Eric O's Favorite Gold Miners

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Eric Original
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Yeah, heard about that.

Yeah, heard about that.  Somebody out there knows some value when they see it.  A glimmer of hope for the rest of us. yes

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Eric Original
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Big news from Richmont

Total resources nearly doubled at Wasamac, to 2.7m oz.   We won't know how good this is until the PEA is completed in 1Q 2012.   6,000 tons per day?  That has got to be a typo.  That would be huge.  That would be something like 170,000 oz per year.  I bet they meant 600 tpd.

http://finance.yahoo.com/news/Richmont-Announces-iw-3263578000.html?x=0

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Eric Original
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Almaden Minerals

More really solid drilling numbers from Almaden after hours.  I can't wait to see what kind of resource numbers they come up with on this one.  It should be really solid.

http://finance.yahoo.com/news/Almaden-Hits-28-96-2-44-g-Au-iw-11507253.html?x=0

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Bay of Pigs
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Eric O

Almaden was Bob Bishop's baby for I don't know how many years at the Cambridge House Conferences. It was always his top pick.

I heard him pump this one for many, many years. LOL...maybe it's time has come now? 

Eric Original
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Really odd action in my miners today

Seldom see such a disparity between the winners and the losers on my list as we saw today.  And I'm not talking the little pennies either.  Among my bigger miners, check these out:

Agnico-Eagle down 4.79% on volume half again bigger than average.

AuRico Gold down 3.17% on more than double average volume.

Allied Nevada up 5.99% on four times average volume.

First Majestic up 9.71% on four times average volume.

I'm not sure what it all means, but it's a pretty interesting day.  Does the big churning in here indicate a bottom at hand?  No idea.  

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Eric Original
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BOP

This Ixtaca Zone discovery does appear to be the real deal to me.yes

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Update from Torex

An update from Torex today.  Nothing particularly interesting regarding the headline, but if you are new to the name it kind of lays out the plan for 2012.

Need one major lease agreement yet.   Expecting new resource numbers by the end of March.  Feasibility study by the end of June.  Then proceeding with permits, financing, and construction.  They have $110m in cash.

http://finance.yahoo.com/news/Torex-Achieves-Major-iw-3466709159.html?x=0

I have the current market cap at around $586m.  Working on a deposit that should be in the neighborhood of 5 million ounces with the next revised 43-101.   52 week high is 2.39, currently 1.41.

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Eric Original
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UPdate from Goldgroup

Some infill drilling reported, but also updates on the plan for 2012.

New 43-101 and a PEA by end of 1Q 2012.  Then they think they can build something pretty quick and be in production by YE 2012.  I believe they are thinking about a mine in the 100,000 oz per year range.

http://finance.yahoo.com/news/Goldgroup-Announces-cnw-635493044.html?x=0

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Chris Barker wraps up 2011

Chris Barker of Motley Fool wraps up a difficult year.  There is a lot of overlap between his list and mine.

http://www.fool.com/investing/general/2011/12/15/tale-of-the-tape-a-rough-year-for-gold-and-silver.aspx

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CGR

Eric, anyone?

CGR is the worst performing stock in my ever shrinking portfolio. 

I'm very satisfied with my remaining stocks, AZK, MDW, MGN & TLR.

Though the investors do not have much confidence in CGR. Fundamentally I still think it's a good stock and can do well in 2012. But it's just to sticky, falls a lot with the market and takes for ever to regain value.

I'm I the only one concerned?

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Claude Resources

I share your concerns HCA.  Claude is one of my biggest holdings, and has taken a real beating on this downturn.

I'm super excited about the drilling results from the L62 Zone and the Santoy Gap that have been released over the past few months.  The long term fundamentals look terrific, but we are getting swamped by short term weakness.  Claude has a high beta, even among small miners.  Falls more than the rest on the downswings, but I expect it to outperform on the upside if we can get this sector turned around.  I'm hanging in there.

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The Claude chart

I can offer this perspective. only from examining the chart   with technical analysis, for what that is worth....

I drew a good chart of Claude  way back when it was looking strong above 2 dollars. The wave structure was about to begin the correction....normal price action, a necessary correction, and the greater targets to watch were the 1.50 area and a bottom area around the greater 'left shoulder 'support zone ,which runs from 1.38 down to 1.00 area ,so my chart saw a target around  1.35 area.... so   Now, the technical play, is that this bottom target is  close to complete....its not a time to sell...but a time to consider buying . IF the fundamentals are strong, and the technicals are  showing oversold .... if you have a good entry point to start with, from last year or whatever... it would be a time to hold and/or buy more  ,maybe with another dip  into the 1.30's as a stink bid....  As bad as 1.40 may feel  for Claude....the chart price action as a target is right on target.... and still ok if we get another little dip lower .  If the miners are to ever hold any strength after this great correction, now is the time for claude to  hold strength soon at this price level.  Its the same with alot of miners now....International Tower Hill at 3.80-4 needs to hold. Atac at 2.10-2.25 needs to hold. Kaminak at 1.50-1.70 needs to hold.  etc etc

Claude needs to hold this bottom area 1.15 -1.40 area

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well....what can I say

Looks like  the gods of Claude were listening to me....price just spiked down to 1.35 and bounced there.   mission accomplished.   ?

....guess I'll be ridin off into the sunset now....lol  

I like that phrase Turd said the other day about making  spot on forecasts....its like  being the first lookout on the whitestar to spot the iceberg.  

Claude is in the bottom zone target now....but that 'left shoulder' support zone is a stretch  from 1.40 to as far as 1.00 area so ....its possible next week could offer a whipsaw back down for a bit of more pain, to catch  and establish this bottom area. 

You know,the whole idea about owning miners or Not owning miners....is Who you want to believe  understands what is really going on .  red pill/blue pill........  those experts who say miners are good to own and Now they are screaming bargains ,so undervalued in relation to the metals...and the metals are suppressed down as well....  the global monetary crisis  is a crisis that will end like a crisis, in fiat collapse....you know all the arguement  on that side..... then there is the arguement against owning miners.... I'm not sure how to explain that ,since I took the other pill....but I think it has to do with these experts (Andy Hoffman  for example) who worked/lived/breathed for 20 years, or is it 10 years..... In the wall street trading world, etc etc....and saw first hand the manipulation  that made the game so rigged against investors that  he decided it is impossible to own equities, including miners, in this corrupt system...and  so he sold them all and only owns  precious metals. 

So the counter to the 'impossible to win'   rigged game arguement....is that  yes, miners can win the day...Eventually.... eventually, the PTB will be unable to keep up this level of manipulation, and eventually,  metals and miners will start soaring again....etc etc....

So far, the evidence in the last 2 or 3 years is showing the PTB  ARE able to keep the manipulation going.   and they are doing quite well these days arent they...if thats whats going on.   and there is little evidence so far that this rigged game, rigged against owning miners, is winding down in any way.....  Yes,only Time will tell.... and right now, all we have to hang our hat on is  faith and trust in  the words of  the experts  we want to believe in, who say stay the course, dont sell the miners. 

Some experts Are saying 'get out of stocks, including miners' Richard Russell, and others. 

So it all depends on which pill we've decided to take. IF you believe miners are worth owning.... they are bottoming into their low zones now, like Claude here...and  it would be a buy zone. 

IF you believe its a mistake to own miners....now is NOT the time to sell....the time to sell was  back in april and  all the other tops....and if we are lucky we will get one more 'top'    where we can sell  and close out.

But not   right now at the lows.  is how I see it.  If I was going to sell Claude and get out ...I would look to sell around the 1.75 area  as a target .

It does look like the market is a rigged game. The question is whether the PTB can continue to suppress the metals and miners at will like this.  or whether its the hedge funds, or tax season selling or whatever way you define 'manipulation' I dont know...but whatever it is that is keeping the metals and miners down ....  or keeps then from soaring.....  The direction is very unclear these days. 

The expert is saying when the PTB (central banks) are selling gold now ,China and India are buying it up...ok...thats a support force  to help the metal prices....But are China and India ALSO buying the miners ????  were they buying the miners last year??  somebody was....

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Did you guys see the volume yesterday?

Just looking over my list from Friday's trading.  Some huge volume going on.  Especially late in the day on a lot of them.  Here's a few that really stood out:

First Majestic, up on 6 times avg volume.

Allied Nevada, up on 8 times avg volume.

AuRico Gold, unchanged on 9 times avg volume.

Detour Gold, up on triple avg volume.

There's more.  Look at Richmont and Rubicon.

And a few big volume days on some that were down as well.  Go up and down your list.  It's really eye popping action.  Big money is sloshing around in the sector.  It's not all jumping out window like it was on Wednesday.  Some big money coming in on the buy side now too.  Pretty encouraging, I think.  But then, I'm an eternal optimist on these things.

I wish I had some statistical studies to back me up, but my gut is telling me that some of these names that are rebounding on super heavy volume could/should be the leaders on the way back up.  If you've got some that still are just laying there without much volume (I've got some of those too), then I'm thinking that's a bad sign for those stocks.

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kjm
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I noticed that as well

I noticed that as well Eric.   Avr up 18% on 6mil traded is another one.  Makes me think maybe the funds are moving in after tax loss selling to ride a spring rally.

Eric Original
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Here's an example of what I'm talking about

Check out this chart of First Majestic.  Look at the volume the past two days.  Wow!  Bounced back up, reclaimed the 50 day, on huge volume.  It bounced in Oct and Nov as well, but not with this kind of volume.  What we are seeing now is completely different, and just has to be bullish as far as I'm concerned.

6525902209_0ab35efdb7_z.jpg

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T
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volume is important

Somebody decided to buy the miners......?  I guess i didnt notice the volume friday ....  gotta go look at all my miners now....good point Eric about  the miners which didnt participate in volume as laggards to look at .

So a triple bottom for AG at 14.

...my target lows were 12.50  to 10.50 

maybe next spring ...unless this move now,a xmas rally starting, will get slammed at the resistance and year end and we see another great  plunge in the first quarter 2012 to test the lows again.

we have to watch the  200 MA at 19 now for resistance and then the 50 MA for support. 

Looks like a Range where there will be some strong selling at 21/22 area and buying at 14/15 area

I still like 12/11 area  myself . 

l'idiot du village
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Hi Eric

The market has really got me totally
confused at the moment. My instinct
Is to be bullish, but that's been pretty
foolish on a few occasions already
this year.
I moved out of most my juniors 3 -
4 months ago, into bigger caps. I'm
Glad I did that , I stayed fairly flat
whereas I would otherwise have
extended losses.
Wondering what Rick Rule is buying.
I know he used to be quote keen
on Geologix, maybe that's why it
moved so quickly on Friday ?
Thinking of initiated some small
'tester' positions tomorrow, and
working on a shortlist now. Glad
that you're still with us.

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Pink Sheets

I addressed this topic after T replied to a post of mine at the Sheeple's Miners thread, but thought I'd bring it up here, as well.  Namely, pink sheets.  Naively, I have accumulated shares of several mining companies on the pink sheets in the past year, and am starting to feel very nervous that I'll never be able to sell them at a profit, or even get rid of them.  

What should I do?  Hold them and try to get out of them during the next rally?  

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l'idiot du village
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Ideas that I'm tinkering with....

Geologix. Very cheap right now.
Corvus gold. Baby brother of International tower (ITH)
ITH. Very cheap for a 10 m oz deposit, even low grade
ATAC ATC. Also very cheap considering recent results,
but might be quiet unless any takeover talk ensues.
Golden Predator GPD. Way oversold in my book, but
maybe financing due ?
Uranium One. Not a gold miner, but my fave U308 miner
at these prices. Ticker UUU
Are you still a fan of Primero at these levels ? Any other
particular favourites ?
Might top up with more Alexco and Impact Silver, if
prices dip a little in next couple of days, not sure yet.
Possibly might buy back into Pretium, but again might be
delays on news for a few months.

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