【出版时间及名称】:2010年3月全球白银行业研究报告
【作者】:Versant Partners
【文件格式】:pdf
【页数】:24
【目录或简介】:
EVENT
We are announcing our revised 2010 silver price
outlook and highlighting selected silver equities.
BOTTOM LINE
We forecast the price of silver to average
US$17.00/lb in 2010, US$15.50/lb in 2011, and
US$12.75/lb on a long-term basis. In addition, we
believe silver equities have lagged the rise in the
price of silver and remain attractive investments.
FOCUS POINTS
& Silver continues to be driven by both industrial
and investment demand.
& As the price of gold maintains higher than
average levels (>US$950/oz), silver’s role as an
economic alternative to gold increases such that
the ratio between the two commodities narrows.
& Despite the recent rise in the price of silver,
equities have not seen a similar appreciation,
partially as a result of the uncertainty and
volatility in equity markets as a whole.
& Given the current capital markets environment
and our view on the price of silver, we highlight
equity investments that:
o are robust at US$12.75/lb silver;
o have strong growth potential; and
o are led by a quality management and
technical group.
TABLE OF CONTENTS
Silver fundamentals .................................................................................................3
Silver supply at the hands of non-silver mines ....................................3
Demand – Industrial versus Investment, the debate continues........5
Price Outlook is all about relationships…. ..........................................6
Silver Equities Watch List ......................................................................................8
Bear Creek Mining (TSX: BCM)...........................................................................9
First Majestic (TSX: FR) ......................................................................................12
Fortuna Silver (TSX: FVI) ...................................................................................15
Orko Silver (TSX: OK) ........................................................................................18
Silver Wheaton (TSX: SLW)................................................................................20
Disclaimers ..............................................................................................24
Potential conflicts of interest................................................................24
Disclosures as of March 9, 2010 ..........................................................24
Analyst certification................................................................................24
Definitions of recommendations.........................................................24