Gold Reserve Analysis

http://www.istockanalyst.com/article/viewarticle/articleid/4024207

Summary:

• ABX has most GEO
• HMY is valued low because of high production costs
• AUY - "over 30% of the firm's gold reserves, as well as the bulk of its copper and molybdenum reserves, are locked up in Agua Rica, a massive undeveloped metal deposit where mine construction will not start until 2012 at the earliest"
• GRS is overvalued based on production costs,reserves are declining, small reserves
• EGO and AEM are low cost producers
• "Agnico-Eagle similarly boasts relatively low production costs, and furthermore owns a slew of attractive development projects throughout North America."
• Other factors to consider when determining the company's overall value
• production costs
• geopolitical risk
• project pipeline