Michael Ballanger beschreibt das hier für die Explorer und kleinen Förderer sehr gut ( Artikel v. 6.4.2020):
Tactically, on the assumption that we will see a $2,000/ounce gold price by 2021, the biggest leverage comes in owning the marginal producers, but even more so in the developers. The developers that own gold ounces in the ground, but not yet mined, represent outstanding upside because if they are valued at $20 per ounce for a deposit carrying an AISC (all-in sustaining cost) of US$1,500/oz., they will get a $100/ounce lift as their profitability moves from $150 to $500/ounce. That one-million-ounce deposit valued at $20 million gets suddenly rerated to $120 million, and whereas the price of gold advanced 21%, the value of the company rose by 600%. This is the epitome of leverage in the world of gold mining. |