The big question for me is.
Does the gold that they mine gets sold directly.
Or , are they putting that gold that they mine into the inventories, and take out gold from the inventories that was mined years ago and sell it. To finance present day costs and dividends.
And that you can never work out.
So in reality, you could have all the gold in inventories that was mined 10 years ago
Or you could have all the gold in the inventories that was mined over last few years.
And that makes a huge difference.
Ann: Annual Report to shareholders, page-15
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