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Charles Oliver, HBSc CFA Yamana Gold Inc. YRI-T BUY Mar 07, 2011

All the large caps have been fairly flat over the last number of years. Very cheap on a P/E ratio. Keeps wondering what the catalyst will be for them to break out and move to the upside. Could be the dividend increases. Possibly will spin out assets other than gold. Believes a catalyst is coming.

Charles Oliver, HBSc CFA

Owned

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$12.220

Stock price when the opinion was issued

precious metals

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DON'T BUY

For some reason, they keep missing. So he's stayed away. Not fine-tuned. Target of $6.25, and eventually they'll get there. Other ones have executed much better.

DON'T BUY

If you buy just YRI you have jurisidictional risk (i.e. a country can change the royalty suddenly). Also YRI has had a pretty good move. Buy GDX instead, an ETF.

BUY

They basically broke up the company to have the marginal Brazilian assets in Equinox. They sorted out their balance sheet.

COMMENT

YRI is improving dramatically. And it's good they're returning capital to shareholders. He prefers higher-grade companies like FNV and Barrick. But if gold rapidly rises, YRI would outperform those bigger caps.

DON'T BUY

He does not like gold or gold stocks. If there is a reset to get us out of this mess, these companies will have a hard time because their expenses are going to go up as well due to inflation. He does not see gold stocks seriously outperforming here.

WAIT

It has been a relief overall. It is similar to Gold Bullion. He would hold off on it right now. Gold stocks have gotten ahead of the bullion.

WATCH

We are quite far away for the seasonally period for Gold. If you find gold increasing and the stocks increasing at the same time, the you can see YRI-T do very well. If the market sentiment is weak and gold is performing well, he would look to larger cap companies.

BUY

Good company. A buy, $8 target. If companies are doing well at these levels, they'll do really well as the commodity price goes up. You just have to wait. Keep buying into dips to keep your weighting at 5%.

SELL

With market volatility, gold stocks tend to be more volatile than the overall market and than gold itself. In this choppy period, he'd take it off the table right now. Deal completion risk and market volatility risk.

HOLD

Uptrend occurring right now.
Smaller than larger players in sector.
Company trying to breakout.
Hesitant to buy.
Give stock a chance to prove it can breakout.

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Charles Oliver, HBSc CFA Yamana Gold Inc. YRI-T BUY Mar 07, 2011

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