|The $C is in many ways a petrobuck; there is a high correlation between the oil price and the loonie. They rarely move in opposite directions for more than a short period.|
I find it interesting how strong the correlation is, considering what a small proportion of the Canadian economy involves hydrocarbon extraction, a declining slice at that.
Buying op: for some reason KDK was down 13% today in spite of the release of strong drill results. It strikes me that the market does not realize that the operating mines in the area run on about 0.25% CuEq, meaning the results in today's PR, 0.45-0.75% over long intercepts, are actually very strong.
For those who don't know, KDK is searching for large copper-gold porphyries in southern BC. They are currently drilling up a large deposit called Gate they discovered last year, and are about to start drilling another called Dillard. There are also strong indications of other porphyries on their properties, maybe even a giant cluster. Oh, and their have under 50M shares out.