The list remains mostly major producers and uranium plays, both of which I continue to believe can work higher as the year progresses.

Nevsun Resources threw a grenade into its market yesterday by announcing about half of it’s anticipated gold production for 2012 shall be no more. This article does a good review of the situation. If major support on the $4.40 area (Point A) doesn’t hold, we can decline down towards the 200-Day M.A (Point B). For me, I would hold shares and be a buyer if we moved down towards the 200-Day M.A. as I suspect the stock shall be in the penalty box for at least several weeks. It’s important to note for those who look pass this year, the loss of reserves is only about 4% . If it does decline near the 200-Day M.A., we could see it become a takeover target. I believe they have like 350+ million in cash and may decide to use some to become more than a one mine company (Did somebody say Sunridge Gold?).

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Posted in Base Metals Canadian Stocks Copper Exploration Shares Gold Mining Shares Precious Metals Silver Sunridge Gold US Stocks by Peter Grandich