Placer Dome (PDG.TO) Buy, Sell or Hold

Placer Dome (PDG.TO)

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BUY

Also likes Newmont (NEM-N) which is the best gold company in the world. Placer trades at about half Newmont's valuation. Not as good a company, but at half the valuation, prefers Placer. Owns gold as a hedge against the US$.

WAIT

This is a good company, buy feels that Barrick (ABX-T) is better as it is cheaper. Gold could fall a bit further and that would be the time to add. All the gold stocks will do well over a long period of time.

WEAK BUY

They are hedged, but are reducing the hedge book. Not regarded as the best gold. He's been trimming his holdings in favour of Barrick (ABX-T).

HOLD

Has recently become a laggard. Gold stocks in general have done very well and many of them are base building. Believes there will be a turn around.

TOP PICK

A good hedge against the fall of the US$. Recently reported a poor quarter so the stock went down a few $'s. The poor quarter was caused mostly by one time events. Sells at about half the valuation of Newmont (NEM-N). Not the same quality as Newmont, but more than half as good.

WAIT

Prefers Barrick (ABX-T). A positive is that it has significant copper as a by-product versus silver for Barrick. Has a lot of new projects in the hopper that have not come to fruition. Needs some improvement there. Wait to see some development in their principal projects.

DON'T BUY

Difficult way to make money. Commodities reflect US market. Risky.

WAIT

His gold holdings were not very productive in '04, but sees a pretty reasonable future in this area. Seems to be going through a transistion period. Getting different staements out of them. For awhile it sounded like they were going to abandon Canada, but suddenly they're making noises like they want to talk to Goldcorp. Prefers Barrick (ABX-T).

WAIT

A classic gold stock and will do very well during the season of strength from the end of January to the end of May. Its 4th quarter earnings results coming out is going to be dreadful. Expectation is for $0.11 versus $0.15 last year. Should do very well following this until the end of May.

TRADE

Not well run. Reducing the hedge book. New mine has just opened which will produce 1/2 million ounces a year. Has been a disappointing stock.

DON'T BUY

If you're bullish on the US$, it's not a place to be short term. When it's time to make the bearish call again (on US$?) that's the time to jump into gold stocks.

DON'T BUY

Don't touch it. His model price is $18.40. This and other stocks like Barrick are overvalued.

PAST TOP PICK

(A Top Pick Oct 15/04. Down 18%.) Got stopped out.

WEAK BUY

Management is not known to be one of the "A" teams in the market place. Benefiting from the rise in the price of gold. Treats this stock as a trading situation, not a hold.

DON'T BUY

Has some copper exposure and copper prices are high, but no catalyst.

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Placer Dome (PDG.TO)