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Saturday, June 1, 2013

Goldcorp's Penasquito Challenges

The management of water resources at Goldcorp's (GG) Penasquito mine in Mexico is far from the only challenge facing the company at the mine, as a court in the Mexican state of Zacatecas has voided the lease on some of the land, while "ordering the territory be returned to the farmers."

Of the 23,000 acres included in the gold mine, approximately 1,483 acres have been ordered to be returned to the farmers.

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Most Hated Asset Class About to Rebound?

The last time gold was as hated as it is today was in October 2008, and it was thought at that time by investors we were unlikely to see an opportunity to buy gold stocks like that again in our lifetimes. We were wrong. Gold today is more undervalued than it was at that time, a time when 12 months later gold stocks had jumped 200 percent.

In John Doody's May 1 issue of his Gold Stock Analyst letter, it was noted that gold stocks were undervalued by 44 percent. They've fallen even more since that time, making them even further undervalued.

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