Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

Tim...

At 24 times 2003 earnings, GLG is a bargain compared to virtually all tech stocks - Do you like AMAT or CSCO better on a valuation basis?? How about INTC or MSFT??

Unlike tech stocks, GLG has real earnings (not the fictitious mythology of "pro-forma" earnings), rising demand for its product, sharply rising ASP's, stable costs, and is in a bull market. I personally believe gold will be above $400 soon, raising GLG's earnings even more. GLG's stated goal is to produce 500,000 oz. per year with a cost of $150/oz - while 2003 won't be the year they attain that goal, their very strong reserve position plus the new acquisition should enable them to get there within a reasonable time.

I disagree with your assessment about GLG being overvalued - the rest of the market is far more overvalued and in a bear market. For myself, I will stick with my golds, including GLG.

mlsoft