February - Gold Stock Analyst

GOLD
™
The version of Gold Stock Analyst newsletter for Professional Investors
Reports on 60+ Gold miners plus the mid-month GSA-Top10 newsletter
February 2015 • Since 1994 • Issue #249 • Editor: John C. Doody • Single Issue: $249.00
Stocks We Said to Avoid
IN THIS ISSUE:
GSA’s Top 10 Stocks
2
GSA Stock Data
4-6
Gold: Price, Mkt Indices 7
Reviewed Inside:
Torex
Vista Gold
Yamana
8
9
10
Royalty Earners:
Altius
Franco Nevada
Osisko Royalty
Royal Gold
Sandstorm Gold
Silver Wheaton
Solitario Expl & Roy
Tanzanian Roy Expl
9
11
15
12
13
14
13
15
Analysis Inside:
Top 10 Comments
Royalty Multiples
3
3
Subscribers pay GSA for our Top 10 stock recommendations, and those who take
GSA-Pro, which covers approx 60 Gold miners and Royalty stocks, also pay for our
opinions on the ~50 stocks that are not Top 10.
Because GSA is entirely supported by subscribers, with nothing from the companies… no warrants, options, reprint payments, etc… and there’s not even a charge
to present at our Annual Investor Day... we can be totally candid in our reports.
It doesn’t show up in any performance stats, but investors heeding our warnings
on some GSA -Pro stocks we saw fundamentally flawed have avoided losses greater
than those merited by Gold’s price drop alone. To wit:
Allied Nevada: Restar ted the shut Hycroft mine that closed late-90’s as its low
grade OP-HL deposit was uneconomic at
$300 Gold. Gold’s later price rise supposedly made millions of sulfide ounces profitable if Co built $2+ bil plant to produce 1+
mil oz/yr. We were skeptics all along.
Harmony: We have been down on all
the South African miners as Govt appears
to pursue a creeping policy to takeover the
mines.
Tanzanian Royalty: Vanity stock of
well intentioned “goldbug” James Sinclair,
who bot shares to fund Co when its coinbox
was empty, then sold when the stock rose to
refill his own coffers. While Tanzania does
have AU’s Geita w/400K+ oz/yr and
ABX’s Buly at 150K oz/yr, TRX’s sites are
small and uneconomic. A former Wall
Street trader, Sinclair’s blog and speeches
advance Gold’s cause, but do not move the
Co towards becoming a producer.
Allied Nevada
High Range: $40.
Low Range: $1.
Harmony
High Range: $15.
Low Range: $2.
Tanzanian
High Range: $7.00
Low Range: $0.60
San Gold
San Gold: Raised $400 mil and r eoHigh Range: $4.00
pened former Bissett UG mine and Mill on
Low Range: $0.04
good new drilling results. But in “nuggetty”
ore the Gold was more sparse than the deWhere Are We Now?
posit models. Declared bankrupt 2014 and
Based on 1/30/15’s close for Gold at now attempts to restructure.
$1,284/oz, and GSA’s pr opr ietar y
Market Cap/oz database compiled since
GSA’s 2015 Annual Investor Day:
1994, Gold Stocks trade as if Gold
Sunday
Feb
22 at Ft Lauderdale’s Hyatt Pier 66 Resort.
was at $714/oz. On aver age, Gold
Presentations by Top Management
Stocks ar e:
Next Issue
Web Posted:
3/1/15
from GSA-Top 10 and GSA-Silver Fave 5 Stocks
Luncheon Keynote Speaker: James Grant. Details Page 16
Internet: www.goldstockanalyst.com
•
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