The International Speculator, in its Nov. 7, 2014, issue, downgrades Quebec polymetal explorer Balmoral Resources Ltd. (recently 93 cents) to a hold from a buy. The newsletter said buy Balmoral three times between April 4, 2013, and April 4, 2014, at prices ranging from 46 cents to 70 cents. Assuming an investment of $1,000 for each of the three buys, the $3,000 holding is worth $4,755. The writer notes Balmoral released more high-grade gold drilling results from its wholly owned Martiniere property in Quebec. The company also replenished its treasury over the summer. With promising gold and nickel prospects, the writer argues investors have two ways to win. This month the Speculator's usual emphasis on buy advice has been replaced with holds and sells. It says buy nothing, hold great companies, sell weaklings ... wait "to buy near a new, much lower bottom -- or in a month or two, when the present danger has passed." Brien Lundin also likes Balmoral, having said buy in July, 2014, at $1.54 in his Gold Newsletter.