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Tuesday, June 04, 2013 12:37:11 PM
With regard to the stocks, which are a very different set of circumstances, I would suggest that one catalyst may be an increase in the gold price, but a much more important catalyst is the fact that high-quality gold companies, in our opinion, are selling at the best price they have sold at for 20 years. They are simply too cheap. It won’t be immediate, but it will cause some of the higher-quality names to be taken over, because it’s cheaper to buy gold than it is to go find gold.
And the third thing that’s really going to surprise people in the juniors is that we are slowly coming into a discovery cycle. There is nothing that adds hope and liquidity like a discovery. People talk about what a pathetic market we had last year, but if you happened to own Reservoir Minerals before its discovery, the stock went from $0.26 to $3.50. Africa Oil went from $0.80 to $10. This is a market that will reward performance, but it’s a market that has been starved for performance, too.
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