Why Gold Exploration Beats the Royalty Companies in a Gold Bull Market
Disclaimer: Your capital is at risk. This is not investment advice.
The smart crowd will tell you that the gold miners are risky businesses and that the royalty companies, which are lenders with the first claim on gold production, are much better businesses. That is true because having the first claim on production is a position of privilege that gets fed first, while the miner carries on producing until it’s their turn.
But what happens when the price of gold rises?
