Ann: Establishment of decline at Co-O Mine, page-8

And it must be remembered that yes - gold has been an asset since way back when. It is also a precious metal and cannot be built or created like other assets. The metrics of supply and demand come into play. And gold is becoming very hard to find and to mine. Exploration and mine development requires $$$$.

For any of these so called theoretical models to work the conditions have to be identical or similar. I'm not sure the last time Gold was a tier 1 asset (if ever) and whether the magnitude of the economic conditions that exist today were present when these so called models were created. I do agree that the world works in cycles to some degree but there are many incidents and issues that appear out of left field eg the computing age, the rise of artificial intelligence, robotics, bitcoin just to name but a few.

It is prudent in my experience to follow the money. There have been constant points raised about management not owning shares. Their purchases would most probably pale into insignificance compared to the recent substantial positions taken by Paradice etc. DYOR