Seabridge Gold

Investor: CASE FOR GOLD

PLEASE NOTE THAT THIS INFORMATION EXPRESSES THE VIEWS AND OPINIONS OF SEABRIDGE GOLD MANAGEMENT AND IS NOT INTENDED AS INVESTMENT ADVICE. SEABRIDGE GOLD IS NOT LICENSED AS AN INVESTMENT ADVISOR.


Gold Market Flash Note
Wednesday, 21st January 2015

When Gentlemen Prefer Bonds?

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Gold Market Flash Note
Tuesday, 20th January 2015

When risk does well, gold does not

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Gold Market Flash Note
Friday, 16th January 2015

Bank Stocks Signaling Higher Gold Price?

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The Gold Market
Thursday, 13th November 2014

In our opinion, the gold price is a measure of the level of perceived risk in the financial system. We think that risks to the financial system and financial asset valuations have probably never been higher but the market continues to disagree. We are therefore faced with a widening gap between our expectations for the gold price and where it actually trades. This past quarter was an especially brutal one for gold and gold stocks, which was not what we had anticipated. The market is always right in the short term, but we do not believe it is properly discounting systemic risks, just as it failed to do in early 2000 and early 2008.

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The Gold Market
Wednesday, 13th August 2014

It is now commonplace for gold market analysts to comment on the extraordinary movement of physical gold from west to east. There is no question that Asian demand has increased sharply as the price has fallen over the past two years and it is not difficult to trace the movement from London vaults (via U.K export data) to Switzerland for refining and re-export (thanks to the Swiss for beginning to publish gold import-export data) on to Hong Kong.

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The Gold Market
Monday, 14th April 2014

The gold market has probably never had as many moving parts as it does today. There are many factors arguing for a much higher gold price in the current year and we believe that gold has commenced a new bull market since the New Year. We will note some of these bullish factors below. But the over-riding issue remains one of investor confidence in financial markets and the financial system. For this reason, gold and financial markets generally move in opposite directions over the long term, with one turning bearish as the other turns bullish.

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Our Current Views on the Gold Market
Wednesday, 29th January 2014

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The Gold Market: Assessing the bear case
Wednesday, 13th November 2013

We cannot remember a more frustrating gold market. Seabridge was founded in 1999 when gold was trading at US$270 per ounce and that was a difficult market too, but the fundamentals for gold were largely hidden from view (although we saw them coming) and we did not expect a sympathetic response for a start-up company at the tail end of a 20 year bear market. Now, with the gold price almost five times higher, one of the world's largest reserves of gold and copper and extraordinary gold fundamentals for all to see, we find that many investors are not interested. For the last year in particular, the bears have been in control and they have been the big winners in gold and gold stocks. So, in this report, we look at the gold bear position to see what they have going for them.

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The Gold Market
Wednesday, 14th August 2013

As we have always said (in good company with Jim Grant), the gold price is a reciprocal (inverse) of public confidence in central banks and financial assets-stocks and bonds. We believe that the fundamentals are telling us that financial assets should be trading at much lower levels and gold should be much higher. The fundamentals are what matter in the long run. But the markets do not currently agree with our interpretation of the fundamentals and, in the short run, the markets are always right. Equities are higher and gold is lower.

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The Gold Market
Tuesday, 9th April 2013

As we write this, the gold price is weak and sentiment has never been more negative. Measures such as the Daily Sentiment Indicator have recently hit lows last seen in 1994 and 1997 while MarketVane's bullish consensus and Hulbert's HGNSI index of gold portfolio managers have broken to lows below those recorded in 2008. The major banks have cut their price forecasts and some have declared an end to the bull market for gold which has tallied 11 straight years of higher closing prices. Could all these people be wrong?

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