 Gold and Gold Shares - Targets
Bob Hoye
Institutional Advisors
January 16, 2004
Technical Observations
of RossClark@shaw.ca
The opinions
in this report are solely those of the author. The information
herein was obtained from various sources; however we do not guarantee
its accuracy or completeness. This research report is prepared
for general circulation and is circulated for general information
only. It does not have regard to the specific investment objectives,
financial situation and the particular needs of any specific
person who may receive this report. Investors should seek financial
advice regarding the appropriateness of investing in any securities
or investment strategies discussed or recommended in this report
and should
understand that statements regarding future prospects may not
be realized. Investors should note that income from such securities,
if any, may fluctuate and that each security's price or value
may rise or fall. Accordingly, investors may receive back less
than originally invested. Past performance is not
necessarily a guide to future performance.
Neither the information nor any opinion expressed constitutes
an offer to buy or sell any securities or options or futures
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such as ADRs, whose values are influenced by the currency of
the underlying security, effectively assume currency risk.
An upside reversal
in the US Dollar Trade Weighted Index from a deeply oversold
position should put pressure on the precious metals.
On this basis the following targets could provide buying levels.
HUI $205.00
XAU $92.00
The Rand price of gold is now on the move and therefore South
African shares should be attractive buys on this pullback.
HMY Harmony $14.25 to $15.25
DROOY Durban $3.30
GBG.TO Great Basin $2.60
Silver should pullback to $5.50 within a few weeks.
CDE Coeur d'Alene
$3.75 to $4.40
HL Hecla $6.80
PAAS Pan American Silver $15.00
The best support for gold continues to appear in the mid $370's.
AGI.V Alamos
$2.50
AMM.TO Almaden $2.00
ARQ.V Anooraq $2.20
BGO.TO Bema $3.20
CBJ.TO Cambior $2.90
DNI.V Dumont $0.40
DSM.TO Desert Sun $1.05
EDV.TO Endevor $3.50
ELD.TO Eldorado $3.25
FCO.TO Formation $0.50
G.TO Goldcorp $17.00
GLG.TO Glamis $18.00
GSC.TO Golden Star $6.25
GSL.TO Greystar $2.10
IMG.TO Iamgold $7.20
IMRV IMA $1.70
IVN.TO Ivanhoe $7.00
K.TO Kinross $8.90
KRY.TO Crystallex $2.75
MMR.TO Miramar $2.90
MMM.TO Minco $1.35
NDM Northern Dynasty $5.60
NGX.TO Northgate $2.25
NEM Newmont $42.00
ORV.TO Orvana $0.95
PDG.TO Placer $19.50
PDL.TO NA Palladium $9.50
QGX.TO QGX $3.60
QRL.TO Queenstake $0.60
RGLD Royal Gold $15.00
SWG.TO Southwestern $34.00
SMX.TO Samex $0.90
TKO.V Taseko $1.40
WRM.TO Wheaton $2.60
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Bob Hoye
Institutional Advisors
E-mail bobhoye@institutionaladvisors.com
Website: www.institutionaladvisors.com
321gold Inc
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