Precious Metals Miners Starting To Trade On Fundamentals
Those of you who have read my previous posts know how bullish I'm on G&S miners. I wish to comments on the price action as well as how favorite miners have done.
Agnico Eagle - Took a brief hit, but has responded nicely, as the market has realized reducing CY production slightly may prove to be a net positive. The fundamentals remain intact and I still think $80-$100 price target by the end of the year is very possible.
Yamana Gold - My favorite gold miner has broken out as well (relatative % compared to a month or so ago when gold hit $1000. It was likely due to a good quarter than a few candian analysts critisized initially, but the accelerating increase in production in March shows Yamana may be about a month behind schdule, which is nothing. I see this reaching somewhere between 16-22 by the end of the year.
Royal Gold- Announced a 30% increase in gold reserves yesterday and 25% increase in silver. I know prefer this over franco-nevada and king of the gold royalty equities. Silver Wheaton - BOY OH BOY.. I think this bad boy can still double by EOY 2009, then the sky is the limit. Production increased again, just a month or two after the annoucnement of the silverstone aquisition. 32-34m oz by 2012.
jaguar Mining - My favorite junior has more than doubled since Jan, and i don't see it slowing down. I see another double by the end of the year
Redback- Up 35% since I first mentioned it- Although i think it is very undervalued, i took my initial investment off the table due their mines being located in Africa.