daytrade diaries... november 4, page-15

Morning all (thanks HLL),

Wow - India certainly helped the price of Gold to rise overnight after it purchased 200 metric tonnes of it from the IMF! You've just got to love that gold chart atm:-


Source: www.money.cnn.com

Oil was also up overnight - so today I will be looking at the smaller Oil & Gold stocks:-

LRC - Currently in a T/H until tomorrow pending a "Maiden Inferred (Gold) JORC" from their gold project in Chile (Arqueros). However, keep an eye out on the announcements today for this would be a perfect day to release this Maiden Resource imo.

TAM - I have a core holding in this stock and consider it to be undersold. They are a producer & an explorer of gold in WA. They produced ~13,000 ozs in the last Quarter (@ $660/oz in costs).

FML - I believe there was a bit of a flurry for FML shares into the close yesterday afternoon. Focus Minerals is an explorer & a producer of Gold in Coolgardie/Kalgoorlie regions. They are stepping out drilling to follow the high mineralisation which is up to 170/gpt of gold. The company produced 41,000 ozs of gold in the last financial year at a cost of $603/oz) and recorded a maiden profit of $15.9m.

LKO - We're getting to the pointy end now of the drill which is to prove up the Oil & Gas onshore Victoria is the same formation as off-shore Bass Strait., and in commercial amounts. This drill is LKO's most prospective drill in 60 years according to the Company.

EGO - On its GinGin drill, potentially has some severe problems with financing; to be resolved one way or the other this week imo. If you are looking to trade this stock I would be very careful atm. Having said that, IF the Company gets its ducks in line, technically it's still a reasonably prospective drill imo.

NWE - Still awaiting Seismics on the UK prospect.

On the announcement front:-

IFE/TRF - Iron Ore stocks. Had an Announcement out this morning stating that IFE are shoring up a resource and they will be producing next year. TRF has 50% of IFE & is free carried.

Ok, I hope you all picked a few winners yesterday (lol) and manage to do the same again today! (:

Have a great day trading all and my quote for today is:-

"The meek shall inherit the earth, but not the mineral rights." ~ J.P. Getty

Cheers, Pie (: