Ann: 2024 AGM Presentation, page-28

Periculum you are 100% correct. Vault as a business is extremely positive and share holders equity eg. Book value is growing. I think we need to keep in mind dovish or hawkish , bullish or bearish sentiment for any market is controlled by the banks.
Anything involving markets , investments , savings , is all under the banking umbrella.
Call any investment as true and free is not real.
Buying crypto requires banking
Buying property requires banking
Trading shares requires banking
Paying bills requires banking
On and on it goes. Banks control the market share of all and any market. When the banks become truly bullish on something that suits their hedged / leveraged position capitol movement and market sentiment will follow.
Perhaps bassell III may improve Golds sentiment in the future , but for now Bank liquidity and debt will continue to create volatility as over night banking trades create volatile eb and flow in the markets.
For me Vault and Gold equities are waiting for their Banking share holders to show their hand and become truly bullish on the precious metal and its producers.
When the banks are realy in everyone is in. I feel they have all hands on deck working out where the whole Gold industry should be, it would be foolish to think they are not watching their Gold and miners as an investment.
Even banks need to trust their trading partners no matter how friendly.
in short watch the banks they control the capitol and all market sentiment "FULL STOP".