I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
Gold, on the other hand, tends to hold its own more often when economic growth is decelerating, such as in and perhaps Gold stocks have operational and financial leverage against the price of gold, which leads to more risk and volatility. When the price of gold goes up, good gold stocks typically go up even more. And when the price of gold goes down, both good and bad gold stocks tend to sink even lower.
Gold companies generally measure this by their all-in sustaining cost AISC per ounce. And then along the way, if governments seize their mines in emerging jurisdictions, or they have geological challenges with their mines, or labor strikes, or a sharp increase in input costs, then they eat the difference with their profit margin.
The very best gold stocks can outperform gold over the long run, because they are basically short dollars and long gold, and gold has historically gone up a lot compared to dollars. Meanwhile, the top gold miners can pay dividends and compound wealth over the long run like other high-quality companies.
However, the majority of gold stocks underperform gold over the long run because they use destructive capital allocation practices and deal with all of these previously-mentioned operational risks. They make acquisitions, expand mines, and take out debt during the peak of bull markets when everything is expensive, and then capitulate in bear markets, destroying shareholder capital.
They then repeat this cycle after cycle. The smartest gold stock managers, which are few and far between, use a counter-cyclical approach whereby they add capital into bear markets and extract capital during bull runs. The result is that gold miners as a group have underperformed gold itself by a wide margin: YCharts So, for a permanent portfolio holding, gold itself is better than gold stocks.
The best time to buy them is typically when gold is unloved and leading indicators of the economy, such as the purchasing manager's index, are rolling over. In addition, there are signs of structural change among gold miners.
They are being a lot more disciplined with capex and debt in this cycle, and instead are emphasizing free cash flow and strong balance sheets for the most part. That's a promising sign. This is because they are on the verge of insolvency when gold prices are low or moderate, and can be saved by high prices. Here are two that I monitor and hold, in addition to my ETFs.
I bought low, but didn't sell high, and as a result I've held it for years through some wild swings in its stock price. It has been a nice portfolio diversifier since it goes up and down at different times than many of my other stocks, but I haven't gotten to the hopeful endgame with this company yet. Sandstorm was co-founded over a decade ago by two senior executives from Wheaton Precious Metals, and is still run by them. Some of the best-performing gold stocks of the past have been the royalty and streaming companies, since it's inherently a less-risky business model than operating mines.
Sandstorm is positioned as a company that could one day join the ranks of the biggest and most diversified royalty and streaming companies, but there is still a long road ahead. The company funded its early growth by issuing a lot of new shares, but starting a few years ago, they reached a point where they could fund most new deals from existing cash flow rather than ongoing dilution. That's when I started to get interested: YCharts The company has solid growth, but the real payoff is expected by the mids decade when their massive Hod Maden mine is planned to come online.
Sandstorm has a good domestic project partner, and as of late they completed the feasibility study and received environmental approval. So, things continue to progress a bit more slowly than expected as usually happens with mines , but overall it's mostly on track. From a valuation perspective, the stock is currently well below their historical average, although like most gold royalty companies, they trade at a premium multiple compared to miners: F.
Graphs Sandstorm can be thought of as a long-term option with a positive carry that will mainly benefit from 1 gold price appreciation and 2 the success of the Hod Maden project. If both of those two things go well, Sandstorm should be a significant outperformer, quite possibly going to 2x or 3x its current price. Otherwise, it would likely be a big dud. During the prior major gold market cycle, Barrick loaded up on a ton of debt and underperformed the price of gold by a lot.
However, Barrick and Randgold Resources merged at the start of Unlike Barrick, Randgold was historically exceptionally well-managed by its longtime CEO Mark Bristow for over two decades, and outperformed most other gold miners. Bristow has been the CEO of the combined company ever since. The asset base of the company took more from Barrick, but the management of the company took more from Randgold. Barrick was already in the process of paying off its debt when Bristow took over, and he continued that trend.
Barrick now has virtually no net debt purple line below , and has record-high book value: YCharts The company generates positive free cash flow, maintains low costs of production, has some good copper exposure along with its gold, and pays a solid dividend.
Overall, I think gold and gold stocks are reasonably well-positioned for , but with no guarantees. Aris Mining has proven and probable mineral reserves of 3. See Tables 1, 2, and 3 in the Appendix for details. A new corporate website has been launched at www. Aris Holdings , which is now a wholly owned subsidiary of Aris Mining. Aris Mining now has approximately Under the terms of the transaction, each Aris Gold shareholder is entitled to receive 0.
Each Aris Gold warrant and option has been adjusted in accordance with the Exchange Ratio to become exercisable for 0. Aris Gold Shares deposited in online trading accounts or similar brokerage accounts are expected to update automatically to reflect the conversion to Aris Mining Shares in accordance with the Exchange Ratio, which is expected to generally occur within two weeks of closing.
Additional information regarding the process is available on Aris Mining's website. Aris Mining's 6. Aris Gold's 7. The notes are expected to commence trading under the new symbol AMNG. About Aris Mining Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies.
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