STOCKCHASE

Everyone should have a position or some exposure to gold. Relative to its peer group, it is beginning to look like as if it has got a bit of value built into it. Biggest problem has been the possible write-down their Tasiast mine in Mauritania. This one is getting into range that he could be looking at it.

2012-01-23

BUY

10.360

His number 3 gold company. Stock has been acting rather badly. They wrote off a big chunk of good will, but it tipped the scales. He is thinking of adding at these prices. Not badly managed.

2012-01-20

DON'T BUY

12.420

When gold wasn't doing well, of the seniors this one was doing the worst. They have political risks. Has really good growth coming, but it is a couple of years away. A “show me” story. (See Top Picks.)

2012-01-03

HOLD

11.630

Lyle Stein

Good news is that it will be a great mine in 2014 but the bad news is that this is 2011 going into 2012. Had a tough year. Investors did not like the deal, had issues with the Ecuadorian government and high royalty fees. Exposed to political risks, More so than most of the majors. Thinks the Taseus mine is going to be one that investors are going to say “show me”, “show me”, “show me”.

2011-12-30

BUY

11.380

Probably have their hands on one of the best growth assets when they bought Red Back’s Mauritania property. Stock has probably dropped 40% since then. You almost get it for free compared to where the valuation was before. Have not hedged their gold. Some worries about their Russian production but still have a lot of diverse properties. Costs are somewhat higher than competition but in this higher gold price environment that’s the name you should be wanting to play.

2011-12-28

WATCH

12.080

Have a big bet that they have made in Africa and there are some concerns with regards to cost escalations but also how much it is going to be to develop the site. If successful, it has potential to be a big success. With the pullback in the price of gold and the inflation and worries about costs estimates to develop the mine, the stock has pulled back. Too high a risk.

2011-12-19

Comment

12.490

Peter Brieger

He is very keen on gold. His current holdings are Central Fund (CEF.A-T) for the bullion, Goldcorp (G-T) for the shares and Direct Share Participation. Also has S&P/TSX Global Gold (XGD-T) as well as a Top Pick that he will talk about later.

2011-12-16

WATCH

12.130

Dennis Da Silva

Has been a poor performer since it acquired Redback for the Thaseus (?) mine, which could be a 1.5 million ounce producer eventually. Cost structure is a bit worrisome. Best measure for this company as a gold producer is, how much CapX do they have to spend relative to their NAV. They're probably the highest in the intermediate to senior space.

2011-12-15

DON'T BUY

12.520

Bill Harris, CFA

Tax loss selling today. It doesn’t happen very often that you lose money overall but have capital gains and have to do tax loss selling. His problem is the countries they are in and would prefer not to won for their clients because of this. But it is starting to look really cheap.

2011-12-13

Comment

13.610

Had thought the company was coming around but then it took another leg down. There seems to be some significant selling of the stock and he knows some of the US hedge funds owned it. Considers it one of the cheaper gold-mining stocks.

2011-12-09

DON'T BUY

13.450

David Burrows

Gold producers have been underperforming the metal as well as the rest of the market. This one is about the worst performing big gold producer.

2011-11-29

DON'T BUY

13.450

Stan Wong

He would prefer Barrick (ABX-T), Goldcorp (G-T) or even Yamana (YRI-T) if you are going into golds. This one has been languishing quite a bit.

2011-11-24

Comment

13.600

James West

Raised a lot of money for acquisitions. Whenever a company does this, there is overhang in the market that prevents the share price from rising. Their validation will come through with all of their mines start to kick out production and are able to put ounces into inventory.

2011-11-23

DON'T BUY

13.620

Bill Harris, CFA

Starting to have high-volumes but he doesn't know why. Hasn’t liked this one for a long time. Too much political risk.

2011-11-22

HOLD

13.430

Charles Lannon

Poor performer due to concerns about project execution. On balance, it has good projects and the stock should be able to recover eventually. (Would prefer Goldcorp (G-T) and Newmont (NEM-N).)

2011-11-17

HOLD

14.060

Michael Decter

Has always had a concern about this company’s dependence on Russia where it has virtually all of its gold mines. Prefers Goldcorp (G-T) and Iamgold (IMG-T). None of the companies have performed as well as bullion.

2011-11-10

DON'T BUY

14.650

Benj Gallander

Difficult for him to find value in the gold sector at all. This isn't one that really jumps out at him as a possible as a Buy him. Doesn't pass his initial inspection with income statement and cash flow ratios.

2011-11-03

DON'T BUY

14.760

Brooke Thackray

Would favour companies with a much more predictable stream now vs. later.

2011-10-27

DON'T BUY

14.550

Steve Carlin

Have done some interesting things over the last couple of years. They changed the growth profile over the last couple of years. Cash costs are high. They have major league cap X to build mines and grow production. There are risk in front of investors. He is cautious with this name.

2011-10-26

BUY

14.550

Compelling valuation for sure. Within gold group you have had so much risk aversion over the last couple of months. They have a lot of money to spend, best growth outlook of the seniors over the next 4 years but a little country risk and capital risk. Thinks it will catch up eventually and all the risk is priced in. Rewarding in the long-term.

2011-10-26

DON'T BUY

15.670

Norman Levine

Has been an under performer and deservedly so. Questionable acquisitions in the last couple of years. It was questions of where they were. They paid too much and that held the stock back.

2011-09-23

HOLD

16.720

Gold equities have lagged the gold price but expect they will play catch up. Large cap golds are trying to grow their production, and if they can’t do it organically they have to make acquisitions. This one acquired Redback Mining so they now have an inventory of projects to work on.

2011-09-14

Comment

16.990

Douglas Kee

His primary holding in gold is Goldcorp (G-T) but if you think gold is going to $2000-$2500 it probably has better leverage than Goldcorp.

2011-08-29

TOP PICK

16.640

Took quite a hit when some of their production was not up to snuff. Technically it looks like it is on the recovery basis. Has a wide range of mines globally. Looks reasonably priced compared to some of the other golds.

2011-08-19

DON'T BUY

15.600

John O'Connell, CFA

A lot of gold stocks have not participated as the physical commodity has. In the dog house because of acquisitions they made that stretched the balance sheet. It will be hard for them to grow production without debt, raising equity or selling assets.

2011-08-09

WEAK BUY

16.330

Michael Smedley

Have some interest assets to develop. Not going to have a lot of fire in it. Not a preferred gold stock at this time but good long term.

2011-08-03

Comment

15.950

Charles Oliver, HBSc CFA

Trimmed his position over the last year. Has been one of the weaker performers over the last several years. Paid a high price for Redback even though it is a world class deposit.

2011-07-28

DON'T BUY

16.340

Investors aren’t convinced that the price of gold is going to stay. There are also rising input costs. Stocks have gapped so much from the metal. Good production profile going out over the next couple of years. Made some big bets with acquisitions. Last quarter their costs went up significantly. Prefers G and ABX.

2011-07-26

TOP PICK

16.420

A lot of investors did not like the Redback Mining acquisition. Stock has come down so far, you have almost knocked the acquisition price of the value of the stock. Gold mining stocks have shown the lowest valuation against gold bullion in 15 years.

2011-07-25

Comment

16.570

Derek Webb, CFA

On covered calls, do you look at the dividend as well or just do the covered calls? He doesn't pay attention to the dividends. In the scheme of things, if you write a covered call at the money, you be making 3% at month. Worrying about the dividend is infinitesimal to him.

2011-07-20

HOLD

16.960

John Stephenson

This is a story for 2013. Likes the name. You need to see more than 20 Million oz in Africa. It is a work in progress. It will take time to know what they really have.

2011-07-18

BUY

16.380

They are acquisitive driven and a lot of their properties acquired are in debatable places such as Russia, Ecuador, etc. Relatively cheap and have good leveraged gold prices and will probably do as well as others.

2011-07-13

BUY

16.020

He has a model price of $20.58, a 28% upside.

2011-07-08

DON'T BUY

15.110

John O'Connell, CFA

Has been a frustrating gold stock for a lot of investors. Did some major acquisitions and were criticized for the manner in which they did them. Interesting at this price, but wouldn’t be his 1st pick. If gold prices moved lower, this stock would also go down.

2011-06-15

BUY

15.250

Bill Harris, CFA

Value Growth Gold growth name. Gold has stayed high. Hold is 2 or 3 hundred dollars more than where these companies are being valued. Gold could come down and the stock could go up 30-40%. Stick with it. It should be bottoming. He was not as comfortable with going into equator and Russia. He prefers YRI

2011-06-09

BUY

15.070

Cheapest of the senior golds. It started to move and on good gold days it is the best performer. The next catalyst is exploration drilling in Africa in September/October.

2011-06-07

DON'T BUY

15.700

Ron Meisels

The one stock that seems to be going against the trend. Must not be doing something exciting. Still below its down trend line. The 200 day moving average is turning down.

2011-05-30

DON'T BUY

14.990

Douglas Kee

Only 5% of one portfolio is gold through Goldcorp (G-T). Kinross is not looked upon favourably by the market currently. Paid too much for their last acquisition. Their struggling.

2011-05-25

DON'T BUY

14.550

Norman Levine

Has been the pig of the major senior gold stocks because of unpopular acquisitions it has made. If you get a pop in gold, you may get a pop in this one. Would rather own a Goldcorp (G-T) or a Newmont (NMC-T).

2011-05-20

DON'T BUY

13.810

Don Vialoux

This is not only in a downward trend but it also just broke a key support level. Relative to the other gold stocks, this is not a good performer.

2011-05-13

Comment

13.970

Steve Carlin

Made a large acquisition last year (Redback Mining), which had a very large mine in Africa. This mine continues to get bigger and bigger but Kinross hasn't been able to deliver a clear picture on how they are going to develop it. Have also had some operational hiccups and higher cash costs, so investors have been getting frustrated. African mine probably won't be resolved until the end of the year.

2011-05-11

BUY

13.970

Ara Nalbandian

Kinross (K-T) or Barrick (ABX-T)? Kinross acquired Red Back mining and the market punished it. Management is confidant that the resource is very large so are bullish on the project. Barrick just acquired a copper complex. He would prefer Kinross.

2011-05-11

WAIT

14.450

Results were quite good about a week ago. Drilled a red back deposit but it was infilled drilling. They said they would get to 20 million oz. They have got there already and are now drilling on the edges to extend it further. This is the cheapest senior stock by far.

2011-05-10

TOP PICK

14.630

Resource sector is funny. Metal prices are higher but stocks have not followed. When the bought Red Back mining last year, they got one of the largest growing global gold deposits, 20 million ounces plus. Thinks the golds can play catch up to the commodity like the oils did.

2011-05-02

Comment

14.520

Dennis Da Silva

Has been an underperformer since it bought Redback, whose resources were 17 million ounce’s at the time. Kinross went on a limb with an expectation of 22-25 million ounces. Last update showed it at 18 at this point and they are aggressively drilling. Reputation is on the line as it is a company maker or transformer as a total of their resource will come out if this asset.

2011-04-25

BUY

14.630

John Stephenson

Likes it. It was widely perceived that they over paid for redback. Analyst trip to Africa got mixed reviews. One of the biggest producers of gold. This is an attractive entry point. His goto name in gold producers.

2011-04-20

WATCH

14.530

Their future depends very much on regarding the property in Africa they acquired last year. This is a major component. Assuming it proves out and gets into development in the next few years, it could see quite a rebound. Right now it’s a “wait and see” attitude.

2011-04-19

SELL

14.920

Michael Decter

A “show me” story having to prove up ounces in West Africa. Did a big acquisition (Red Back) and may have overpaid for it. It will take them a while to digest this. He moved to Goldcorp (G-T). At some point in time a move back to this opne will probably make sense. (See comments under Goldcorp (G-T).

2011-04-13

SELL

15.370

John O'Connell, CFA

Along with a lot of gold stocks has not done as well as physical gold has. Has under performed more than others because of it major acquisition of Redback Mining. There were a lot of questions about the size of the resource and whether they had overpaid. This is now a “show me” story. Thinks gold is a good place to be and if you own, consider moving into another position such as Barrick (ABX-T), Goldcorp (G-T) or Yamana Gold (YRI-T).

2011-04-11

HOLD

15.660

Jamie Horvat

Trading at about 1.3X NAV. Growth by acquisition story. Largely volatile sideways trader between $15 and $18 per share. Looking to double production going into 2014-2015. Going to be all back-end loaded on the ramp of the increased production in Tasiast in Mauritania (Redback acquisition). Many European holders of Redback are still considering selling so there may be pressure on the stock. Still a question on Equador and the proposed windfall tax. Doesn’t like the Russian risk.

2011-04-07

BUY

15.680

By far the cheapest senior stock. For next 3 or 4 months they will be doing infill drilling only in their acquisition feasibility study so it won’t add oz to production. Otherwise they are adding oz to production and if they continue they will fully justify their price by this fall.

2011-04-05

Comment

14.870

Gavin Graham

Management says the Red back acquisition is enormous and is going to surprise everyone. Analysts are more skeptical and suggest that the price has been whacked so much that it is likely a target for a large gold., but who is big enough? This is a very remote possibility. (See Top Picks.)

2011-04-04

Comment

14.780

Benj Gallander

Not interesting for him. Finds gold prices do well towards the end of the year when there is a lot of buying, particularly ion India. Also finds a good time to get out is when they have the commodity show in Toronto in February.

2011-04-01

DON'T BUY

14.780

Bill Carrigan

Market hates it so stay away.

2011-04-01

TOP PICK

14.940

Philip Doyle

Stock has suffered he thinks because of the Redback purchase. 63 million ounces so looks cheaper than all the other majors, except fo Barrick (ABX-T). Could have further discoveries in some of their less expored properties.

2011-03-29

BUY

14.940

He has been buying it here. It is his largest gold position in the fund. Gold will work its way through $2000. They under performed since they bought Redback. People worried about the costs of bringing it back on. Libya brought the stock under additional pressure. You are discounting the assets to the point you are getting the Redback asset for free.

2011-03-29

HOLD

16.090

Model price of $18.84. Earnings have come down a lot. He sees a 21% upside. Many of their acquisitions have been negative to the stock.

2011-03-23

BUY on WEAKNESS

14.610

Not well liked for the last year where they were buying Redback. In the last quarterly report last week they showed 3 million extra oz at the mine. He would hang in and buy on weakness. The cheapest senior gold you can buy now. They have scheduled an analyst trip to the mine in Africa and they wouldn’t do that if there weren’t good news.

2011-03-10

BUY

15.360

Charles Oliver, HBSc CFA

Has been quite flat over the last decade and he is frustrated with it. Quite cheap and has recently added to his holdings. Concerned about some of the rising costs.

2011-03-07

DON'T BUY

15.190

Has been lagging the other golds, which makes you pause. Still have a lot of unresolved issues. The Mauritanian mine has some issues. Getting squeezed with higher costs. There is also the question of integrating their Red Back acquisition. Prefers Barrick (ABX-T) and Goldcorp (G-T).

2011-03-03

DON'T BUY

15.190

Benj Gallander

Isn’t that familiar with the company. This is the time of the year that gold retraces its footsteps. He has zero gold companies on his watch list. Sees very few bargains in the commodities right now.

2011-03-02

BUY

15.680

Started to look cheap so was buying on the downtrend. Recent results have not been great resulting in significant selling bringing it down to new lows. Pretty close to NAV and have better production coming one so is probably a Buy now. Potential Takeover target..

2011-02-25

WATCH

15.330

Likes gold as a hedge against the current geopolitical issues. This one has under performed because it has been perceived to be doing expensive acquisitions and executing in political risky places. Thinks their acquisition of Red Back Mining will probably turn this around so they can catch up to the rest of the producers over the next couple of years.

2011-02-24

Comment

16.250

Jaime Carrasco

Eldorado (ELD-T) or Kinross (K-T)? All of the seniors have a pretty good leverage to the price of gold and are trading at a huge discount to $1,300. You want ones like these that are going to have the biggest pick up in production.

2011-02-18

HOLD

16.370

Golds have been having a pullback. His model price is @22.95, a 37% positive differential.

2011-02-17

DON'T BUY

16.370

Derek Webb, CFA

Just missed their numbers, which is not good. Should be delivering earnings at these gold prices. Wants companies to make their numbers before owning them. Have a nice strong base at around $15.50, which is not bad. You could make money on this if it reaches old highs. He’s been writing options on this.

2011-02-17

SELL

16.510

Steve Carlin

Biggest news was their purchase of Redback Mining giving them a huge resource in Africa. That will be the driver for their growth going forward. Will have to deliver on production volume growth, which will put some of risk on it for the next little while. His preference would be Goldcorp (G-T) (by a Mile) and 2nd choice would be Agnico-Eagle (AEM-T).

2011-02-10

BUY

16.650

Gavin Graham

Has been an especially big laggard because of its takeover of Red Back Mining. You should be buying because gold is going to go higher.

2011-02-07

TOP PICK

16.880

Making a large African acquisition and there should be an update in the next couple of weeks. Ultimately will be a really good purchase and will evolve make them into one of the premier major cap gold companies.

2011-01-19

Comment

16.620

Derek Webb, CFA

Right now is a great time to Buy gold stocks, no matter what company. Gold stocks had a massive pull back in the last week vis-à-vis the price of gold. This stock has been a dog in this market. He writes options on this one.

2011-01-14

HOLD

18.660

Has lagged the price of gold compared to some of its peers. Has grown production and has made some acquisitions. Good long term Hold for its gold exposure.

2010-12-20

DON'T BUY

18.130

Stock stalled when they acquired Redback Mining. People are wondering when they can bring that into production and what will be the CapX. Jury is out on this acquisition.

2010-12-01

Comment

17.650

Larger cap gold stocks have lagged the commodity. Also the larger you get the more difficult to grow production. Have been doing some acquisitions. In a period of consolidation until production starts moving.

2010-11-29

BUY

18.280

Paul Harris, CFA

Gold stocks have not done what gold has done. Recently did an acquisition and they have to make this work out. Expects things will work out. He prefers Agnico Eagle (AEM-T), which is better run and has great assets.

2010-11-25

BUY

17.800

Peter Brieger

With the drop in stock price, anywhere around here would be an excellent entry point.

2010-11-16

BUY

18.830

Barry Schwartz

These gold stocks seem to be under performing yet gold keeps going higher. The gold stocks look much more attractive now. Much better profit and bank for your buck here. Preference is ABX.

2010-11-04

WATCH

18.350

Gavin Graham

Has gone down about 6% even though gold has gone up 35% in the last year. Made a big acquisition in Redback Mining, which was a big dilution. Wait for their earnings early November.

2010-10-29

TOP PICK

18.080

Nick Majendie

Best gold growth story over the next 5 years. If you add in the Red Back Mining assets pro forma they are producing 2.6-2.7 million ounces, which should grow to 4.5-4.7 5 million ounces over the next 5 years. Could see the stock doubling.

2010-10-26

BUY

19.760

Of senior golds, this would be his favourite. By acquiring Redback Mining, it is now a growth story. Expect they will prove up Redback’s reserves to what they said they would, which would get you to mid-$20's in the 1st year and closer to $30 when you get out to the production.

2010-10-06

BUY

19.570

Jeff Black

Made a major acquisition in Red Back Mining. Good growth profile going forward in increased production.

2010-09-29

BUY

19.240

Mike S. Newton, CIM FCSI

Acquired Red Back Mining, which is a good fit. Expect to see more acquisitions in this area.

2010-09-27

BUY

19.240

Having trouble increasing organically so recently acquired Redback Mine. Probably a reasonable one for your portfolio. Likes gold in general but if equity markets perform better there could be a pullback.

2010-09-27

DON'T BUY

19.430

Michael Smedley

Acquired Red Back Mining. Very good management but there are other gold stocks you would prefer.

2010-09-24

Comment

17.930

Hap (Robert) Sneddon FCSI

Thinks it got oversold and has started to pick back up. Acquiring Red Back Mining (RBI-T). If they didn't overpay and they can prove up reserves and you like the price of gold, this is the cheapest senior gold by far.

2010-09-02

DON'T BUY

15.920

Strong downward trend and doesn't seem to have any place to stop. There might be some support in the low $15's. Gold normally has a pretty good seasonal strength but this stock is not participating.

2010-08-18

Comment

16.200

This is one of the cheapest senior gold companies because of a) Russian exposure and b) viewed as acquisitive and paying up for assets. Merging with Red Back Mining (RBI-T). If gold prices move up to $1500-$1700 it should do well. Shorter term there is some uncertainty as to whether they overpaid.

2010-08-09

DON'T BUY

16.090

Brooke Thackray

Bulking up with Red Back. A different mix. Prefers to look at companies that don’t have all that other stuff. Came down through it’s support. It should be ok. Prefers YRI.

2010-08-05

PAST TOP PICK

16.090

(A Top Pick Aug 10/09. Down 21.63%.) Decided to continue to hold because when their new Red Back (RBI-T) connection, which could possibly give them a lot of growth between now and 2015

2010-08-04

DON'T BUY

16.760

Michael Smedley

Has been expanding well and capitalizing on its sale of Harry Winston. He doesn’t know anything bad about it. A low cost producer.

2010-07-29

DON'T BUY

16.600

Bill Carrigan

Started to break out in late 2009 but something happened at the street didn't like. Has been dropping since then.

2010-07-16

Comment

16.750

Veronika Hirsch

This stock has been out of favour because the market thinks they are going to overpay making an expensive acquisition. Would prefer staying with the mid-caps. (See Top Picks.)

2010-07-15

PARTIAL BUY

16.520

Although gold commodity is going up, this stock is dropping. There is no correlation between the company's earnings and gold prices. His model price is $16.56 so now is the time to start nibbling.

2010-07-08

DON'T BUY

17.300

Rick Stuchberry

Just reduced his gold holdings by selling this stock as it was lagging compared to the rest of them. If gold goes up and makes new highs, which it could do this summer he would prefer others.

2010-07-02

Comment

17.990

Believes gold has a lot higher to go. It's a matter of timing. Gold stocks have not followed bullion because the costs have been rising. Feels this is getting behind them now.

2010-04-19

DON'T BUY

17.180

Paul Harris, CFA

Prefers Goldcorp (G-T) or Agnico-Eagle (AEM-T) as its cash cost production is too high at around $480 and the growth profile is relatively flat.

2010-03-25

PAST TOP PICK

17.540

Peter Hodson

(A Top Pick Feb 12/09. Down 25.73%.) Sold his holdings because of better opportunities elsewhere.

2010-02-04

PAST TOP PICK

17.310