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PLACER DOME INC
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PDG
- (10/28/02 - $8.88) - Looking at the long-term chart
above of Placer Dome, inc., you can see a potential inverted head and shoulders
pattern. This potential bottoming pattern is the opposite of a head
and shoulders top. Thought not exactly an undervalued stock at 2.5x
sales, it is undervalued when compared to other gold mining stocks.
NEM trades at approximately 3.4x sales and ABX trades at about 4x sales.
During July it was announced that foreign companies, including Placer Dome,
were to be removed from the SP500. The stock has not really recovered
since but we feel that in time it will. We also like the fact that
gold has held above $300 for some time now. On October 22, 2002 PDG
reported net income of $28 million or 8 cents per share. |
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