ABX:CC - RING: The Gold Rush Is Over?
2025-05-08 12:29:55 ET
Summary
- RING's top holdings (NEM, AEM, GOLD) show stable EV/EBITDA and growth, but latent market imbalances raise doubts about maintaining alpha.
- RING tracks the MSCI ACWI Select Gold Miners Index, with a 0.39% fee and high concentration in top holdings, questioning its cost-effectiveness.
- Risks include volatile precious metal prices, production guidance, costs, and USD value, impacting future EBITDA and raising concerns about RING's stability.
It’s a “golden era” for the companies inside RING. More gold than gold: compared to ETFs directly linked to gold itself, it has delivered positive alpha....
RING: The Gold Rush Is Over?