The first time I posted this info and calculated the difference between the market caps of RND&TBR and the market value of the gold they hold was back on the 15th December last year. At the time gold had been plunging for a few months and the price was at medium term low. Gold held was worth $56M more than the combined market value of the two companies.
Fast forward to today and gold has been in a good uptrend since December.
Today the gold held is worth $79M more than the combined market value of the two companies.
The Numbers:
The consolidated gold holdings would be about 216k ozs after adding gold accumulated since June last year. At the current price of $1705, about $370M.
TBR mkt cap is $302M.
RND mkt cap is $122M
Total $424M.
To determine the value of shares held by external shareholders we need to eliminate the cross holdings. This should be done because ultimately everything owned by the 2 companies is owned by the external shareholders
The 44% TBR owns of RND is worth $54M.
The 26% RND owns of TBR is worth $79M.
Total $133M.
$424M less $133M equates to $291M
Therefore the combined external shareholders of the 2 companies own gold valued at $370M and the value of their shareholdings is worth $291.
The gold is worth $79M more than the combined market cap.
Gold on Hand Worth MORE than Mkt Cap!, page-49
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