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And this, of course, would force the search for another safe haven. Tim Iacono predicts, “If elected officials dicker, much like they did last summer during the debt-ceiling debate, look for the dollar to tumble and take US stocks along with it, while the price of gold soars.”
And now to cases. Reuters reported July 16 that NBF has cut Teck Resources TSX:TCK.B from $38 to $37 (currently $31.24), Alacer Gold TSX:ASR from $11 to $10.75 (currently $5.43) and AuRico Gold TSX:AUQ from $10 to $9 (currently $6.23).
On July 19, Canaccord Genuity maintained the price target of Argonaut Gold TSX:AR at $11.50 (currently $7.72) and maintained SilverCrest TSXV:SVL at $5 (currently $1.80); on July 18, it lowered AuRico TSX:AUQ from US$12 to US$8 (again, currently C$6.23); on July 17, it maintained Alexco Resource TSX:AXR at $8.50 (currently $4.04), maintained Colossus Minerals TSX:CSI at $9 (currently $3.42) and maintained Endeavour Mining TSX:EDV at $3.50 (currently $2.21); and on July 16, it lowered La Mancha Resources TSX:LMA from $5 to $3.50 (currently $3.41) and maintained Fortuna Silver TSX:FVI at $6.50 (currently $3.59).
At the Globe and Mail, Shirley Won reports July 17 that Brad Humphrey of Raymond James has lowered the price target of Alacer TSX:ASR (“The gold producer will likely be in the ‘penalty box’ until there [are] more concrete details of growth plans now that its South Kalgoorlie expansion project in Australia has been shelved”) from $10 to $8 (again, currently $5.43) and July 16 that Alex Terentiew of Raymond James has lowered Platinum Group Metals TSX:PTM (“but suggests there is still potential upside from catalysts like its South African Waterberg project and potentially rising commodity prices this year”) from $1.80 to $1.50 (currently $0.81).
If elected officials dicker, much like they did last summer during the debt ceiling debate, look for the dollar to tumble and take US stocks along with it, while the price of gold soars —Tim Iacono
At Seeking Alpha, Stanley Barton awards long-term “buy” ratings to Revett Minerals TSX:RVM (“[Its price] drop…has created a short-term buying opportunity, despite the exposure to copper”), Excellon Resources TSX:EXN (“This is a very consistent silver producer, and exploration results indicate a bright future”), Aurcana TSX:AUN (“Its La Negra Mine in Mexico registered record production in 1Q, providing cashflow to finance the startup of [its] Texas mine, which will triple [its] annual silver production”), Banro TSX:BAA (“will eventually become the lowest-cost producer of gold in Africa, and we also respect its management experience”), Sandstorm Gold TSXV:SSL (“The management has proven that it knows where the good deals are”) and Orvana Minerals TSX:ORV (“on schedule with its initiatives: increasing production in its gold-copper mine in Spain and obtaining the permit for its Copperwood property from the State of Michigan”).
From the same source, David Vengerov writes, “My personal favorite is Golden Minerals TSX:AUM, which is the largest position in my portfolio because it will be trading many times higher in a year, if they achieve their own production forecasts, and they don’t even require the price of gold and silver to go up!”
And the Gold Report, Jay Taylor, editor-publisher of Jay Taylor’s Gold, Energy & Tech Stocks, declares that gold-streamer Sandstorm Gold TSXV:SSL “and its longterm warrants were my No 1 pick this year.” Among producers, Petaquilla Minerals TSX:PTQ “is my top pick right now. It is very undervalued…It expects to produce 100,000 [gold] ounces this year, mostly from growth in its Panamanian project. It also has high-grade deposits in Spain and Portugal.” Among explorers, “My favorite company…would be Eurasian Minerals TSXV:EMX. “With $30 million in the bank, it has major prospects and a very strong management team. It is supposed to be closing on a royalty company acquisition on some Newmont TSX:NMC production in Nevada that would throw out $6 million. That would give Eurasian cashflow, plus, one of its gold projects in Australia looks huge.”
Finally, gutter-mouthed comedienne Sarah Silverman has offered to perform a sex act with billionaire Sheldon Adelson should he decide to donate $100 million to Obama instead of Romney. Two thoughts. 1. From an old Martin Amis novel, “She’s not good-looking enough, and she wets the bed.” 2. Silverman has made herself the punchline of one of the oldest jokes extant—Would you sleep with me for $100 million?/Yes./Would you sleep with me for $100?/No, what do you think I am, a whore?/We’ve already established that; now we’re just haggling over the price.
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