You may not be factoring in FCF, most gold stocks taking a 40% clip since the highs in Dec 2020 and what they spent they buying a stake in tropicana.
But they still have massive upside IMO from everything I listed above. Gold companies are always influenced by gold price which is linked to inflation and interest rates.
At what point do the respective reserve and federal banks capitulate on inflation? How long can they claim its transitory? 6 months? Is a year a transition period? Feels pretty long term to me.
Under valued, page-158
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