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Globe editors have posted this research report with permission of Mackie Research Capital Corp. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

We have taken a comprehensive look at market behaviour and the fundamentals of individual gold producers, and have recognized a vast array of investment choices and possible strategies. While the market in the extreme short-term is favourable to a rising gold price, we remain sufficiently wary of false starts and interim rallies that have been quarterly in duration, particularly given seasonal strength which typically occurs early in the year. We advocate exposure to gold price through owning gold equities, but with caveats that are outlined in the text that follows. If we had to boil down our assessment to a single investment concept, it would be to use "technical indicators (market behaviour) for the short-term and fundamentals for long-term" when making investment decisions. Not everyone invests with a one-year time horizon, even though our bias is for the longer-term.

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