They are very secretive.
Even more so since the Authorities made Billis sell a huge portion of the bullion from both RND and TBR.
There is an unwritten law.
If you are a Gold miner, you not really allowed to keep stockpiling bullion.
And it's difficult to fight city hall
.
Your question is good one though
And I am conservatively estimating that the RND market cap is actually lower than the bullion they hold.
And TBR including their 40% ownership of RND also would have a MC close to their bullion holdings
