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Gold. Believes we are in the process of bottoming, but bottoming processes are tough to call. Looking for much higher prices down the road. Inflationary component is one of the things that has not shown up. Looking at all the fundamentals, including money printing, demand for physical gold coming out of China, it has been absolutely spectacular. China’s imports from Hong Kong into Beijing were practically nothing 4 years ago and today, in the last 3 months, they have done about 330 tons, which is almost half of the worlds mine production. At these prices he is expecting there will be shutdowns in the industry.

Unknown
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Silver. Expects the silver price over the next decade will actually outperform the gold price. Silver has a 16 to one relationship with gold, i.e. 16 ounces of silver equals 1 ounce of gold. This basically means that gold at $1600 would have silver at $100. About two thirds of demand for silver right now is from industry.

Unknown
DON'T BUY

Sold his entire position. Believes there is an outstanding deposit there, but unfortunately previous management was unable to execute on a strategy on budget and on time. As a result, they have built up a fair amount of debt. Have some credibility challenges now. Too many risks.

precious metals
BUY

Great management team. Just like every gold stock out there, the price has been annihilated. Valuations are at very depressed levels. They’re having a ramp up at their new Apton mine and are doing very well. Also, acquired Rainy River this year. Continues to like this. Very cheap.

precious metals
DON'T BUY

Great management team and have done a super job of running the operations they have in Mexico. He is not a shareholder because of their low grade deposits. With a low grade, you have to be very conscious about costs and if there are any disruptions, these can be problematic.

metal mines
BUY

Increased his holdings at the beginning of this year. He likes that in the last 4-5 years, they’ve put a huge amount of cash on the balance sheet. This was from operations so they have been one of the most profitable mines that has been built in the past decade. Nice dividend. Turkey should be their next leg of growth.

precious metals
COMMENT

Has continued adding to his holdings. This is one of these stocks where capitulation selling has gone on. Valuation is absolutely ridiculous. Have a very nice asset joint venture deposit in Timmins. Expects that one of these days, Goldcorp (G-T) is going to buy them out with a nice hefty premium.

other mines