Frank Holmes articleWhile not as succinct of a mention as the AU report, I really like what Frank has to say about what consitutes a good buy in resource equities...
Here's an excerpt I found particularily confidence inducing...
"Research from geologist Robert Sibthorpe shows that only one in 2,000 (0.05 percent) companies would ever find 1 million ounces of gold, and that only a third of those would be able to turn that find into production. In addition, research from Barry Cooper at CIBC shows that these discoveries are becoming even more difficult. There were 51 gold/copper porphyry discoveries of +3 million ounces during the 1990s, but only 24 of such discoveries occurred during the 2000s."
And a link to the whole article on Kitco.
https://www.kitco.com/ind/Holmes/holmes_aug292011.html