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  • Bullish But Cautious: San Francisco Hard Asset Investment Conference Review 0 comments
    Nov 23, 2010 9:53 PM | about stocks: GLD, SLV, UXG, NG, FRMSF

    By Alireza Entesari

    "Bullish but cautious" was the theme of the San Francisco Hard Asset Investment Conference that was well attended by hundreds of people. The conference was free to attend; only a few workshops required payments. I attended this conference on behalf of Seeking Alpha.

    Here are the highlights of the two-day conference:

    Among the analyst’s talks, Ian McAvity, Director of Central Fund of Canada, presented an educational talk that discussed historical gold, silver, and currencies correlations. The charts looked at a few decades time frame. He presented historical cases where, contrary to common belief, gold ran up during dollar stabilization, and increases in interest rates did not pull gold down. On the down side, Ian expects a gold correction to $1,270 area and believes the bullish sentiment will break if prices go below that. On the up side, his technical work forecasts a $5,400 gold, but he cautioned “Don’t ask for it, don’t try to capitalize on your fire insurance”.

    Eric Coffin, co-writer of the HRA Newsletters, who also writes here at Seeking Alpha, dedicated a session at the conference answering questions about mining companies. He expects that next year will be an exciting one for the exploration companies in Alaska and Yukon, and in addition to the precious metals, we will see base metal deals and acquisitions. Eric is bullish on precious metals based on the fundamentals, but sees a need for price consolidation.

    James Dines, author of The Dines Letter, who is known for making correct forecast, was bullish on precious metals and rare earth. Talking to a large room packed with attendees, he called paper currencies the biggest bubble of all time (in response to Soros comment on gold). His presentation; however, had a promotional theme, showcasing some of his best predictions.

    Jon Nadler, Senior Analyst at Kitco, dismissed gold as an investment saying, “it’s a life insurance,” He presented investment opportunities in Rh, Pd, and Pt showing the supply is unreliable and demand is high, driven mostly by the Automobile sector.

    Among the company’s presentations, two were notable:

    Rob McEwen, Chairman and CEO of US Gold (NYSE:UXG), puts his money where his mouth is. He has invested a large amount of his own money in the company. Currently owns 21% of the company, and receives no salary. Besides gold, Rob educated investors on key strategic factors of a successful mining company. Being highly bullish on the yellow metal, he predicts a $5,000 gold at peak.

    Ariadna Peretz of NovaGold (NYSEMKT:NG), gave the most enthusiastic company presentation, perhaps inspired by the investor’s enthusiasm in the company’s share action. We have written earlier on this company’s performance.

    Notably on the exhibition floor, First Majestic Silver (OTC:FRMSF) was selling silver on site and they were sold out within a few hours.

    There were other speakers that could have been mentioned here but the overlaps in the schedule made it impossible to attend all talks.

    Disclosure: No positions
    Stocks: GLD, SLV, UXG, NG, FRMSF
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