【出版时间及名称】：2010年4月北美贵金属行业研究报告
        【作者】：加拿大帝国商业银行
        【文件格式】：pdf
        【页数】：46
        【目录或简介】：
The Value Of Growth
When Margins Flatten, Growth Is King

We are taking a more holistic view of the silver space, with a renewed
emphasis on production growth. While our multiples and price targets for
most companies have moved slightly, only our rating for Coeur d'Alene has
changed, from Sector Outperformer to Sector Performer, as of April 21.

Our review of silver price movements thus far in 2010 reveals that the
seasonal trends remain intact, except that the 2009 fall bull rally continued
slightly into 2010. We therefore look for a cooling-off period in the North
American summer before anticipating the normal fall bull rally.

Our continued bullishness on precious metals compared to base metals has
ensured that price targets for significant base metal producers, such as
Hecla and Silvercorp, tend to be lower than those for more precious-metalsoriented
producers, such as Minefinders.

Our review of production growth and share price movement encompasses
five gold producers and shows that production growth is typically rewarded
12-18 months before the ounces materialize. We also show how quick the
market is to punish the removal of growth.