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Opinions Peter Grandich
Canbior IncCBJ.TOTOP PICKApr 15, 2005
We are still going to have a tough time in the metals and mining shares for the next few months, even though he thinks gold will work its way higher. The markets and managers will look for things that didn't participate in the last go-around. Believes this one may have begun to turn around. Hedge book is better.
$2.39
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precious metals
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TOP PICK
Expects marked increases in mergers and acquisitions in the gold sector, so his Top Picks are based on this. This is his 3rd choice. A fallen angel. Had a big problem with its hedge books, then with higher operational costs. Starting to turn around but very vulnerable to a major who feels it can do a better job.
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TOP PICK
An international gold producer with operations, developments and exploration projects throughout the Americas. Had a big hedge book problem but that's dissipated and they appear to be turning the corner. Last quarter showed a 10% increase in gold output, revenues are up 52%. Cash flows have improved.
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Because the view of a weakening US$ is so uniform, there could be a bit of a rally in the near term. Over the longer term, it will still be weak. The pull back in junior golds could last 6/12 weeks, so bit by bit, week by week, they keep buying juniors such as Bema and Cambior. El Dorado should participate as well.
Fred SturmOwned
precious metals
