Potential buyers should stay away if mining company's margins don't work at current gold levels, says Marin Katusa, head of Katusa Research. "I look for projects that have an investment payback in less than three years," he told Kitco News at the Silver & Gold Summit in San Francisco. Katusa says to look for the lowest cost in politically-stable jurisdictions. When it comes to the gold versus bitcoin debate, Katusa admits that cryptos have taken away from the junior exploration market. "ICOs [Initial Coin Offerings] alone have raised over $2 billion. Even legends in the resource sector are looking. It's taking money away from the juniors," he says. His advice - invest in "a little bit of both" and "hedge yourself."Don't forget to sign up for Kitco News' Weekly Roundup - comes out every Friday to recap the hottest stories & videos of the week:https://connect.kitco.com/subscriptio...Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/ -- Or join the conversation on social media: @KitcoNewsNOW on Twitter: https://twitter.com/kitconewsnow --- Kitco News on Facebook: http://facebook.com/kitconews --- Kitco News on Google+: http://google.com/+kitco--- Kitco News on StockTwits: http://stocktwits.com/kitconews