Categories: Energy / Precious Metals
Topics: General Energy / General Precious Metals

RSD Weekly Recap: Skyharbour Resources (TSX-V: SYH), Almadex Minerals (TSX-V: AMZ), Nevada Sunrise (TSX-V: NEV), Uranium Energy Corp. (NYSE: UEC), Midas Gold (TSX: MAX)

This is Gerardo Del Real with the Resource Stock Digest weekly recap.

The sell-off in gold continues and we expect that by year-end we will see prices closer to $1,000 than $1,200 an ounce. Gold closed the week at $1,131 an ounce, down $28 after the Fed raised rates by a quarter point.

The hike sent the dollar higher with the dollar index closing the week at 103, a 14-year high.

Silver was also lower, approximately 4.7% for the week, losing a dollar and closing just under the $16 an ounce range.

Platinum gained nearly 1% closing at $921 an ounce while Palladium took a dive and broke the $700 level closing in the $680 range, down approximately 6% for the week.

Copper lost nearly 3% closing near the $2.60/lb-range while zinc is trading near $1.25 per pound.

Brent crude closed near the $55 a barrel mark and added nearly 1% for the week.

Uranium is showing some life. The spot price rallied from $18 to $22 per pound and the juniors with the best assets and management teams have finally started to catch a bid.

I had the pleasure of catching up with (click for interview) Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) CEO Jordan Trimble to go over the newly optioned Preston uranium project and to go over the upcoming drilling program at Moore Lake.

Almadex Minerals (TSX-V: AMZ)(OTC: AXDDF) released new assays from El Cobre, its copper-gold project in Veracruz.

The company reported 497 meters of 0.16% copper and 0.33 g/t gold. Keep an eye on Almadex as it looks like the company is getting closer to the porphyry core.

Nevada Sunrise (TSX-V: NEV)(OTC: NVSGF) provided an exploration update for its Kinsley Mountain gold project in Nevada.

Uranium Energy Corp. (NYSE: UEC) announced it had received its final mine permit for its Burke Hollow project in South Texas.

Midas Gold (TSX: MAX)(OTC: MDRPF) announced the Plan of Restoration & Operations for its Stibnite gold project was deemed complete by the US Forest Service. Expect more drill results soon.

We expect the pullback in precious metals to continue but would stress that this is an excellent time to add or initiate positions in the best names, especially companies that have strong cash positions and can ride out the volatility while simultaneously delivering value adding catalysts.

I’d like to remind you that if you’re looking to buy gold, coins, or collectibles that David Hall Rare Coins is the most trusted name in the business. Here is an interview I did with Van Simmons in the summer.

Click here to get in touch with David Hall Rare Coins.

We’d like to wish everyone a very happy holiday.

Click here to see more from Uranium Energy Corp.