As we anticipated, the massive liquidity injections and stimulus packages being introduced have started to drive gold and gold equities higher. We believe it is now time for investor to focus on smaller producers and large developers. If you had bought an equal-weighted basket of the larger companies we recommended in our previous note, it would have returned 60% (Top 3), and 68% (Wider Group). Based on history, we believe there are better returns to be made with smaller companies as this bull market matures. We are updating our “Precious Metals Hoarding List” and the junior producers that screened the best based on our criteria (Appendix A) are: Serabi Gold (TSX:SBI, not covered), Argonaut Gold (TSX:AR, not covered) and RNC Minerals (TSX:RNX, BUY, C$1.30 target, Derek Macpherson).