Held importante support and are rallying, been buying GDX.

BSing away

Senor

good trading senor, i posted below on another thread! got a buy on the close on friday. senor can put his sombrero on or take it off in a heartbeat!
dharma

Senor, why buy the GDX?

I see a potential evening star forming after today, maybe?

It just gappo'd up.

Good trading to you regardless.

I'm in with AEM, GDX and SLV.

Goldcorp Inc Overweight
Goldcorp reports "provisional" ore reserves - ALERT $36.86
15 February 2008
Gold & Precious Metals
John Bridges CFA, ACSMAC
(1-212) 622-6430
john.bridges@jpmorgan.com
Ankush Agarwal, CFA
(1-212) 622-5623
ankush.agarwal@jpmorgan.com
www.morganmarkets.com J.P. Morgan Securities Inc.
See page 2 for analyst certification and important disclosures, including investment banking relationships.
JPMorgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision. Customers of JPMorgan in the United States can receive independent, third-party research on the company
or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research.
• Goldcorp has reported 9% higher ore reserves for year end
2007, but these do not include likely increases at 40% owned
Pueblo Viejo, hence we consider these to be provisional. The
discovery of the new Oculto zone at Pueblo Viejo is likely to add
significant new mineralization. Its impossible to know how well
delineated the Oculto zone was at year end and thus to which
categories the mineralization will be added. However, given the
pressure the senior miners face to replace reserves, we would
expect a significant addition to Barrick’s and hence Goldcorp’s
reserves when Barrick reports its results. Hence we expect
Goldcorp’s true attributable reserves will have risen by 10% to
15% in 2007 and not the conservatively reported 9%.
• Goldcorp reported its reserves up by 9% in 2007, adding
5.23moz against mined ounces of 2.63moz. The biggest move
was mill ounces at Penasquito, which rose 35% to 12.4moz; the
second biggest reserve component is Pueblo Viejo, which remains
at 7.25moz until Barrick (the operator) reports 2007 results.
• We are pleased with progress at the Los Filos and adjoining
Nukay assets in Mexico adding 1.1moz or 25% and 0.20 and 30%,
respectively.
• Reserves grew at Porcupine and Musselwhite as a result of the
mid year asset swap of La Coipa and cash, for the balance of
these assets.
• On the negative side, reserves depleted at El Sauzal in line
with that mine’s limited life, and results at marlin were
disappointing, though this probably represents a re-allocation of
assets to Penasquito rather than an end to its longer-term potential.
• We are looking forward to Barrick’s results later this week
that should further boost Goldcorp’s results. This report
highlights the reason we favor GG in our ratings system, namely
the company’s ability to add to reserves. We reiterate our OW
rating.

Unless there is a dramatic reversal I too will scale in long this afternoon.......I was expecting a larger scale correction--it hasnt happened, some daily MACD crosses to the upside, resolution of the symm triangle and the refusal to go down over the last 2 weeks meant that for now the Gold Bears have fumbled the ball.....would like to see Gold Stocks start to outperform metal to confirm.