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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Claude Cormier who wrote (3159)4/21/2002 9:38:07 AM
From: russwinter  Read Replies (1) of 39344
 
<bull market in metals is just starting>

Although there is great leverage to metals prices , we are coming to the point where we need to see the whites of their eyes in these advanced and especially the producer names. If one buys or continues to hold in advance of some speculative expectation (even if one believes in the expectation) then that's no different than buying an inflated growth stock, because it's likely their earnings will be 40% higher in two years. You always have to ask what's fair value to pay/hold. So I think we stick to our fundamental knittings and apply some reasonable "real option theory" to each holding, and do so applying today's metal prices not a hoped for future price.

To Jack:
Outstanding reports from the field on the AGM's, the kind of work that really adds value to this thread and I REALLY appreciate that kind of contribution. Sounds like you came away with the sense that the MNP people are more about playing their ultra-cheap stock valuation (and it still is certainly that) than with creating (they have no particular game plan?) a true enterprise value? At least they are forthright about it? The problem appears to be a rather adversarial situation with PDG in a sense. Also as you've spoken recently with AAS and NGT, can you address Elizabeth's question on the heap leaching samples? My sense is that progress was slowed because of the drawn out JV negotiations? I don't believe the locals are a factor. Marcos and I have had this discussion about the NGT/AAS on his "Winter in the North" thread, read through responses:
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