Hi Colinchi
I've bought into BDR because I think it is massively depressed (for good reason), however, I don't think the challenges facing BDR are insurmountable.
There are many other gold companies out there that I think are vastly superior to BDR, however, in a relative sense and in my estimation I don't think they are as cheap relative to risk.
I don't think it's unrealistic to think that BDR could go up 5 or 6 fold from where it is now if Gold went up to $1250 or $1350. There are other companies that would benefit from such a rise but I think that most would not benefit to the extent that BDR will. Admittedly, I have not looked at every single Gold Stock in Aus an Canada.
In regards to PB, I have consistently defended him because I think that he has shouldered way too much blame for the decline in the SP, which, in my view, can be explained mostly by the decline in the GP. I'm not saying that he's done a stellar job, but he's operating in a very tough environment right now. There are many CEO's that I would vastly prefer to PB, however, it's a very rare company where you are able to combine a shallow, high grade, oxidized ore body, with a low regulation type environment and top shelf management etc.
All things considered, I think BDR is a massive bargain at current levels. In fact, I started buying at 34 cents, at that price I thought it was very cheap.
However, I could be completely wrong.
Cheers
Ivan
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