That is true when/if gold declines, WAF will hold up better than most because of what you said but creates a problem down the line, when the ozgoldies declined last time (I think this time it's developers and some explorers needing money being the hardest hit) and reached a bottom and so did gold, investors sold waf and bought ozgoldies, waf was declining while gold was going up, so keep that in mind if planning to sell soon.
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