Basically took out the hedge book by doing an equity issue. If you own it, you do so because you think the price of gold was going to go up. They are buying small operating mines for the production growth so even if the price of gold does not go up there will be growth in earnings. You can buy Franco-Nevada (FNV-T) the asset light way to play this they have the royalties. Smartest people in the business.

The merger with PetroCanada was a good deal. Companies that owned both companies have been selling down positions in order to adjust their weightings so the price has not moved much. It is digesting. Now cheaper than it has been for most of the last 5 years. Benefiting from lower gas prices, which is used in the tar sands.

The big under performer of the 2 investment banks. Goldman Sachs (GS-N) has been blowing the doors off because it is way more trading oriented. US financials are going to be pretty much of a drag over the next couple of years and will be regulated out of sight. Could be considered as a trading stock.

The Chinese are stockpiling copper. They will use it because the growth of the emerging middle class in China, India and Thailand will continue. This one is up 300% this year. Very volatile play. Congolese government could pose a risk.

Natural gas bull+ ETF. There have been enormous increases in supply of natural gas as well as a fall in demand. With a complete cut off in gas drilling, supply will reduce and maybe we'll get a cold winter. At some stage gas will gradually start moving. Could get cheaper.

Would not be very enthused by any of the monoline bond insurers in the US because the business model has been chopped to pieces. This is a trading stock.

ArcelorMittal (MT-N) or US Steel (X-N)? Arcelor is a global play while US is an American play. Depends on your view of the global economy versus the US economy. He thinks the US will probably lead because they were the first to start stimulus.