Vancouver Stock Exchange Trading heavy as gold moves up

The Vancouver market has become extremely active and there are signs it could get better yet. Gold prices have been moving higher in response to weaker American dollar and to the Iran-Iraq war, which seems to be entering a decisive phase.

New York and Toronto gains are almost unprecedented and the stronger Canadian dollar could be a harbinger of lower interest rates. That would be good for the economy and the market too. The Casa Berardi area in Quebec has not impacted on the market yet, but that could change with the resumption of drilling on the Estrades property this month.

The market was very busy at presstime with Skyline Explorations moving ahead 88 cents to $13.64. Over our report period the stock was $3.62 stronger at $12.75 and a lot of that gain was probably overseas buying. Tungco Resources climbed 7 cents to 67 cents in good volume and Ark Energy was 3 cents better at 35 cents . At last report, Tungco was negotiating a property in the Iskut River area where Skyline is located. It was the most active stock during the period, with a turnover of 3.2 million shares. Ark expects to be drilling its McKenney mine project this week.

Murray Pezim’s new flagship, Galveston Resources, jumped $3.26 to $10.64. And Technigen Platinum, which is involved with Equinox Resources in a search for platinum group metals, closed the week $1.05 higher at $5.25. Problems at the Cannon mine at Wenatchee, Wash., had deflated the stock of Breakwater. But it recovered somewhat, gaining 71 cents to $6.84.

Vault Explorations, which is looking for, but apparently hasn’t yet found, King Solomon’s gold mine in Mali, was suspended for 15 days at presstime. It last traded at $3.50. The VSE is investigating trading activity in the stock by insiders. (There’s no reason to believe that any of the king’s relative’s are involved).

New listings for the week included: Chelan Resources, IGF Metals and Silverquest Resources. VSE Short Positions

The VSE reports a short position of four million shares and warrants as of Jan 2. Some of the larger positions included: Windarra Minerals, 146,200; Armor Development, 126,900; Regal Petroleum, 113,500; Skyline Explorations, 109,200; and Happy Resources, 104,500.