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Mackie says buy (some) gold stocks

Mackie’s top overall picks are Wesdome, Richmont and Alamos.

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Klondex Mining was named among the preferred defensive plays.

Investors should buy gold stocks, according to Mackie Research, though it does add some caveats to its recommendation.

“While the market in the extreme short-term is favourable to a rising gold price, we remain sufficiently wary of false starts and interim rallies that have been quarterly in duration, particularly given seasonal strength which typically occurs early in the year,” said Mackie analyst Barry Allen.

“If we had to boil down our assessment to a single investment concept, it would be to use ‘technical indicators (market behaviour) for the short-term and fundamentals for long-term’ when making investment decisions.”

Mackie’s top overall picks are Wesdome (TSE:WDO), Richmont (TSE:RIC) and Alamos (TSE:AGI), and says its deep overall picks are Primero (TSE:P), Teranga (TSE:TGZ), and Eldorado (TSE:ELD).

Klondex Mining (TSE:KDX) was named among the preferred defensive plays, alongside Lake Shore Gold (TSE:LSG) and Richmont (TSE:RIC).

Quick facts: Wesdome Gold Mines Ltd

Price: 7.75 CAD

TSX:WDO
Market: TSX
Market Cap: $1.07 billion
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