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In the middle of all this gloom and doom, I saw a few bright spots in this morning's Globe and Mail (Toronto). Peter Munk of Barrick was quoted as saying, "We are now going to be a position to look at acquisitions, share buybacks, or just acquiring junior companies' reserves." Quoting an investor, the writer of the article went on to say, "gold producers' shares are not for the faint-hearted. But "now's the time to get in if you have a long-term view," he said." Possible good news for ECM? In another article, "Market pros pick the hot sectors," -- "The lower it goes the more you get the Chicken Little syndrome, the more you get the chance to purchase operating mining cos. that have low cost, that are going to be survivors, at much lower multiples. We're looking at this as a buying opportunity more than anything else." ... "if you look at it on a long-term basis, the key factor is going to be the better economis worldwide and higher jewelry demand. i think that demand will favour bullion prices going back higher. We are seeing the final speculative selloff here." |
