Chaos, market disruption, de-globalization, trade wars,...

Chaos, market disruption, de-globalization, trade wars, escalation, US Treasury sell off... That is the main theme of the day. The key and one of very few beneficiaries in all of this is and will be gold. Higher gold price mean higher free cash flow for gold mining companies, i.e. higher valuation. HRZ has got 1.8 million oz of gold in resources, has got already a mill, need some studies, refurbishment and adjustments, but if all goes according to plan, by the end of 2026 we might be already well in the rump up phase on the Black swan mill. Targeting some 100.000 ounces a year. And by the end of 2026 the margin will be very likely well above 3000 AUD for this company. Using P/E of 5-10 you get a market cap of minimum 10x bigger than the current one. I don't care that much how the trajectory of the share price will be in the next 2 years, I just focus on the end number which I believe will be substantially higher than the current one. Might the share price fall to 3 cents in the meantime? I don't know. If so, I will very likely add to my already meaningful position. But any drop will not change my mind why I hold the shares. Share price is not the factor I care that much. I care about the fundamentals, which in the medium to long term will determine the valuation of the company. GLTA.