Gold Road Anthem ?, page-79

Here's the Van Eck gold commentary for March …

https://www.vaneck.com.au/globalassets/home.au/funds-new/gdx/gold_bullmarketrallies_mar2020.pdf

Interesting comment regarding gold companies avoiding the mistakes of the past ...

"However, the greatest difference between the last bull market cycle (2008 to 2011) and the current cycle is the lengths to which these companies have gone to reduce costs and capital expenditures and to avoid mistakes of the past (such as “hedging” their production—i.e., buying futures contracts to ensure delivery of their gold at a fixed price at a later date in time—in a rising gold price environment). For senior or mid-tier miners, these efforts could translate to an additional near 40% increase in free cash flow, on average, for a gold price move from US$1,600 to US$1,800. We believe that this makes a compelling case for gold stocks at the moment and, in particular, given their attractive valuation on both an absolute and relative basis."