The Financial Post reports in its Wednesday edition gold companies with new projects have a leg up on the overall market. The Post's Jonathan Ratner, writing in Trading Desk, says Scotia Capital analyst Trevor Turnbull reviewed the share prices of six companies that essentially had one asset, were developing open pit mining operations and were transitioning into producers. He found that the best point to invest is one year before commercial production. Digging into results from Alamos Gold, Detour Gold, Osisko Mining, Western Goldfields, Eldorado Gold and Rio Alto Mining, Mr. Turnbull found that holding the shares beyond commercial production yielded poor returns in three cases. For both Detour and Eldorado, which tapped the market with significant equity offerings six months prior to reaching commercial production, the financial overhang negatively affected their share price performance. "We feel the same thesis could be applied towards producing companies with new projects where investors will only ascribe significant valuation once a new mine is about a year from completion and no financing overhang exists," the analyst said, upgrading Guyana Goldfields to a focus stock from sector outperform.