Equities Ride Up with Gold Breakout

STEVEN BUTLER, Canaccord Genuity
"Gold equities have responded well to the breakout in gold with the HUI returning 35.0%, and the XAU returning 38.4% since August 17, 2007. The Sr./Int. P/NAV (at 5%/spot gold) has now reached 1.53x (up 19.5% from August 17, 2007) and is back in its historical range of 1.45-1.65x indicating renewed investor optimism in gold equities."(10/15/07)

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