HSBC 汇丰：金价和相关产业深度研究

262 页 01.26　　　6.97M 英文

Metals & Mining Precious Metals January 2007

There appears to be little or no correlation between market rating and consensus expectations for equity returns in the gold sector. This implies, moreover, that risk is not considered at all. We show that it is possible to use computer simulation to harness a series of return expectations to generate portfolios that are optimized with respect to total return, risk, or – ideally – risk-adjusted returns.

Contents

Introduction 6
Key trend indicators 19
Global rankings 52
Alternative strategies 73
A torrent of transactions 83
Bridging the gap 90
HSBC gold outlook 101
Company profiles 119
Agnico-Eagle 120
AngloGold Ashanti 127
Barrick Gold 136
Buenaventura 145
Centerra 152
DRD Gold 158
Freeport McMoRan 164
Gold Fields 172
Goldcorp 180
Harmony 188
IAMGOLD 194
Kinross 201
Lihir 209
Meridian Gold 215
Newcrest 221
Newmont 227
Peter Hambro Mining 235
Randgold Resources 241
Royal Gold 247
Disclosure appendix 257