STOCKCHASE

Potash Corp of Saskatchewan

47.710

Free cash flow of about $570 million. Production costs went from $500 range to $570. Suspended operations in the LaRonde mine but Meadobanks is starting to kick in. Good management.

2011-11-11

Comment

Canadian Oil Sands

COS-T

21.110

A solid way of participating in the oil patch but he prefers the mid tier ones that offer greater production and a better yield.

2011-11-11

TOP PICK

Enbridge

ENB-T

35.100

Continues to add this into his utilities/pipeline components. Dividend is a little lower than the others but is comfortable that it will grow. Nice conservative Buy.

2011-11-11

Comment

POT-T

47.450

If you are a long-term focused investor and are looking for long-term investments, this is a great one. Will be a good blue-chip hold.

2011-11-11

PAST TOP PICK

Suncor Energy Inc

SU-T

32.360

(A Top Pick Feb 18/11. Down 26.61%.) Likes this for the good exposure to oil, which continues to go up.

2011-11-11

BUY

Viterra Inc

VT-T

10.280

Agriculture requires a bit of patience, but this is about feeding the world. His company controls a lot of the wage growth, processing and distribution. Great hold on a long-term basis.

2011-11-11

PAST TOP PICK

38.310

(A Top Pick Feb 18/11. Down 28.62%.) Sold about half his position.

2011-11-11

TOP PICK

CGX Energy Inc.

OYL-X

0.920

Oil. Drilling for elephants in northern South America. This company controls the 2nd biggest landholding of the whole play. There are a lot of big companies in the area. They should start drilling in the next couple of months. Has never seen anything with this kind of upside.

2011-11-11

Comment

0.020

Markets. We are setting up for stagflation. A replay of what happened in Argentina and Brazil. Everywhere where governments get overloaded with debt, the only solution for them is to start printing money, devalue the currency which benefits hard assets. Expects US will have to raise the debt limit again pretty soon as they used up all that money. Gold is building a base around $1600 and thinks it's going much higher.

2011-11-11

PAST TOP PICK

Claymore Global Agriculture ETF

36.650

(A Top Pick Feb 18/11. Down 4.38%.) Have introduced a dividend. Taking in a lot of money. Good cash flow and earnings. Still likes.

2011-11-11

Comment

First Majestic Silver

FR-T

17.510

Located in Mexico, which is a massive silver district. Management has proven that they can maintain production and continue to grow reserves. Silver prices are basing at $33 but will be much higher in 3 years out.

2011-11-11

BUY

Atlantic Power Corp.

ATP-T

13.790

Produce electricity from natural gas for most of Nova Scotia, New Brunswick and Maine. Margins are quite nice. Earnings just came out the loss of $.40 versus an expected gain of $.19. Yield of 8.3%.

2011-11-11

BUY

Endeavour Silver Corp.

EDR-T

12.150

Silver. Operates in Mexico. Great management team. Just had stellar earnings. Continue to grow production and earnings.

2011-11-11

BUY

Osisko Exploration Ltd.

OSK-T

12.300

Just reported profits of $40 million from the Malartic mine in Québec. This company is a start-up producer and as production kicks in, cost of production will come down. Good quality producer.

2011-11-11

SELL

Crocodile Gold Corp.

CRK-T

0.405

Gold. Located in Australia. Requires more infrastructure. If you own, consider repositioning your portfolio with tax loss selling.

2011-11-11

TOP PICK

Franco-Nevada Corp.

FNV-T

43.100

Gold. Held on very nicely during the volatility. Steady cash flow grower. Dividend continues to increase.

2011-11-11

BUY

COW-T

21.030

A great way to own the agricultures. Gives exposure to 35 of the world's biggest companies. Agriculture is a long-term play.

2011-11-11

BUY

Sandstorm Resources Ltd.

SSL-X

1.440

Gold streaming company same as Silver Wheaton (SLW-T) is to silver. A great way to participate in gold without exposure to mining risks. Just came out with earnings and they had record gold sales and cash flow.

2011-11-11

BUY

3.630

Stock is down, but at this price it is a good entry point. Disappointed in their money raising as they didn't need it with their $90 million in the bank. World-class asset. Have a 43101 for 4.3 million shares. Continue to drill out and uncovering more gold. Could be a takeout candidate.

2011-11-11

BUY

RX Exploration

RXE-X

0.300

Small gold/silver operation that he really likes. Restarting a mine in Montana. Expect they should produce 30,000-40,000 ounces next year at an average cost of about $800.

2011-11-11

BUY

Barrick Gold

ABX-T

49.370

Buying it. Likes it. Has done a lot to clean shop, got rid of hedges. Likes that it is trading at a discount to the historical spread to gold and they have some production uptake. Copper is controversial but not turning him off the stock.

2011-08-25

TOP PICK

Silver Standard Resources Inc.

66.510

(Top Pick Apr 29/10, Down 1.5%) New mines coming on line. Alaska mine had snags but are now running. It will be quite Accretive. <$500 an oz costs. Very profitable. He sees very little risk.

2011-08-25

TOP PICK

SSO-T

26.230

(Top Pick Apr 29/10, Down 21.36%) 3 mines coming in. Silver is going much higher. Buy producers rather than commodity. Price of commodity is rising much faster than the cost. Energy is staying put. This is about redefining value of currencies.

2011-08-25

N/A

0.020

Market: Gold for the next two years will be heading higher because of fed policies. Gold is not going up, money is de-valuing. Gold stocks are trading at a discount to the price of gold. More and more people are waking up to the fact that they have to h edge the currencies. We are watching global currency fluctuations and gold is the only hedge.

2011-08-25

BUY

37.650

A streaming company. Bought all by products from gold and silver companies and refine them.

2011-08-25

BUY

Penn West Petroleum

PWT-T

17.420

Maintains it as outperform but just lowered his estimate. Not a bad play. At this price it is very cheap.

2011-08-25

BUY

Endeavour Silver Corp.

EDR-T

10.810

Owned for a long time. Likes the fact they have good production coming in. It has to catch up to the commodity for starters. Lots of production increases coming up.

2011-08-25

WAIT

Detour Gold

DGC-T

34.000

Great deposit in Northern Ontario. He would rather play the discovery and then go back in when they are in production.

2011-08-25

BUY

Canada Lithium Corp.

CLQ-T

0.560

First lithium producer in North America. It takes under a week to get it to market vs 2 years in Chili. Drill results that just came out look very, very good.

2011-08-25

BUY

Western Potash

WPX-T

1.170

A pretty good asset. Potash will continue to be an important asset through out the world. Not a bad deal.

2011-08-25

TOP PICK

3.970

(Top Pick Apr 29/10, Down 12.33%) This is a very good takeover candidate for any of the majors. Big deposits like this are just not found. Keep coming out with consistent results – and property is quite big.

2011-08-25

BUY

Stonegate Agricom Ltd

ST-T

1.120

Likes the story. Growth story. Two potentially very big deposits and they have proved out other assets throughout time. He focuses more on precious metals right now.

2011-08-25

TOP PICK

59.790

Very bullish on gold. You will get appreciation on the commodity but also on the rise in production. Have new mines that are opening up and going into production.

2011-06-14

BUY

Potash Corp of Saskatchewan

1.160

Average refineries in North America are about 92 years old and were built for a 40-year life span. Their refinery produces jet and higher grade fuels so margins should do quite well. Also have their debt in US dollars. Well diversified. Has a $2 target on this one.

2011-06-14

BUY

POT-T

53.540

Fertilizers are the only way to get more food out of the land. Agriculture will be a great investment over the next couple of years.

2011-06-14

PAST TOP PICK

Suncor Energy Inc

SU-T

38.390

(A Top Pick Feb 18/11. Down 14.68%.) Great assets on a long term basis.

2011-06-14

BUY

Viterra Inc

VT-T

10.830

Likes. Seem to have some issues with the growing season, however on the food transportation they did quite well.

2011-06-14

PAST TOP PICK

Silver Standard Resources Inc.

46.290

(A Top Pick Feb 18/11. Down 16.74%.) Likes their diversification.

2011-06-14

TOP PICK

SSO-T

24.880

Very bullish on gold. You will get appreciation on the commodity but also on the rise in production. Have new mines that are opening up and going into production.

2011-06-14

Comment

0.020

Natural Gas. Bullish on this commodity. As oil prices continue to run up, there will be more conversion of electricity coming out of natural gas. Prices are cheap. If you can find companies that are paying good dividends and have good cash flow, they will survive through this trough.

2011-06-14

PAST TOP PICK

30.420

(A Top Pick Feb 18/11. Down 22.69%.) Process silver at about $4. Still likes. Very little exploration exposure.

2011-06-14

HOLD

Osisko Exploration Ltd.

OSK-T

14.280

Likes the company. Just getting into production and he tends to shy away at this stage as it will take time for the mine to fully kick in. He prefers the bigger producers. Good management and good property.

2011-06-14

Comment

Lundin Mining Corp.

LUN-T

6.690

Expecting management will focus more on organic growth and some acquisition opportunities. Would prefer Teck Resources (TCK.B-T) instead, which has better leverage. He is currently underweight on base metals.

2011-06-14

Comment

Excellon Res Inc.

EXN-T

0.780

Silver producer in Mexico. Great asset and has production growth and good discovery potential. Just sold his holdings to concentrate on companies that will recover the fastest.

2011-06-14

DON'T BUY

Chesapeake Energy Corp.

CHK-N

28.980

Likes natural gas producers when they are cheap but he is bearish on the US$ so doesn’t like the US stocks. Cdn companies will give you much more bang for your buck.

2011-06-14

BUY

Colossus Minerals Inc.

CSI-T

7.530

Have a discovery in Brazil, a jurisdiction that he likes. This discovery continues to get bigger and bigger. His company has a $14 target on it.

2011-06-14

TOP PICK

4.250

Have a discovery in Timmins. Good drill results. Very bullish on gold. Have only drilled on about 30% of the property so there is still a lot of upside. Good takeover target.

2011-06-14

BUY

Tonbridge Power

TBZ-X (Dead)

1.430

Building the power lines between Lethbridge Alberta and Montana. Project should be finished sometime towards the end of this year and then they are going to start supplying the electricity for it. Had some issues with execution but it was a big project. Have about 650 megawatts of contracts.

2011-06-14

BUY

Stonegate Agricom Ltd

ST-T

1.180

Phosphate deposits in Idaho and Peru seem to be quite big. Good management.

2011-06-14

TOP PICK

65.920

Well diversified and good management. Bringing 2 mines into production tight now. Good entry point. Target is $90.

2011-04-29

BUY

Agrium

AGU-T

85.760

One of his top agricultural holdings. It’s about feeding 7 billion people. Agricultural land on a long term basis is one of those things that will be needed.

2011-04-29

BUY

Canadian Natural Rsrcs

CNQ-T

44.510

Some of the oil stocks seem to be lagging the price of oil. Why? Thinks institutional investors think that these things are in a bubble and don’t believe they are going to be as profitable and commodities won’t continue moving up. He disagrees. It’s all about the US$ (which is the currency we trade globally) and its depreciation. This one is a very good buy because oil prices continue to go up.

2011-04-29

DON'T BUY

AuRico Gold Inc

AUQ-T

10.350

He has a target price of $10 so feels it is fully valued. He is neutral on this one. With this one, you mainly get the rise in the price of the commodity. There are others that look better.

2011-04-29

Comment

Goldcorp Inc

G-T

52.890

His company has Goldcorp as an outperform with a $70 target but he prefers the mid-tiers as they will give more production upside.

2011-04-29

PAST TOP PICK

Northland Power Inc

NPI-T

15.990

(A Top Pick April 14/10 Up 27.68%.) Likes the utilities because of the cash flow they are paying.

2011-04-29

DON'T BUY

Precision Drilling

PD-T

14.330

Current price fully reflects the earnings out to 2012. Likes the drillers and the servicing companies but prefers others.

2011-04-29

BUY

Silver Standard Resources Inc.

51.430

Great proxy for the global economy. Japan has massive restructuring to be done and there’s growth in China, South America and India. Thinks his company has an $83 target.

2011-04-29

PAST TOP PICK

Vermilion Energy Inc

VET-T

50.800

(A Top Pick April 14/10 Up 50.81%.) Had a good growth portfolio on the ground and through exploration. With this you get the price of oil plus exploration growth. Still a Hold.

2011-04-29

TOP PICK

SSO-T

32.910

Has 3 mines coming into production over the next 2 years. BMO analyst has a $39 target on it but that’s on $17 silver and doesn’t take into account that the 3 mines are coming into production.

2011-04-29

HOLD

Yamana Gold Inc.

YRI-T

12.060

Great company but he prefers others. Has a pretty diversified portfolio. Gold is going much higher and institutional money will come.

2011-04-29

Comment

0.020

Precious Metals. Gold and silver are not in a bubble, but are just reflecting the reality of the US$. The index he watches shows the dollar right at the bottom. Even though Bernanke is not going to continue QE2, they have to keep buying the debt. $ is too low to raise rates yet.

2011-04-29

Comment

0.020

Silver still has a lot of room to grow. Comparing it to gold back to the 1980’s it should be much higher than where it is. This week the COMEX raised margin rates twice against silver. They are forcing the silver market down in any way shape or form. Expects the futures will well overtake the paper.

2011-04-29

DON'T BUY

38.500

Has been one of his core holdings for a long time. This is a proxy for the price of silver. You’ll get upside on the price of silver but you’ll not get production uptake. Better to diversify over to the growth stories of mines coming in to production.

2011-04-29

DON'T BUY

PetroBakken Energy

PBN-T

17.960

Shed his position awhile ago because he thinks production growth has topped out.

2011-04-29

TOP PICK

4.540

Cote (?) Lake is the key. Just came out with a 43101 for 4.3 million ounces. This is only 50% of the drilling that has already been done, so this continues to grow. In a good jurisdiction (Ontario). Will be a good takeover candidate. RBC has a $7 target.

2011-04-29

PAST TOP PICK

Tonbridge Power

TBZ-X (Dead)

1.710

(A Top Pick April 14/10 Down 29.92%.) Building an electric pipeline between Montana and Lethbridge Alberta. Once that is constructed and the electricity starts to flow, revenue will start to come. NAV is $2.50. Ready to Buy more when he sells other stocks.

2011-04-29

BUY

Stonegate Agricom Ltd

ST-T

1.330

Have huge phosphate deposits in Idaho and a larger one in Peru. Just getting all the work started to quantify how much is there. One of the few juniors in the agricultural space that he is comfortable with.

2011-04-29

PAST TOP PICK

70.260

(A Top Pick Dec 11/09. Up 7.11%.) Still likes. A value stock.

2011-02-18

PAST TOP PICK

Agrium

AGU-T

92.010

(A Top Pick Dec 11/09. Up 37.57%.) Likes the food complex. A long term story.

2011-02-18

BUY

Potash Corp of Saskatchewan

1.400

Likes it because they have a refinery and refinery capacity is one of the issues in the energy complex. Average age of refineries is around 89 years and new ones are not being built in North America. Have some pretty good assets. Working with some fracing to increase production.

2011-02-18

BUY

Canadian Oil Sands

COS-T

29.590

On the oil sands, price of production will go down. Initial costs of building the plants are their biggest expense but after that costs decrease.

2011-02-18

Comment

Eldorado Gold

ELD-T

17.180

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

Comment

Kinross Gold

K-T

16.250

2011-02-18

DON'T BUY

POT-T

59.170

Prefers smaller companies because that is where takeovers are going to happen.

2011-02-18

TOP PICK

Suncor Energy Inc

SU-T

44.280

Expecting money to flow into the oil sector over the next year because of the lack of performance in relation to the price of oil.

2011-02-18

TOP PICK

54.330

It’s time to start adding base metals and this is a great way to play it.

2011-02-18

BUY

Vermilion Energy Inc

VET-T

49.380

Starting to move more money into the energy side. Has noticed a lot of companies haven’t moved although the price of oil has moved up. This one is outperforming.

2011-02-18

PAST TOP PICK

TSX Group

X-T

41.010

(A Top Pick Dec 11/09. Up 41.82%.) Sold his holdings. Trying to figure out the proposed implications of the merger with the London Stock Exchange.

2011-02-18

Comment

0.020

Devaluation of currencies will affect on precious metals, commodities and the world around us. The spread today is about the US$. Over the next 2 years he will price in the reality of what the US$ is really worth. Investors can benefit from figuring out where it is going and how to position themselves.

2011-02-18

TOP PICK

Market Vectors Agribusinesses E.T.F.

38.680

They have long term contracts to buy silver that gold companies mine but can’t refine. No exploration risks, they just produce. Cost of production is only about $4 an ounce.

2011-02-18

BUY

First Majestic Silver

FR-T

14.010

Mid tier-silver producer. Cost of production is very low. Thinks silver is going higher. Expects amalgamation will be taking place in silver.

2011-02-18

BUY

Pengrowth Energy

PGF-T

12.420

Cash flow will continue so it’s a great Hold. They are growing reserves but it’s not going to be that much to the bottom line because it’s a very big company. You will get the leverage on the price of oil.

2011-02-18

DON'T BUY

Centamin Egypt

CEE-T

2.030

Doesn’t think the political risk is going to get better. He prefers looking at investments going north/south with North America and Latin America. Also a little bit of Asia.

2011-02-18

DON'T BUY

MOO-N

56.890

Agriculture ETF. Good way to play the sector but would caution on the currency. Buying in Cdn$, which is going up could limit your gains. Prefers Claymore’s Global Agriculture ETF (COW-T).

2011-02-18

HOLD

Excellon Res Inc.

EXN-T

1.080

Thinks silver is going much higher. This one is more speculative but he likes it. Has a producing mine in Mexico. Good production numbers. Chances of a pretty good discovery on another property.

2011-02-18

Comment

Western Potash

WPX-T

1.610

Would measure these types of stocks on their reserve life and the cost of production. This one seems to be in a good location.

2011-02-18

BUY

4.130

Have a mine in place but are having some pretty good discoveries on another property. About 50% of the drill results have been reported. Have a low grade open pit mine. Numbers keep coming in pretty steady. There is a resource estimate coming out in the next couple of months.

2011-02-18

PAST TOP PICK

Agrium

AGU-T

64.500

(A Top Pick March 13/09. Up 46.98%.)

2010-04-14

BUY

1.700

Well diversified. Have a fairly new refinery in the US that is quite profitable.

2010-04-14

PAST TOP PICK

1.700

(A Top Pick March 13/09. Up 138%.) Convertible bond 4.75% due to thousand and 12.

2010-04-14

PAST TOP PICK

Canadian Oil Sands

COS-T

31.180

(A Top Pick March 13/09. Up 43.32%.) Rotated out of this into some others.

2010-04-14

TOP PICK

Northland Power Inc

NPI-T

13.630

Likes utilities. Yield of almost 8%. Low risk.

2010-04-14

BUY

Viterra Inc

VT-T

9.180

There are 2 ways to play the food story. This one basically owns grains. The other side are the fertilizers.

2010-04-14

HOLD

Talisman Energy

TLM-T

17.320

Just got rid of their non-core assets and raised $1.9 billion and are going to concentrate on the shale gas plays. Rates it as an outperform.

2010-04-14

TOP PICK

Vermilion Energy Inc

VET-T

35.660

In the Cardium area of Alberta where they are uncovering quite a lot of resources. Dividend is sustainable and continues to increase, Continue to grow their earnings.

2010-04-14

Comment

Uranium One Inc.

UUU-T

2.590

Uranium will be key in the energy sector in the next 20 years.

2010-04-14

Comment

Lake Shore Gold

LSG-T

3.060

Acquired West Timmins. Their problem now is that they are going into production which requires financing. This takes years. Would rather own other producers.

2010-04-14

DON'T BUY