This is all a timely reminder why having physical gold is still an important part of our portfolios.
Although leveraged to the gold price, if miners can't turn their gold in the ground into a product that they can sell then they are not making any money, regardless of what their last quarter's AISC currently was.
If we get a sudden spike in demand for physical gold and no new gold is is arriving via the supply chain then physical gold price will accelerate much faster than the share prices of miners who can't mine.
This scenario seemed far fetched not very long ago but now seems plausible!
Btw, I also suspect that NST is conserving cash to maximise their shopping opportunities during these uncertain times.
Interesting times...
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