Think we go up until Spring 2004..., but 80% gold stocks is still a bit high for my liking... Really hated to depart with Alamos, but I had some AGI trading shares from a few weeks ago at C$1.10 level and so these were jettisoned... Also, have a tax payment to make Sept 15...
My gold stock portfolio is currently (by $ amount): Great Basin Moydow (may short NEM @ $42 as a 50% hedge, maybe not!) Alamos Cumberland Endeavour Mining (effectively a closed end fund selling @ 20%+ discount) Chesapeake (of which about 25% freebie via Francisco) PAAS warrants (freebies via BAY) Glamis GoldCorp
Your comments on this portfolio welcomed... These are my tried and true gold stock favorites, all my more speculative positions have been sold (except for MOY, which is really NEM nowadays, and a few hundred remaining shares of Minefinders).
Primarily, I like to invest based on Market Cap per Reserve Gold ounce (fully diluted) for the juniors... Here are the current numbers:
Based upon the above GBN and Alamos appear to offer the most value... MFN appears relatively overvalued, especially relative to Alamos. FWIW, believe GBN will be the outperformer in 2004 as Ivanhoe permit is approved/HL starts mining, coupled with the added resources of Burnstone Area 2 (believe 10M ounces gold resources will more likely be above 11M ounces...) (The only thing I am worried about with GBN is private placements raising cash they don't need...)
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