1. A Golden Opportunity
for Stock Market Investors

2. There isn’t a precious metal that has fascinated
humankind more than gold. There isn’t a precious metal
that has infiltrated our everyday lives as much as gold.
This rich metal has made its way into our language:
“heart of gold,” “as good as gold,” and “all that glitters
is not gold!” are just a few examples.
For centuries, gold has been at the heart of many
societies. The Egyptians awarded the yellow metal
godly powers and used the perfect shape of a circle to
symbolize it in their hieroglyphic writings. To early
Hindu philosophers, gold was the “mineral of light,” and
to early Western philosophers, it was the light of the sun
captured on Earth in a stone.
Remember hearing about the alchemists who
searched for ways to turn ordinary base metals into
gold? Their quest was so powerful in the eyes of ordinary
people that they were believed to have powers that were
otherworldly. The interesting part of this story is that, in
theory, such an idea is not entirely impossible.
All metal atoms are made of the same building blocks
of protons, neutrons and electrons, only in different
quantities. So, if an alchemist could reconstruct a base
metal’s building blocks to exactly mimic the structure of
gold, the search would be over.
However, in reality, such reconstruction can
be achieved only in nuclear reactions, where heavy
radioactive metals decay into other lighter elements,
including some isotopes of gold. Since a nuclear reaction
is hardly a practical proposition, creating gold out of
a base metal remains a dream! At least the alchemists’
efforts were not entirely futile, as it was their search for
gold that gave us the rudiments of modern chemistry.
Throughout history and in mythology, gold has not
been merely a philosophical fascination; it also lured men
across oceans and continents, over cold mountain ranges,
and into Arctic tundra and deadly jungles.
The wonderful glitter of gold sent Jason of Thessaly
on his search for the Golden Fleece, while Alexander the
Great had to conquer most of the Old World to satisfy
Rome’s insatiable appetite for this precious metal. The
search for distant riches sent Columbus of Genoa on the
path to the New World; Vasco da Gama of Portugal and
Amerigo Vespucci of Italy to map their famous voyages;
and Cortez and Pizzarro of Spain to conquer the Incas,
Mayans, and Aztecs for the glory of Spain (and for the
royal treasuries).
Gold has graced beautiful necks in European courts
and pushed millions into slavery, wars, and death. No
other metal has created so much beauty—and no other
metal has caused so much misery.
Aside from its splendor and mythical fascination,
gold also has an unparalleled combination of chemical
and physical properties that make it invaluable to a wide
range of everyday applications essential to modern life.
Thousands of everyday medical, industrial,
and electrical appliances require gold for optimum
performance. It is virtually indestructible, completely
recyclable, and immune to the effects of air, water, and
oxygen. The metal is benign in all natural and controlled
environments. It is also among the most electrically
conductive materials around.
Gold is the most ductile of all metals, as it can be
drawn out into extremely tiny threads without breaking.
For example, a single ounce of gold can be drawn out
into a thread five miles long! In addition, its malleability
is unparalleled, as it can be shaped into extraordinarily
thin sheets and recycled back into something completely
different, without losing any of its characteristics. It is
truly wondrous that an ounce of gold can be stretched
into a 100-square-foot sheet!1
Gold’s wide-range applicability has made it an
important sector in any country’s economy. For decades,
75% or more of the gold needed by U.S. manufacturers
was imported from other countries. However, from the
1980s on, U.S. gold production rose steadily—from one
million to more than 11 million ounces per year, mainly
due to advances in mining, exploration, and processing
technologies. Today, the U.S. produces more gold than
any other nation, except South Africa, and meets its
domestic demand in addition to exporting roughly 23%
of the metal it produces.2
A Golden Opportunity for
Stock Market Investors
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3. 2
A Golden Opportunity for Stock Market Investors
In addition, gold plays a key role in a number
of rapidly developing technologies. Billions of gold-
coated electrical connectors are used in the computer,
telecommunications, and home-appliance industries.
Weather and communications satellites depend
on gold-plated shields and reflective apparatuses for
protection from solar heat and electrical interference
while in space. Advanced laser technology used in
industrial and medical applications also employs interior
gold coatings to concentrate its powerful light energy.
The automotive industry depends on gold-coated
contacts for sensors that activate automotive air-bag
systems, while modern medicine relies on gold to monitor
heart function or functions of the chemical procedures for
diagnosis and treatment of cancer, viral and bacterial
diseases, and allergies. It’s no wonder then that gold is
critical to the global economy.
The Gold Market Today
An investor is fortunate to experience one or two bull
markets in his or her lifetime. Some bull markets last
for long periods of time and many investors often enjoy
the benefits of such rewarding periods, especially those
who recognize the bull market early on and get on board
before the stampede follows.
However, bull markets in their infancy are seldom
immediately recognized. Usually, both investors and
market observers are too busy focusing on the fallout
from the previous bearish cycle to recognize the onset of
the next bullish market. As economic data start pouring
in, most investors are still deciphering what came first—
the chicken or the egg.
Considering a number of economic indicators, a
new bull market has been definitely happening in the
commodities markets, especially in gold and silver since
2002–2003. This new bull market seems very similar to
the last bull market for gold, which began in the 1970s.
At the time, both physical gold and gold stocks were
rallying, as they are today.
After the dollar was taken off the Bretton Woods
system, gold and silver prices became deregulated. As
a result, investors turned their focus to owning precious
metals.
During the first phase of the bull market in the early
1970s, the only buyers of gold were investors seeking
refuge from the weak dollar, along with some industry
insiders who continuously kept gold on their radar.
This phase lasted until about the mid-1970s, at which
point both the stock and precious metals markets went
through a correction. The second phase started in 1976,
when bigger players came into the game, such as high
net-worth individuals and financial institutions.
During that second bullish period, monetary
conditions were shaping up to be to gold bullion’s
advantage on many levels. Arthur Burns, the former
chairman of the Federal Reserve Board, tried to control
interest rates through credit.
Burns strongly believed that the government should
have the power to control the economy regardless of
the external mechanisms that also must be factored in.
He viewed monetary policies from a credit perspective,
thinking that he could control the economy through
credit markets. In addition, Burns thought that unions
and monopoly pricings of large corporations caused
inflation, referring to price spikes in oil and food prices.
The problem was that Burns viewed inflationary
spikes as one-time events that were not intertwined with
a number of other factors appearing within a business
cycle, and he never attempted to deal with them through
the policies of the central bank.
Only when the new chairman, Paul Volcker, took
over the reins, did inflation and interest rates become real
tools of real monetary policy. Volcker was also the one
who put an end to the great bull market in commodities,
when he recognized that too much money and too much
credit were eating away at the very foundation of the U.S.
financial system.
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information herein. We are a publishing company offering the opinions and commentary of our editors and analysts.
Past performance is not a guarantee of future results.

4. 3
A Golden Opportunity for Stock Market Investors
However, before Volcker took over, a number of
things shaped the great bull market for commodities
in the 1970s. Burns’ monetary and fiscal policies were
primary drivers of the gold bull market. However,
supply and demand fundamentals were also out of
shape, therefore helping precious metals prices.
History is repeating itself today. America is again
having issues addressing its monetary policy, while most
economists view the dollar as being weak and likely to
get even weaker as a result of spiraling deficits and a
slowing economy. In that sense, the price of gold is very
often a result of psychological shifts.
For some people, gold is a material used for making
jewelry. For others, it is the world’s original currency,
and thus the only real protection against inflationary
pressures, financial bubbles, and even global economic
meltdowns. The most fervent gold bugs run to it every
time the American economy teeters on its path to
recovery or when foreign investors threaten to call in the
United States’ massive loans.
For the first time since the 1980s, the world’s
economies (particularly Western economies) are growing
and faltering almost in tune with one another. There are
indications that this positive correlation will continue
well into the next decade. Generally, this spells good news
for producers of basic commodities, such as agriculture,
copper, and oil.
Investors should remember that gold and silver
were the world’s first true money, and when paper
money starts depreciating, the precious metals tend to
resume their historical role as currency. Freely floating
currencies are by default unstable, and since there are
no reassurances in tangible assets, paper money is
inherently prone to losing its value.
In addition, both the world’s gold and silver supplies
are running out. So, those companies with large resources
of both mined and in-ground precious metals will be
the big winners in the commodities bull market that is
shaping up before us.
The time seems to be right for picking precious
metal stocks, as the renewed momentum of the bullish
reign in commodities develops. Some observers go so
far as to claim that we could expect another 10 years of a
commodity price boom.
The simple truth is that gold is a trustworthy and
realistic investment instrument that should be in every
investor’s portfolio. Gold’s traditional role as a safe
haven has made it the underdog in the world markets—
an investment that people turn to only when the stock or
bond markets aren’t performing well, or when monetary
policies are running amok. It is high time to move gold
from its apocalyptic pedestal, and accept it as a credible
and realistic investment vehicle.
What do you want to look for in a gold mining stock?
Look for companies with a strong management team, lots
of cash in the bank, growing production, and low cash
costs. With gold bullion currently trading near $1,350 per
ounce, the stock market still offers some good options for
gold investments.
We’ve found a profitable, fundamentally rock-solid
gold mining stock with growing revenues, and a strong
acquisition strategy; it’s one that pays a monthly dividend
(2.1% annually). It’s also the gold mining company that
investment portfolio managers turn to.
It’s the fastest-growing, lowest-cost senior gold
producer, with operations and development projects in
politically stable regions throughout the Americas. And,
the company’s strong project pipeline is positioned to
drive long-term, sustainable growth.
This company firmly believes in its product, and sees
no need to hedge against the price of gold depreciating.
It is growing internally, and by acquisition. Which
compelling gold mining stock do we think you need to
have in your portfolio for the next 10 years?
The company we are talking about is Goldcorp Inc.
(NYSE/GG).
About Goldcorp
Goldcorp is one of the world’s
fastest growing gold producers,
with operations and development
projects located in safe
jurisdictions throughout the
Americas. As of December 31, 2012,
Goldcorp had proven and probable
gold reserves of 67.08 million ounces,
along with major assets of silver and copper.3 Protecting
your investment, Goldcorp remains focused on five key
attributes: growth; low cash costs; maintaining a strong
balance sheet; operating in regions with low political risk;
and conducting business in a responsible manner.
Goldcorp’s operating assets include five mines in
Canada and the U.S., three mines in Mexico, and four
in Central and South America. Goldcorp also has a solid
pipeline of projects, including the Cerro Negro project in
Argentina, the Éléonore gold project in Quebec, Canada,
the Cochenour project in Ontario, Canada, and the El
Morro project (70% interest) in Chile. These valuable
assets, along with several others, allow for significant
growth in production for years to come.4
Buy

5. 4
A Golden Opportunity for Stock Market Investors
Ratings Index
Speculative Buy: A buy recommendation for a stock with high investment risk.
Enthusiatic Hold: Keep holding your position in this stock; company and stock prospects look great; maintain a
moving stop-loss limit.
Hold: Keep holding this stock; maintain a moving stop-loss limit.
Sell: A recommendation to sell or take profits from a stock.
Radar Screen: A recommendation to begin watching the trading action in a particular stock.
NYSE: New York Stock Exchange AMEX: American Stock Exchange
NASDAQ: NASDAQ Stock Market OTCBB: Over-The-Counter Bulletin Board
NASDAQ/SC: NASDAQ Small Cap Market TSX: Toronto Stock Exchange
TSXV: Toronto Stock Exchange Venture Exchange
They have the track record to prove it. From
2001 to 2011, an investment in Goldcorp would have
outperformed the peer companies in the gold mining
industry, as well as physical gold.5
Goldcorp’s track record of sustained growth can be
attributed to its:
• Industry-leading gold production growth;
• Low production costs;
• Focus on areas of the world with low
political risk;
• Conservatively managed strong balance sheet
to fund growth internally; and
• Policy of investing with discipline; returning
value to shareholders through an active
dividend policy.
Goldcorp’s superior pipeline has positioned it for
continued strong growth in the years ahead. By 2016, the
company expects annual gold production to reach 4.2
million ounces, an increase of 70% over 2011.
Goldcorp’s balance sheet is among the strongest in
the sector: the company ended the first quarter of 2013
with cash, cash equivalents, and marketable securities of
approximately $2.0 billion.6
Over time, Goldcorp investors have benefited from
growth in key financial measures, including: cash flow
and earnings per share. Successful exploration and
portfolio management has also resulted in steady growth
in the number of gold reserves represented by each of the
company’s common shares.
Strategy for Growth
• Low-cost gold producer
• High-quality reserves in the Americas
• Gold production 100% unhedged
• Strong focus on organic growth
• Experienced operating and project
development teams
• 2013 production estimated between 2.55 and
2.8 million ounces
Senior Executives
• Charles Jeannes, President and Chief
Executive Officer
• Lindsay Hall, Executive Vice President
& Chief Financial Officer
• George R. Burns, Executive Vice President
& Chief Operating Officer
Directors
• Ian Telfer
• Charles Jeannes
• John Bell
• Larry Bell
• Beverley Briscoe
• Peter Dey
• Douglas Holtby
• Randy Reifel
• Dan Rovig
• Kenneth Williamson
• Blanca Treviño de Vega
Head Office
Park Place, 666 Burrard Street, Suite 3400
Vancouver, BC, Canada V6C2X8
Tel.: (604) 696-3000; Fax: (604) 696-3001

6. 5
A Golden Opportunity for Stock Market Investors
Goldcorp’s Latest Results
• Gold sales in the first quarter of 2013
consisted of 595,100 ounces on production
of 614,600 ounces.
• Total revenues were $1.02 billion, compared
to $1.21 billion in the first quarter last year.
• Silver production totaled 5.6 million ounces,
compared to silver production of 6.6 million
ounces in the prior year’s first quarter.
• Operating costs were $1,135 per ounce of gold
on an all-in sustaining cost basis, $565.00
per ounce on a by-product basis and $710.00
on a co-product basis.
• Net earnings were $309 million compared to
$479 million in the first quarter of 2012.
• The average realized gold price for the quarter
was $1,622 per ounce of gold sold during the
quarter. This compared to $1,707 per ounce
during the year-ago quarter.7
Goldcorp—a Golden Opportunity
Paper money has never maintained its original value—
and it never will. Throughout history, paper currencies
have faced inflationary headwinds, making them
worthless. For example, the purchasing power of the
U.S. dollar has declined by 90% since 1950! The situation
is the same for most currencies. When governments come
under financial pressure, they print money out of thin air
to pay for debts.8
The U.S. greenback, the go-to currency for global
economic stability and growth, is imploding at an
unprecedented rate. Since 2008, the Federal Reserve
has forced three rounds of quantitative easing on the
American public, printing trillions of dollars in an effort
to kick-start the economy. The extra dollars pumped into
the U.S. economy are supposed to spur growth. They also
have the reverse effect, shrinking the buying power of
each dollar…which is the driving force of inflation. Since
July of 2012, the U.S. dollar index has gone down more
than five percent.
Where should investors turn? We are in favor of
gold stocks, because other commodity options come with
strings attached. For example, retail mark-ups on gold
coins and bars are out of step, while exchange-traded
bullion, even in rising markets, doesn’t appreciate in
price as fast as gold stocks do.
While generally favoring gold stocks, we view
Goldcorp in particular as a Buy, because we believe this
stock will bring long-term value to your portfolio for years
to come. We’ll go even so far as to say that this stock is the
only one you will need to own for the next decade!
For those investors looking to hedge their portfolios
with gold exposure, Goldcorp deserves to be at the top
of the list.
Sources
1. “Gold,” Wikipedia.org, last accessed June 12,
2013.
2. Ibid.
3. “GOLDCORP Corporate Update,” Goldcorp
web site, May 2013, last accessed June 12, 2013;
http://www.goldcorp.com/files/Goldcorp_
Corporate%20Update_May_v001_o7p7yx.pdf.
4. “Unrivalled Assets; Mines & Projects,”
Goldcorp web site, last accessed June 12, 2013;
http://www.goldcorp.com/English/Unrivalled-
Assets/Mines-and-Projects/default.aspx.
5. “Why Goldcorp?; Delivering Results,”
Goldcorp web site, last accessed June 12,
2013; http://www.goldcorp.com/English/Why-
Goldcorp/Delivering-Results/default.aspx.
6. “Goldcorp Reports 2013 First Quarter Results;
Annual Guidance Reconfirmed,” Goldcorp
press release, May 2, 2013, on the Goldcorp
web site, http://www.goldcorp.com/English/
Investor-Resources/News/News-Details/2013/
Goldcorp-Reports-2013-First-Quarter-Results-
Annual-Guidance-Reconfirmed/default.aspx,
last accessed June 12, 2013.
7. Ibid.
8. Radomski, P., “Currencies Don’t Make Gold
Look Good,” Kitco Commentary, July 6, 2012,
last accessed June 12, 2013; http://www.kitco.
com/ind/Radomski/20120705.html.
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