Fronteer Development Group Incorporated (FRG) put in a sparkling performance yesterday when the stock price moved up 8.52% for a gain of $1.00 on turnover of 450,000 in the USA.
FRG has almost doubled since it bottomed at around $7.00 in August 2007 and closed yesterday at $12.77, which is not too far from its previous high of just over $14.00.
As we can see from the chart the indicators have bounced and are heading north. We should not have favourites but this is one of ours despite the battering we took in the summer sell off. It should also be remembered that this stock is both a gold and uranium play as it is the major shareholder in the uranium stock called Aurora Energy Resources. On days when both gold and uranium head north Fronteer should be a major beneficiary.
Watch out for Wednesday when the Feds announce changes to the interest rate for the US Dollar. Further cuts will confirm the continuing decline of the dollar and should be good for gold.
Have a great day.
Fronteer Development Group Incorporated trades under the symbol of FRG on the AMEX Stock Exchange and the Toronto Stock Exchange
Aurora Energy Resources Incorporated trades on the Toronto Stock Exchange under the symbol of AXU
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