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| PAST TOP PICK | 16.780 | Dennis Da Silva | (A Top Pick Oct 14/10. Now 2.15%.) | 2011-12-15 | |
| WEAK BUY | 21.600 | Hap (Robert) Sneddon FCSI | If it gets above $23-$25 it would be a knock out buy. Prefers ELD because it is less volatile. | 2011-11-15 | |
| TOP PICK | 19.600 | Bruce Campbell | Growth in production goal at a cheap valuation. Africa, South America and Canada | 2011-07-12 | |
| SELL | 18.040 | Jeff Parent B. Eng. FCSI | This stock is at a point of extreme support right now at $18.10. He is not a big fan of gold right now. Doesn't look and courage in. Likely to go down to the low $17's. Below its moving averages. | 2011-07-04 | |
| DON'T BUY | 17.850 | David Burrows | You are working with a challenged sector. There has been a pretty good correction in the group. You could get a summer rally in the golds, but he thinks you will find better places. | 2011-06-28 | |
| PAST TOP PICK | 19.200 | Bruce Campbell | (Top Pick May 17/10, Up 2.24%) recent blip up over $20 but it didn’t stay. They’ve done almost everything right. He is hanging on. | 2011-05-10 | |
| BUY | 20.960 | Bill Carrigan | One of the gold socks where he thinks the money is going to go to. Expect it will work higher. | 2011-04-01 | |
| BUY | 17.320 | Rick Stuchberry | Good intermediate company. Diverse operation in west Africa and south America. Maybe street is giving them a little time to see how they work out. Nothing fundamentally wrong with the company. | 2010-12-16 | |
| DON'T BUY | 16.810 | John Zechner | Not one of his favourites. Would rather have another horse in the gold sector. Growth not as much as had been expected. | 2010-12-03 | |
| DON'T BUY | 16.840 | Derek Webb, CFA | Has lagged the gold market. It’s about flat year to date. They have to come out with better earnings than expectations and better drill results than expectations. Prefers ABX. | 2010-11-30 | |
| HOLD | 18.100 | Michael Smedley | Still has some important production to potentially to still get into in west Africa. Also in Latin America now. | 2010-11-22 | |
| DON'T BUY | 17.980 | Steve Carlin | Not enamored with this one. Have some operational challenges with some of their properties. Prefers Goldcorp (G-T) because over the next 5 years they will be growing production by about 60%. | 2010-11-10 | |
| BUY | 18.680 | Charles Oliver, HBSc CFA | (Market Call Minute) Having some teething problems; have a new CEO, give them some time – it’s part of a core position. | 2010-11-08 | |
| WAIT | 18.530 | John Zechner | Had bit of a miss. Cheap relative to bullion price. Gold in general looks all right to him. A bit of a management change. Would buy toward $16-$17 range. Has had a decent move right now. | 2010-11-05 | |
| WAIT | 18.620 | Brooke Thackray | Golds do well in July until September and then November until December and little into January. Around this time of year Gold gets consumed in Jewelry. Technical pattern for IMG is very positive because it is a descending triangle. Look for it to break $20 and then it will do well. | 2010-11-01 | |
| TOP PICK | 18.040 | Dennis Da Silva | Solid company that has not tracked with gold. Stock under performed because new CEO comes from energy, not mining. Solid assets. Key asset in Burkina Faso is just coming into commissioning, which will be very important from a net asset view.` | 2010-10-14 | |
| DON'T BUY | 18.160 | David Burrows | Disappointed in the most recent quarterly period. Missed their numbers fairly substantially. | 2010-09-28 | |
| Comment | 18.420 | John Zechner | Gold is becoming a safe haven hedge against currencies. Doesn't see inflation is becoming a big risk currently. Gold stocks have had a really good run, particularly in September, so he is lightening a little including this one. Still likes the story and the growth. | 2010-09-09 | |
| WAIT | 19.250 | Hap (Robert) Sneddon FCSI | Currently in the right seasonal play. Look for a breakout through the $20.40 level. Chart shows a decent upward trend from late 2008. Wait for the breakout and buy on momentum. | 2010-08-18 | |
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| PAST TOP PICK | 17.500 | Martin Hubbes, CFA | (A Top Pick Oct 22/09. Up 20%.) Little more growth than the average gold company. Once they get a CEO, growth should start again. Reasonable valuation compared to its peers. | 2010-07-05 | |
| PAST TOP PICK | 19.230 | Paul Thornton | (A Top Pick Nov 13/09. No change.) Gold market has been flat since that time and golds stocks are essentially treading water in a basing process. Chart is showing a pretty good set up in May and June but still below the old high. Once it begins an uptrend, then gold and silver will really take off. | 2010-06-25 | |
| BUY | 18.520 | Jim Huang | Low cost production in West Africa, continually making discoveries. Should do quite well in the next couple of years. Had a CEO leave a while ago but that overhang on the stocks should be resolved shortly. | 2010-06-22 | |
| PAST TOP PICK | 18.680 | Dennis Da Silva | (A Top Pick March 26/09. Up 79.28%.) | 2010-05-18 | |
| TOP PICK | 19.040 | Bruce Campbell | Gold is great for portfolio insurance when times are uncertain. Almost a de facto replacement of the euro in currency. If there was another 5%-10% pullback, gold will continue to outperform. | 2010-05-17 | |
| BUY | 15.640 | Bill Harris, CFA | Some interesting things going on there but it seems like it is priced in at the moment. Hard to get excited about this stock. | 2010-04-13 | |
| SELL | 15.390 | Steve Carlin | Prefers other gold companies. Stock is suggesting a gold price of just over $1000 an ounce and he thinks gold will trade between $1000 and $1200. | 2010-04-12 | |
| TOP PICK | 14.750 | Steven Conville | With current prices of gold, a mid-cap stock like this will definitely perform. If gold stays at these levels or increase a little he really likes the direction of this company. | 2010-03-15 | |
| PAST TOP PICK | 15.480 | Charles Oliver, HBSc CFA | (A Top Pick Feb 17/09. Up 47.39%.) | 2010-03-08 | |
| WAIT | 15.480 | Ben Stadelmann | Doesn’t really follow it carefully. It is one of the major producers. IF you think Gold has a good future, you don’t have all that many choices. This one would be on the radar for institutions. You would have wanted to buy it a little bit earlier. If you look at charts, it does not go up steadily. There will be relapses in the future even thought the bull trend will continue. If you like the company, then wait for a pullback. | 2010-03-03 | |
| PAST TOP PICK | 15.090 | Dennis Da Silva | (A Top Pick March 26/09. Up 41.31%.) Still a Buy. | 2010-02-10 | |
| HOLD | 14.090 | Jim Huang | Did spectacularly well, particularly over the last couple of years. Assets primarily in west Africa. Challenge from this point on is to renew their growth profile over the next few years. Expect they will do an acquisition, which could be a risk to the stock in the short term. | 2010-01-29 | |
| BUY | 17.890 | Jamie Horvat | One of his top 10 holdings. Can see continued growth. His moving from a developing story to an operator. 8 mines producing close to 1 million ounces of gold and production growth will take them to 1.3-1.4 million in a few years. At a 16 multiple. | 2009-12-16 | |
| BUY | 19.890 | John Zechner | Gold. Has one of the better production profiles for a midsize producer. Valuation is relatively low. | 2009-11-30 | |
| BUY | 19.700 | Peter Hodson | Had been the whipping boy in the sector but have turned things around and one of the leading “go to” names in the gold sector. | 2009-11-16 | |
| TOP PICK | 19.400 | Paul Thornton | Gold is a very strong sector. Has undergone another round of running higher in the last 2-3 weeks. Gold stocks are volatile so look for a better entry point. | 2009-11-13 | |
| BUY | 18.490 | Andrew McCreath | Gold. Can see visible production growth going forward. Good valuation. | 2009-11-09 | |
| DON'T BUY | 16.120 | Paul Harris, CFA | All gold stocks were up today. He feels that gold has broken out and is going higher. Prefers Agnico Eagle. | 2009-11-03 | |
| BUY | 14.350 | David Cockfield | (Market Call Minute.) Likes all of the golds. | 2009-10-30 | |
| TOP PICK | 14.660 | Martin Hubbes, CFA | Good Production growth. Starting to diversify away from Africa. As they do that the valuation should come up due to safer geography and increased production. Risks are political and there are always operations risks. | 2009-10-21 | |
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| Comment | 15.090 | Alexander Lane, B Comm, C | Top performer of the mid-cap golds out of the bottom of the market. Fixed a lot of their issues and have a very good growth profile. Also an attractive acquisition candidate. A little more expensive so would prefer an Eldorado (ELD-T) to this one. | 2009-09-21 | |
| BUY | 15.400 | David Burrows | Eldorado (ELD-T) and Iamgold (IMG-T) are probably the 2 soundest gold companies technically. Great assets. | 2009-09-14 | |
| BUY | 12.610 | Andrew McCreath | Very well financed and he likes the chart. | 2009-08-18 | |
| Comment | 13.220 | Ross Healy | (Market Call Minute.) Some decent Fair Market Value potential. Gold group appears to be waiting for a big move in bullion to $2000 an ounce that the gold bulls are talking about. He doesn't believe in this but rather it will be the industrial application that affects the price of gold. (See Top Picks.) | 2009-08-13 | |
| BUY | 11.270 | Dennis Da Silva | Higher operating cost structure giving it fantastic leverage to gold prices. Did an acquisition that helps fill the gap for growth in the next couple of years. Not sure what happens 2, 3, 4 years down the road for growth. Well positioned for the near and midterm. | 2009-07-16 | |
| Comment | 10.640 | Rick Stuchberry | This will perform with the gold index. Continuing to expand their production profile. They really need the gold price to go higher. He thinks gold will take another run at the highs and try to get through them. | 2009-07-10 | |
| WATCH | 9.000 | Bill Harris, CFA | Company has done a great job of tidying up their assets. This will be an emerging mid-tier player. Low-cost producer and nice growth profile. If Gold comes off this summer, this will be on his radar screen. | 2009-04-06 | |
| BUY | 11.170 | Ben Stadelmann | Very few places to hide in this recession but one sector is gold. Given the way the financial system seems to be going, where there’s going to an awful lot of money printed, owning some gold makes a lot of sense. | 2009-04-01 | |
| TOP PICK | 10.550 | Dennis Da Silva | Likes gold stocks because they have under performed what gold has accomplished over the last 1.5 years. Likes the multiple expansion potential as the market starts to accept the reality that gold is not going back to $600-$750. On the acquisition trail but could be acquired themselves. | 2009-03-26 | |
| Comment | 10.560 | Ken McCord | Prefers to be in more liquid gold stocks that have a lot of option coverage. (See Top Picks.) | 2009-03-19 | |
| TOP PICK | 10.930 | Charles Oliver, HBSc CFA | Well diversified emerging player in the mid tier gold sector. Have done a great job of transitioning from a holding company to an operating one. Couple of new projects in the pipeline. Good management. | 2009-02-18 | |
| BUY | 8.350 | Bruce Campbell | Gold in Africa and South America. Likes the valuation. Bit of a high cost producer. Almost half the valuation of the top 6 or 7. | 2009-01-26 | |
| BUY | 6.520 | David Burrows | He is bullish on gold. This is a good mid-cap name to own. Stock is behaving well relative to the group. (See Top Picks.) | 2009-01-07 | |
| BUY | 5.520 | Rick Stuchberry | Not a lot of intermediate golds left. Some good operating mines in western Africa as well as a fair bit in South America. Fundamentals look quite good. | 2008-11-26 | |
| BUY | 5.730 | Bruce Campbell | (Market Call Minute.) Statistically the cheapest gold stock and is probably a takeover candidate. | 2008-08-18 | |
| Comment | 6.080 | Bruce Campbell | Latest news release that they will be able to mine in Ecuador was positive. Sold their Peruvian position to Rio Alto, which was also positive. Has a project in Ecuador that is to come on stream in 2010. Current production is fairly high cost. If gold where to go back over $1000 this will probably do quite well. | 2008-05-09 | |
| BUY | 7.250 | Bruce Campbell | Has hugely lagged the gold group. Operating costs of $4.27 is historically quite high but thinks it is a takeover candidate. This would be the first one of his golds that he would sell. | 2008-04-11 | |
| DON'T BUY | 7.370 | Michael Smedley | It is generally thought to be negative and he uses the term “generally” because he is not heavily into this one. Not considered a favourite. He is bullish on gold. | 2008-04-01 | |
| DON'T BUY | 8.180 | David Burrows | A really volatile stock that has not been able to get going. His concern is that a lot of the assets are in Africa, which is less stable politically. He doesn't like the price action on this one. | 2008-03-03 | |
| HOLD | 7.960 | Robert Floyd | Has been a little bit of a disappointment recently. Had some permitting issues in French Guyana and are trying to sort through it. Also had a few production issues. Think they can gain further growth in their production but will be more modest. What you need to see our higher gold prices. | 2008-02-29 | |
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| BUY | 7.410 | Dennis Da Silva | (Market Call Minute.) French Guyana was obviously a major setback but it has gotten too cheap given what it represents for NAV. | 2008-02-25 | |
| DON'T BUY | 7.860 | Brendan Caldwell | Gold has gone over $900 an ounce and yet this stock is languishing at lower prices than it was a year ago. Prefers gold stocks that are doing well in a strong old market. | 2008-02-01 | |
| TOP PICK | 8.900 | Bruce Campbell | The only gold stock that is lower than what it was a year ago. Got hit by higher costs. Has really good leverage with over with over 1 million ounces of production coming. Still has a bit of catch-up to the others. | 2008-01-23 | |
| BUY | 9.200 | John Stephenson | Some of their production is a little further out, which could be why they are lagging. It could play some catch-up here. Other golds have moved ahead on the stronger bullion. Good management. | 2008-01-08 | |
| Comment | 8.090 | Bruce Campbell | Primarily a gold play with South American and Quebec very high production costs. If gold moves to $900, these guys have a great leverage. A large project that starts in Ecuador in 2009. Also produces niobium, an industrial metal that has gone up in price. This was his last purchase in golds but will also be his first sale. | 2007-12-31 | |
| DON'T BUY | 8.690 | John O'Connell, CFA | Gold prices are very strong and this company is struggling to make new highs. We prefer the major players such as American Barrick (ABX-T) and Goldcorp (G-T). Perhaps Newmont Mining (NMC-T) for US$ exposure. | 2007-12-10 | |
| BUY | 8.760 | Bruce Campbell | It is the highest cost of the senior producers and most leveraged to higher prices. If you like gold, it is a Buy. | 2007-11-22 | |
| BUY | 8.730 | Robert Cohen B.A.Sc., MBA, CFA | About 25% of their cash flow last year came from niobium (a metal to strengthen steel) out of Quebec. Thinks their 4th quarter cash flow will be even better. Also has gold in Ecuador and Surinam. | 2007-11-16 | |
| HOLD | 8.680 | Bill Belovay | Has been making a lot of money out of Nairobi. Have a project in Quebec, which is responsible for about 25%-30% of its profits. Have had some problems meeting estimates in their mining operations. Latest quarter seems to indicate the wheels are back on the track. | 2007-11-13 | |
| BUY | 8.210 | Brian Acker, CA | He held it once in the past year. He only buys the top 100 in the TSX. His model price is $12.70, a 53% positive differential. | 2007-11-01 | |
| BUY | 8.180 | Dennis Da Silva | A core position in their portfolio. Thinks it's undervalued. In the "show me" state. Market is waiting to see them develop their assets, on time, and on budget, and lower their costs and cash costs, after their large acquisition. He likes it because of the value proposition that it offers for the portfolio. | 2007-10-30 | |
| TOP PICK | 8.150 | Bruce Campbell | Has by far the cheapest valuation. The only gold with a one year negative return. A billion ounce producer trading at 1.7 times net asset value whereas Barrick for instance trades at almost 3 times. So you are getting it at a 50% discount. Once decent quarter will get it at 11 or 12 dollars. | 2007-10-24 | |
| DON'T BUY | 8.460 | Bruce Campbell | Has been tempted to on this one over the last few months, but ended up not buying. Of the intermediates, this one has the highest costs. Future growth will come from Ecuador, which could be a concern. | 2007-09-25 | |
| BUY | 8.920 | Brian Acker, CA | 41% upside. Only concentrate on top 100, it’s a buy | 2007-09-20 | |
| VAGUE | 8.920 | Peter Hodson | Someone should merge with this company. Very cheap, because they’re not dominant controller of they’re assets, diverse asset base. Not favourite name. | 2007-09-20 | |
| DON'T BUY | 8.340 | David Burrows | Really likes the precious metal space. Has been under-performer. Not impossible the company could be bought. Prefers Goldcorp. Looks attractive for sector. | 2007-09-19 | |
| BUY | 8.050 | Robert Cohen B.A.Sc., MBA, CFA | Still getting through digesting the Cambior acquisition. Had some operational difficulties. There are a few sources of upside including 1) Westwood discovery, which will extend the life of the Doyon mine 2) niobium mine in Quebec with their long-term con | 2007-09-06 | |
| HOLD | 8.810 | Michael Sprung | Hasn't looked at the production or earnings numbers to be able to give a definitive answer but doesn't feel this is a bad price. | 2007-07-13 | |
| DON'T BUY | 8.280 | David Burrows | We are in a later stage of a bull market and the gold sector is not participating. You're risking dead money and opportunity costs. He doesn't own any golds. | 2007-06-22 | |
| Comment | 8.060 | Michael Sprung | Goal is something to have in your portfolio, although he hasn't bought IMG. Earnings forecast going forward is quite flat, although their production is going up. The problem is due to the raising cash costs for producing the gold.He likes GoldCorp instead. | 2007-06-15 | |
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| DON'T BUY | 7.860 | Brian Acker, CA | The price of gold has gone up, but the cost of production has been going up faster. Earnings here are getting crushed. The cost of fuel, labor, trucks etc. The model price has come down from $15 to around $12, which is still over the current price, but it's coming down so he wouldn't buy. | 2007-06-07 | |
| Comment | 8.080 | Bruce Campbell | The cheapest of the top 15 North America gold companies by size. The other gold companies will move first, this one will lag, so buy the others first, take your profits, buy this one. | 2007-06-05 | |
| WATCH | 7.800 | Paul VanEeden | Good company, has some very good assets. Some political worries in Equidor are keeping the stock down. Could go up to $11 by the end of the year, but he's staying out. | 2007-05-31 | |
| SELL | 7.170 | Michael Sprung | Has been a little bit more dramatic on the downside compared to its peers. Expect there are cost pressures in their operations. | 2007-05-28 | |
| BUY | 9.330 | Kenneth P. Norquay, CMT | Golds are starting to lift off. If you are a short-term trader, use a stop loss at about $9. This has a low risk but the reward could be excellent. Also watch for volume. | 2007-04-17 | |
| BUY | 9.490 | Dennis Da Silva | Had a labour dispute, which is now over. Still digesting the Cambior acquisition. Cost structure is higher than what most would like to see. He likes, because it trades at a discount to its NAV and its peer group. Expects good growth. | 2007-04-05 | |
| HOLD | 9.070 | Michael Smedley | Probably all right. He believes in gold and this one has staying power. | 2007-03-23 | |
| BUY | 8.630 | Neil Wickham | Good management. Getting to be a significant size with its latest acquisition. Has a rising production outlook, which he likes. | 2007-03-20 | |
| DON'T BUY | 8.850 | Michael Sprung | Have some big things to swallow right now since they acquired Canbior (CBI-T). The price of the stock has been falling as analysts have been forecasting significant increases in their cash costs. Too expensive for him right now. | 2007-03-16 | |
| Comment | 9.160 | Greg McCoach | A good company. Any of the major producers are faced with higher mining costs. Feel they will get things worked out. | 2007-03-08 | |
| DON'T BUY | 10.550 | David Burrows | Has been dead money. Not performing in line with the group. | 2007-02-20 | |
| WEAK BUY | 10.110 | John Embry | Now it has become an operator, which is good. Their big exploration project is in Ecuador with a government that is a little questionable. There is nothing in this stock that turns him on other than that it is not expensive. | 2007-02-08 | |
| BUY | 10.980 | John Embry | Was disappointed when they paid such a hefty premium for Cambrior, but now that it has shaken out, it may actually be an accretive acquisition. Not a bad package. | 2006-11-30 | |
| BUY | 10.490 | Bill Belovay | With their acquisition of Canbrior, it makes them a producer, rather than just a holder. | 2006-11-29 | |
| BUY | 10.440 | Bruce Campbell | Would call them a big intermediate. If you are positive on gold, this is the kind that will do well over the next year or so. | 2006-11-15 | |
| Comment | 9.600 | Robert Cohen B.A.Sc., MBA, CFA | Merging with Cambior which holds some decent assets. Longer term, there is some shareholder value to be created, but they have to prove themselves. | 2006-10-04 | |
| BUY | 11.860 | Bruce Campbell | Had a bit of a breakout in the last couple of weeks, recognition of mid-cap gold companies because of growth in production and may be big enough to get revalued for liquidity. Good leverage to upside in gold prices. | 2006-08-25 | |
| WEAK BUY | 11.020 | Robert Floyd | Bulk of the revenues is really on royalties. Have tried to make some acquisitions in the past but haven't been that successful. Well run and will benefit from a higher gold price. | 2006-08-02 | |
| WEAK BUY | 9.430 | David Burrows | If a resource at stock is going to hold in a rally, it should hold in the rally from around the 200-day moving average. This would be a potential candidate. You are speculating that there is another leg higher. | 2006-06-27 | |
| BUY | 10.740 | Ron Meisels | The way gold is behaving and the fact that there are institutions that do not have a full position in gold stocks, gold stocks will be moving higher and he feels gold will reach $1200. This one has just had a major breakout. An excellent price. | 2006-04-24 | |
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| BUY | 9.300 | Gavin Graham | Went up on speculation of a takeover, but has now settled back. As long as they are producing gold profitably, they should be fine. Acquiring smaller mines. | 2006-03-20 |
