Junior miners had an upbeat week on the markets, with improvements in daily volumes over the Sept. 15-21 period. The average daily volume over the week was about 31 million shares, coupled with an S&P-TSX Venture Composite Index gain of 12.5 over the period to close at 1530.12. Pent-up exploration results are starting to trickle out from junior companies, drawing speculative investors back into the market.
Again, gold had a steady week with a late rally pushing the yellow metal to a close of US$408.30 per oz. on the New York Spot Market, up US$3.20 from the previous session. December gold futures rose to US$410.10 per oz. on the New York Futures Market, a 3-week high.
The bullion price showed strength against the U.S. dollar despite the quarter-point rate hike by the Federal Reserve to 1.75%, the third increase this year.
Silver followed gold’s gains, closing the trading period near a 2-week high at US$6.34 per oz., up 16 from the previous week’s close. Platinum prices dipped slightly over the week but recovered to close back at the US$850-per-oz. level. Palladium mirrored platinum’s dip, then improved to finish at US$209 per oz.
Declining inventories and resurgence in Chinese copper demand pushed the red metal up a nickel over the trading period, closing at more than US$1.33 per lb. Nickel completed the across-the-board rally in metals prices by gaining 41, or 7%, to close at US$6.12 per lb.
The ratio of gainers to decliners on the junior mining board showed some improvement over the week. Thirty-two Venture Exchange-listed juniors saw new yearly highs for the trading period, compared with 104 companies setting new 52-week lows.
Far and away, the Venture Market volume leader for the week was Frank Callaghan’s
The second most active issue was fellow northern Saskatchewan uranium explorer
Third on the volume hit parade was
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