GROY - Gold Royalty Corp. (GROY) Q1 2024 Earnings Call Transcript
2024-05-14 15:58:02 ET
Gold Royalty Corp. (GROY)
Q1 2024 Earnings Conference Call
May 14, 2024 11:00 AM ET
Company Participants
Joanne Jobin - VID Media
David Garofalo - Chairman, President and Chief Executive Officer
Andrew Gubbels - Chief Financial Officer
Peter Behncke - Director of Corporate Development and Investor Relations
Conference Call Participants
Presentation
Joanne Jobin
I'm Joanne Jobin, your VID Media host. Welcome to the Gold Royalty Quarterly Town Hall Forum. Before we commence, just a reminder, that if you have any questions for the company, please place them into the Q&A tab, it's located at the top of this screen. After the presentation, I will be delighted to moderate submitted questions from our audience.
With us this morning is the Gold Royalty team, led by Chairman and CEO, David Garofalo, who will make the intros to the team and take you through the highlights of the most recent quarterly results.
David, the stage is yours.
David Garofalo
Well, good morning, everybody, and I'm delighted to be joined today by our CFO, Andrew Gubbels; our Director of Corporate Development and Investor Relations, Peter Behncke, who will take you through our financial results and the results of our royalty portfolio and an update on our royalty portfolio over the course of the presentation today.
But look, I thought I'd start the day talking about the gold price, and it's been an auspicious start to the year with the gold price up about 14%, 15%. And if there's one word to describe the dynamic, it would be China. And we've seen a significant amount of buying both at the Central Bank level and also at the individual level in China. And really that's a microcosm of what's happening globally in terms of currency, relative to each other.
The gold price has done well in every major currency in the world, it has achieved all-time nominal highs. But still well off with the real all-time high for the gold price is back in the early 1980s, when you inflation adjust the peak gold price back in the last big inflation cycle in the late 70s and early 80s to $20, $24. The gold price is still a good 20%, 30% below the all-time highs. But I would argue that, we are in an environment now where the gold price is poised to significantly outperform even those peaks on a real basis, given the debt dynamic we are seeing globally with global debt to GDP still at an alarming 350% relative to only a 100% in the last big inflation cycle in the late 1970s, early 1980s....
Gold Royalty Corp. (GROY) Q1 2024 Earnings Call Transcript