Agreed - its not just the gold price, its risk appetite and also...

Agreed - its not just the gold price, its risk appetite and also a matter of resources Vs tech Vs biotech Vs AI etc etc etc
The macro is very messy and the outlook is cloudy.
Inflation has not been beaten.
Central banks and governments are not going to stop deficit spending or expanding the money supply.
Likewise, the outlook is deteriorating for the broad economy.
The US government and the Fed will be forced to cut rates at some point.
When thing start to get sticky, they will eventually start cutting rates.
At that point the USD will weaken and gold will run - probably hard.
All this is in the pipeline irrespective of what happens in Israel, Ukraine or the Red Sea.
Shareholders are going to be better served by waiting for the cycle to turn bullish when gold stocks will get love.
When the share price more closely reflects the real value, we can raise funds and continue the journey.
I do not want more dilution despite my fundamental believe in what we have and in the management.
Impatient investors should sell out now and come back later.
I am staying the course because I refuse to sell at a stupid price.
DDD