2024-02-19 01:41:48 ET
Summary
- Royal Gold saw lower gold-equivalent ounce volumes year-over-year with short-term hiccups at multiple key assets, including Mount Milligan, Pueblo Viejo, and Penasquito.
- On a positive note, these setbacks have led to a deferral in cash flow and not any major hit to NAV, suggesting the recent weakness in the stock is unjustified.
- In this update, we'll dig into Royal Gold's Q4/FY2023 results, recent developments, and what's in store for 2024.
It's been a volatile start to the year for the Gold Miners Index ( GDX ) which has declined 13% year-to-date, a nearly 20% underperformance vs. its seasonal average return in the first six weeks of the year of [+] 4%. This is even more disappointing for investors given that the gold price has held up relatively well since its December peak, down just 4% on a daily closing basis. So, what's the culprit for this weakness?...
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Royal Gold: A Solid Buy The Dip Candidate