"Goldcorp (GG) recently posted very solid results; but even more important, is the powerful pipeline of major projects," notes resource expert Adrian Day.

The editor of The Global Analyst continues, "Indeed, a major expansion at a planned mine development will benefit not only Goldcorp, but another one of our recommended holdings, Canada's Virginia Mines (VGQ).

"At Goldcorp, the expansion of its major projects will, in aggregate, boost the company's output about 70% by 2015. In addition to the successful ramp-up at Penasquito, and ongoing construction at Pueblo Viejo in the Dominican Republican, the company announced significant improvements at a major project.

"Royal Gold (RGLD), a gold royalty operation, is progressing well, and is a good buy at current levels," says global resources expert Adrian Day.

The editor of The Global Analyst explains, "Over $6 a share income by 2013 makes Royal Gold fundamentally inexpensive; it is also selling below a reasonable net asset value, unusually for gold stocks.

"The company hold a gold royalty on part of the huge Penasquito mine in Mexico, which had a good first quarter. Royal Gold has other new projects gearing up to boost revenues. Andacollo started production in October, so this year will see a full year of revenues from two new mines.

"Despite more than doubling since we first recommended it just shy of two years ago, Sprott Resources (SCP), a Toronto-listed resource company, remains a strong buy, selling at a discount to a reasonable asset value," says Adrian Day.

The money manager and editor of The Global Analyst explains, "Sprott makes direct and indirect investments in the resource sector, frequently with new businesses which it subsequently takes public after nurturing them.

"One such is Orion Oil & Gas, of which Sprott still owns 78%, and remains undervalued. After more possible acquisitions, Orion could increase in value and more shares be spun off.

"Loews Corp. (L) is a holding company run by the New York Tisch family; the stock is selling at less than nine times earnings, and an almost 30% discount to its NAV, based on a sum of the parts," says Adrian Day.

The money manager and editor of The Global Analyst explains, "The company's businesses are mostly doing well; the balance sheet is rock solid; and the shares are undervalued.

"Silver Wheaton (SLW) remains an undervalued stock on our buy list," says resource expert Adrian Day.

The money manager and editor of The Global Analyst explains, "We note that Silver Wheaton is not a mining company. Instead, in a business model similar to a royalty model, it acquires the stream of revenue from the silver output of other miners.

"The company usually enters these arrangements with miners for whom silver is a by-product. In a typical arrangement, Silver Wheaton pays a certain amount up-front plus a per ounce payment in exchange for all the revenue from the silver output.

"Despite market declines-all markets around the world are now negative for year, most by between 10 and 20% -- valuations are not low enough for aggressive buying," cautions Adrian Day.

The international investing expert and editor of The Global Analyst adds, "However, several stocks on our recommended list are at good buying levels. One such stock is HSBC Holding (HBC), which we consider a core holding.

"Two trends are notable. First, the bank is repositioning itself in the U.S., even as it continues to run off residential mortgages, the business that has cost it billions of dollars in losses, with further to go in the process.

"Franco-Nevada (FNV) the resource royalty company, is one of our core holdings; it was in fact one of our very first recommendations, before it merged with Newmont, only to be subsequently spun out again," notes resource specialist Adrian Day.

The editor of The Global Analyst explains, "The Canada-based company has made great strides since going public again. Royalty revenue in the latest quarter is up nearly 50% on the corresponding period a year ago.

"Most resources are depleting assets; they are no good once consumed. However, there are sources of renewal energy, and this area has been gaining attention because of environmental and global warming concerns, as well as fear about impending oil shortages," says Adrian Day.

The editor of The Global Stock Analyst explains, "Geothermal is truly environment-friendly (that is, it has a small footprint, has no residual waste, and is not a blight on the landscape), and unlike most green power, it is profitable."

"Despite the expected correction, there is much further to go for gold and gold stocks." says Adrian Day. In The Global Analyst, he looks to the outlook for gold and some mining favorites.

"Gold saw its ninth annual advance, to new highs before a 10% correction at the end of the year. Gold certainly was helped by the weak dollar-and the year-end sell-off was provoke by a dollar recovery-but it's much more than an anti-dollar play.

"We have very few buy recommendations currently; one exception is Franco-Nevada (Toronto: FNV.CA)," says resource expert Adrian Day.

In his The Global Analyst, the advisor explains, "Franco Nevada is one of our all-time favorites; it has top management, a solid balance sheet, and risk-averse business plan.

He continues, "The company previously merged with Newmont, and was reborn in a spin off nearly two years ago. Although the stock has nearly doubled since the IPO, it still represents good value.

"As the name suggests, Royal Gold (NASDAQ: RGLD) is a royalty company, one of the larger and longest-established of such companies, with a focus on gold," says resource exprt Adrian Day.

In his Global Analyst advisory, he explains, "In my view, the stock offers a combination of growth, low risk, and high potential." Here's his look at this "golden opportunity."

"In the past year, the company has acquired two significant royalty packages, the first last year from Barrick and more recently from Teck Cominco. The Barrick package includes approximately 70 royalties.

"Even before these acquisitions, it had a solid long-term growth record, in royalties and in revenues. Its pipeline is solid, including a royalty on the large Pensasquito mine of Goldcorp; when that ramps up in 2012, it will add about 25% to Royal's revenues.

"Loews (NYSE: L), the holding company of the New York-based Tisch family, is a way of buying a collection of good stocks at a discount, with much else thrown in free," says Adrian Day.

The editor of the top-notch The Global Analyst explains, "These value investors have a long record of buying quality assets cheaply when they are out of favor, nurturing them, and eventually monetizing them."

"Everyone loves a sale, right? Typically, the Tisch family buys major chunks of out-of-favor businesses, often publicly traded, and holds them for many years. They exemplify the important traits of successful value investors: discipline and patience.

"I calculate a New Asset Value for Loews-taking current (depressed) stock prices for its publicly traded holdings, the cash, and conservative valuations for the private assets-of almost $39 per share.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"Virginia Mines (TSE: VGQ) is an old favorite that is ready to shine again," says Adrian Day. In The Global Analyst, he looks at the firm holding interests in mining entities.

"In the long-odds resource exploration business, Virginia has a better model: it generates prospects which it farms out to partners at an early stage.

"The partners earn in to the properties by spending the exploration dollars. This is the highest-risk part of the exploration process.

"By this model, Virginia is able to maintain its balance sheet and avoid the dilution that bedevils exploration companies. It can then build a portfolio of minority interests in multiple projects which increases its odds of eventual success.

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"International Royalty Co. (ASE: ROY) is my top speculative idea for 2008," says Adrian Day, editor of The Global Analyst.

"Mining is a tough business, with high capital costs and one in which, as the old saw has it, 'Murphy works overtime.' One way to mitigate the risk while remaining exposed to upside in resource prices is through royalties. Royalties come in all shares and sizes; they can be net or gross, fixed or sliding scale, and so on.

"International Royalty Co. has put together an extensive portfolio of over 60 mining royalties, most of which are on properties not currently in production.

"Its crown jewel, accounting for half the company's net asset value, is from a royalty on the world-class Voisey's Bay nickel mine in Labrador, Canada. Many of its other royalties are on gold projects, including its second most important asset, the royalty on Barrick's Pasuca mine in Chile.

"The stock sold off recently after the company raised money for a potential purchase of the royalty division of Newmont Mining; instead, the division was effectively IPO'd. But this decline makes ROY very inexpensive for a low-risk royalty company, selling at just over 10 times next year's estimated cash flow, much less expensive than other royalty companies.

"As metals prices continue to advance and more of the properties on which ROY holds royalties come into production, ROY will benefit tremendously, making it a solid long-term growth story as well as ripe for a rebound from oversold levels."

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"My favorite conservative idea for 2008 is Apollo Investment Co. (NASDAQ: AINV)," says Adrian Day, editor of The Global Analyst.

"The company makes investments of debt and equity to medium-sized businesses, and a Regulated Investment Co. pays out most of its net income in dividends. Like other RICs, the dividends tend to be high and growing, but also like other RICs, it was caught up in the market turbulence of the past few months affecting all finance companies.

"Apollo Investment, the public arm of the eponymous New York private equity firm, came out just over three years ago. It is large ($2.2 billion market cap), financially conservative, and tends to do larger deals than most similar outfits.

"Its average investment is now just over $47 million, and as the fund grows, this should get larger still. It has investments in 67 companies, just over half of which is in sub debt.