John StephensonWheaton Precious MetalsWPM.TOSELLDec 09, 2013

Still likes gold right now.

She owns ABX, WPM, and some ETFs. No longer just an inflationary story, as central banks continue to buy. Still works as a diversifier and as portfolio insurance. Tends to benefit when uncertainty rises, and she expects a lot of that for at least the next 6-8 months.

Likes the royalty names. Challenge of current environment is that the sector was at such a psychological high earlier this year. Now it needs time to work that off.

He lightened exposure in Q1. Good long-term hold, but he'd be nervous about piling in just now.

The best way to think about royalty companies is that if you're bullish on the gold price, then you probably want to own the miners themselves. 

Or do you have a long-term view on gold -- you're constructive, but recognize that there are huge cycles along the way? This is where WPM fits into a diversified portfolio. A Buy today, but that's based on positive view of gold in general.

He’d be a buyer, which is really saying something because he already owns a lot of it. And despite its premium price relative to rest of the gold market. Will benefit from big transactions still ahead.

Royalties, not mining. Even if gold prices become more volatile, this name is in a very strong position. Exposure to upside -- but with lower costs, more predictable margins, and less execution risk. Clean balance sheet, strong cashflow, no debt. 

Sees ~56% upside, her price target is $257. Yield is 0.65%.

A bit early to step back in to precious metals. Terrific company. Way outstripped its FMV. Anticipates further setbacks.

As silver went parabolic in January, he reduced his position. Likely to correct for a while (~2-3 months). Still owns some plus some AEM, but sold everything else in the space. A dividend grower. Safest way to play the sector.

Near term, companies need to do some digesting. Expects another leg higher of a 3-leg, long-term bull market in precious metals.

(Note the short timeframe.)  Very strong growth plus a dividend grower. He'd buy it here today. Makes a pretty good duo with PAAS.

Don't add new money to this, but he said this 6 months ago and he was wrong. A great company. But the metals space is ripe for a big correction. Consider this at $100-120.

Still owns gold through ETFs. Rates 9/10 in her book. Shares enjoy a great upward trend. Continues to hold this.

AEM, WPM and FNV need to be in every single precious metals portfolio.

Rather than owning royalty companies, he prefers the leverage of E&P companies. Attraction of royalty companies is you don't have direct commodity or operating risk, though there is indirect risk. Instead, his choice would be AEM.

This pick is for the person who doesn't currently own anything in the space, or who is a more conservative long-term investor. By far the strongest theme in the market. He believes we're the first year into a multi-year bull market in gold, with pullbacks. 

In safe jurisdictions, collecting royalty fees. Great dividend growth. About 60% gold, 40% silver. No debt. Yield is 0.82%.

Stable, long-term cashflow. Zero debt and huge line of credit give it lots of flexibility to grow. Sees a 6.5% increase in dividend. Big projects are moving forward. Sees 4-5% upside, but she has been trimming to rebalance.

Gold is almost like an insurance policy. Good diversifier. Should be a good, long-term hedge. Deposits have become harder to find. 

He prefers the business model of the royalty companies like FNV or WPM. As well, they operate counter-cyclically -- give money when gold prices are low and harvest when prices are high. Always looks expensive, but it's expensive for a reason.