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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.

It's not only the largest holding he has, but is also probably the largest holding he has ever had in any stock relative to his overall portfolio at 10%. Investors have lost interest in South Africa, particularily golds, but in this case, the baby got thrown out with the bathwater. In this case, the platinum group metal plays are very attractive. Still tremendous growth opportunities. Feels this company is the clear leader. About to go into production.

All the bad things that could happen have occurred. It looks like they are going to pull out. The latest hint of how the accounting should come out doesn't look like there will be any terrible surprises. If this happens, it's a stock that technology players are going to have to own again. Use a stop loss of $3.50.

This is the one company that would definitely be taken over in the resource area in the next 12/24 months. Has about 26 million oz of gold, almost 16 billion oz of copper, so if gold is worth $50 and copper $0.10 you have a $2 billion value, $50 million fully diluted. Divide this into $2 billion gives you $40 and the stock is only at $5/6.

There is no question they have an enormous deposit and it's only getting bigger. A lot of ore/value. The downside is that the amount of potential buyers that were first thought that was going to approach Robert Friedland hasn't materialized.

Gets a little pricey at $0.80/0.90 so would buy on pullbacks to the $0.50/0.60 area. Have some nice projects.

The one main problem is that it has too many shares outstanding relative to a company with this level of production. Did a wonderful job with Jarret mines. Would consider at the $0.40 level.

Would consider buying on any sustained weakness. A decent company.

A well managed company. Kept a low profile through 2004. A very advanced gold project is about to be drilled in Newfoundland. Has also attracted a very attractive uranium play. Likes it for 2005. (Disclaimer: He is helping to raise funds for this company.)

In the last quarter, a lot of juniors have been announcing projects involving uranium in order to get money flowing into their companies. Buy this on a pull back only, maybe the low $3's. The energy story is going to be on the back burner for a few more months with oil getting back to $35. Uranium stocks could pull back 20% in the next couple of months.

(A Top Pick August 8/04. Up 7%.) Merging with Wheaton River and the surviving company should do very well. Would continue to hold.

(A Top Pick August 8/04. Down 40%.) The government in Eritrea put a sudden stop to production. All of the value has now been taken out of the stock. An enormous opportunity in 2005 as he feels they will return to the project in one form or another.

(A Top Pick August 8/04. Up 35%.) This is the proxy for uranium. Believes that uranium will reach $30.

Made a turn around because it was able to change day to day management. Has one of the largest yet to be developed gold resources in the world. Still some lingering doubts about its ownership of the Venezuela property which really shouldn't affect the stock. A potential takeover target so on any further pullback, buy.

Started drilling in Red Lake, Ontario. It's sometimes best for a junior not to drill as the stock can do better on the potential rather than the actual drill results. Wait for the drill results before buying.