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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (12810)4/29/2004 12:35:16 AM
From: bmccra  Read Replies (2) of 110194
 
Hello Russ. This seems like a ‘blood in the streets’ buying opportunity for PM stocks and you have named the quality plays IMO. This kind of shakeout has been overdue. I am comfortable with the HUI 180 and XAU 80 areas and was adding today (Gabriel, Miramar, Rio Narcea were on the shopping list). I also closed off my hedge position today and will be using that capital to add more longs if we see early weakness tomorrow – which seems probable. I played this poorly overall though and was in deeper (very overweight in SUF unfortunately) than I should have been at this stage - and I knew better – but I think tomorrow morning might see some lows that don’t get revisited soon and I hope to be able to do some bargain shopping.

For the ‘nicely cashed up and active’ category though I could add Metallica and Bolivar Gold as a couple of other names. Unfortunately Metallica got knocked off its year highs with the more than disappointing Cerro San Pedro Land Use Challenge, but it has held up reasonably well here since that shock and assuming that challenge is settled in Metallica’s favour I like the stock and meanwhile construction continues at the project. And Bolivar Gold is advanced at Choco 10 Project with approval of their Feasibility Study and Granting of Environmental Permits, and they seem active in general and working closely with Gold Fields on some projects. Gold Reserve is always intriguing also.

Metallica is one of my core positions, but Bolivar I do not own. To throw out a name that might not fit this same criteria but which I very much like would be another usual suspect – Anatolia.

And I’m still hoping to see Newcrest lower because I feel it is likely the next piece in the senior producers consolidation puzzle (I am guessing Newmont takes Newcrest as their next move).

b
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