We visited the gold sector over at Buy Sell Signals today to see how Australian gold stocks are reacting the rising gold price. Gold is back over US$650 and like oil, showing that it does not give a damn about the shallow, nervous, loudly-proclaimed opinions of the naïve and inexperienced.
Here is some of the data we found interesting. We should say we know nothing about these stocks and haven't investigated them at all. We're just trying to make heads or tails of what the volume-related trading data tells us, if it tells us anything at al.
HIGHEST VARIATION FROM VOLUME WEIGHTED PRICE
The following stocks were at the highest premium to 5-day Volume Weighted Price:
Newland Resources (ASX: NRL) trading at 23c was 25.4% above its Volume Weighted Price of 18.34c.
Marathon Resources (ASX: MTN) trading at $2.99 was 24.8% above its Volume Weighted Price of $2.40.
Korab Resources (ASX: KOR) trading at 85c was 17.4% above its Volume Weighted Price of 72.41c.
Red River Resources (ASX: RVR) trading at 16c was 13.5% above its Volume Weighted Price of 14.1c.
Heron Resources (ASX: HRR) trading at 95c was 11.5% above its Volume Weighted Price of 85.2c.
The following stocks were at the steepest discount to 5-day Volume Weighted Price:
Goldsearch (ASX: GSE) trading at 9.1c was 19.8% below its Volume Weighted Price of 11.35c.
Rox Resources (ASX: RXL) trading at 30c was 18.9% below its Volume Weighted Price of 37.01c.
Renison Consolidated Mines (ASX: RSN) trading at 9.8c was 13.8% below its Volume Weighted Price of 11.37c.
Helix Resources (ASX: HLX) trading at 14c was 13.8% below its Volume Weighted Price of 16.23c.
Jindalee Resources (ASX: JRL) trading at $1.35 was 12.8% below its Volume Weighted Price of $1.55.
HIGHEST RISES IN A SELLERS MARKET
A total of 35 stocks (or 20.0%) rose in a sellers market where turnover at ask exceeded turnover at bid. Major price rises included:
Heron Resources (ASX: HRR) which soared 11c (or 13.1%) to close at 95c. Turnover at ask of $176,096 outweighed 6.1 times turnover at bid of $28,773.
Kingsgate Consolidated (ASX: KCN) which soared 38c (or 10.9%) to close at $3.87. Turnover at ask of $1.91 million outweighed 1.9 times turnover at bid of $1.01 million.
Admiralty Resources (ASX: ADY) which soared 1c (or 8.7%) to close at 12.5c. Turnover at ask of $508,459 outweighed 3.2 times turnover at bid of $157,120.
STEEPEST FALLS IN A BUYERS MARKET
A total of 63 stocks (or 36.0%) fell in a buyers market where turnover at bid exceeded turnover at ask. Major price falls included:
Gondwana Resources (ASX: GDA) which plummeted 0.3c (or 15.0%) to close at 1.7c. Turnover at bid of $54,617 outweighed 6.7 times turnover at ask of $8,158.
Pelican Resources (ASX: PEL) which plummeted 2.5c (or 12.2%) to close at 18c. Turnover at bid of $93,359 outweighed 3.9 times turnover at ask of $24,195.
Hampton Hill Mining (ASX: HHM) which plummeted 2c (or 10.8%) to close at 16.5c. Turnover at bid of $3,654 outweighed 1.1 times turnover at ask of $3,337.
Tiger Resources (ASX: TGS) which plummeted 5c (or 9.4%) to close at 48c. Turnover at bid of $55,441 outweighed 5.5 times turnover at ask of $10,096.
Goldsearch (ASX: GSE) which plummeted 0.8c (or 8.1%) to close at 9.1c. Turnover at bid of $224,697 outweighed 1.9 times turnover at ask of $119,117.
All data compiled at www.BuySellSignals.com
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About the Author
Dan Denning is the author of 2005's best-selling The Bull Hunter (John Wiley & Sons). He began his financial publishing career in 1997 and has covered financial markets form Baltimore, Paris, London and, beginning in 2005 Melbourne. He’s the editor of The Daily Reckoning Australia and the Publisher of Port Phillip Publishing.
