Kaiser Bottom Fish OnlineFree trialNew StuffHow It WorksContact UsTerms of UseHome
Kaiser Bottom Fish OnlineSpecializing in Canadian Stocks
SearchAdvanced SearchOFFICIAL WEB SITE FOR JOHN A KAISER AND THE KAISER BOTTOM-FISHING SYSTEM
Welcome Guest User   (more...)
Home / Works Archive / Bottom-Fish Action
Bottom-Fish Action
 Mon May 18, 2009
Bottom-Fish Action Report for May 10-16, 2009
    Publisher: Kaiser Research Online
    Author: Copyright 2009 John A Kaiser

 

Bottom-Fish Action Report for Week of May 10-16, 2009

The Growing Credibility of ETF Gold

The Bottom-Fish 2009 Index stumbled early last week as the uranium sector gave back some of its gains from the past couple of weeks, and weakness in senior equity markets cooled off the speculative TSXV juniors. But gold's resilience revived the juniors, enabling the Bottom-Fish 2009 Index to finish the week on an upbeat note. Last week we provided updates on three gold focused bottom-fish which all stand to benefit if gold breaches $1,000: PC Gold Inc, Skygold Ventures Ltd and Riverside Resources Inc. The week also brought the encouraging news that a major hedge fund manager has emerged as the biggest holder of the SPDR Gold Trust ETF, which oddly coincided with a drop in GLD volume at the end of the week. I have been a big fan of the gold ETF since its conceptual framework was first outlined in 2003 by the World Gold Council, though I was too optimistic about the impact it would have on gold ownership. Nevertheless, I remain convinced that the long term popularity growth of the gold ETF as an investment vehicle will eventually create the 30-50% higher real gold prices needed to unleash 1,000% plus gains in gold juniors with ounces in the ground. In the following discussion I try to explain why ETF gold should not be tarnished with the "paper gold" brush.

A Bloomberg article last week noted that John Paulson's hedge fund firm Paulson & Co, which manages about $26 billion, had boosted its holdings in gold and gold mining stocks during the first quarter of 2009. What caught my attention was that Paulson & Co is now the largest single holder of the SPDR Gold Trust, owning 8.7% of this gold ETF whose allocated gold bar holdings stood at 35,546,729 oz (1,105.62 tonnes) as of May 18, 2009. Paulson's regulatory filing described the logic behind this position as being an asset class denominated in "gold" rather than "dollars" or "euros". Never mind that the return of the Paulson hedge funds will be calculated by converting the SPDR Gold Trust holdings into dollars; what is important is the implicit endorsement Paulson is giving to the gold ETF as a legitimate investment vehicle. This is worth pointing out because time and time again the question gets raised at conferences about the possibility that the gold represented by the gold ETFs is not really there. The confusion is compounded by prominent speakers who trash "paper gold" and recommend that investors buy only physical gold in the form of gold coins and bars. While the complaint about gold futures and other derivative instruments as representing "paper gold" in the sense that these securities represent "promises to deliver" rather than the "real thing" are perfectly valid, to include the SPDR Gold Trust in the same category is inappropriate.

Without question ownership of a gold ETF is not the same thing as owning a gold coin or bar, because a shareholder cannot take delivery of any gold ETF share certificates, and only a special class of shareholders can submit gold ETF "shares" in exchange for physical gold. Ownership is defined through an electronic book-keeping system whose integrity establishes your title to this asset class. To treat the gold ETF as a legitimate investment you must assume that the international clearing and accounting system that underpins your bank and brokerage firm accounts is reliable and will not vanish. That is an assumption I am prepared to make. More worrisome to me is the assumptions I have to make about any physical gold coins and bars I might buy from the myriad of sources available. Unlike with physical gold and bars where the owner has to worry about the fineness of the gold, not just at the time of purchase, but also when he or she tries to sell that gold to another party which will have the same worry, an investor does not need to incur this "verification" expense when buying or selling gold ETF shares. But what about the risk that the allocated gold bars of the gold ETF are an elaborate fiction, along the same vein as the allegation that Fort Knox does not actually hold the gold that the United States counts as its official gold holdings?

Concern about this risk is generally linked to conspiracy theories about fiat currencies as an elaborate fraud orchestrated by a cabal of supremely intelligent and highly collaborative "forces". The clincher proposed by such conspiracy theorists is the claim that no independent audits of Fort Knox have ever been done nor are contemplated. But just because we have no way to independently verify that the 261,502,106 ounces reported by the United States as its official gold holdings is a true statement is no reason to harbor similar suspicions with regard to the gold ETF. The SPDR Gold Trust actually provides a Gold Bar List which describes the details of the gold bars the custodian has allocated to the trust in its warehouses. Their web site even includes photos, though I have to admit I was somewhat taken aback by this image of a bunch of gold bars sitting on wooden pallets in what looks a lot like a coreshack. In addition, the WGC does conduct inspections of the allocated gold holdings through an independent party called Inspectorate International Ltd, whose latest report even includes "mistakes" which have been corrected.

To continue to speculate that the gold ETF is an elaborate hoax requires one to assume that the World Gold Council is not what it purports to be. The SPDR Gold Trust was invented and sponsored by the World Gold Council, a gold producer lobby group whose primary objective is to secure the profitability of its members. The profitability of a gold producer is defined by the difference between the price of gold and the cost to produce it. Gold producers are not interested in scenarios of inflation or currency collapse which drive gold prices higher because such scenarios generally involve a corresponding rise in costs that keep the profit margin from expanding. Furthermore, not only do rising costs gobble up additional revenue from a higher gold price, but circumstances that encourage sharply higher gold prices tend to unleash other problems that can affect the ability to produce gold such as civil strife or government expropriation tactics aimed at "getting a bigger share for the people". Gold producers compete with each other by trying to develop the lowest cost gold mines by deploying innovative extraction technologies, engaging in clever exploration strategies, and pursuing shrewd acquisition strategies. Since 1980 gold producers have added 1.9 billion ounces of new mine supply, boosting the above ground stock 61% to 5 billion ounces gold worth $4.5 trillion at $900 gold.

What economic good was achieved by funneling energy and resources into the extraction of 1.9 billion ounces of gold during the past 3 decades? Other than create busywork for miners, all this has accomplished is fill a small warehouse with bars of gold. The gold miners have in fact debased the value of gold by producing more of it. It thus makes perfect sense that the World Gold Council would work to develop new demand for gold, and in this regard the gold producers are all on the same page in their quest to boost overall demand for gold so that not only their new supply is absorbed, but a higher real price is achieved. Unfortunately, higher real prices tend to have the opposite effect on fabrication demand for jewelry or industrial uses. Industry finds substitutes for gold in response to higher prices. Jewelry demand, which is strongest in regions such as the Middle East and India where the cost of jewelry and other gold artifacts is determined mainly by gold content, has declined in response to higher prices. Even worse, during the past couple years the secondary supply of gold in the form of scrap has surged as Indians melted down jewelry and statues. When the WGC promotes jewelry and industrial demand it is in effect trying to ensure sufficient demand to absorb new mine supply and maintain gold price stability. In contrast, investment demand responds positively to a higher real price in gold, and the gold ETF is the brilliant strategy the WGC developed to boost investment demand for gold. The WGC and its gold producer members are not interested in generating investor demand for fictitious gold; they want investor demand for real gold to grow so that the price of the gold they produces rises or at least remains stable. It is preposterous to speculate that the gold ETFs are something other than what they purport to be.

Through a clever arbitrage mechanism which allows a small group of designated bullion bankers to short the gold ETF and cover the short by delivering physical gold to the trust in exchange for new ETF paper, or buy ETF gold and deliver it to the trust in exchange for delivery of physical gold, the gold ETF closely tracks the price of gold, trading neither at a discount nor premium to the considerably deeper gold bullion market price. Since its debut on November 18, 2004 the SPDR Gold Trust has grown from 260,000 ounces to its current level of 35.5 million ounces, which is still less than 1% of the 5 billion ounce above ground gold stock. Total ETF holdings now exceed 1,600 tonnes, of which the SPDR Gold Trust is the largest. In its Q1 2009 report, from which the accompanying ETF growth chart was extracted, the WGC described ETF holdings by investors as "sticky", meaning that despite the heavy volume generated by traders the net allocated gold bar holdings of the gold ETF increases over time. In the grand scheme of things the gold ETFs are still a drop in the bucket compared to the total above ground gold stock, but they are the key to the legitimization of gold as a long term asset class for a very broad range of investors.

Many gold pundits decry ETF gold and encourage the purchase of physical coins and bars for the same reason stock promoters urge investors to take delivery of their shares and stash them in their home safe or bank safety deposit box. They want the gold taken out of circulation so that when new investment demand arrives there is less gold available for sale and the price will rise. The problem with this agenda is that it has become quite difficult for small investors to source physical gold and take delivery without paying as much as a 50% premium on the spot gold value. Furthermore, if it is such a hassle to buy physical gold, it stands to reason that selling it could be a corresponding hassle. The need for liquidity in one's assets so that one can invest in other opportunities as they arise or deal with an emergency that requires payment in cash is a natural limiting factor with regard to how much of one's personal wealth one would be willing to allocate to physical gold in one's own possession. ETF gold, in contrast, is easy to buy and sell, and can be held in retirement accounts where the taxation of it will ultimately be the same as all asset classes held by the retirement account. Because gold is largely viewed as a way to hedge part of one's wealth against catastrophic disruptions in the value of other asset classes, retirement accounts where one does not expect the need for immediate access to the capital are ideal sources for gold investment demand growth. Also, any ETF gold held in a retirement account cannot be "loaned" by your brokerage firm to short sellers because by definition a retirement account cannot be a margin account, nor can it engage in buy transactions that are not already implicitly settled by cash in the account or the cash generated by the same day sale of another security.

Although ETF gold is still a drop in the bucket, we should not underestimate the speed with which ETF gold holdings could grow. We may still be a long way from the tipping point, a "gestalt switch" which stampedes investor capital into gold, but the electronic order execution structure of ETF gold, coupled with the bullion banker interface between the "paper" market of ETF gold and the "physical" market of bullion gold, is such that investment demand seeking immediate fulfillment could go through the roof and be accommodated. When that happens we will see gold gap higher in real prices terms, and that will benefit the profit margins of gold producers, and deliver huge valuation gains for juniors sitting on undeveloped gold deposits whose implicit "profit margin" has blossomed from next to nothing. It is impossible to predict what will create that tipping point, but everybody should be aware that such a tipping is structurally possible.

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

Bottom-Fish Recommendations made from May 10, 2009 to May 16, 2009
Company Date
Price Recommendation Action Net
Cash
Net
Stock
Gain New Status
No Recommendations

New Comments
Company
Volume High Low Close Chg Status
PC Gold Inc (PKL-T) 661,600 $0.610 $0.480 $0.510 $0.010 BF MP Buy $0.20-$0.29
Riverside Resources Inc (RRI-V) 148,000 $0.460 $0.400 $0.450 $0.050 BF TP Buy $0.20-$0.29
Skygold Ventures Ltd (SKV-V) 1,185,300 $0.245 $0.195 $0.235 $0.050 BF MP Buy $0.20-$0.29

Bottom-Fish Action Report for May 10-16, 2009
PC Gold Inc (PKL-T: $0.50)
RSProfileSearchWebTreeForumSEDARQuoteIPV

Bottom-Fish Comment - May 14, 2009: PC Gold secures key MOU with local First Nation group on Pickle Crow project

PC Gold Inc announced on May 12 that it had signed a memorandum of understanding (MOU) with the Mishkeegogamang Ojibway First Nation with regard to ongoing exploration on the Pickle Crow gold project in northwestern Ontario. To appreciate what a big deal this agreement is one needs to read the words of Chief Gray-McKay: "We appreciate the respectful approach the company has taken to ensuring that our first nation will benefit from this project. The Pickle Crow gold mine operated for years in the heart of our traditional lands without providing any meaningful benefits to our community. We will not allow that to happen again. PC Gold's commitment in this MOU to sharing benefits with Mishkeegogamang is consistent with the approach we expect from all resource companies working in our traditional lands." One has to wonder about her choice of words which drip with decades of accumulated resentment and anger, suggesting a militancy which according to PC Gold's Kevin Keough does not at all reflect the nature of the relationship between PC Gold and the Osnaburgh Reserve. According to Keough native people are the majority residents in the Pickle Crow area, are the obvious candidates to be involved with any redevelopment of the Pickle Crow Mine, and are in fact very interested in seeing a new economic leg develop in their region. Nevertheless, even if Chief Gray-McKay did not mean her statement to come across as it did, there is volatility within the leadership of the various native communities in Ontario that involves a complex interaction with white activist "consultants" and environmentalists pursuing agenda that may conflict with the creation of private sector jobs for native people. While the MOU shifts the band's stance from opposing everything to being prepared to negotiate an impact benefit agreement as the Pickle Crow project moves forward, bottom-fishers need to keep in mind that a leadership change and switch to an anti-development stance remains a risk factor. The news, coupled with a good reception at the New York Hard Assets show, did prompt a spike to $0.61 on Tuesday, but since then "anonymous" has come out of the woodwork with a round of heavy selling that knocked the stock back to the $0.50 level. Since the start of the year "anonymous" has accounted for 39% of the 5.9 million shares sold. The only insider that has done any selling of note is Premier Gold Mines Ltd, which acquired its initial 3.8 million shares as a vendor of the Pickle Crow project. Premier, whose Ewan Downie and John Seaman sit on PC Gold's board, has reduced its position to 2,925,000 shares as of March 31, 2009, of which 776,700 shares were sold during 2009. Premier Gold, which has always been prompt in filing its insider trading reports, has not reported any trades since April 1. Apparently Premier's selling is driven by an internal by-law which requires a selling program for any shares in another company acquired through the sale of a property. Although Premier Gold now owns less than 10% of PC Gold, it still qualifies as an insider by virture of the 950,000 warrants exercisable at $1.40 until May 13, 2010 it got as part of the Pickle Crow disposition. Somewhat illogically, the insider rules define an insider as a shareholder whose combined holdings of shares and non-voting instruments such as warrants and options amount to 10% or more of the actual issued shares. On this basis Premier Gold is still an insider. The most likely source of the selling is the Donald M. Ross in Trust entity which received 5,700,000 shares deemed at $1.00 for its share of the Pickle Crow assets. These shares were not escrowed, but were subject to a pooling agreement which allowed for a 20% release on the May 13, 2008 listing date, and 20% every quarter thereafter. The trust is divided among 5 shareholders, so it does not qualify as an insider. May 13 was the final release date for this paper, with 1,140,000 shares being released to the five parties. Judging from the fact that some of this paper was pounded out the instant it became free trading even though the stock was breaking out, one has to conclude that these trust members have already dumped the earlier released paper. While we will probably see some more "program" selling from Premier Gold over the next couple months, the iceberg that has been hindering an upside move appears to have been largely melted. The next potential iceberg to come onto the market will be the 4 million units at $0.50 private placement completed in March. Sun Valley Gold LLC bought 1.7 million units, making it the biggest declared shareholder at 4.7 million shares, and an unlikely seller at current prices. This private placement comes free trading on July 12, 2009. While it is always perturbing to encounter iceberg selling despite what one perceives as a great story promising substantial upside, in this case the possibility of a dramatic gold price move dragging up the value of the 1.4 million ounces still in place above the 1,500 m level, and the possibility that deep drilling later this year may establish that thicker and higher grade gold mineralization extends to a depth of 2,500 m in a replay of Goldcorp's Red Lake experience, one has to accept that either the seller has special reasons to sell or simply does not share one's optimism about what ultimately is still an uncertain outcome. PC Gold has emerged as one of my core bottom-fish recommendations. Bottom-fishers must be reminded that if bottom-fishing does not make you to some degree uncomfortable, the 500% plus upside potential you are shooting for is probably not present.

Skygold Ventures Ltd (SKV-V: $0.24)
RSProfileSearchWebTreeForumSEDARQuoteIPV

Bottom-Fish Comment - May 15, 2009: Skygold seeks better grade understanding for Spanish Mountain

Skygold Ventures Ltd has outlined a 2009 exploration program for its Spanish Mountain gold project in British Columbia that seeks a better understanding of the structures that control grade within this sediment hosted gold system. Since publishing a new resource estimate in mid March the junior has been pounded by heavy selling through CIBC by a shareholder that according to Skygold insiders has not identified itself. The actual reasons are not known, but it may a combination of disappointment that Skygold delivered only 2.9 million ounces gold at a 0.79 g/t gold grade using a 0.5 g/t cutoff and disgruntlement with the lack of evidence of any management "skin in the game". CEO Brian Groves tried to change that by purchasing 47,000 shares up to $0.23 during the days after the release of the resource estimate, but must have noticed that his enthusiasm was not shared by fellow board members who kept their hands in their pockets as the stock dropped, trading as low as $0.14. I had a chance to talk to Brian Groves at the SaskRocks conference in Saskatoon last weekend where he showed me the results of the block model generated as part of the recent resource estimate. The block diagram reveals that within the north-south deformation corridor there appears to be a NNE structural trend of elevated gold grade which the next round of drilling will follow up. At least two other apparent structures have been identified. To date the deposit has been treated as a stratigraphically controlled gold system, with ore grade mineralization occurring within two argillite horizons. All the holes have been drilled at a 60 degree angle with a 120 degree azimuth. It is now believed that higher grades are associated within cross-cutting structures to which a portion of the holes would have been drilled sub-parallel. In other words, the resource estimate grade may have been dragged down somewhat because the higher grades associated with the structures would not be present in a fair number of holes. On May 1 Skygold published a news release which provided a general outline of the 2009 exploration program which is expected to cost about $4 million. That would leave Skygold with about $2 million working capital. The program will include a series of PQ size core holes to recover samples for further metallurgical studies. It will also include a couple deep holes in the heart of the gold deposit where several structures appear to intersect. The logic behind these holes appears to consist of curiosity about what happens beneath the two mineralized horizons, with an outside hope that perhaps the hole will get lucky and hit a feeder zone. Exploratory holes will also be drilled in the Cedar Ridge area on the other side of the mountain to the south of the zone, as well as in the Oscar area to the north. And in what appears to be a compromise for the feuding geological theories, more holes will be drilled east and west of the Main Zone in an effort to identify other north-south "structural corridors" within the favorable stratigraphy. The main focus, however, will be to drill holes in the heart of the deposit which better define the structural controls of the deposit and give the statisticians a possible basis for boosting the average grade. Brian Groves wants to advance Spanish Mountain to the prefeasibility stage by 2010 for an open pit mining scenario. For that he needs more metallurgy and the sweetest spot for a starter pit. The market has responded positively to the news and the recent uptick in the price of gold, and although the absence of "skin in the game" is still bothersome, there remains strong behind the scenes interest in Skygold's destiny. With a 100% net interest, 99.2 million shares fully diluted, and a $0.235 stock price, the implied value for the Spanish Mountain project is $23 million. Bottom-fishers stand to benefit immediately if the gold price moves up abruptly, or later this year if the 2009 work program either establishes new ounces through exploratory drilling, or by increasing the grade in the Main Zone.

Riverside Resources Inc (RRI-V: $0.45)
RSProfileSearchWebTreeForumSEDARQuoteIPV

Bottom-Fish Comment - May 15, 2009: Riverside set to rethink Sugarloaf Peak geology

Riverside Resources Inc has been given the nod by its biggest shareholder, Rick Rule, to risk its own money on the Sugarloaf Peak gold project in Arizona, at least for now. Although Riverside is supposed to adhere to the prospect generator-farmout model espoused by the master of risk aversion, it had optioned the project in April 2008 as a bet on a potentially higher gold price with the understanding that significant work would eventually be farmed out to a less clever party. The property was originally explored during the sixties and seventies by Kerr McGee and others as a copper porphyry play, which is why the property has several core holes as deep as 1,000 metres. Unfortunately, the 20 core holes were never assayed for gold, just copper, lead, zinc and molybdenum. During the eighties after gold had made its big move Sugarloaf was explored as an epithermal gold play into which 61 shallow RC holes were drilled which resulted in several historic resource estimates, including 54,430,800 tonnes of 0.6 g/t gold at an unknown cutoff grade for just over 1 million ounces. Even at $925 gold this translates into a rock value of only $18 per tonne, which is why work stopped a long time ago and Riverside was able to option it on terms that require it to pay $300,000 and spend $1.5 million (US) over 4 years. The zone of interest has a strike of 1,800 metres and widths up to 1,500 metres, and while alteration with mineralization is known to extend to a depth of 1,000 metres, the historic estimate is only to a depth of 100 metres, largely because it was viewed as a heap leach candidate similar to the Mesquite deposit to the south. But while the footprint of the system is large, and the majors were interested, John-Mark Staude was unable to secure a a farmout on decent terms, in part because the majors wanted to first see a round of core drilling that gives a more reliable estimate of grade and a portrait of structural controls. In early 2009 as gold was threatening to breach $1,000 and unleash a gold mania, with lots of other supposedly not so clever juniors chomping at the bit to option this ounces in the ground story, Staude secured support from his backers to spend Riverside's own money on the first round of work. To pay for this program Riverside completed a private placement of 2.5 million units at $0.40 in early April, of which the Rule Family Trust took down 270,000 units, boosting its position to 2,183,500 shares. Riverside plans to drill 17 angled core holes to a maximum vertical depth of 150 metres in two areas within a 1,000 metre central portion of the Sugarloaf zone. About five holes will twin existing RC holes to confirm the existing database and shed light on the theory that the RC holes may understate the grade. The primary focus of the program will be to provide supporting data for Staude's theory that past drilling was guided by an incorrect geological model. His own model is that high angle structures are the controls for the mineralization, which has made him mighty curious about how the gold grade behaves at depth where sulphides can be expected to prevail. If he is successful it should become easy to farm out Sugarloaf Peak to a major on favorable terms, for the gold target will have expanded to a 5 million ounce plus system. A plan of operations has been submitted to the permitting bodies and Riverside hopes to be drilling by early July. Results will not be known until September, by which time there is a good chance gold will be at a much higher price, making Sugarloaf Peak's shallow 1-2 million ounce oxide resource attractive as a heap leach candidate regardless of the big picture implications. With 32.8 million shares fully diluted, a $0.45 stock price, and a 100% net interest, the Sugarloaf project has an implied value of $15 million, which leaves a lot of room for the upside. The good news for bottom-fishers is that Riverside for now has the green light to maintain 100% of a project which can benefit from a rise in the price of gold or from exploration results which support the bigger picture. Meanwhile the junior continues to conduct its exploration programs in Mexico.

New Bottom-Fish Highs
Company
Volume High Low Close Chg Status
Atacama Minerals Corp (AAM-V) 205,000 $0.485 $0.370 $0.405 $0.035 BF LP Buy $0.20-$0.29
Donner Metals Ltd (DON-V) 578,200 $0.250 $0.170 $0.200 $0.020 BF XP Buy below $0.10
Galena Capital Corp (FYI-V) 115,400 $0.190 $0.150 $0.175 $0.030 BF XP Buy below $0.10
Helio Resource Corp (HRC-V) 285,600 $0.500 $0.430 $0.450 $0.030 BF MP Buy $0.20-$0.29
Intl Nickel Ventures Corp (INV-T) 1,054,400 $0.300 $0.240 $0.270 $0.040 BF MP Buy $0.10-$0.19
MDN Inc (MDN-T) 695,800 $0.850 $0.670 $0.750 $0.070 BF TP Buy $0.50-$0.75
Newport Exploration Ltd (NWX-V) 446,100 $0.150 $0.115 $0.145 $0.035 BF XP Buy below $0.10
Rimfire Minerals Corp (RFM-V) 267,200 $0.460 $0.330 $0.390 $0.050 BF MP Buy $0.20-$0.29
Salazar Resources Ltd (SRL-V) 35,200 $0.720 $0.560 $0.600 $0.050 BF MP Buy $0.10-$0.19
Soltoro Ltd (SOL-V) 302,500 $0.350 $0.080 $0.250 $0.150 BF XP Buy below $0.10
Stingray Copper Inc (SRY-T) 620,900 $0.520 $0.400 $0.460 $0.000 BF MP Buy $0.10-$0.19
Underworld Resources Inc (UW-V) 750,400 $1.080 $0.710 $0.960 $0.260 BF MP Buy $0.10-$0.19
Ur-Energy Inc (URE-T) 7,372,500 $1.390 $1.160 $1.170 ($0.040) BF MP Buy $0.50-$0.75

Top 10 Bottom-Fish Volume Traders
Company
Volume High Low Close Chg Status
Ur-Energy Inc (URE-T) 7,372,500 $1.390 $1.160 $1.170 ($0.040) BF MP Buy $0.50-$0.75
African Aura Resources Ltd (AAZ-V) 3,899,700 $0.105 $0.090 $0.090 ($0.015) BF XP Buy below $0.10
Geologix Explorations Inc (GIX-T) 3,569,100 $0.240 $0.140 $0.180 $0.030 BF TP Buy $0.10-$0.19
Eastmain Resources Inc (ER-T) 2,019,500 $1.300 $1.000 $1.230 $0.160 BF TP Buy $0.30-$0.49
Commerce Resources Corp (CCE-V) 1,850,600 $0.330 $0.250 $0.290 $0.020 BF MP Buy $0.10-$0.19
Creston Moly Corp (CMS-V) 1,538,400 $0.195 $0.140 $0.185 $0.045 BF TP Buy $0.10-$0.19
Skygold Ventures Ltd (SKV-V) 1,185,300 $0.245 $0.195 $0.235 $0.050 BF MP Buy $0.20-$0.29
Christopher James Gold Corp (CJG-V) 1,131,500 $0.035 $0.030 $0.030 ($0.005) BF XP Buy below $0.10
Nevsun Resources Ltd (NSU-T) 1,081,700 $1.520 $1.340 $1.470 $0.100 Spec Cycle Hold 100%
Intl Nickel Ventures Corp (INV-T) 1,054,400 $0.300 $0.240 $0.270 $0.040 BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Value Traders
Company
Value High Low Close Chg Status
Ur-Energy Inc (URE-T) $9,400,297 $1.390 $1.160 $1.170 ($0.040) BF MP Buy $0.50-$0.75
Eastmain Resources Inc (ER-T) $2,337,264 $1.300 $1.000 $1.230 $0.160 BF TP Buy $0.30-$0.49
Nevsun Resources Ltd (NSU-T) $1,546,097 $1.520 $1.340 $1.470 $0.100 Spec Cycle Hold 100%
Wesdome Gold Mines Ltd (WDO-T) $1,540,005 $1.800 $1.590 $1.770 $0.140 BF TP Buy $0.76-$1.00
Orko Silver Corp (OK-V) $783,116 $0.870 $0.780 $0.800 ($0.040) BF TP Buy $0.30-$0.49
Sabina Silver Corp (SBB-V) $782,493 $0.860 $0.780 $0.820 $0.000 BF TP Buy $0.30-$0.49
Geologix Explorations Inc (GIX-T) $665,644 $0.240 $0.140 $0.180 $0.030 BF TP Buy $0.10-$0.19
B2Gold Corp (BTO-T) $664,957 $0.700 $0.650 $0.680 ($0.010) BF TP Buy $0.30-$0.49
Underworld Resources Inc (UW-V) $648,624 $1.080 $0.710 $0.960 $0.260 BF MP Buy $0.10-$0.19
MDN Inc (MDN-T) $526,468 $0.850 $0.670 $0.750 $0.070 BF TP Buy $0.50-$0.75

Top 10 Bottom-Fish Price Gainers
Company
Volume High Low Close Chg Status
Underworld Resources Inc (UW-V) 750,400 $1.080 $0.710 $0.960 $0.260 BF MP Buy $0.10-$0.19
Eastmain Resources Inc (ER-T) 2,019,500 $1.300 $1.000 $1.230 $0.160 BF TP Buy $0.30-$0.49
Soltoro Ltd (SOL-V) 302,500 $0.350 $0.080 $0.250 $0.150 BF XP Buy below $0.10
Wesdome Gold Mines Ltd (WDO-T) 886,200 $1.800 $1.590 $1.770 $0.140 BF TP Buy $0.76-$1.00
Anfield Ventures Inc (ANF-V) 346,100 $1.500 $1.200 $1.400 $0.140 BF LP Buy $0.30-$0.49
Atna Resources Ltd (ATN-T) 663,100 $0.900 $0.690 $0.840 $0.130 BF TP Buy $0.30-$0.49
Arapaho Capital Corp (AHO-V) 15,000 $0.400 $0.350 $0.370 $0.120 BF LP Buy $0.10-$0.19
Nevsun Resources Ltd (NSU-T) 1,081,700 $1.520 $1.340 $1.470 $0.100 Spec Cycle Hold 100%
Intl Enexco Inc (IEC-V) 306,600 $0.600 $0.455 $0.540 $0.095 BF MP Buy $0.30-$0.49
Western Troy Capital Res Inc (WRY-V) 60,500 $0.250 $0.170 $0.250 $0.080 BF TP Buy $0.30-$0.49

Top 10 Bottom-Fish Price Percentage Gainers
Company
Volume High Low Close Chg Status
Soltoro Ltd (SOL-V) 302,500 $0.350 $0.080 $0.250 150% BF XP Buy below $0.10
Lithic Resources Ltd (LTH-V)
54,000 $0.085 $0.070 $0.085 55% BF X Buy below $0.10
Arapaho Capital Corp (AHO-V) 15,000 $0.400 $0.350 $0.370 48% BF LP Buy $0.10-$0.19
Western Troy Capital Res Inc (WRY-V) 60,500 $0.250 $0.170 $0.250 47% BF TP Buy $0.30-$0.49
Northern Superior Resources Inc (SUP-V) 451,000 $0.120 $0.075 $0.105 40% BF XP Buy below $0.10
Underworld Resources Inc (UW-V) 750,400 $1.080 $0.710 $0.960 37% BF MP Buy $0.10-$0.19
Harvest Gold Corp (HVG-V) 406,200 $0.060 $0.040 $0.060 33% BF XP Buy below $0.10
Creston Moly Corp (CMS-V) 1,538,400 $0.195 $0.140 $0.185 32% BF TP Buy $0.10-$0.19
Newport Exploration Ltd (NWX-V) 446,100 $0.150 $0.115 $0.145 32% BF XP Buy below $0.10
Skygold Ventures Ltd (SKV-V) 1,185,300 $0.245 $0.195 $0.235 27% BF MP Buy $0.20-$0.29

Top 10 Bottom-Fish Price Losers
Company
Volume High Low Close Chg Status
Uranerz Energy Corp (URZ-T) 166,100 $1.660 $1.350 $1.430 ($0.230) BF MP Buy $0.50-$0.75
Rare Element Resources Ltd (RES-V) 181,400 $0.960 $0.800 $0.840 ($0.130) BF MP Buy $0.30-$0.49
New Oroperu Resources Inc (ORO-V) 5,000 $0.580 $0.580 $0.580 ($0.120) BF MP Buy $0.30-$0.49
Western Lithium Canada Corp (WLC-V) 476,300 $0.650 $0.520 $0.550 ($0.110) BF MP Buy $0.10-$0.19
Gleichen Resources Ltd (GRL-V) 44,000 $0.450 $0.410 $0.415 ($0.085) BF LP Buy $0.10-$0.19
U3O8 Corp (UWE-V) 158,600 $0.475 $0.425 $0.455 ($0.075) BF LP Buy $0.20-$0.29
Continental Precious Minerals Inc (CZQ-T) 199,700 $0.750 $0.600 $0.640 ($0.070) BF MP Buy $0.30-$0.49
Gold-Ore Resources Ltd (GOZ-V) 602,100 $0.570 $0.475 $0.475 ($0.065) Spec Cycle Hold 100%
Peregrine Diamonds Ltd (PGD-T) 775,600 $0.690 $0.570 $0.600 ($0.060) BF TP Buy $0.30-$0.49
Mega Silver Inc (MSR-V) 270,300 $0.860 $0.740 $0.790 ($0.060) BF LP Buy $0.10-$0.19

Top 10 Bottom-Fish Price Percentage Losers
Company
Volume High Low Close Chg Status
Tarsis Capital Corp (TCC-V) 10,000 $0.120 $0.100 $0.100 -23% BF XP Buy below $0.10
Cartier Resources Inc (ECR-V) 63,000 $0.235 $0.185 $0.190 -21% BF MP Buy $0.20-$0-0.29
Uravan Minerals Inc (UVN-V) 191,800 $0.240 $0.180 $0.190 -21% BF MP Buy $0.10-$0.19
Sennen Resources Inc (SN-V) 41,000 $0.210 $0.200 $0.200 -20% BF TP Buy $0.10-$0.19
New Oroperu Resources Inc (ORO-V) 5,000 $0.580 $0.580 $0.580 -17% BF MP Buy $0.30-$0.49
Gleichen Resources Ltd (GRL-V) 44,000 $0.450 $0.410 $0.415 -17% BF LP Buy $0.10-$0.19
Western Lithium Canada Corp (WLC-V) 476,300 $0.650 $0.520 $0.550 -17% BF MP Buy $0.10-$0.19
Strategic Metals Ltd (SMD-V) 277,800 $0.275 $0.200 $0.230 -16% BF MP Buy $0.10-$0.19
Christopher James Gold Corp (CJG-V) 1,131,500 $0.035 $0.030 $0.030 -14% BF XP Buy below $0.10
African Aura Resources Ltd (AAZ-V) 3,899,700 $0.105 $0.090 $0.090 -14% BF XP Buy below $0.10

New Bottom-Fish Lows
Company
Volume High Low Close Chg Status
No Records

 
 

You can return to the Top of this page


Copyright © 2014 Kaiser Bottom Fish, All Rights Reserved