Ann: Chairman's Address to Shareholders, page-10

. Long gold since 2006/7 . Relatively new to the forum and looking at Australian gold mining companies investment.
Heavily invested in junior PM stocks back in the day on principle of leveraged play on gold.
Unfortunately when the proverbial ....hits the fan high risk speculative PM stocks get hit hard.
Junior /mid tier producers lose at least 50%. Explorers 80-90% Same with U after Fukishima.
Once the initial shock abated and gold shot up between 2008-11, whilst the best gold stocks gained, gold bullion ETFs sucked up all the gold investor money rather than gold stocks..so the stock gains were nowhere near as "to the moon" ..
Having said all that the best Aussie gold stocks look like great value at present..but just be really careful , do pay attention to technical indicators, and choose only the best junior producers with good management track records. Low priced stocks can go even lower.(hope not!)
Thats my 2 pennies worth of non expert experience anyhow..
Good luck to all..