up or down today?, page-34

RT

It is interesting that the downgrade to 70 cents came from Cannacord Genuity because that is where a goldie analyst from my brokers went to work last year. This guy used to cover SLR and IMO was very good. He claimed that the real cash cost of SLR's operations were at least $1000/ounce and after again looking up some of the older quarterly reports I had to agree with him. I had been uncomfortable with the lowball cost claims that were being bandied around and my better understanding of costs made me sell SLR, albeit missing out on the high prices in October 2012.

That guy put a valuation on SLR of only $2.80-$3.00 back then. He did not place any value on the PRH acquisition or to the copper deposit. I am assuming he has downgraded SLR at his new employer because, as others here have noted, the POG has fallen a lot closer to its total real cost of production. I suppose his company believe the AUD POG will stay low.

loki