Canaccord squeezed out at lower prices - gold closes strong Tocvan closed at $0.53 on Friday. It was an interesting week of trading, it all started when Canaccord was looking to sell a block of stock around 60,000 shares. They sat at $0.56 earlier in the week, then moved down in price each day until finally yesterday, investors stepped up and bought all their stock in the lower $0.50 range.
Canaccord sold 66,000 shares at an average price of $0.52. It was interesting how they were squeezed into selling their stock at a lower price than what they were initially looking to sell at. I guess they had no choice if they wanted to exit by the end of the week. The total volume yesterday was 115,000 shares, but there were only 192,000 shares that traded for the entire week, with Canaccord and Anonymous being the only real sellers.
Generally, shareholders are waiting to see what is going to unfold over the summer. There are another 8 holes to report and a field sampling program is being conducted across the 100% owned broader expansion area to define new areas of mineralization and identify drill targets.
The bigger story for the summer is that gold pushed yet again above the $2,400 barrier and managed to hold on Friday. The flight to safety is gaining pace as more and more countries are strategically buying gold. This is setting the stage for higher gold prices and the eventual trickle down and rotation of money from the broader commodity markets into the junior resource sector.
For those of you that haven't seen Brodie's most recent youtube video, it is well worth watching.
It is interesting to note that the "Major" conducting due diligence has decided to extend their investigations another week, or perhaps more. I suspect this extension is a positive step but there is no use speculating until we find out more in a press release.
Hard to believe, but it is already July 13. I hope everyone is taking time off this summer and spending time with family and friends.
This would be the time when my parents would take us on a camping road trip. Not quite like the movie, National Lampoon's Vacation (1983) starring Chevy Chase, but more like a trip into Algonquin Park, the Bruce Penninsula and other areas of Ontario. There were no cel phones or computers, a great time to grow up and enjoy life and the outdoors.