A Comment -- General Comments From an Expert (A Commentary)

Quite a bit of debate on what can be done with this stock. Takeover bid might not be much more than the current price.

In an extended secular upswing for metals pricing because of 1) the surge in demand and 2) because of the uptick in global production rates. But the big moves in the metal prices are now done which takes a way the froth and excitement. Not enamoured with Noranda's assets.

A "wait and see" situation. Not very expensive. Buyers are not ready to pay high multiples. Not the lowest cost producer.

(A Top Pick Oct 27/04. Up 10%.) May sell their holdings. Will vote against the merger with Coors.

His least favourite mining stock in Canada. Always had good assets, but management has never realized the potential. Brascan has put the company up for sale, but no one has been interested.

Prefers the underlying operating company Falconbridge, but this will do fine.

You have to believe in natural gas to own this trust. Natural gas looks shaky for the next 2/3 months. Storage levels are high. Has a nice reserve life and a good balance sheet. You'll have a better opportunity to buy or add in the spring time.

Even without China this stock should be selling close to $28/30. On a Price to Cash Flow basis, it is among the cheapest. Likes minerals going forward.

The assets of this company have been worked over by a number of management teams. Having difficulty growing it. Higher risk gas reserves in the Rocky Mountain area in ALberta. Not too enthusiastic on the prospects for the future.

(A Top Pick Aug 25/04. Up 25%.) Grown production very dramatically. A lot of interesting exploration prospects.

Bonds and fixed income is difficult and of little interest to us. Nothing came up tonight that was of any value for this site. Sorry.

Continue holding to see how the takeover plays out, but don't buy.

Have been for sale. Feels that a buyer could pay $24, maybe $26 tops and still make some money.

OPTIONS: In the last 50 years, 63% of the total return on equities has been driven by dividends. Cash flow is a very important component in a total return, but most people buy as they are looking for that great growth story. They tend to do covered option writings and take in "option premiums" which enhances the cash flow and forgoes some of the potential upside. E.G. - Bank of Nova Scotia is about $39 now. Sell an option for $40. In the interim, you get about $1.28 dividends. If the stock reaches $40 in 6 months, you have made $1.28, plus $1 on the stock plus $1.50 option premium.

Gold-Going through a pause that refreshes, especially at year end now, it'll be useful for the market to consolidate its really nice gains and into 2005 with the foundation needed to get to that very critical $500 area. Expect by the 1st quarter we'll have a good run at it, but really think that by the summer time we'll have tested it and one of the main reasons is that the honeymoon period for George Bush will be over and some of the geo-political things that have been moved to the back burner since the election will be moved to the forefront again and that will assist and go along with the resolution of the US$ decline. The best way to play this is to own the physical bullion by owning shares that are now trading down in the states. They used to say the proxy for owning gold was mining shares, but this seems to have been disproven. If you want to be very speculative, that is where the mining shares come in.