S&P/TSX COMPOSITE
8309.76 +60.23
SHANGHAI COMPOSITE
1897.22 -90.53
CRUDE OIL
$39.03 -0.88
To say that we are currently going through historical
times is an understatement and everyone is aware of it.
All of a sudden people are watching BNN and CNN like
crazy for hints of what next on the economy and how
ugly it’s going to get.
We’ve already had one of the biggest crashes in his-
tory and some indexes plunged more in the past year
than they did in 1929. So you have blue-chip stocks get-
ting absolutely beaten up, which means for those in the
speculative market such as we like in the resources, it
has been a total bloodbath.
The concern is that hundreds of junior miners will not
be able to get financed in this market, at a time when
roughly 80 to 85 producing mines are being shut down
and in the oil and gas market, there’s not a lot of folks
that make money at $38.00 oil.
Who it is that survives
this time may well thrive when things do get better. Of
course the big question these days is how far away is
that? Is it a mere six months down the road after a mas-
sive stimulus by countries around the world? Or is one
going to have be much more patient? For sure in the
short-term though, there will be casualties.
These have been absolutely brutal days for many in
the market, but over the next few days, it’s time to get
priorities straight and remember that friends and family
are what makes things go.
We, like everyone else, will be re-grouping over the
holidays hoping to battle on through what could be a
very challenging year next year.
Merry Christmas and all the best to everyone!