Thanks Tangs. I really do not want to upramp things here but...

Thanks Tangs.

I really do not want to upramp things here but just try to stick to some interesting facts that sooner or later will hit the desk of the one or other institutional investor.

If you look at a "Gold adjusted for FIAT money quantity" chart from 1930 to 2020 then you will realize that gold is so cheap as 1970 and 2000. With other words even after the run that we have seen 2020 so far gold is cheap. From a relative point of view oz could move to US$ 3000 or 4000 and it would still be fine.

Gold stock in general are trading up sind roughly 12 months but are still underperforming the price of bullion.

Capital discipline, and capital management quality is significantly better today as net free cash flow is at least 500% higher than in e.g. 2011.

Companies are returning free cash flow to investors and dividend payouts are increasing – probably one of the few sectors with growing margins!

Companies presently value their reserves conservatively at USD1,200-USD 1,300 per ounce, thus allowing for many upgrades in the months to come.

The discount is clearly visible and will narrow as institutional investors enter the market.

Analysts remain behind the curve in upgrading underlying metal assumptions.

Momentum is growing at the time when less than 0.5% of Global Assets have exposure to the Precious Metals sector.

Buffet spoke the last time to shareholders in May, saying : "Nothing can stop America." It's not that he doesn't believe that any longer, but these latest moves — hoarding cash and finding gold-mining attractive — might suggest he sees the crisis lasting longer. No one knows whether that will be the case, but Buffett has his finger on the pulse of the economy.

Given Buffett's value approach, adding a Gold miner would confirm that gold equities might indeed offering great value.

Okay - having said that not every gold miner is a successful company. We know what the important "must have" are.

Forget about vaccines or V-recovery. Covid will impact our lives (unfortunately) longer that we think. I guess that the path to real normalization will not start before mid 2021 - if not mid 2022. US has a huge problem. If Biden comes he will just print more money to "save" the economy (and not to risk a civil war). If the result is not clear US will risk anyway some civil war like situation. If Trumps win Jerome Powell might be replaced by a "friend" - a female fried that does not like FIAT money and thinks gold could be a future underlying for the dollar (question is just at what price....50'000 Dollar an ounce or what?).

With oder words: a lot of reasons to hold tight here. There are more.

If everything works as is should then Warren might have just made the bargain of the century....buying a gold stock that after an impressive rally in his view obviously is still attractive - or better: cheap.