49 through private placements taken down by sophisticated investors and institutions. During this same period the TSXV has traded 57.3 billion shares at an average price of $0.77. Of this we can probably deduct half as representing back and forth day-traders scrounging for nickels and dimes. By the time we account for day trading and include the paper created through the exercise of private placement warrants it is fair to say that since July 2003 as much new paper has been printed as has changed hands. And because private placement stock is not the only paper for sale, a good chunk of the private placement paper must still be in its original hands and acting as an overhang in this market.

New money digesting the Wall of Paper

It is a fact that $12.4 billion has poured into the treasuries of TSXV listings through private placements, but it is not clear how much of that money has been recovered by the placees through resale of their stock into the public market. Digesting this wall of paper has been a problem for the junior markets, and while some juniors have delivered spectacular price gains and in some cases such as Canico, Virginia and Western Silver more than $3 billion in absolute liquidity was granted through takeover bids, the small spread between the average private placement price of $0.49 and the traded price of $0.77 suggests that the degree of profit harvested by participants in the initial leg of this bull market has been neither obscene nor widespread. That is not to say that the total amount of profit made is insubstantial; the value of the three mentioned buyouts alone was nearly equivalent to Inco's 1996 buyout of Diamondfields over which the mainstream media made a tremendous fuss. The mainstream media has made little fuss about the bigger liquidity that has been streaming into the juniors since late 2005 when gold launched its assault on the symbolic $500 level. The point I want to make is that enormous overall liquidity is being created in a subtle manner very distinct from the market spectacles created by Diamondfields and Bre-X during the nineties. For the first time since the start of this bull cycle the value traded on the TSXV significantly exceeds the value of the private placement timebomb, namely the amount of cash tied up by the four month hold associated with private placement stock. This observation is not explained by a decline in financing activity which has in fact increased during the past six months. With little fanfare this market is digesting the Wall of Paper, which is another way of saying that significant new money is entering the market directly. The TSXV Private Placement Timebomb chart below suggests that for the first time since this bull cycle began money flowing into the after-market exceeds money tied up in private placement paper.

Bottom-Fishing window still open but not in practical terms

The smart money which has bankrolled the juniors during the past three years has been busy selling since the start of the year and is sitting on the sidelines with piles of cash waiting for the market to pull back during the second quarter so that they can reload with a new round of private placement financings. I think the smart money is going to be in for a surprise. Somebody has been buying their paper, and while a retail audience has started to develop, I would venture that retail investors account for only a small portion of the record TSXV trading value during the past couple months. The behavior of bottom-fish type stocks offers anecdotal support for this view. Bottom-fish stocks have increased in price, but are not trading volume at the asking price. The sellers have disappeared and these "bottom-fish" stocks are just sitting there with illiquid markets. The increased interest in bottom-fish cannot be attributed to managed money because bottom-fish lack the liquidity sought by managed money. When retail investors are present in the junior market in a big way they do gravitate toward bottom-fish, and once they target a bottom-fish they tend to chase the stock higher with continued buying pressure. The absence of sustained follow-through in bottom-fish markets suggests that the buying is coming from small-time speculators who never left the junior market. This represents both good and bad news for me. The bad news is that although the "bottom-fishing" window remains open in the sense that bottom-fish juniors are still cheap, bottom-fishing has become a useless pursuit because one can no longer buy meaningful positions through the open market. The good news is that this junior bull cycle has not yet felt the impact of new money from retail investors.

If the Sell in May crowd has already sold, who will Sell in May?

While the general public is still eyeing the juniors from the sidelines, albeit with much greater curiosity than during the turn of the millennium, a broader pool of sophisticated investors and institutions not accustomed to buying private placement stock has started to move into this market and is absorbing the smart money's wall of paper. This inflow of new "managed" money is oblivious to the "sell in May" seasonal cycles of the junior market and is focused on the action in the commodity markets. Waiting until May to sell has not been a particularly smart strategy during the past five years because, as the chart above shows, the juniors have consistently started their sell-off in March. In fact, the big PDAC mining conference in Toronto had coincided so consistently with the annual junior sell-off that this year the sell-off began in February. Perhaps one should not be surprised by the timing in past years, because the PDAC commodity outlook talks have persistently presented outlooks from the perspective of the "cyclical bears". Even this year the outlooks were skewed toward the cyclical bears. I just reread my Summary of the 2006 PDAC Commodity Outlook Talks and it is simply amazing how obtusely bearish those outlooks seem in light of what metal prices have done in the subsequent six weeks.

Cross Currents: the last 25 years versus the time before

For the first time since the late seventies the exploration juniors are in a bull cycle that is not of their own doing. All the junior bull cycles since 1982 have been driven by exploration, be it through the opening of third world frontiers or through big discoveries such as Hemlo, Carlin, Eskay Creek, Lac de Gras, Voisey's Bay and Pierina. These discovery bull cycles tended to be short-lived because their momentum was generated by exploration news alone. Exploration news is a poor driver of bull cycles because new discoveries quickly reach their orebody limits, exploration programs take time to execute, the erratic nature of results whipsaws expectations, and seasonal constraints often create information dead zones. By now just about everybody still in the exploration junior industry has forgotten what it was like to run a junior in the midst of a raw materials driven bull cycle where the flow of exploration news from the juniors is not controlling the inflow of new money. What we have is a cross current situation where the street is behaving like it has learned to operate during the past 25 years while new money operating with a logic that applied more than 25 years ago is entering the market. At the risk of looking very foolish down the road, I predict that the old smart money will be left at the starting gate while the newer "not so smart" money will make a killing.

Where are we in this bull cycle? - Think 1996 and the Dot-Com Bubble

A fund manager's "letter to shareholders" recently reprinted in Canada's Financial Post spelled out why this particular fund had bailed out of resource and energy stocks. The article is quite sensible and sounds an awful lot like the rationale experts gave for bailing out of technology stocks in 1996 after Netscape made its astonishing public debut. As we know, technology stocks went higher, and so the experts shorted these companies with stratospheric price-earnings ratios. Well, along came astronomically valued dot-com companies which not only lacked profits but didn't even have revenues. They made the technology stocks with revenues and earnings look cheap and the shorts had their heads handed to them. By March 2000 the last of the experts had capitulated. Julian Robertson packed in his value-oriented Tiger Fund ("we buy the best and short the worst") and George Soros invested in an online clothing retailer called Bluefly. From these symbolic capitulations onwards it was downhill for the technology bull cycle. The current resource sector bull cycle is where the technology bull cycle was in 1996. The shareholder letter from the Canadian fund manager is remarkable in that it does not even trouble to mention and dismiss the idea that this time is different because the business cycle is being disrupted by a new super cycle.

Much depends on one's perspective and my recent conference trip to Calgary proved instructive. On Sunday afternoon April 23 I made a keynote presentation at the Cambridge conference in Calgary that outlined my vision of the showdown between the Cyclical Bears and Structural Bulls. Calgary is an oil town to which a conference specializing in metals juniors has always been a hard sell. Nevertheless, this was the best ever attended Calgary conference, and I was pleasantly surprised to face a highly attentive standing room audience. During the prior week oil futures had reached a record high of $75 per barrel, and one would have expected Albertans to preen in the spring sun, ignoring these metal exploration juniors that dared to exhibit in the center of the oil patch. But Albertans know that this time is different, and while they are reluctant to take the plunge into a different colored swimming pool, they are paying close attention.

A bull market in oil is bad news for metal markets, so why are Albertans paying attention to the metals sector?

When Albertans pay attention to metal exploration juniors, something big is happening. A bull market for oil is generally viewed as inversely related to a bull market in metals. Oil's critical role as a transportation fuel has the effect of dampening the business cycle when excessive demand or inadequate supply push up the price of oil. Good news for the oil patch is generally viewed as bad news for the metal patch because soaring energy costs eventually stifle economic demand. In the long run this also hurts energy prices, and to some degree oil producers throughout the world are fretting about how too much of a good thing can produce terrible indigestion. So when an Albertan starts to care about metal exploration juniors, he or she must sense that this time something different is going on.

Cheering for the Structural Bulls while betting on the Cyclical Bears

What Albertans are watching is the battle between the Cyclical Bears and Structural Bulls. For those of you unfamiliar with this jargon, "cyclical bears" are traditionalists who understand that the raw material supply cycle always lags the business cycle, which results in a boom-bust pattern for metal prices. "Cyclical Bears" believe that currently high metal prices will soon crash as a supply glut hits the market just as the global economy turns down, helped along by monetary policy designed to stop inflation and cool demand. "Structural Bulls" do not dispute the logic of the "cyclical bears", but argue that at certain times things are different, such as when a new super cycle imposes itself on an old super cycle whose business cycles have become predictable. While the street publicly cheers for the "structural bulls", its betting action of late has been on the "cyclical bears". When you look at the price graph for copper, it is hard not to conclude that a metals price correction is imminent. Furthermore, if it is true that investment fund buying has been a major force in the metal markets, a trend reversal could be very ugly.

Can you believe forward selling the next 2 years of copper production at $2-3 per lb?

The interesting thing about the copper chart is the price copper was being forward sold at 15 months ago. Just over a year ago copper producers were selling copper for delivery today at $1.20 per lb. 15 months ago spot copper was selling at $1.46 per lb. On April 28, 2006 the spot price for copper was $3.27 per lb. That spot copper is trading so high is not the real story because spot prices can be volatile due to supply squeezes and bottlenecks of a temporary nature. What is surprising is that copper can today be forward sold at $2.89 and $2.61 per lb for delivery 15 and 27 months from now. Either the futures market is making a supply-demand based projection that copper will not fall below $2 for the next two years, or the futures market has been hijacked by speculators who will suffer huge losses when the copper price reverses. The logic driving such speculation would either be of a simple momentum nature or of a "hard assets" nature that projects a large US dollar devaluation which will lead to higher nominal metal prices. The latter seems unlikely because the futures market for other metals such as lead which have not undergone as big a run up should be in contango (the future price is higher than the spot price). However, since the start of April the US Dollar Index has been in a downtrend, which corresponds to the sharp increases in the prices of copper, zinc, gold, silver and oil. A cyclical bear would lean toward the momentum "speculation" interpretation while the structural bulls would suspect that end users are "stockpiling" future supply for strategic reasons. In any case, copper producers are locking in fabulous copper prices for the next two years, which may upend the financial industry maxim that you sell raw material producers when their revenue to cash flow ratios are low and buy them when the ratio is high.

A silver ETF joins the gold ETF's as a new way to invest in silver

A third group, the apocalyptic gold bug, would argue that the entire world is about to experience a large jump in inflation that affects all currencies, not just the US dollar. At the start of the year my concern was whether or not $500 gold would emerge as a floor for the price of gold, but apart from a brief drop below $500 in December gold has not even come close to testing $500 on the downside during 2006. In fact, gold sailed through $600 like a hot knife through butter over the Easter weekend, a move that was accompanied by a surge of volume in the streetTracks Gold Trust (NYSE: GLD). On April 28 trading in a silver ETF called the iShares Silver Trust sponsored by Barclays Capital began on AMEX under the symbol SLV. While the gold ETF share represents one tenth of an oz, the silver ETF share represents 10 ounces. There has been considerable speculation that the recent strength in the price of silver was due to anticipation of the silver ETF whose arrival would prompt a sell-off. It is too soon to tell if such worries were unfounded, but my suspicion is that we will see no such sell-off. Gold bugs panned the gold ETF when it was launched in 2004 because they recognized that the popularity of the gold ETF would constitute a rejection of their apocalyptic vision of a global financial meltdown. Silver bugs are more fanatic about silver than gold bugs are about gold, but silver bugs are less ornery than gold bugs because all they want for silver is the public's respect and a much higher price. And the iShares Silver Trust will do exactly that.

Silver ETF approved because it will bring transparency to the silver market

The iShares Silver Trust is almost identical to the streetTracks Gold Trust sponsored by the World Gold Council. Both the gold and silver ETF's have an arbitrage mechanism that forces the price of the trust to closely track the spot price of the metal. The silver ETF, however, will have a bigger impact on the silver price than the gold ETF because most of the 4 billion ounce above ground gold stock is available for resale, while much of the above ground silver stock, whose size is not known, has been fabricated into industrial products or is used in industrial processes. Gold's primary use is as an asset class that can also serve a cosmetic purpose when fabricated into jewelry. Silver has many uses beyond serving as an asset class and consequently its price is a function of a usage related supply and demand dynamic. The silver ETF acts as a silver warehousing mechanism because each share is backed by allocated silver. As investors buy SLV shares designated "participants" short sell SLV shares and simultaneously buy physical silver in the bullion market. If the silver price keeps rising the "participant" can deliver the physical silver to the Silver Trust in exchange for new SLV shares that cover the short. As more and more investors buy the silver ETF, more and more silver will end up in warehouses where it is allocated to the Silver Trust and cannot be used for anything else.

Consider the Silver Trust as a distributed version of Nelson Bunker Hunt

Over time we could expect billions of ounces of silver to end up "inside" the Silver Trust, effectively out of reach of silver users until the price of silver enters a bear cycle. Because the "hoarding" function of the Silver Trust could drive up the price of silver, and increase the cost of silver for industrial users, the Silver Users Association tried to block approval of the Silver Trust. The SEC approved the Silver Trust because Barclays was able to argue that the silver market currently lacks transparency because unlike in the case of gold, which has played a role as a reserve currency and consequently is tracked by government bodies, nobody tracks the abundance and whereabouts of silver. The ETF will help clarify the location of physical silver and ultimately make its supply more efficient. From a practical perspective the silver ETF will act like a giant vacuum cleaner that sucks up all the loose silver in the world, and when there is little left to supply the needs of silver users the price will go up until industry finds cheaper substitutes for silver, the higher silver price spurs new mine supply, or investors choose to switch into another asset class. The iShares Silver Trust is a "distributed" version of Nelson Bunker Hunt whose effort to corner the silver market drove silver to $49.25 in 1980. As the popularity of the Silver Trust grows we will likely see a lot of volatility in the price of silver, and it would not surprise me at all if silver at some point challenges its old high. To predict a long term price for silver, however, would be utter folly.

Silver's dual rule as a precious and industrial metal could turn the Silver Trust into a proxy for the Structural Bulls

I suspect that it will not be long before the Silver Trust becomes a proxy in the battle between the Cyclical Bears and Structural Bulls. Gold can serve as a long term hedge against the uncertainty posed by the Rise of Asia, but because silver has a dual role as both a precious and industrial metal its price is also linked to the demand for raw materials. The Rise of Asia as an economic super-power is driven by "structural" changes that are social (it is no longer necessary for everybody to be equally poor - a key condition allowing the rise of a consumer middle class), economic (free market dynamics are allowed to solve supply-demand problems), political (decision-making power is being decentralized), and technological (Google, can't you do something to keep people in the dark?). The impact on the supply-demand dynamics of raw materials is not so much a paradigm shift as it is a shift in scale, but the cause is of a "structural" nature because Asia's emergence is not just a clone of western civilization multiplied by ten. How much and how quickly things will change is not predictable because the new Asian super cycle is lubricated by a technological innovation too recent for history to serve as a helpful guide. That innovation is the communications and computing revolution created by the meshing of the personal computer and the Internet. Things get figured out and done much faster than they used to.

Our shrinking light and their growing light at the end of the tunnel

Although both the Asian and western super cycles have embraced the communications revolution brought about by the personal computer and the Internet, the Asian super cycle is far more disruptive because it is manifesting itself through a larger population base that also has a relatively weaker starting point in terms of a standard of living. Whereas western civilization sees a big light at the end of the tunnel growing slightly bigger when in an optimistic mood, but generally smaller when in a realistic mood, Asians see a small light at the end of the tunnel growing bigger. The psychological momentum of the Asian and Western super cycles is diametrically opposed. We in the west are in descent and they in the east are in ascendance. Albertans are paying attention to the Rise of Asia and its implications for the looming showdown between the Cyclical Bears and Structural Bulls because they see what is happening to the price of oil and they realize that a scaling up of Asian demand for transportation energy is responsible. And this scaling up of demand is happening across the board for all commodities. Unless a supply shock in the Middle East sends oil soaring past $200 per barrel, the old inverse relationship between bull markets in oil and metals does not presently apply. A clue that this is the case can be seen in the willingness of Americans to consider jacking up the price of gasoline to European levels by slapping on a sliding tax. Gasoline is already $3.25 per gallon; brace yourself for $6 gasoline. The purpose of this strategy is to force the consumer to take energy conservation seriously. Pity the American car manufacturing industry.

Above Bottom-Fish Range Within Bottom-Fish Range Below Bottom-Fish Range Recently Closed Out
Updated this Month New 2 Year High New 2 Year Low New Bottom-Fish High New Bottom-Fish Low

Bottom-Fish Recommendations made from April 1, 2006 to April 30, 2006
Company Date
Price Recommendation Action Net
Cash
Net
Stock
Gain New Status
Lithic Resources Ltd (LTH-V) 4/4/2006 $0.35 Confirm BF TP Buy $0.20-$0.29
$0 3,448 21% BF TP Buy $0.20-$0.29
Skyline Gold Corp (SK.H-V) 4/6/2006 $0.18 BF TP Buy $0.10-$0.19 Buy 5,263 @ $0.19 $0 5,263 -5% BF TP Buy $0.10-$0.19
Karmin Exploration Inc (KAR-V) 4/18/2006 $0.25 BF MP Buy $0.30-$0.49 Buy 2,041 @ $0.49 $0 2,041 -49% BF MP Buy $0.30-$0.49

New Bottom-Fish Highs
Company
Volume High Low Close Chg Status
Alamos Gold Inc (AGI-T) 10,950,400 $10.630 $8.550 $10.550 1.100 Spec Cycle Hold 50%
Altius Minerals Corp (ALS-V) 1,171,300 $6.250 $5.400 $6.100 0.450 Spec Cycle Hold 75%
American Gold Capital Corp (AAU-V) 3,396,200 $2.650 $2.020 $2.530 0.340 Spec Cycle Hold 100%
Avalon Ventures Ltd (AVL-V) 2,390,700 $1.690 $1.000 $1.450 0.300 Spec Cycle Hold 100%
Azimut Exploration Inc (AZM-V) 701,400 $2.080 $1.650 $1.950 0.250 Spec Cycle Hold 100%
Brazalta Resources Corp (BRX-V) 1,952,700 $1.950 $1.210 $1.210 -0.440 BF LP Buy $0.10-$0.19
Brett Resources Inc (BBR-V) 1,380,800 $0.800 $0.570 $0.690 0.120 Spec Cycle Hold 100%
Cornerstone Capital Res Inc (CGP-V) 5,766,500 $0.710 $0.590 $0.640 0.000 BF TP Buy $0.30-$0.49
Corona Gold Corp (CRG-T) 397,500 $0.600 $0.480 $0.600 0.100 BF TP Buy $0.30-$0.49
Corriente Resources Inc (CTQ-T) 5,603,500 $7.740 $4.870 $7.400 2.500 Spec Cycle Hold 75%
Eagle Plains Resources Ltd (EPL-V) 3,859,700 $1.840 $1.220 $1.500 0.260 Spec Cycle Hold 100%
Full Metal Minerals Ltd (FMM-V) 3,575,000 $2.680 $1.810 $2.550 0.500 BF MP Buy $0.30-$0.49
Golden Band Resources Inc (GBN-V) 5,439,400 $0.590 $0.440 $0.550 0.050 BF XP Buy below $0.10
Golden Goose Resources Inc (GGR-V) 2,937,700 $1.000 $0.650 $0.700 -0.150 Spec Cycle Hold 100%
Golden Valley Mines Ltd (GZZ-V) 5,272,300 $0.540 $0.350 $0.460 0.110 BF TP Buy $0.20-$0.29
Huldra Silver Inc (HDA-V) 554,600 $1.250 $0.700 $0.950 0.020 Spec Cycle Hold 100%
Humboldt Capital Corp (HMB-V) 145,300 $5.450 $4.750 $5.350 0.500 Spec Cycle Hold 100%
Intl Barytex Resources Corp (IBX-V) 1,341,200 $2.900 $1.900 $2.450 0.550 Spec Cycle Hold 100%
Intl Enexco Inc (IEC-V) 427,100 $1.600 $1.120 $1.400 0.100 BF MP Buy $0.30-$0.49
Kinbauri Gold Corp (KNB-V) 1,143,700 $0.590 $0.325 $0.590 0.240 BF MP Buy $0.20-$0.29
Lithic Resources Ltd (LTH-V) 1,696,100 $0.520 $0.340 $0.420 0.080 BF TP Buy $0.20-$0.29
Logan Resources Ltd (LGR-V) 1,209,900 $0.760 $0.500 $0.570 -0.030 BF MP Buy $0.30-$0.49
Medallion Resources Ltd (MDL-V) 292,800 $0.420 $0.310 $0.400 0.100 BF TP Buy $0.20-$0.29
Metallica Resources Inc (MR-T) 8,741,500 $4.240 $3.260 $3.890 0.060 Spec Cycle Hold 100%
Mountain Province Diamonds Inc (MPV-T) 991,300 $5.050 $3.800 $4.320 -0.470 Spec Cycle Hold 100%
Newcastle Minerals Ltd (NCM-V) 1,420,300 $0.265 $0.160 $0.205 0.045 BF MP Buy $0.10-$0.19
Pathfinder Resources Ltd (PHR-V) 2,742,000 $0.820 $0.590 $0.700 0.090 BF LP Buy $0.10-$0.19
Polymet Mining Corp (POM-V) 9,179,100 $4.000 $3.010 $3.950 0.950 BF MP Buy $0.50-$0.75
Queenston Mining Inc (QMI-T) 2,966,400 $2.200 $1.520 $2.160 0.460 BF TP Buy $0.30-$0.49
Redhawk Resources Inc (RDK-V) 5,488,100 $0.920 $0.660 $0.810 0.110 Spec Cycle Hold 100%
Sirios Resources Inc (SOI-V) 6,632,000 $0.490 $0.230 $0.335 0.105 BF MP Buy $0.10-$0.19
Skygold Ventures Ltd (SKV-V) 3,662,000 $1.940 $1.450 $1.800 0.310 BF MP Buy $0.20-$0.29
Skyline Gold Corp (SK.H-V) 7,710,700 $0.410 $0.140 $0.260 0.100 BF TP Buy $0.10-$0.19
Solitario Resources Corp (SLR-T) 252,900 $2.710 $2.250 $2.620 0.370 Spec Cycle Hold 100%
Surge Resources Inc (SRH-V) 139,700 $1.050 $0.870 $0.950 0.080 BF TP Buy $0.50-$0.75
Tintina Mines Ltd (TTS-V) 141,100 $0.530 $0.260 $0.350 0.005 BF TP Buy $0.20-$0.29
Troon Ventures Ltd (TVN-V) 43,900 $0.495 $0.365 $0.495 0.185 BF MP Buy $0.20-$0.29
Tumi Resources Ltd (TM-V) 2,233,700 $0.870 $0.650 $0.760 0.060 BF MP Buy $0.30-$0.49
Vaaldiam Resources Ltd (VAA-V) 3,375,800 $1.700 $1.300 $1.480 0.100 BF TP Buy $0.50-$0.75
Western Keltic Mines Inc (WKM-V) 9,061,100 $0.920 $0.465 $0.740 0.265 BF LP Buy $0.20-$0.29
White Knight Resources Ltd (WKR-V) 6,362,200 $2.800 $2.070 $2.780 0.470 Spec Cycle Hold 100%
Wildrose Resources Ltd (WRS-V) 782,400 $1.500 $1.240 $1.420 0.120 BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Volume Traders
Company
Volume High Low Close Chg Status
Queenstake Resources Ltd (QRL-T) 73,433,800 $0.520 $0.415 $0.470 0.000 Spec Cycle Hold 100%
Dynatec Corp (DY-T) 30,474,000 $1.560 $1.350 $1.450 -0.010 Spec Cycle Hold 100%
Ivanhoe Mines Ltd (IVN-T) 19,208,600 $12.000 $10.250 $10.900 -0.200 Spec Cycle Hold 100%
Atna Resources Ltd (ATN-T) 14,829,200 $2.410 $1.460 $1.620 -0.680 Spec Cycle Hold 100%
Nevsun Resources Ltd (NSU-T) 14,337,600 $4.420 $3.190 $4.270 0.990 Spec Cycle Hold 100%
Stornoway Diamond Corp (SWY-T) 12,779,700 $1.340 $0.960 $1.280 0.180 Spec Cycle Hold 100%
Minera Andes Inc (MAI-V) 12,145,700 $1.550 $1.140 $1.300 -0.210 Spec Cycle Hold 100%
Alamos Gold Inc (AGI-T) 10,950,400 $10.630 $8.550 $10.550 1.100 Spec Cycle Hold 50%
Vencan Gold Corp (VCG-V) 10,682,400 $0.150 $0.100 $0.120 0.020 BF MP Buy $0.10-$0.19
Polymet Mining Corp (POM-V) 9,179,100 $4.000 $3.010 $3.950 0.950 BF MP Buy $0.50-$0.75

Top 10 Bottom-Fish Value Traders
Company
Value High Low Close Chg Status
Ivanhoe Mines Ltd (IVN-T) $210,630,965 $12.000 $10.250 $10.900 -0.200 Spec Cycle Hold 100%
Alamos Gold Inc (AGI-T) $104,928,217 $10.630 $8.550 $10.550 1.100 Spec Cycle Hold 50%
Southwestern Resources Corp (SWG-T) $53,589,941 $15.350 $12.860 $13.960 0.160 Spec Cycle Hold 75%
Nevsun Resources Ltd (NSU-T) $53,068,183 $4.420 $3.190 $4.270 0.990 Spec Cycle Hold 100%
Dynatec Corp (DY-T) $45,390,438 $1.560 $1.350 $1.450 -0.010 Spec Cycle Hold 100%
Corriente Resources Inc (CTQ-T) $36,389,666 $7.740 $4.870 $7.400 2.500 Spec Cycle Hold 75%
Queenstake Resources Ltd (QRL-T) $34,704,926 $0.520 $0.415 $0.470 0.000 Spec Cycle Hold 100%
Polymet Mining Corp (POM-V) $33,072,074 $4.000 $3.010 $3.950 0.950 BF MP Buy $0.50-$0.75
Metallica Resources Inc (MR-T) $32,963,176 $4.240 $3.260 $3.890 0.060 Spec Cycle Hold 100%
Birch Mountain Res Ltd (BMD-V) $30,749,078 $9.760 $8.200 $8.350 -0.250 Spec Cycle Hold 75%

Top 10 Bottom-Fish Price Gainers
Company
Volume High Low Close Chg Status
Corriente Resources Inc (CTQ-T) 5,603,500 $7.740 $4.870 $7.400 2.500 Spec Cycle Hold 75%
Alamos Gold Inc (AGI-T) 10,950,400 $10.630 $8.550 $10.550 1.100 Spec Cycle Hold 50%
Northern Dynasty Minerals Ltd (NDM-V) 3,494,600 $8.800 $7.190 $8.540 1.020 Spec Cycle Hold 100%
Nevsun Resources Ltd (NSU-T) 14,337,600 $4.420 $3.190 $4.270 0.990 Spec Cycle Hold 100%
Polymet Mining Corp (POM-V) 9,179,100 $4.000 $3.010 $3.950 0.950 BF MP Buy $0.50-$0.75
First Silver Reserve Inc (FSR-T) 4,143,200 $3.080 $2.000 $3.050 0.790 Spec Cycle Hold 100%
Intl Barytex Resources Corp (IBX-V) 1,341,200 $2.900 $1.900 $2.450 0.550 Spec Cycle Hold 100%
Full Metal Minerals Ltd (FMM-V) 3,575,000 $2.680 $1.810 $2.550 0.500 BF MP Buy $0.30-$0.49
Humboldt Capital Corp (HMB-V) 145,300 $5.450 $4.750 $5.350 0.500 Spec Cycle Hold 100%
White Knight Resources Ltd (WKR-V) 6,362,200 $2.800 $2.070 $2.780 0.470 Spec Cycle Hold 100%

Top 10 Bottom-Fish Price Percentage Gainers
Company
Volume High Low Close Chg Status
Kinbauri Gold Corp (KNB-V) 1,143,700 $0.590 $0.325 $0.590 69% BF MP Buy $0.20-$0.29
Skyline Gold Corp (SK.H-V) 7,710,700 $0.410 $0.140 $0.260 63% BF TP Buy $0.10-$0.19
Troon Ventures Ltd (TVN-V) 43,900 $0.495 $0.365 $0.495 60% BF MP Buy $0.20-$0.29
Gold-Ore Resources Ltd (GOZ-V) 5,402,800 $0.690 $0.405 $0.690 57% Spec Cycle Hold 100%
Western Keltic Mines Inc (WKM-V) 9,061,100 $0.920 $0.465 $0.740 56% BF LP Buy $0.20-$0.29
Groundstar Resources Ltd (GSA-V) 4,359,400 $0.920 $0.550 $0.920 53% BF MP Buy $0.50-$0.75
Corriente Resources Inc (CTQ-T) 5,603,500 $7.740 $4.870 $7.400 51% Spec Cycle Hold 75%
Sirios Resources Inc (SOI-V) 6,632,000 $0.490 $0.230 $0.335 46% BF MP Buy $0.10-$0.19
Skeena Resources Ltd (SKE-V) 1,651,900 $0.410 $0.285 $0.345 38% BF MP Buy $0.20-$0.29
Eastfield Resources Ltd (ETF-V) 1,497,500 $0.270 $0.160 $0.210 35% BF TP Buy $0.10-$0.19

Top 10 Bottom-Fish Price Losers
Company
Volume High Low Close Chg Status
Atna Resources Ltd (ATN-T) 14,829,200 $2.410 $1.460 $1.620 -0.680 Spec Cycle Hold 100%
Mountain Province Diamonds Inc (MPV-T) 991,300 $5.050 $3.800 $4.320 -0.470 Spec Cycle Hold 100%
Brazalta Resources Corp (BRX-V) 1,952,700 $1.950 $1.210 $1.210 -0.440 BF LP Buy $0.10-$0.19
Grayd Resource Corp (GYD-V) 4,595,600 $1.550 $0.820 $1.170 -0.280 Spec Cycle Hold 100%
Impact Silver Corp (IPT-V) 1,881,300 $2.480 $1.660 $1.840 -0.280 BF MP Buy $0.30-$0.49
Orezone Resources Inc (OZN-T) 3,927,100 $2.650 $2.190 $2.340 -0.260 Spec Cycle Hold 100%
Birch Mountain Res Ltd (BMD-V) 3,390,000 $9.760 $8.200 $8.350 -0.250 Spec Cycle Hold 75%
Energold Drilling Corp (EGD-V) 761,200 $1.580 $1.240 $1.280 -0.250 Spec Cycle Hold 100%
Exeter Resource Corp (XRC-V) 1,989,300 $2.950 $2.360 $2.540 -0.230 BF MP Buy $1.00-$1.25
Minera Andes Inc (MAI-V) 12,145,700 $1.550 $1.140 $1.300 -0.210 Spec Cycle Hold 100%

Top 10 Bottom-Fish Price Percentage Losers
Company
Volume High Low Close Chg Status
Atna Resources Ltd (ATN-T) 14,829,200 $2.410 $1.460 $1.620 -30% Spec Cycle Hold 100%
Brazalta Resources Corp (BRX-V) 1,952,700 $1.950 $1.210 $1.210 -27% BF LP Buy $0.10-$0.19
Dentonia Resources Ltd (DTA-V) 2,242,100 $0.215 $0.160 $0.170 -24% BF XP Buy below $0.10
Grayd Resource Corp (GYD-V) 4,595,600 $1.550 $0.820 $1.170 -19% Spec Cycle Hold 100%
Golden Goose Resources Inc (GGR-V) 2,937,700 $1.000 $0.650 $0.700 -18% Spec Cycle Hold 100%
Horseshoe Gold Mining Inc (HSX-V) 789,400 $0.700 $0.440 $0.530 -17% BF MP Buy $0.30-$0.49
Andaurex Industries Inc (AWX-V) 37,500 $0.340 $0.290 $0.290 -17% BF MP Buy $0.10-$0.19
Pele Mountain Resources Inc (GEM-V) 2,730,500 $0.430 $0.300 $0.330 -16% BF TP Buy $0.20-$0.29
Energold Drilling Corp (EGD-V) 761,200 $1.580 $1.240 $1.280 -16% Spec Cycle Hold 100%
Geologix Explorations Inc (GIX-V) 1,331,800 $0.540 $0.350 $0.420 -14% BF TP Buy $0.30-$0.49

New Bottom-Fish Lows
Company
Volume High Low Close Chg Status
Skyline Gold Corp (SK.H-V) 7,710,700 $0.410 $0.140 $0.260 0.100 BF TP Buy $0.10-$0.19

 
 

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