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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (25948)	2/7/2005 11:29:48 AM
From: russwinter	Respond to of 110194

NEM is a relatively well managed senior, but I would argue these companies are basically liquidating royalities (that don't pay dividends). I just don't think they replace reserves effectively enough, and don't get good returns on capital. I wonder if they will even be around in a decade, certainly a subject for debate and discussion? NEM may in time pick off GBU's Rosia Montana, which if developed will be an incredible mine. However, I'd rather play this via GBU itself. Secondly, the prices of most seniors are pricey. I think it's because of indexing. The prices of many juniors with important deposits, are getting to be nominal now. They are now getting very neglected, especially considering that POG is $415. It reminds me of 2002 (POG under $300), before 3-5 baggers.