Romanian Rhapsody: A Gold-Plated Litigation Play

Though bedeviled by political problems, the Roșia Montană mine project in west-central Romania represents one of Europe’s greatest undeveloped gold assets. Beaten-down junior miner Gabriel Resources owns most of Roșia Montană, which makes it a cheap buy with strong leverage to the gold price. It’s also interesting as a litigation play — Gabriel is currently fighting a legal battle with Romania in which a victory could produce huge value for shareholders. There’s two ways to win.

The Roman Emperor Trajan, near the start of the second century AD, invaded and subdued what was then known as Dacia — current-day Romania — and seized its gold. Such was his jubilation at this martial and natural-resources coup that he ordered …

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